balance equationreview2024-12-31
Difference 12746378000 exceeds tolerance 25843685.000. Presentation or filing-vintage differences need review.
Revenue
$477.23M
Fiscal year ended 2025-12-31Net income
-$3.85B
Fiscal year ended 2025-12-31Total assets
$61.64B
Fiscal year ended 2025-12-31Strategy Inc (MSTR) reported revenue of $477.23M and net income of -$3.85B for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from Strategy Inc’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Finance Services.
Banks, brokers and insurers present a top line that is not comparable with an operating company’s revenue: it is reported net of interest expense, or as premiums earned, depending on the filer. The figures are the filer’s own and are traceable to the filing; the comparison across classes is what does not hold.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $477.23M | $463.46M | $496.26M | $499.26M | $510.76M | $480.74M | $486.33M | $497.64M | $503.84M | $513.59M |
| Cost of revenue | $149.42M | $129.47M | $109.94M | $102.99M | $91.91M | $91.06M | $99.97M | $99.50M | $96.65M | $93.15M |
| Gross profit | $327.82M | $333.99M | $386.32M | $396.28M | $418.85M | $389.68M | $386.35M | $398.14M | $407.19M | $420.44M |
| Operating income | -$5.44B | -$1.85B | -$115.05M | -$1.28B | -$784.53M | -$13.62M | -$1.00M | $3.98M | $73.22M | $109.51M |
| Net income | -$3.85B | -$1.17B | $429.12M | -$1.47B | -$535.48M | -$7.52M | $34.36M | $22.50M | $18.20M | $92.24M |
| Research & development | $93.86M | $118.49M | $120.53M | $127.43M | $117.12M | $103.56M | $109.42M | $102.50M | $78.77M | $73.14M |
| Weighted-average diluted shares | shares 277.66M | shares 192.55M | shares 165.66M | shares 113.21M | shares 10.02M | shares 9.68M | shares 10.33M | shares 11.41M | shares 11.55M | shares 11.52M |
| Pretax income | -$5.53B | -$1.93B | -$124.52M | -$1.32B | -$811.39M | -$19.95M | $38.26M | $20.48M | $71.47M | $114.93M |
| Income tax expense | -$1.68B | -$767.68M | -$553.65M | $147.33M | -$275.91M | -$12.43M | $3.91M | -$2.02M | $53.28M | $22.69M |
| Diluted EPS | $-15.23 | $-6.06 | $2.64 | $-12.98 | $-53.44 | $-0.78 | $3.33 | $1.97 | $1.58 | $8.01 |
| Selling, general & administrative | $274.86M | $278.62M | $264.98M | $258.30M | $255.64M | $229.05M | $277.93M | $291.66M | $255.21M | $237.74M |
| General & administrative | $151.91M | $140.54M | $115.31M | $111.42M | $95.50M | $80.14M | $86.70M | $86.13M | $80.16M | $79.46M |
| Selling & marketing | $122.96M | $138.08M | $149.67M | $146.88M | $160.14M | $148.91M | $191.24M | $205.52M | $175.04M | $158.28M |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $2.30B | $38.12M | $46.82M | $43.84M | $63.36M | $59.68M | $456.73M | $109.92M | $420.24M | $401.98M |
| Total assets | $61.64B | $25.84B | $4.76B | $2.41B | $3.56B | $1.47B | $916.57M | $855.77M | $933.22M | $768.32M |
| Current assets | $2.56B | $252.32M | $267.90M | $264.57M | $267.96M | $272.62M | $753.45M | $778.40M | $860.65M | $684.99M |
| Total liabilities | $10.60B | $7.61B | $2.60B | $2.79B | $2.58B | $912.57M | $408.01M | $326.04M | $327.49M | $216.14M |
| Current liabilities | $456.49M | $355.38M | $323.27M | $317.40M | $311.98M | $285.62M | $269.82M | $258.27M | $270.94M | $185.49M |
| Total equity incl. NCI | $44.12B | $30.98B | $2.16B | -$383.12M | $978.96M | $446.19M | $508.56M | $529.73M | $605.73M | $566.32M |
| Temporary (mezzanine) equity | $6.92B | $0 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | $205.75M | $181.20M | $183.82M | $189.28M | $189.28M | $197.46M | $163.52M | $171.36M | $165.36M | $83.32M |
| Goodwill | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt | $8.16B | $7.19B | $2.18B | $2.38B | $2.16B | $486.37M | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$67.24M | -$53.03M | $12.71M | $3.21M | $93.83M | $53.62M | $60.87M | $10.63M | $78.32M | $110.59M |
| Capital expenditures | $8.21M | $2.98M | $2.94M | $2.49M | $2.71M | $3.65M | $10.18M | $6.85M | $3.98M | $2.34M |
| Investing cash flow | -$22.51B | -$22.09B | -$1.91B | -$278.59M | -$2.63B | -$1.02B | $353.69M | -$209.06M | -$69.73M | $4.34M |
| Financing cash flow | $24.84B | $22.13B | $1.89B | $265.19M | $2.54B | $563.23M | -$66.15M | -$108.52M | $1.66M | -$1.00M |
| Net change in cash | $2.26B | -$8.78M | -$2.20M | -$13.57M | $3.68M | -$397.06M | $347.03M | -$310.40M | $18.47M | $109.75M |
| Stock-based compensation | $53.37M | $77.12M | $69.57M | $63.62M | $44.13M | $11.15M | $10.21M | $14.64M | $14.27M | $11.82M |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $0 | $0 | $0 | $0 | $0 |
| Common share repurchases | Unavailable | Unavailable | Unavailable | $0 | $0 | $123.22M | $72.72M | $110.98M | $0 | $0 |
| Depreciation & amortization | $25.52M | $17.81M | $14.53M | $10.87M | $11.36M | $13.33M | $8.59M | $3.70M | $15.53M | $19.94M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | -$75.45M | -$56.01M | $9.77M | $725.00K | $91.13M | $49.97M | $50.68M | $3.78M | $74.34M | $108.25M |
| Gross margin | 68.7% | 72.1% | 77.8% | 79.4% | 82.0% | 81.1% | 79.4% | 80.0% | 80.8% | 81.9% |
| Operating margin | -1140.8% | -399.8% | -23.2% | -255.5% | -153.6% | -2.8% | -0.2% | 0.8% | 14.5% | 21.3% |
| FCF margin | -15.8% | -12.1% | 2.0% | 0.1% | 17.8% | 10.4% | 10.4% | 0.8% | 14.8% | 21.1% |
| SBC / revenue | 11.2% | 16.6% | 14.0% | 12.7% | 8.6% | 2.3% | 2.1% | 2.9% | 2.8% | 2.3% |
| Current ratio | 5.62x | 0.71x | 0.83x | 0.83x | 0.86x | 0.95x | 2.79x | 3.01x | 3.18x | 3.69x |
| Revenue YoY growth | 3.0% | -6.6% | -0.6% | -2.3% | 6.2% | -1.1% | -2.3% | -1.2% | -1.9% | Unavailable |
| Net margin | -806.3% | -251.7% | 86.5% | -294.4% | -104.8% | -1.6% | 7.1% | 4.5% | 3.6% | 18.0% |
| R&D / revenue | 19.7% | 25.6% | 24.3% | 25.5% | 22.9% | 21.5% | 22.5% | 20.6% | 15.6% | 14.2% |
| CapEx / revenue | 1.7% | 0.6% | 0.6% | 0.5% | 0.5% | 0.8% | 2.1% | 1.4% | 0.8% | 0.5% |
| Long-term debt / equity | 0.18x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 10.2% | -9.9% | 74.5% | 19.7% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open MSTR in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-03View SEC filing
10-Q · Filed 2026-05-06View SEC filing
10-K · Filed 2026-02-19View SEC filing
10-Q · Filed 2025-11-03View SEC filing
10-Q · Filed 2025-08-05View SEC filing
10-Q · Filed 2025-05-05View SEC filing
Reconciliation checks needing review
3 periods on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.
balance equationreview2020-12-31
Difference 106853000 exceeds tolerance 1465612.000. Presentation or filing-vintage differences need review.
balance equationreview2016-12-31
Difference 14140000 exceeds tolerance 1000000. Presentation or filing-vintage differences need review.