NASDAQ : MSTR
Strategy Inc — Financial statements
Technology · Software - Application · United States
Last price 141.62 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 54.41B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Strategy Inc (MSTR) reported revenue of 495.08M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 495.08M | 477.23M | 463.46M | 496.26M | 499.26M | 510.76M |
| Cost of Revenue | 159.24M | 149.42M | 129.47M | 109.94M | 102.99M | 91.91M |
| Gross Profit | 335.84M | 327.82M | 333.99M | 386.32M | 396.27M | 418.85M |
| Selling, General & Admin | 284.35M | 274.87M | 278.62M | 264.98M | 258.30M | 255.64M |
| Research & Development | 94.59M | 93.86M | 118.49M | 120.53M | 127.43M | 117.12M |
| Other Operating Expenses | 19.29B | 5.40B | 1.79B | 115.85M | 1.29B | 830.62M |
| Operating Expenses | 19.67B | 5.77B | 2.19B | 501.36M | 1.67B | 1.20B |
| Operating Income | -19.34B | -5.44B | -1.85B | -115.05M | -1.28B | -784.53M |
| Interest Expense | -58.05M | -64.97M | -61.94M | -48.96M | -53.14M | -29.15M |
| Interest & Investment Income | 79.21M | |||||
| Currency Exchange Gain (Loss) | -16.80M | -16.80M | 2.90M | -5.60M | 6.20M | 2.50M |
| Other Non Operating Income (Expenses) | 17.27M | 199.00K | 606.00K | 396.00K | 213.00K | -213.00K |
| EBT Excluding Unusual Items | -19.32B | -5.53B | -1.91B | -169.21M | -1.32B | -811.39M |
| Other Unusual Items | 113.92M | -22.93M | 44.69M | |||
| Pretax Income | -19.20B | -5.53B | -1.93B | -124.53M | -1.32B | -811.39M |
| Income Tax Expense | -5.54B | -1.68B | -767.68M | -553.65M | 147.33M | -275.91M |
| Net Income | -13.67B | -3.85B | -1.17B | 429.12M | -1.47B | -535.48M |
| Preferred Dividends & Other Adjustments | 1.24B | 381.37M | ||||
| Net Income to Common | -14.90B | -4.23B | -1.17B | 429.12M | -1.47B | -535.48M |
| Shares Outstanding (Basic) | 345.38M | 277.66M | 192.55M | 136.71M | 113.21M | 100.20M |
| Shares Outstanding (Diluted) | 345.38M | 277.66M | 192.55M | 165.66M | 113.21M | 100.20M |
| EPS (Basic) | -43.15 | -15.23 | -6.06 | 3.14 | -12.98 | -5.34 |
| EPS (Diluted) | -43.21 | -15.23 | -6.06 | 2.64 | -12.98 | -5.34 |
| Free Cash Flow | -112.45M | -66.51M | 9.77M | 725.00K | 91.13M | |
| Free Cash Flow Per Share | -0.41 | -0.34 | 0.06 | 0.01 | 0.91 | |
| Gross Margin | 67.84% | 68.69% | 72.06% | 77.85% | 79.37% | 82.01% |
| Operating Margin | -3,905.89% | -1,140.82% | -399.82% | -23.18% | -255.53% | -153.60% |
| Profit Margin | -3,010.52% | -886.26% | -251.73% | 86.47% | -294.39% | -104.84% |
| Free Cash Flow Margin | -23.56% | -14.35% | 1.97% | 0.14% | 17.84% | |
| EBITDA | -19.34B | -5.44B | -1.85B | -108.62M | -1.27B | -775.87M |
| EBITDA Margin | -21.89% | -254.25% | -151.90% | |||
| D&A For EBITDA | -5.38M | 917.00K | 5.51M | 6.43M | 6.37M | 8.66M |
| EBIT | -19.34B | -5.44B | -1.85B | -115.05M | -1.28B | -784.53M |
| EBIT Margin | -23.18% | -255.52% | -153.60% | |||
| Revenue as Reported | 495.08M | 477.23M | 463.46M | 496.26M | 499.26M | 510.76M |
| Advertising Expenses | 1.20M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.50B | 2.30B | 38.12M | 46.82M | 43.84M | 63.36M |
| Short-Term Investments | 3.40B | |||||
| Cash & Short-Term Investments | 5.91B | 2.30B | 38.12M | 46.82M | 43.84M | 63.36M |
| Accounts Receivable | 129.93M | 215.45M | 183.80M | 185.01M | 189.88M | 190.38M |
| Other Receivables | 4.50M | 7.10M | 15.30M | 2.50M | ||
| Receivables | 129.93M | 219.95M | 190.90M | 200.31M | 192.38M | 190.38M |
| Prepaid Expenses | 70.10M | 40.85M | 21.52M | 18.91M | 21.32M | 13.15M |
| Restricted Cash | 1.67M | 1.87M | 1.78M | 1.86M | 7.03M | 1.08M |
| Total Current Assets | 6.11B | 2.56B | 252.32M | 267.89M | 264.57M | 267.96M |
| Property, Plant & Equipment | 87.91M | 75.83M | 80.89M | 86.28M | 93.61M | 103.35M |
| Long-Term Accounts Receivable | 4.70M | 6.80M | 900.00K | 700.00K | ||
| Long-Term Deferred Tax Assets | 5.15M | 4.51M | 1.53B | 757.57M | 188.15M | 319.78M |
| Long-Term Deferred Charges | 79.30M | 48.30M | 15.70M | 15.80M | 4.70M | |
| Other Long-Term Assets | 70.95B | 58.91B | 23.93B | 3.63B | 1.85B | 2.86B |
| Total Assets | 77.15B | 61.64B | 25.84B | 4.76B | 2.41B | 3.56B |
| Accounts Payable | 79.30M | 37.23M | 32.69M | 31.48M | 42.98M | 46.08M |
| Accrued Expenses | 43.23M | 75.61M | 63.91M | 51.54M | 56.55M | 56.04M |
| Current Portion of Long-Term Debt | 1.05B | 31.31M | 517.00K | 483.00K | 454.00K | |
| Current Portion of Leases | 11.31M | 10.40M | 10.41M | |||
| Current Income Taxes Payable | 1.80M | 9.50M | ||||
| Current Unearned Revenue | 206.72M | 272.12M | 237.97M | 228.16M | 217.43M | 209.86M |
| Other Current Liabilities | 136.45M | 27.12M | 400.00K | 1.20M | ||
| Total Current Liabilities | 1.51B | 456.49M | 355.38M | 323.27M | 317.40M | 311.99M |
| Long-Term Debt | 5.67B | 8.16B | 7.19B | 2.18B | 2.38B | 2.16B |
| Long-Term Leases | 60.81M | 46.13M | 56.40M | 61.09M | 67.34M | 76.61M |
| Long-Term Unearned Revenue | 2.71M | 5.45M | 4.97M | 8.52M | 12.76M | 8.09M |
| Long-Term Deferred Tax Liabilities | 1.40B | 1.93B | 407.00K | 357.00K | 198.00K | 109.00K |
| Other Long-Term Liabilities | 5.03M | 4.74M | 5.38M | 22.21M | 17.12M | 26.22M |
| Total Liabilities | 8.65B | 10.60B | 7.61B | 2.60B | 2.79B | 2.58B |
| Common Stock | 422.00K | 312.00K | 246.00K | 26.00K | 20.00K | 20.00K |
| Additional Paid-In Capital | 51.52B | 37.81B | 20.41B | 3.96B | 1.84B | 1.73B |
| Retained Earnings | 3.94B | 6.32B | -2.17B | -999.23M | -1.43B | 41.44M |
| Treasury Stock | -782.10M | -782.10M | -782.10M | |||
| Comprehensive Income & Other | -14.27M | -5.17M | -15.38M | -11.44M | -13.80M | -7.54M |
| Total Common Equity | 55.44B | 44.12B | 18.23B | 2.16B | -383.12M | 978.96M |
| Shareholders' Equity | 68.50B | 51.04B | 18.23B | 2.16B | -383.12M | 978.96M |
| Total Liabilities & Equity | 77.15B | 61.64B | 25.84B | 4.76B | 2.41B | 3.56B |
| Total Debt | 6.78B | 8.25B | 7.26B | 2.25B | 2.45B | 2.23B |
| Net Cash (Debt) | -870.31M | -5.95B | -7.22B | -2.21B | -2.40B | -2.17B |
| Net Cash Per Share | -2.52 | -21.42 | -37.50 | -13.32 | -21.22 | -21.64 |
| Filing Date Shares Outstanding | 421.98M | 333.75M | 257.35M | 169.68M | 115.49M | 112.85M |
| Total Common Shares Outstanding | 421.98M | 312.06M | 245.78M | 168.68M | 115.49M | 112.86M |
| Working Capital | 4.60B | 2.11B | -103.06M | -55.38M | -52.84M | -44.02M |
| Book Value Per Share | 131.38 | 141.39 | 74.17 | 12.83 | -3.32 | 8.67 |
| Tangible Book Value | 55.44B | 44.12B | 18.23B | 2.16B | -383.12M | 978.96M |
| Tangible Book Value Per Share | 131.38 | 141.39 | 74.17 | 12.83 | -3.32 | 8.67 |
| Machinery | 108.62M | 120.18M | 119.54M | 118.96M | 120.43M | |
| Leasehold Improvements | 31.99M | 29.55M | 29.94M | 28.75M | 28.87M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -3.85B | -1.17B | 429.12M | -1.47B | -535.48M | |
| Depreciation & Amortization | 917.00K | 5.51M | 6.43M | 6.37M | 8.66M | |
| Other Amortization | 50.01M | 27.64M | 16.91M | 13.19M | 9.90M | |
| Stock-Based Compensation | 53.37M | 77.12M | 69.57M | 63.62M | 44.13M | |
| Provision & Write-off of Bad Debts | 383.00K | 669.00K | ||||
| Other Operating Activities | 3.73B | 1.05B | -489.65M | 1.43B | 554.87M | |
| Change in Accounts Receivable | 20.41M | 6.34M | 11.69M | -5.29M | 2.62M | |
| Change in Accounts Payable | 6.56M | 1.14M | -634.00K | -3.52M | 3.75M | |
| Change in Unearned Revenue | -7.97M | 1.05M | 2.36M | 14.84M | 14.71M | |
| Change in Other Net Operating Assets | -74.19M | -50.59M | -33.09M | -42.63M | -9.99M | |
| Operating Cash Flow | -67.24M | -53.03M | 12.71M | 3.21M | 93.83M | |
| Capital Expenditures | -45.21M | -13.48M | -2.94M | -2.49M | -2.71M | |
| Other Investing Activities | -22.47B | -22.07B | -1.90B | -276.10M | -2.63B | |
| Investing Cash Flow | -22.51B | -22.09B | -1.91B | -278.59M | -2.63B | |
| Long-Term Debt Issued | 2.03B | 6.21B | 215.79M | 1.55B | ||
| Long-Term Debt Repaid | -712.00K | -516.35M | -160.55M | -246.00K | ||
| Net Debt Issued (Repaid) | 2.03B | 5.70B | -160.55M | 215.55M | 1.55B | |
| Issuance of Common Stock | 16.32B | 16.55B | 2.06B | 52.46M | 1.04B | |
| Repurchase of Common Stock | -2.17M | -4.11M | -2.08M | -4.70M | ||
| Preferred Dividends Paid | -381.37M | |||||
| Dividends Paid | -381.37M | |||||
| Other Financing Activities | -161.05M | -114.20M | -9.14M | -735.00K | -47.12M | |
| Financing Cash Flow | 24.84B | 22.13B | 1.89B | 265.19M | 2.54B | |
| Foreign Exchange Rate Adjustments | -544.00K | -2.15M | 444.00K | -3.38M | -2.61M | |
| Net Cash Flow | 2.26B | -8.78M | -2.19M | -13.57M | 3.67M | |
| Free Cash Flow | -112.45M | -66.51M | 9.77M | 725.00K | 91.13M | |
| Free Cash Flow Margin | -23.56% | -14.35% | 1.97% | 0.14% | 17.84% | |
| Free Cash Flow Per Share | -0.41 | -0.34 | 0.06 | 0.01 | 0.91 | |
| Levered Free Cash Flow | -3.36B | -1.06B | -17.46M | -761.01M | -413.87M | |
| Unlevered Free Cash Flow | -3.35B | -1.04B | 4.34M | -736.49M | -402.85M | |
| Cash Interest Paid | 46.52M | 44.57M | 41.23M | 43.45M | 20.42M | |
| Cash Income Tax Paid | 13.13M | 1.06M | 30.32M | 21.97M | 7.01M | |
| Change in Working Capital | -55.19M | -42.06M | -19.67M | -36.61M | 11.09M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 55.07B | 45.96B | 71.09B | 9.88B | 1.60B | 5.80B |
| Enterprise Value | 55.94B | 59.91B | 75.31B | 12.07B | 3.99B | 7.98B |
| Last Close Price | 130.51 | 151.95 | 289.62 | 63.16 | 14.16 | 54.45 |
| PE Ratio | 23.02 | |||||
| Forward PE | 8.56 | 6.30 | 289.46 | 73.67 | 41.37 | 92.32 |
| PS Ratio | 111.24 | 96.31 | 153.39 | 19.90 | 3.21 | 11.35 |
| PB Ratio | 0.99 | 0.90 | 3.90 | 4.56 | -4.18 | 5.92 |
| P/TBV Ratio | 0.99 | 1.04 | 3.90 | 4.56 | 5.92 | |
| P/FCF Ratio | 1,010.50 | 2,210.00 | 63.61 | |||
| P/OCF Ratio | 776.95 | 498.99 | 61.77 | |||
| PEG Ratio | 8.89 | 8.89 | 8.89 | 8.89 | 8.89 | |
| EV/Sales Ratio | 113.00 | 125.55 | 162.50 | 24.33 | 7.99 | 15.63 |
| EV/FCF Ratio | 1,235.09 | 5,500.79 | 87.58 | |||
| Debt / Equity Ratio | 0.10 | 0.16 | 0.40 | 1.04 | -6.38 | 2.28 |
| Debt / FCF Ratio | 230.62 | 3,374.29 | 24.49 | |||
| Net Debt / Equity Ratio | 0.01 | 0.12 | 0.40 | 1.02 | -6.27 | 2.21 |
| Net Debt / EBITDA Ratio | -0.04 | -1.09 | -3.91 | -20.32 | -1.89 | -2.79 |
| Net Debt / FCF Ratio | -52.88 | -108.56 | 225.83 | 3,313.82 | 23.80 | |
| Asset Turnover | 0.01 | 0.01 | 0.03 | 0.14 | 0.17 | 0.20 |
| Quick Ratio | 3.99 | 5.52 | 0.64 | 0.76 | 0.74 | 0.81 |
| Current Ratio | 4.04 | 5.62 | 0.71 | 0.83 | 0.83 | 0.86 |
| Return on Equity (ROE) | -21.59% | -11.11% | -11.44% | 48.17% | -493.35% | -69.91% |
| Return on Assets (ROA) | -16.03% | -7.78% | -7.57% | -2.00% | -26.72% | -19.52% |
| Return on Invested Capital (ROIC) | -32.50% | -13.21% | -12.43% | -3.56% | -48.69% | -37.26% |
| Return on Capital Employed (ROCE) | -25.60% | -8.90% | -7.30% | -2.60% | -61.00% | -24.20% |
| Earnings Yield | -33.11% | -8.37% | -1.64% | 4.35% | -91.73% | -9.24% |
| FCF Yield | -0.07% | -0.24% | -0.09% | 0.10% | 0.04% | 1.57% |
| Buyback Yield / Dilution | -21.87% | -44.20% | -16.23% | -46.33% | -12.98% | -3.47% |