Revenue accelerated to $195.5M in Q2 2026 with 64.7% year-over-year growth, but operating losses widened to -$26.6M on a -13.6% margin, indicating revenue gains are not generating operating leverage.
Genius Sports Limited (GENI) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 790.23M | 669.49M | 510.89M | 412.98M | 341.03M | 262.74M | 149.74M | 114.62M | 87.58M |
| Revenue Growth % | 41.51% | 31.04% | 23.71% | 21.1% | 29.8% | 75.46% | 30.64% | 30.87% | - |
| Cost of Goods Sold | 573.71M | 515.65M | 382.19M | 343.97M | 338.17M | 476.17M | 114.07M | 89.31M | 51.81M |
| COGS % of Revenue | - | 77.02% | 74.81% | 83.29% | 99.16% | 181.24% | 76.18% | 77.92% | 59.15% |
| Gross Profit | 216.53M | 153.84M | 128.71M | 69M | 2.86M | -213.43M | 35.67M | 25.31M | 35.78M |
| Gross Margin % | 27.4% | 22.98% | 25.19% | 16.71% | 0.84% | -81.24% | 23.82% | 22.08% | 40.85% |
| Gross Profit Growth % | - | 19.53% | 86.52% | 2310.23% | 101.34% | -698.3% | 40.95% | -29.26% | - |
| Operating Expenses | 315.84M | 295.22M | 187.24M | 143.16M | 185.74M | 359.86M | 56.71M | 61.5M | 53.02M |
| OpEx % of Revenue | - | 44.1% | 36.65% | 34.67% | 54.46% | 136.97% | 37.87% | 53.65% | 60.53% |
| Selling, General & Admin | 277.64M | 264.13M | 160.42M | 114.6M | 154.17M | 320.46M | 44.8M | 47.2M | 30.91M |
| SG&A % of Revenue | - | 39.45% | 31.4% | 27.75% | 45.21% | 121.97% | 29.92% | 41.18% | 35.29% |
| Research & Development | 38.2M | 31.09M | 24.58M | 26.07M | 29.89M | 26.51M | 11.24M | 18.19M | 25.62M |
| R&D % of Revenue | - | 4.64% | 4.81% | 6.31% | 8.77% | 10.09% | 7.51% | 15.87% | 29.25% |
| Other Operating Expenses | 0 | 0 | 2.25M | 2.49M | 1.67M | 12.89M | 672K | -3.9M | -3.51M |
| Operating Income | -99.31M | -141.38M | -58.54M | -74.16M | -182.87M | -573.29M | -21.04M | -36.19M | -17.24M |
| Operating Margin % | -12.57% | -21.12% | -11.46% | -17.96% | -53.62% | -218.2% | -14.05% | -31.57% | -19.68% |
| Operating Income Growth % | - | -141.52% | 21.06% | 59.45% | 68.1% | -2625.03% | 41.87% | -109.95% | - |
| EBITDA | -6.54M | -70.86M | 14.04M | 3.15M | -114.34M | -513.94M | 14.01M | -13.12M | 63K |
| EBITDA Margin % | -0.83% | -10.58% | 2.75% | 0.76% | -33.53% | -195.61% | 9.35% | -11.44% | 0.07% |
| EBITDA Growth % | 87.43% | -604.88% | 345.56% | 102.75% | 77.75% | -3769.7% | 206.79% | -20917.46% | - |
| D&A (Non-Cash Add-back) | 92.78M | 70.52M | 72.57M | 77.31M | 68.53M | 59.35M | 35.04M | 23.07M | 17.3M |
| EBIT | -134.49M | -114.07M | -56.29M | -71.66M | -181.2M | -601.12M | -20.66M | -35.18M | -11.54M |
| Net Interest Income | -1.93M | -6K | 921K | 1.95M | -1.49M | -3.33M | -7.87M | -6.84M | 0 |
| Interest Income | 0 | 0 | 921K | 1.95M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.93M | 6K | 0 | 0 | 1.49M | 3.33M | 7.87M | 6.84M | 0 |
| Other Income/Expense | -86.85M | 27.3M | -3.99M | -6.04M | 2.95M | -31.16M | -7.5M | 1.35M | -9.21M |
| Pretax Income | -186.17M | -114.08M | -62.53M | -80.19M | -179.92M | -604.45M | -28.54M | -34.84M | -26.44M |
| Pretax Margin % | -23.56% | -17.04% | -12.24% | -19.42% | -52.76% | -230.06% | -19.06% | -30.4% | -30.19% |
| Income Tax | -4.53M | -2.5M | 509K | 5.34M | 1.71M | -11.7M | 1.81M | 5.37M | -1.15M |
| Effective Tax Rate % | 2.43% | 2.19% | -0.81% | -6.66% | -0.95% | 1.94% | -6.35% | -15.4% | 4.36% |
| Net Income | -181.64M | -111.58M | -63.04M | -85.53M | -181.64M | -592.75M | -30.35M | -40.21M | -25.29M |
| Net Margin % | -22.99% | -16.67% | -12.34% | -20.71% | -53.26% | -225.61% | -20.27% | -35.08% | -28.87% |
| Net Income Growth % | -133.31% | -77% | 26.3% | 52.91% | 69.36% | -1853.19% | 24.52% | -59% | - |
| Net Income (Continuing) | -181.64M | -111.58M | -63.04M | -85.53M | -181.64M | -592.75M | -30.35M | -40.21M | -25.29M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.65 | -0.44 | -0.27 | -0.38 | -0.91 | -3.93 | -0.17 | -0.23 | -0.10 |
| EPS Growth % | -121.7% | -62.96% | 28.95% | 58.24% | 76.84% | -2211.76% | 26.09% | -137.85% | - |
| EPS (Basic) | - | -0.44 | -0.27 | -0.38 | -0.91 | -3.93 | -0.17 | -0.23 | -0.10 |
| Diluted Shares Outstanding | 278.91M | 254.76M | 229.51M | 225.88M | 198.94M | 150.91M | 178.59M | 178.59M | 261.44M |
| Basic Shares Outstanding | 278.91M | 254.76M | 229.51M | 225.88M | 198.94M | 150.91M | 178.59M | 178.59M | 261.44M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying GENI stock.
For fiscal year 2025, Genius Sports Limited (GENI) reported total revenue of $669.5M. This represents a 664.4% increase compared to $87.6M in 2018.
Genius Sports Limited (GENI) reported a net loss of $111.6M for the fiscal year ending 2025.
Genius Sports Limited (GENI) reported an operating income of $-141.4M, resulting in an operating profit margin of -21.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Genius Sports Limited (GENI) generated $153.8M in gross profit for the year, representing a gross profit margin of 23.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Operating margin collapse amid revenue surge
Revenue Surge Driven by Major Event
Genius Sports experienced a dramatic revenue acceleration, with Q2 2026 revenue of $195.5M representing a 64.7% year-over-year increase, a significant jump from the 30.5% growth seen in the prior quarter.
The growth trajectory suggests a powerful, likely non-recurring catalyst, given the sharp acceleration. Management's focus should be on clarifying how much of this growth is structural versus event-driven to assess its durability for future periods.
Gross Margin Volatility and Reset
The company's gross margin profile remains highly volatile, swinging from a depressed 22.9% in Q1 2026 to 32.6% in Q2 2026, a pattern that complicates forecasting and suggests inconsistent cost of revenue or revenue mix.
This volatility indicates that Genius Sports has not yet established a stable, predictable margin floor. The latest expansion to 32.6% is encouraging but still trails the 41.3% gross margin of DraftKings, suggesting pricing power or cost efficiency challenges relative to scaled peers.
SG&A Load Overshadows Revenue Gains
Despite a 64.7% revenue increase in Q2 2026, Selling, General & Administrative expenses surged 77.4% year-over-year to $77.0M, consuming 39.4% of revenue and preventing operating leverage.
The fact that SG&A growth is outpacing top-line growth is a critical red flag for profitability. This dynamic implies that the business model may require disproportionate sales or administrative spending to scale, which directly impedes the path to operating profitability.
Negative Operating Leverage Persists
Operating losses expanded to -$26.6M in Q2 2026 despite record revenue, demonstrating a persistent lack of operating leverage where incremental revenue does not translate to improved operating income.
The operating margin remains deeply negative at -13.6%, a deterioration from -15.8% in Q1 2026. This indicates the core cost structure is not yet optimized for the current revenue scale, and the company is not benefiting from any economies of scale in its operations.
Heavy SBC Distorts Net Income
Stock-based compensation (SBC) of $21.1M in Q2 2026 represents over 10% of revenue and was the primary driver of the massive net loss, highlighting a significant non-cash charge that dilutes shareholders.
When excluding the large SBC charge from Q2 2025 ($84.8M), the underlying net loss trend is concerning. The reliance on SBC as a component of compensation aligns with tech peers but adds persistent dilution and obscures true cash-based operational performance.
Revenue Growth Masks Structural Losses
A critical challenge to the growth narrative is that the business is generating larger absolute dollar losses as it scales; the -$26.6M operating loss in Q2 2026 is wider than the -$21.0M loss in Q2 2024 on more than double the revenue.
This suggests the current growth may be unprofitable growth. Investors should question the sustainability of this trajectory and whether the company can ever achieve positive operating margins without a fundamental restructuring of its cost base, especially given the persistent negative operating leverage.