Strategy Inc (MSTR)MSTRStrategy Inc

Income Statement

Revenue, expenses, and profitability analysis

Quarterly Income Statement (USD)

Quarterly Report	TTM	03/31/2026	12/31/2025	09/30/2025	06/30/2025	03/31/2025	12/31/2024	09/30/2024	06/30/2024
Revenue	490.468M	124.300M	122.989M	128.691M	114.488M	111.066M	120.697M	116.071M	111.442M
Cost of Goods Sold	156.393M	40.946M	41.684M	38.013M	35.750M	33.971M	34.169M	34.349M	30.935M
Gross Profit	334.075M	83.354M	81.305M	90.678M	78.738M	77.095M	86.528M	81.722M	80.507M
Gross Profit Margin	67.1%	67.1%	66.1%	70.5%	68.8%	69.4%	71.7%	70.4%	72.2%
Total Operating Expenses	-128.012M	98.294M	17.527B	-3.800B	-13.953B	5.999B	1.103B	514.304M	280.781M
Research & Development	94.101M	24.665M	22.763M	22.602M	24.071M	24.423M	25.691M	33.301M	30.311M
Selling, General & Administrative	280.416M	73.629M	68.515M	68.081M	70.191M	68.079M	71.202M	68.919M	70.380M
Operating Income (EBIT)	462.087M	-14.940M	-17.446B	3.891B	14.032B	-5.921B	-1.016B	-432.582M	-200.274M
Operating Margin	-12.0%	-12.0%	-14184.8%	3023.4%	12256.3%	-5331.4%	-842.1%	-372.7%	-179.7%
Income Before Tax (EBT)	-14.049B	-14.465B	-17.461B	3.871B	14.006B	-5.942B	-1.027B	-478.678M	-215.046M
Interest Income	—	—	—	—	—	—	—	—	—
Interest Expense	49.686M	1.824M	11.075M	18.890M	17.897M	17.106M	16.465M	18.129M	15.466M
Other Income/Expense	-14.511B	-14.451B	-14.753M	-19.606M	-26.168M	-21.042M	-10.315M	-46.096M	-14.772M
Net Income	-12.357B	-12.543B	-12.620B	2.785B	10.021B	-4.217B	-670.810M	-340.174M	-102.559M
Income Tax Expense	-1.876B	-1.923B	-5.024B	1.086B	3.985B	-1.725B	-355.925M	-138.504M	-112.487M
Net Profit Margin	-10090.6%	-10090.6%	-10261.1%	2164.1%	8752.7%	-3797.2%	-555.8%	-293.1%	-92.0%
EBITDA	-13.972B	-14.455B	-17.444B	3.894B	14.033B	-5.919B	-1.005B	-454.571M	-195.929M
EBITDA Margin	-11629.0%	-11629.0%	-14183.3%	3026.1%	12257.0%	-5329.1%	-832.8%	-391.6%	-175.8%
Depreciation & Amortization	27.727M	8.785M	5.629M	4.195M	9.118M	6.575M	5.129M	5.978M	3.651M
EPS Basic	-35.65	-38.25	-42.93	9.30	36.23	-16.49	-3.03	-1.72	-0.57
EPS Diluted	-40.16	-38.25	-42.93	8.42	32.60	-16.49	-3.03	-1.72	-0.57
Shares Outstanding	333.913M	333.913M	293.998M	272.143M	265.910M	256.473M	221.608M	197.273M	178.610M
Diluted Shares Outstanding	333.913M	333.913M	293.998M	303.986M	298.039M	256.473M	221.608M	197.273M	178.610M

Annual Income Statement (USD)

Annual Report	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018
Revenue	477.234M	463.456M	496.261M	499.264M	510.762M	480.735M	486.327M	497.638M
Cost of Goods Sold	149.418M	129.468M	109.944M	102.989M	91.909M	91.055M	99.974M	99.499M
Gross Profit	327.816M	333.988M	386.317M	396.275M	418.853M	389.680M	386.353M	398.139M
Gross Profit Margin	68.7%	72.1%	77.8%	79.4%	82.0%	81.1%	79.4%	80.0%
Total Operating Expenses	5.772B	2.187B	501.364M	1.672B	1.203B	403.305M	387.355M	394.158M
Research & Development	93.859M	118.486M	120.530M	127.428M	117.117M	103.561M	109.423M	102.499M
Selling, General & Administrative	274.866M	278.618M	264.983M	258.303M	255.642M	229.046M	277.932M	291.659M
Operating Income (EBIT)	-5.444B	-1.853B	-115.047M	-1.276B	-784.527M	-13.625M	-1.002M	3.981M
Operating Margin	-1140.8%	-399.8%	-23.2%	-255.5%	-153.6%	-2.8%	-0.2%	0.8%
Income Before Tax (EBT)	-5.526B	-1.934B	-124.525M	-1.322B	-811.389M	-19.953M	38.263M	20.482M
Interest Income	—	—	—	—	—	2.524M	10.909M	11.855M
Interest Expense	64.968M	61.941M	48.960M	53.136M	29.149M	1.814M	—	—
Other Income/Expense	-81.569M	-81.368M	-9.478M	-46.723M	-26.862M	-6.328M	39.265M	16.501M
Net Income	-4.031B	-1.167B	429.121M	-1.470B	-535.480M	-7.524M	34.355M	22.501M
Income Tax Expense	-1.678B	-767.685M	-553.646M	147.332M	-275.909M	-12.429M	3.908M	-2.019M
Net Profit Margin	-844.8%	-251.7%	86.5%	-294.4%	-104.8%	-1.6%	7.1%	4.5%
EBITDA	-5.435B	-1.855B	-61.038M	-1.258B	-770.882M	70.405M	7.592M	7.682M
EBITDA Margin	-1139.0%	-400.2%	-12.3%	-252.1%	-150.9%	14.6%	1.6%	1.5%
Depreciation & Amortization	25.517M	17.808M	14.527M	10.874M	11.358M	13.332M	8.594M	3.701M
EPS Basic	-13.89	-6.06	3.14	-12.98	-5.34	-0.08	0.34	0.20
EPS Diluted	-15.23	-6.06	2.64	-12.98	-5.34	-0.08	0.33	0.20
Shares Outstanding	293.998M	192.549M	136.710M	113.210M	100.200M	96.840M	102.560M	113.750M
Diluted Shares Outstanding	293.998M	192.549M	165.660M	113.210M	100.200M	96.840M	103.280M	114.120M

Values are displayed in USD. Negative numbers shown in red.

Values are displayed in USD. Negative numbers are shown in red.

About Strategy Inc

Strategy Inc, together with its subsidiaries, operates as a bitcoin treasury company in the United States, Europe, the Middle East, Africa, and internationally. It offers investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed income instruments. The company also provides AI-powered enterprise analytics software, including Strategy One, which provides non-technical users with the ability to directly access novel and actionable insights for decision-making. In addition, the company provides Strategy Mosaic, a universal intelligence layer that offers enterprises with consistent definitions and governance across data sources, regardless of where that data resides or which tools access it. The company was formerly known as MicroStrategy Incorporated and changed its name to Strategy Inc in August 2025. The company was incorporated in 1989 and is headquartered in Tysons Corner, Virginia.

Tysons Corner, VA

1,539 employees

www.strategy.com

Technology / Software - Application

Sector: Technology
Industry: Software - Application
CEO: Phong Le

View full financials