Strategy Inc MSTR

Financials SIC 6199 - Finance Services NAICS Finance and Insurance › Securities, Commodity Contracts, and Other Financial Investments and Related Activities › Other Financial Investment Activities derived Nasdaq

Strategy is the world's first and largest Bitcoin Treasury Company. We pursue financial innovation strategies designed to generate value from our bitcoin holdings, including by developing and issuing novel fixed-income instruments that provide investors varying degrees of economic exposure to bitcoin. In addition, we are an industry leader in AI-powered enterprise analytics software, advancing our vision of Intelligence Everywhere™. We believe our combination of active bitcoin-focused capital management and a scaled operating software business positions us for long-term value creation across both digital asset and enterprise analytics markets.

On August 11, 2025, we changed our name from "MicroStrategy Incorporated" to "Strategy Inc".

Last close 146.01 2026-10-23
Market cap $51.47B estimated share count
52-week range 81.81 - 299.80

Valuation FY2025 figures against the last close

P/S107.9x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-15.23

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • U.S.
  • Emea
  • Other Regions
Revenue by geography, 3 categories over 3 years. The same figures are in the table below. FY2025 U.S., FY2025: 272.2M (57.0%) 57% U.S. Emea, FY2025: 162.7M (34.1%) 34% Emea Other Regions, FY2025: 42.4M (8.9%) 9% FY2024 U.S., FY2024: 259.6M (56.0%) 56% Emea, FY2024: 155.9M (33.6%) 34% Other Regions, FY2024: 48M (10.3%) 10% FY2023 U.S., FY2023: 284.2M (57.3%) 57% Emea, FY2023: 155.9M (31.4%) 31% Other Regions, FY2023: 56.2M (11.3%) 11%
Region FY2025FY2024FY2023
U.S. $272.2M $259.6M $284.2M
Emea $162.7M $155.9M $155.9M
Other Regions $42.4M $48.0M $56.2M

As the company reported it, from the “Segment Information - Total Revenues and Long-Lived Assets, by Geographic Region (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $477.2M$463.5M$496.3M$499.3M$510.8M$480.7M$486.3M$497.6M$503.8M$513.6M
Cost of revenue $149.4M$129.5M$109.9M$103.0M$91.9M$91.1M$100.0M$99.5M$96.6M$93.1M
Gross profit $327.8M$334.0M$386.3M$396.3M$418.9M$389.7M$386.4M$398.1M$407.2M$420.4M
R&D $93.9M$118.5M$120.5M$127.4M$117.1M$103.6M$109.4M$102.5M$78.8M$73.1M
SG&A $151.9M$140.5M$115.3M$111.4M$95.5M$80.1M$86.7M$86.1M$80.2M$79.5M
Total operating expenses $5.77B$2.19B$501.4M$1.67B$1.20B$403.3M$387.4M$394.2M$334.0M$310.9M
Operating income -$5.44B-$1.85B-$115.0M-$1.28B-$784.5M-$13.6M-$1.0M$4.0M$73.2M$109.5M
Pre-tax income -$5.53B-$1.93B-$124.5M-$1.32B-$811.4M-$20.0M$38.3M$20.5M$71.5M$114.9M
Income tax $1.68B$767.7M$553.6M$147.3M$275.9M$12.4M$3.9M$2.0M$53.3M$22.7M
Net income -$3.85B-$1.17B$429.1M-$1.47B-$535.5M-$7.5M$34.4M$22.5M$18.2M$92.2M
EPS, basic -15.23-6.063.14-12.98-53.44-0.783.351.981.598.07
EPS, diluted -15.23-6.062.64-12.98-53.44-0.783.331.971.588.01
Shares, diluted (wtd. avg.) 277.7M192.5M165.7M113.2M10.0M9.7M10.3M11.4M11.5M11.5M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $2.30B$38.1M$46.8M$43.8M$63.4M$59.7M$456.7M$109.9M$420.2M$402.0M
Short-term investments ———$0$0$0$108.9M$466.2M$254.9M$187.4M
Receivables $205.7M$181.2M$183.8M$189.3M$189.3M$197.5M$163.5M$171.4M$165.4M$83.3M
Total current assets $2.56B$252.3M$267.9M$264.6M$268.0M$272.6M$753.4M$778.4M$860.7M$685.0M
Property, plant and equipment $28.9M$26.3M$28.9M$32.3M$36.6M$43.0M$50.2M$51.9M$53.4M$57.4M
Total assets $61.64B$25.84B$4.76B$2.41B$3.56B$1.47B$916.6M$855.8M$933.2M$768.3M
Accounts payable ———————$33.7M$30.7M$36.6M
Short-term debt $31.3M$517.0K$483.0K$454.0K$0—————
Total current liabilities $456.5M$355.4M$323.3M$317.4M$312.0M$285.6M$269.8M$258.3M$270.9M$185.5M
Long-term debt $8.16B$7.19B$2.18B$2.38B$2.16B$486.4M————
Total liabilities $10.60B$7.61B$2.60B$2.79B$2.58B$912.6M$408.0M$326.0M$327.5M$216.1M
Retained earnings $6.32B-$2.17B-$999.2M-$1.43B$41.4M$576.0M$583.5M$549.1M$526.6M$494.1M
Total equity $44.12B$18.23B$2.16B-$383.1M$979.0M$446.2M$508.6M$529.7M$605.7M$566.3M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$67.2M-$53.0M$12.7M$3.2M$93.8M$53.6M$60.9M$10.6M$78.3M$110.6M
Depreciation and amortisation $25.5M$17.8M$14.5M$10.9M$11.4M$13.3M$8.6M$3.7M$15.5M$19.9M
Stock-based compensation $53.4M$77.1M$69.6M$63.6M$44.1M$11.2M$10.2M$14.6M$14.3M$11.8M
Capital expenditure $8.2M$3.0M$2.9M$2.5M$2.7M$3.7M$10.2M$6.8M$4.0M$2.3M
Investing cash flow -$22.51B-$22.09B-$1.91B-$278.6M-$2.63B-$1.02B$353.7M-$209.1M-$69.7M$4.3M
Financing cash flow $24.84B$22.13B$1.89B$265.2M$2.54B$563.2M-$66.2M-$108.5M$1.7M-$1.0M
Buybacks ———$0$0$123.2M$72.7M$111.0M$0$0

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-186895.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -4B -2B 0 2B Revenue, FY2016: 513.6M Gross profit, FY2016: 420.4M Net income, FY2016: 92.2M Revenue, FY2017: 503.8M Gross profit, FY2017: 407.2M Net income, FY2017: 18.2M Revenue, FY2018: 497.6M Gross profit, FY2018: 398.1M Net income, FY2018: 22.5M Revenue, FY2019: 486.3M Gross profit, FY2019: 386.4M Net income, FY2019: 34.4M Revenue, FY2020: 480.7M Gross profit, FY2020: 389.7M Net income, FY2020: -7.5M Revenue, FY2021: 510.8M Gross profit, FY2021: 418.9M Net income, FY2021: -535.5M Revenue, FY2022: 499.3M Gross profit, FY2022: 396.3M Net income, FY2022: -1.5B Revenue, FY2023: 496.3M Gross profit, FY2023: 386.3M Net income, FY2023: 429.1M Revenue, FY2024: 463.5M Gross profit, FY2024: 334M Net income, FY2024: -1.2B Revenue, FY2025: 477.2M Gross profit, FY2025: 327.8M Net income, FY2025: -3.8B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $513.6M $503.8M $497.6M $486.3M $480.7M $510.8M $499.3M $496.3M $463.5M $477.2M
Gross profit $420.4M $407.2M $398.1M $386.4M $389.7M $418.9M $396.3M $386.3M $334.0M $327.8M
Net income $92.2M $18.2M $22.5M $34.4M -$7.5M -$535.5M -$1.47B $429.1M -$1.17B -$3.85B

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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