Marpai (MRAI) Operating Expenses (2020 - 2026)
Marpai's Operating Expenses was $7.6 million in Q2 2026, down 8.0% from $8.26 million a year earlier but up 9.7% from the prior quarter.
Powered by 
Analysis
Marpai (MRAI) Operating Expenses (2020 - 2026) Analysis & Trends
On a trailing twelve-month basis, Marpai's Operating Expenses was $30.25 million through Jun 30, 2026, down 14.3% year-over-year; for FY2025, it came in at $31.65 million, down 37.0% from FY2024.
- Operating Expenses shows a five-year compound annual growth rate of 56.5% (FY2020 to FY2025).
- In earlier years, Operating Expenses was $50.26 million in FY2024 (-22.8%), $65.13 million in FY2023 (+27.0%), $51.3 million in FY2022 (+70.5%) and $30.09 million in FY2021 (+793.4%).
- Quarterly Operating Expenses has moved between $6.81 million (Q3 2025) and $19.46 million (Q2 2024) over five years.
- Compared with a year earlier, Operating Expenses has declined for eight straight quarters, with an average decline of 26.7% over the last eight quarters.
- The best year-over-year quarter for Operating Expenses over five years was Q1 2022 (growth of 736.8%); the worst was Q2 2025 (a decline of 57.5%).
- Per Business Quant data, MRAI's Operating Expenses in the three quarters before Q2 2026 was $6.93 million (Q1 2026), $8.91 million (Q4 2025) and $6.81 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Unitedhealth | 336.54 Bn | 221.18 Bn | 36.67 Bn | 104.04 Bn |
| 2 | Cvs Health | 110.50 Bn | 63.10 Bn | 47.23 Bn | 101.39 Bn |
| 3 | Mckesson | 105.27 Bn | 91.73 Bn | 3.69 Bn | 2.37 Bn |
| 4 | Elevance Health | 83.85 Bn | -57.90 Bn | 13.45 Bn | 48.54 Bn |
| 5 | Cigna | 71.48 Bn | 41.02 Bn | 14.97 Bn | 68.99 Bn |
| 6 | Cencora | 58.97 Bn | 48.06 Bn | 3.61 Bn | 2.28 Bn |
| 7 | Cardinal Health | 53.10 Bn | 37.10 Bn | 2.56 Bn | 1.67 Bn |
| 8 | Humana | 46.62 Bn | -41.18 Bn | 5.50 Bn | 39.51 Bn |
| 9 | Centene | 31.12 Bn | -59.17 Bn | 14.55 Bn | 52.38 Bn |
| 10 | Marpai | 92.03 Mn | 91.11 Mn | 997,000.00 | 7.60 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 7.60 Mn |
| Mar 31, 2026 | 6.93 Mn |
| Dec 31, 2025 | 8.91 Mn |
| Sep 30, 2025 | 6.81 Mn |
| Jun 30, 2025 | 8.26 Mn |
| Mar 31, 2025 | 7.67 Mn |
| Dec 31, 2024 | 9.28 Mn |
| Sep 30, 2024 | 10.07 Mn |
| Jun 30, 2024 | 19.46 Mn |
| Mar 31, 2024 | 11.45 Mn |
| Dec 31, 2023 | 13.86 Mn |
| Sep 30, 2023 | 15.76 Mn |
| Jun 30, 2023 | 17.32 Mn |
| Mar 31, 2023 | 18.20 Mn |
| Dec 31, 2022 | 16.57 Mn |
| Sep 30, 2022 | 10.75 Mn |
| Jun 30, 2022 | 12.22 Mn |
| Mar 31, 2022 | 11.76 Mn |
| Dec 31, 2021 | 11.65 Mn |
| Sep 30, 2021 | 9.54 Mn |
API Access
Marpai Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=MRAI&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "MRAI", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=MRAI&period=max&api_key=YOUR_API_KEY");
const data = await res.json();