System1 (SST) Cost of Revenue (2021 - 2026)
System1's Cost of Revenue came in at $5.93 million for Q2 2026, down 88.2% from $50.21 million a year earlier and down 57.2% from the prior quarter.
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Analysis
System1 (SST) Cost of Revenue (2021 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, System1 reported Cost of Revenue of $89.23 million, down 56.3% year-over-year; for FY2025, it came in at $165.73 million, down 31.7% from FY2024.
- Cost of Revenue has declined in each of the last four years, with a four-year compound annual growth rate of -24.9% (FY2021 to FY2025).
- Going back by year, Cost of Revenue was $242.6 million in FY2024 (-2.5%), $248.75 million in FY2023 (-43.3%), $438.84 million in FY2022 (-15.8%) and $521.11 million in FY2021.
- The Q2 2026 figure represents the lowest quarterly Cost of Revenue in data going back to Q1 2021.
- Year-over-year, Cost of Revenue has declined for seven consecutive quarters, with an average decline of 35.4% over the last eight quarters.
- The fastest year-over-year change in Cost of Revenue over five years came in Q3 2024 (growth of 26.5%), and the weakest in Q2 2026 (a decline of 88.2%).
- Business Quant data shows SST's Cost of Revenue at $13.86 million (Q1 2026), $30.63 million (Q4 2025) and $38.82 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,173.87 Bn | 3,931.39 Bn | 73.85 Bn | 45.94 Bn |
| 2 | Meta Platforms | 1,849.67 Bn | 1,552.19 Bn | 49.47 Bn | 11.33 Bn |
| 3 | Netflix | 279.23 Bn | 239.43 Bn | 6.52 Bn | 6.04 Bn |
| 4 | Alibaba Group Holding | 245.86 Bn | 63.73 Bn | 15.11 Bn | 24.48 Bn |
| 5 | Shopify | 196.08 Bn | 173.27 Bn | 1.71 Bn | 1.88 Bn |
| 6 | Uber Technologies | 138.90 Bn | 110.88 Bn | 6.38 Bn | 7.82 Bn |
| 7 | Booking Holdings | 119.48 Bn | 52.53 Bn | - | - |
| 8 | PDD Holdings | 107.30 Bn | -144.64 Bn | 9.45 Bn | 7.08 Bn |
| 9 | Spotify Technology | 97.33 Bn | 54.56 Bn | 1.86 Bn | 3.70 Bn |
| 10 | System1 | 25.16 Mn | -234.66 Mn | 24.27 Mn | 5.93 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 5.93 Mn |
| Mar 31, 2026 | 13.86 Mn |
| Dec 31, 2025 | 30.63 Mn |
| Sep 30, 2025 | 38.82 Mn |
| Jun 30, 2025 | 50.21 Mn |
| Mar 31, 2025 | 46.08 Mn |
| Dec 31, 2024 | 43.78 Mn |
| Sep 30, 2024 | 64.00 Mn |
| Jun 30, 2024 | 68.51 Mn |
| Mar 31, 2024 | 66.32 Mn |
| Dec 31, 2023 | 58.55 Mn |
| Sep 30, 2023 | 50.59 Mn |
| Jun 30, 2023 | 56.66 Mn |
| Mar 31, 2023 | 82.95 Mn |
| Dec 31, 2022 | 97.15 Mn |
| Sep 30, 2022 | 111.22 Mn |
| Jun 30, 2022 | 152.56 Mn |
| Mar 31, 2022 | 120.38 Mn |
| Dec 31, 2021 | 155.28 Mn |
| Sep 30, 2021 | 128.89 Mn |
API Access
System1 Cost of Revenue 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=cost-of-revenue&ticker=SST&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "SST", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=SST&period=max&api_key=YOUR_API_KEY");
const data = await res.json();