System1 annual net debt
2021
2022
2023
2024
2025
System1 Net Debt Growth & History (SST)
System1's net debt was $227.8M for fiscal 2025.
View full System1 company overviewSystem1 annual net debt history
| Fiscal year | Period ended | Net debt | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | $227.8M | $16.5M | +7.79% |
| 2024 | 2024-12-31 | $211.4M | $6.6M | +3.21% |
| 2023 | 2023-12-31 | $204.8M | −$193.8M | −48.62% |
| 2022 | 2022-12-31 | $398.6M | $446.5M | — |
| 2021 | 2021-12-31 | −$47.9M | — | — |
System1 quarterly net debt
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Net debt | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $260.2M | $56.4M | +27.71% |
| Q1 2026 | 2026-03-31 | $256.2M | $29.8M | +13.16% |
| Q4 2025 | 2025-12-31 | $227.8M | $16.5M | +7.79% |
| Q3 2025 | 2025-09-30 | $208.1M | $13.8M | +7.11% |
| Q2 2025 | 2025-06-30 | $203.7M | $11.3M | +5.88% |
| Q1 2025 | 2025-03-31 | $226.4M | $22.4M | +10.97% |
| Q4 2024 | 2024-12-31 | $211.4M | $6.6M | +3.21% |
| Q3 2024 | 2024-09-30 | $194.3M | −$195.3M | −50.13% |
| Q2 2024 | 2024-06-30 | $192.4M | −$191.0M | −49.82% |
| Q1 2024 | 2024-03-31 | $204.0M | −$191.0M | −48.35% |
| Q4 2023 | 2023-12-31 | $204.8M | −$193.8M | −48.62% |
| Q3 2023 | 2023-09-30 | $389.6M | −$4.6M | −1.17% |
| Q2 2023 | 2023-06-30 | $383.5M | −$12.2M | −3.09% |
| Q1 2023 | 2023-03-31 | $394.9M | $429.6M | — |
| Q4 2022 | 2022-12-31 | $398.6M | $446.5M | — |
| Q3 2022 | 2022-09-30 | $394.2M | — | — |
| Q2 2022 | 2022-06-30 | $395.7M | — | — |
| Q1 2022 | 2022-03-31 | −$34.6M | — | — |
| Q4 2021 | 2021-12-31 | −$47.9M | — | — |
System1 net debt trends
Between the periods ended 2021-12-31 and 2025-12-31, System1's net debt increased from −$47.9M to $227.8M, a change of $275.7M. The latest reported quarter, Q2 2026, shows $260.2M.
About the metric
What net debt means
Net debt compares a company’s interest-bearing debt with its cash and cash equivalents. Positive net debt means debt exceeds cash, while a negative value indicates the company has more cash than debt on this measure.
Calculation and source
How net debt is calculated
TickerStat calculates net debt as total interest-bearing debt minus cash and cash equivalents at the same reporting-period end. Short-term investments are not subtracted because they are not included in the standardized cash series. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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