MoneyThe story, in brief
OpenAI burned through $1.22 per dollar earned even after stripping out stock-based compensation
$5.7B in revenue. $6.95B in losses. OpenAI's unit economics are still deeply broken.
The KeyNews take
Why it matters
OpenAI's Q1 2026 results reveal a company still burning cash at scale despite $5.7B revenue—a critical signal for investors watching AI infrastructure capex dynamics and path to profitability in the post-frontier model era.
The key facts
5 to knowQ1 2026 revenue: $5.7B
Operating loss per dollar earned: $1.22
Adjusted operating margin: -122%
Loss metric excludes stock-based compensation
Published May 22, 2026
Go to the source
The Decoderthe-decoder.com
Publisher excerpt: OpenAI pulled in about $5.7 billion in Q1 2026 revenue but still lost $1.22 for every dollar earned, putting its adjusted operating margin at minus 122 percent.