System1 (SST) Operating Expenses (2020 - 2026)
Quarterly results put Operating Expenses at $88.3 million for Q1 2026, up 0.72% from a year ago — trailing twelve months through Mar 2026 was $328.8 million (down 19.7% YoY), and the annual figure for FY2025 was $328.2 million, down 24.13%.
System1 has reported Operating Expenses over the past 7 years, most recently at $88.3 million for Q1 2026.
- Operating Expenses reached $88.3 million in Q1 2026 per SST's latest filing, up from $69.4 million in the prior quarter.
- Across five years, Operating Expenses topped out at $512.1 million in Q3 2022 and bottomed at $69.4 million in Q4 2025.
- Median Operating Expenses over the past 5 years was $110.7 million (2024), compared with a mean of $147.1 million.
- The largest annual shift saw Operating Expenses soared 229.49% in 2022 before it plummeted 78.78% in 2023.
- Over 5 years, Operating Expenses stood at $194.4 million in 2022, then crashed by 40.75% to $115.2 million in 2023, then fell by 24.05% to $87.5 million in 2024, then dropped by 20.7% to $69.4 million in 2025, then rose by 27.22% to $88.3 million in 2026.
- Business Quant data shows Operating Expenses for SST at $88.3 million in Q1 2026, $69.4 million in Q4 2025, and $77.1 million in Q3 2025.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Relx | 81.40 Bn | 81.16 Bn | - | - |
| 2 | Rentokil Initial | 79.56 Bn | 78.10 Bn | - | 6.06 Bn |
| 3 | Cintas | 69.26 Bn | 69.08 Bn | 1.45 Bn | 788.55 Mn |
| 4 | Copart | 33.09 Bn | 28.01 Bn | 971.24 Mn | 732.96 Mn |
| 5 | UL Solutions | 20.56 Bn | 20.32 Bn | 381.00 Mn | 243.00 Mn |
| 6 | Global Payments | 19.88 Bn | 14.69 Bn | 1.70 Bn | 2.99 Bn |
| 7 | Rb Global | 19.08 Bn | 18.89 Bn | 869.50 Mn | 1.02 Bn |
| 8 | Aramark | 13.57 Bn | 13.16 Bn | 426.35 Mn | 4.69 Bn |
| 9 | Amentum Holdings | 5.65 Bn | 5.74 Bn | 345.00 Mn | 124.00 Mn |
| 10 | System1 | 21.03 Mn | -54.58 Mn | 23.37 Mn | 88.27 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 88.27 Mn |
| Dec 31, 2025 | 69.38 Mn |
| Sep 30, 2025 | 77.13 Mn |
| Jun 30, 2025 | 94.02 Mn |
| Mar 31, 2025 | 87.64 Mn |
| Dec 31, 2024 | 87.50 Mn |
| Sep 30, 2024 | 110.65 Mn |
| Jun 30, 2024 | 123.67 Mn |
| Mar 31, 2024 | 110.71 Mn |
| Dec 31, 2023 | 115.20 Mn |
| Sep 30, 2023 | 108.67 Mn |
| Jun 30, 2023 | 118.74 Mn |
| Mar 31, 2023 | 145.35 Mn |
| Dec 31, 2022 | 194.44 Mn |
| Sep 30, 2022 | 512.09 Mn |
| Jun 30, 2022 | 250.91 Mn |
| Mar 31, 2022 | 205.60 Mn |
| Dec 31, 2021 | 192.27 Mn |
| Sep 30, 2021 | 155.42 Mn |
| Jun 30, 2021 | 153.25 Mn |
| Mar 31, 2021 | 136.62 Mn |
| Dec 31, 2020 | 596,007.00 |
| Sep 30, 2020 | 173,155.00 |
| Jun 30, 2020 | 31,882.00 |
| Mar 31, 2020 | 4,984.00 |