System1 (SST) Cash Flow: Operating & Free Cash Flow

System1 Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for System1, Inc. (SST) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2022	FY 2021	FY 2021	FY 2020	FY 2019
Period ending	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2022	Mar 2022	Dec 2021	Dec 2020	Dec 2019
Operating Activities
Net Income	-81.19	-97.30	-174.33	33.00	-441.32	33.00	-37.06	16.36	24.25
Depreciation & Amortization	82.86	80.11	105.21	70.47	118.65	13.89	1.00	13.83	11.24
Deferred Income Tax	-2.19	-2.10	-22.33	-118.86	-	-0.98	-0.98	0.03	-2.14
Stock Based Compensation	14.74	33.71	53.09	79.22	132.03	0.41	0.41	1.19	1.76
Change in Working Capital	-18.97	-2.92	-5.16	-45.33	-45.33	5.08	5.08	11.52	-9.75
Change in Accounts Receivable	4.93	-6.80	20.86	15.72	4.60	-19.06	11.12	6.83	-10.95
Change in Inventory	0.00	0.00	0.00	0.00	-	0.00	-	0.03	-2.37
Change in Accounts Payable	12.01	0.90	-6.80	-65.48	2.12	20.76	-67.60	4.23	3.74
Change in Other Working Capital	0.18	0.99	-19.22	4.43	-41.49	3.39	1.15	0.42	-0.17
Other Operating Activities	0.18	-0.91	18.78	-25.77	265.46	9.32	-0.71	3.61	7.35
Net Cash from Operating Activities	-4.15	-5.26	-24.74	-7.29	-7.29	60.71	60.71	46.55	32.71
Investing Activities
Capital Expenditures	-6.72	-0.03	-7.96	-10.38	-3.55	-6.54	-0.05	-6.13	-6.70
Acquisitions	0.00	0.00	211.14	-444.07	-444.07	0.00	-	74.54	-35.94
Purchases of Investments	0.00	0.00	0.00	0.00	-	0.00	-	-517.50	0.00
Sales/Maturities of Investments	0.00	-6.22	0.00	0.00	-6.83	0.00	-6.49	517.50	0.00
Other Investing Activities	-6.68	-6.22	-5.61	0.00	-	-6.49	-	-0.25	-0.12
Net Cash from Investing Activities	-6.72	-6.26	203.18	-454.45	-454.45	-6.54	-6.54	68.17	-42.76
Financing Activities
Debt Repayment	-20.00	-61.79	-68.98	262.51	-187.49	-13.14	-13.14	-78.29	28.62
Common Stock Issued	2.25	0.00	0.00	5.03	251.51	0.23	0.23	518.75	0.00
Common Stock Repurchased	-0.56	-2.15	-3.06	-511.59	-513.68	0.00	-	-518.75	0.00
Dividends Paid	-0.03	-0.03	-0.10	-1.51	-1.51	-14.58	-14.58	-46.55	-8.66
Other Financing Activities	-0.39	-0.03	-1.94	217.83	218.41	-7.10	-7.10	-521.99	6.18
Net Cash from Financing Activities	31.31	-63.96	-74.07	-27.73	-27.73	-34.59	-34.59	-128.08	26.15
Summary
Effect of Forex Changes on Cash	0.13	-0.03	0.01	456.19	-0.06	0.04	-0.02	-0.45	-0.15
Net Change in Cash	20.56	-75.50	104.38	-33.27	-489.54	19.63	19.63	-13.81	15.95
Cash at Beginning of Period	67.95	143.45	39.08	47.90	-	29.01	29.01	42.83	26.87
Cash at End of Period	88.51	67.95	143.45	14.62	-	48.64	48.64	29.01	42.83
Free Cash Flow	-10.87	-5.29	-32.70	-17.66	-10.83	54.17	60.66	40.42	26.02
Supplemental Disclosures
Interest Paid	-	30.68	42.88	-	26.93	-	14.74	22.23	-
Income Taxes Paid	-	-1.62	7.10	-	8.54	-	2.75	4.40	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About System1 Cash Flow

What is System1's free cash flow?

System1 had negative free cash flow of $10.87M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −$4.15M minus $6.72M of capital expenditures.

How much does System1 spend on capital expenditures?

System1 spent $6.72M on capital expenditures in fiscal 2025, compared with $31.00K a year earlier.

Does System1 pay dividends or buy back shares?

Yes. In fiscal 2025 System1 returned $32.00K in dividends and $557.00K in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition