System1 (SST) Operating Expenses (2020 - 2026)
System1 (SST) posted Operating Expenses of $88.3 million for Q1 2026, up 27.22% sequentially from $69.4 million in Q4 2025, and up 0.72% YoY from $87.6 million in Q1 2025.
System1 (SST) Operating Expenses (2020 - 2026) Analysis & Trends
System1 has reported Operating Expenses for 7 years, with the latest figure at $88.3 million in Q1 2026.
- Quarterly Operating Expenses rose 0.72% year-over-year to $88.3 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $328.8 million (down 19.7% YoY) and the FY2025 annual result came in at $328.2 million, down 24.13% from the prior year.
- Operating Expenses advanced to $88.3 million in Q1 2026 per SST's latest filing, from $69.4 million in the prior quarter.
- Over five years, Operating Expenses peaked at $512.1 million in Q3 2022 and troughed at $69.4 million in Q4 2025.
- A 5-year average of $147.1 million and a median of $110.7 million in 2024 frame the typical range for Operating Expenses.
- The sharpest annual moves came in 2022 and 2023: Operating Expenses surged 229.49% in 2022, then slumped 78.78% in 2023.
- Over 5 years, Operating Expenses stood at $194.4 million in 2022, then tumbled by 40.75% to $115.2 million in 2023, then decreased by 24.05% to $87.5 million in 2024, then slipped by 20.7% to $69.4 million in 2025, then increased by 27.22% to $88.3 million in 2026.
- According to Business Quant data, Operating Expenses over the past three periods registered $88.3 million, $69.4 million, and $77.1 million for Q1 2026, Q4 2025, and Q3 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Cintas | 81.69 Bn | 81.40 Bn | 1.48 Bn | 792.12 Mn |
| 2 | Relx | 64.97 Bn | 64.80 Bn | - | - |
| 3 | Copart | 32.09 Bn | 28.74 Bn | 732.88 Mn | 772.78 Mn |
| 4 | Global Payments | 24.80 Bn | 19.40 Bn | 2.03 Bn | 2.98 Bn |
| 5 | Rb Global | 16.24 Bn | 15.72 Bn | 935.50 Mn | 1.09 Bn |
| 6 | Aramark | 15.68 Bn | 15.18 Bn | 430.34 Mn | 4.84 Bn |
| 7 | UL Solutions | 15.20 Bn | 14.77 Bn | 417.00 Mn | 267.00 Mn |
| 8 | Rentokil Initial | 11.80 Bn | 9.27 Bn | - | - |
| 9 | Dolby Laboratories | 6.05 Bn | 5.38 Bn | 264.68 Mn | 230.36 Mn |
| 10 | System1 | 16.00 Mn | -25.00 Mn | 24.27 Mn | 38.49 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 38.49 Mn |
| 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 |