System1 (SST) Operating Margin (2021 - 2026)
System1's Operating Margin was -27.45% in Q2 2026, down 7.09 percentage points from -20.36% a year earlier but up 109.62 percentage points from the prior quarter.
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Analysis
System1 (SST) Operating Margin (2021 - 2026) Analysis & Trends
On a trailing twelve-month basis, System1's Operating Margin was -51.03% through Jun 30, 2026, down 31.24 percentage points year-over-year; for FY2025, it came in at -23.31%, up 2.45 percentage points from FY2024.
- Operating Margin shows a four-year change of -30.70 percentage points (FY2021 to FY2025).
- In earlier years, Operating Margin was -25.76% in FY2024 (-4.37 pp), -21.39% in FY2023 (+53.36 pp), -74.76% in FY2022 (-82.14 pp) and 7.38% in FY2021.
- Quarterly Operating Margin has moved between -226.39% (Q3 2022) and 9.35% (Q3 2021) over five years.
- Compared with a year earlier, Operating Margin has declined for four straight quarters, with an average year-over-year change of -14.83 percentage points over the last eight quarters.
- The best year-over-year quarter for Operating Margin over five years was Q3 2023 (a gain of 202.64 percentage points); the worst was Q3 2022 (a drop of 235.74 percentage points).
- Per Business Quant data, SST's Operating Margin in the three quarters before Q2 2026 was -137.07% (Q1 2026), -33.58% (Q4 2025) and -25.28% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,164.76 Bn | 3,922.28 Bn | 73.85 Bn | 34.03% |
| 2 | Meta Platforms | 1,823.40 Bn | 1,525.92 Bn | 49.47 Bn | 30.88% |
| 3 | Netflix | 288.27 Bn | 248.47 Bn | 6.52 Bn | 33.38% |
| 4 | Alibaba Group Holding | 252.72 Bn | 70.58 Bn | 15.11 Bn | 5.64% |
| 5 | Shopify | 186.52 Bn | 163.71 Bn | 1.71 Bn | 13.62% |
| 6 | Uber Technologies | 139.11 Bn | 111.09 Bn | 6.38 Bn | 13.32% |
| 7 | Booking Holdings | 123.13 Bn | 56.18 Bn | - | 34.00% |
| 8 | PDD Holdings | 111.72 Bn | -140.21 Bn | 9.45 Bn | 24.71% |
| 9 | AppLovin | 103.35 Bn | 93.38 Bn | 1.70 Bn | 77.68% |
| 10 | System1 | 27.60 Mn | -232.22 Mn | 24.27 Mn | -27.45% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -27.45% |
| Mar 31, 2026 | -137.07% |
| Dec 31, 2025 | -33.58% |
| Sep 30, 2025 | -25.28% |
| Jun 30, 2025 | -20.36% |
| Mar 31, 2025 | -17.62% |
| Dec 31, 2024 | -15.75% |
| Sep 30, 2024 | -24.56% |
| Jun 30, 2024 | -30.75% |
| Mar 31, 2024 | -30.38% |
| Dec 31, 2023 | -19.85% |
| Sep 30, 2023 | -23.75% |
| Jun 30, 2023 | -22.52% |
| Mar 31, 2023 | -20.00% |
| Dec 31, 2022 | -38.81% |
| Sep 30, 2022 | -226.39% |
| Jun 30, 2022 | -14.16% |
| Mar 31, 2022 | -23.77% |
| Dec 31, 2021 | 3.77% |
| Sep 30, 2021 | 9.35% |
API Access
System1 Operating Margin 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-margin&ticker=SST&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "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=operating-margin&ticker=SST&period=max&api_key=YOUR_API_KEY");
const data = await res.json();