System1, Inc. income statement

In fiscal 2025, System1, Inc. reported revenue of $266m, down 22.6% on the year before, operating income of −$62.0m (a -23.3% margin) and net income of −$65.3m, or −$8.32 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

System1, Inc.: income statement, annual
Fiscal year	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Revenue	688	612	402	344	266	181
Cost of revenue	—	—	241	243	166	89
Gross profit	—	—	161	101	100	92
Selling, general and administrative	36	51	54	76	70	67
Operating income	51	−458	−86	−89	−62	−92
Interest expense	17	32	49	32	28	27
Income before tax	34	−493	−132	−98	−84	−114
Income tax	1	−109	−20	−0	−3	−1
Net income	33	−330	−227	−75	−65	−92
Diluted EPS	—	−$37.00	−$2.48	−$10.74	−$8.32	−$11.31
Diluted shares (average)	—	9m	9m	7m	8m	8m
EBITDA	65	−388	−8	−8	−61	—

US$ millions unless shown otherwise. Fiscal quarters.

System1, Inc.: income statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Revenue	89	76	75	78	62	52	37	30
Cost of revenue	64	44	46	50	39	31	14	6
Gross profit	25	32	28	28	23	21	23	24
Selling, general and administrative	17	18	17	18	17	19	17	15
Operating income	−22	−12	−13	−16	−16	−17	−51	−8
Interest expense	8	8	7	7	7	6	7	7
Income before tax	−30	−19	−20	−23	−23	−18	−58	−15
Income tax	1	−1	−0	−2	−1	−0	−0	−0
Net income	−24	−14	−16	−17	−19	−13	−47	−13
Diluted EPS	−$3.37	−$1.98	−$2.14	−$2.23	−$2.30	−$1.65	−$5.82	−$1.54
EBITDA	−2	8	—	—	—	—	—	—

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from System1, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to System1, Inc.