CBRS (Cerebras Systems) Operating Income: $-16.3 Mil (TTM As of Mar. 2026)

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CBRS Cerebras Systems Inc CBRS
10 GF Score
Price $184.01
! 3 Warning Signs
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What is Cerebras Systems Operating Income?

Cerebras Systems CBRS -9.79% 10 Operating Income is $-16.3 Mil as of Mar. 2026. GuruFocus rates CBRS with a GF Score™ of 10/100. The stock has 3 warning signs investors should review.

Cerebras Systems's Operating Income for the three months ended in Mar. 2026 was $-16.3 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $-16.3 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Cerebras Systems's Operating Income for the three months ended in Mar. 2026 was $-16.3 Mil. Cerebras Systems's Revenue for the three months ended in Mar. 2026 was $193.4 Mil. Therefore, Cerebras Systems's Operating Margin % for the quarter that ended in Mar. 2026 was -8.42%.

Cerebras Systems's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Cerebras Systems's annualized ROC % for the quarter that ended in Mar. 2026 was -3.27%. Cerebras Systems's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 2.36%.


Cerebras Systems  (NAS:CBRS) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Cerebras Systems's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=-65.168 * ( 1 - 0% )/( (1358.266 + 2628.667)/ 2 )
=-65.168/1993.4665
=-3.27 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2326.037 - 143.665 - ( 1108.237 - max(0, 719.54 - 1543.646+1108.237))
=1358.266

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=4948.378 - 165.996 - ( 2231.621 - max(0, 1427.246 - 3580.961+2231.621))
=2628.667

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Cerebras Systems's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=25.76/( ( (686.346 + max(-261.852, 0)) + (925.742 + max(569.189, 0)) )/ 2 )
=25.76/( ( 686.346 + 1494.931 )/ 2 )
=25.76/1090.6385
=2.36 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(50.423 + 63.626 + 297.774) - (143.665 + 485.509 + 44.501)
=-261.852

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(62.631 + 89.04 + 1157.24) - (165.996 + 518.344 + 55.382)
=569.189

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Cerebras Systems's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=-16.292/193.406
=-8.42 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Cerebras Systems Operating Income Related Terms


Cerebras Systems Operating Income Historical Data

* Premium members only.

The historical data trend for Cerebras Systems's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Cerebras Systems Operating Income Chart

Cerebras Systems Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Operating Income
-178.82 -133.93 -101.64 -145.25

Cerebras Systems Quarterly Data
Dec22 Dec23 Jun24 Dec24 Mar25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial 0.00 0.00 -28.68 0.00 -16.29
CBRS
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Cerebras Systems Inc CBRS
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Cerebras Systems Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $-16.3 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $-16.3 Mil mean?
Cerebras Systems (CBRS) has a Operating Income of $-16.3 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Cerebras Systems and its competitors.
Is Cerebras Systems' Operating Income too high?
Cerebras Systems' current Operating Income is $-16.3 Mil. Overall, Cerebras Systems has a GF Score™ of 10/100, reflecting its overall financial health beyond just this single metric.
How does Cerebras Systems' Operating Income compare to GFS and CRDO?
Cerebras Systems' Operating Income of $-16.3 Mil can be compared against companies in the Semiconductors industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Semiconductors company?
A good Operating Income depends on the Semiconductors industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Cerebras Systems and its competitors. Cerebras Systems's current Operating Income is $-16.3 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cerebras Systems stock overvalued right now?
Cerebras Systems (CBRS) has a current Operating Income of $-16.3 Mil. The current Operating Income is $-16.3 Mil. Cerebras Systems' overall GF Score™ is 10/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Cerebras Systems (CBRS), the current Operating Income is $-16.3 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Cerebras Systems Business Description

Address 1237 E. Arques Avenue, Sunnyvale, CA, USA, 94085
Cerebras Systems Inc is an AI company. It designs the world's fastest AI infrastructure for training and inference. The company builds the world's largest semiconductor as well as the AI systems to power, cool, and feed the processors data. It develops software to link these systems together into industry-leading supercomputers that are simple to use even for the most complicated AI work, using familiar ML frameworks like PyTorch. Customers use its supercomputers to train industry-leading models. The company uses these supercomputers to run inference at speeds unobtainable from alternative commercial technologies. It delivers these AI capabilities to its customers on-premise and via the cloud. The company generates the majority of its revenue from the USA.
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Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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