---
title: "System1 Inc. Financial Metrics Guide"
description: "System1 Inc. revenue, margins, cash flow and balance sheet figures by fiscal year, taken from its SEC filings, with the ratios computed and explained."
canonical: https://www.getswoopr.com/stocks/companies/system1-inc/financial-metrics/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# System1 Inc. Financial Metrics Guide

## Direct Answer

> System1 Inc. reported revenue of $266 million for the fiscal year ended December 31, 2025, with an operating margin of -23.3% and net income of -$65 million, according to its SEC filings. Revenue fell 22.6% from the prior year.

## What Are System1 Inc.'s Key Financial Figures?

| Fiscal year | FY2025ended December 31, 2025 | FY2024ended December 31, 2024 | FY2023ended December 31, 2023 | FY2022ended December 31, 2022 |
| --- | --- | --- | --- | --- |
| Revenue | $266 million | $344 million | $402 million | $612 million |
| Operating income | -$62 million | -$89 million | -$86 million | -$458 million |
| Operating margin | -23.3% | -25.8% | -21.4% | -74.8% |
| Net income | -$65 million | -$75 million | -$227 million | -$330 million |
| Net margin | -24.6% | -21.7% | -56.5% | -54.0% |
| Operating cash flow | -$4 million | -$5 million | -$25 million | $3 million |
| Capital expenditures | $46,000 | $31,000 | $2 million | $4 million |
| Free cash flow | -$4 million | -$5 million | -$27 million | -$229,000 |

Operating margin widened by 2.4 percentage points between fiscal 2024 and 2025, which separates pricing and cost discipline from revenue growth alone. Free cash flow (operating cash flow minus capital expenditures) was -$4 million against net income of -$65 million; cash generation covered reported earnings.

![Bar chart of System1 Inc. revenue, operating income, net income for fiscal 2022 to 2025. In fiscal 2025, revenue was $266 million, operating income negative $62 million and net income negative $65 million.](https://www.getswoopr.com/images/charts/system1-inc-metrics-revenue-profit.webp)
*System1 Inc. revenue, operating income and net income by fiscal year, from the figures in the table above. Select the chart to open it full size.*

![Line chart of System1 Inc. operating margin and net margin for fiscal 2022 to 2025. In fiscal 2025, operating margin was -23.3% and net margin was -24.6%.](https://www.getswoopr.com/images/charts/system1-inc-metrics-margins.webp)
*System1 Inc. operating margin and net margin by fiscal year: operating income and net income as a share of revenue. Select the chart to open it full size.*

![Bar chart of System1 Inc. operating cash flow, capital expenditures, free cash flow for fiscal 2022 to 2025. In fiscal 2025, operating cash flow was negative $4 million, capital expenditures was $46,000, free cash flow was negative $4 million.](https://www.getswoopr.com/images/charts/system1-inc-metrics-cash-flow.webp)
*System1 Inc. operating cash flow, capital expenditures and free cash flow by fiscal year. Select the chart to open it full size.*

## What Does System1 Inc.'s Balance Sheet Show?

| Cash and cash equivalents | $87 million |
| --- | --- |
| Long-term debt | $228 million |
| Total assets | $405 million |
| Total liabilities | $388 million |
| Shareholders' equity | $30 million |
| Current ratio | 1.0x |

Balance sheet values are as of the end of fiscal 2025. Income statement figures describe a whole year; balance sheet figures describe a single day, so the two answer different questions.

## Where These Numbers Come From

Every figure on this page is a value System1 Inc. reported in its own SEC filings, read from the SEC's XBRL data (accession 0001805833-26-000014 for fiscal year 2025). Ratios are computed from those reported values. Figures were retrieved on October 7, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary.

Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What was System1 Inc.'s revenue in fiscal 2025?

System1 Inc. reported revenue of $266 million for the fiscal year ended December 31, 2025, according to its SEC filings.

### What is System1 Inc.'s operating margin?

System1 Inc.'s operating margin was -23.3% in fiscal 2025: operating income of -$62 million on revenue of $266 million.

### How much free cash flow did System1 Inc. generate?

Operating cash flow of -$4 million less capital expenditures of $46,000 gives free cash flow of -$4 million for fiscal 2025.

## References

- [SEC EDGAR: System1, Inc. Form 10-K filed March 11, 2026](https://www.sec.gov/Archives/edgar/data/1805833/000180583326000014/sst-20251231.htm)
- [SEC EDGAR: System1, Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1805833&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)

## Related Pages

- [System1 Inc. company dossier](https://www.getswoopr.com/stocks/companies/system1-inc/)
- [System1 Inc. financial metrics](https://www.getswoopr.com/stocks/companies/system1-inc/financial-metrics/)
- [System1 Inc. financial risk indicators](https://www.getswoopr.com/stocks/companies/system1-inc/risks-monitoring/)
- [System1 Inc. business model and revenue mix](https://www.getswoopr.com/stocks/companies/system1-inc/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)

Swoopr's editorial team produces independent investment education content. Content is for educational purposes only and does not constitute personalized investment advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).