Filing Flows › Technology › System1 (SST)
System1 (SST) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 5, 2026 · System1 (SST) Q2 2026 earnings results →
Q2 2026 Revenue down 61% year over year to $30.2M · 51¢ of every $1 of revenue lost · operating margin -27.5%
System1 made $30.2M in Q2 2026 (-61% Y/Y): Products $19.5M, Marketing $10.7M. Operating margin -27.5%, net loss $15.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 5, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $30.2M in Q2 2026, down 61% year over year and down 19% from the previous quarter. Products was the largest line at 64% of revenue. Marketing lost $43.4M year over year (down 80%), 91% of the total change.
Operating costs exceeded revenue by $8.3M, an operating margin of -27.5%. Total costs fell 59% while revenue fell 61%. The quarter ended with a net loss of $15.3M, narrower than the previous quarter's $57.6M loss. Minority interests bore $2.7M of it: to shareholders the quarter was a loss of $12.6M.
Operating cash flow was −$2.0M. Non-cash charges added back $1.4M of share-based compensation. Working capital and other items added $11.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 5, 2026 | $30.2M | -61% | -27.5% | −$15.3M | −$2.0M |
| Q1 2026 | 10-Q | May 12, 2026 | $37.2M | -50% | -137.1% | −$57.6M | −$26.1M |
| Q4 2025 | 10-K | Mar 11, 2026 | $51.9M | -31% | -33.6% | −$17.8M | −$10.6M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $61.6M | -31% | -25.3% | −$22.0M | −$2.1M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $78.1M | -17% | -20.4% | −$21.5M | $24.5M |
| Q1 2025 | 10-Q | May 6, 2025 | $74.5M | -12% | -17.6% | −$19.9M | −$15.9M |
| Q4 2024 | 10-K | Mar 10, 2025 | $75.6M | -21% | -15.7% | −$18.0M | $772K |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
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About System1
Throughout this report, the "Company," "System1," "we," "us," "our" and other similar terms refer to System1, Inc. and its subsidiaries. We operate several flagship brands across multiple consumer verticals, including shopping, travel and search, and a best-in-class customer acquisition and marketing platform powered by Artificial Intelligence ("AI") and machine learning. Our platform is omnichannel and omnivertical, delivering high-intent customers to our advertising partners to maximize their reach and effectiveness. Our platform operates across our network of flagship owned and operated websites ("Products"), allowing us to monetize user traffic that we source from various acquisition marketing channels.
In its own words, from its 10-K, filed Mar 11, 2026.
System1 against its Services-Computer Programming, Data Processing, Etc. peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -61% against the peers' median +14%. Operating margin: -27.5% against the peers' median 19.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SST System1 | Q2 2026 | $30.2M | -61% | -27.5% |
| GOOGL Alphabet | Q3 2026 | $127.6B | +25% | 31.8% |
| META Meta Platforms | Q3 2026 | $64.6B | +26% | 20.1% |
| SPCX Space Exploration Technologies | Q3 2026 | $14.6B | +161% | 19.1% |
| FLUT Flutter Entertainment | Q3 2026 | $3.9B | +2% | -30.7% |
| APP AppLovin | Q3 2026 | $2.2B | +56% | 78.2% |
| SNAP Snap | Q3 2026 | $1.7B | +14% | 4.5% |
| ZM Zoom Communications | Q2 FY27 | $1.3B | +5% | 24.6% |
| PINS Pinterest | Q3 2026 | $1.2B | +12% | 2.6% |
Source: System1 10-Q on SEC EDGAR · CIK 1805833 · Services-Computer Programming, Data Processing, Etc.
13F: who owns SST and who is buying
More on SST
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results