Strategy Inc MSTR
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".
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -6.06 | 3.14 | -12.98 | -53.44 | -0.78 | 3.35 | 1.98 | 1.59 | 8.07 |
| EPS, diluted | -15.23 | -6.06 | 2.64 | -12.98 | -53.44 | -0.78 | 3.33 | 1.97 | 1.58 | 8.01 |
| Shares, diluted (wtd. avg.) | $277.7M | $192.5M | $165.7M | $113.2M | $10.0M | $9.7M | $10.3M | $11.4M | $11.5M | $11.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 6199
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|---|---|---|---|---|
| AXP | AMERICAN EXPRESS CO | $220.26B | 21.2x | 6.4% |
| COIN | Coinbase Global, Inc. | $48.64B | 41.5x | 9.4% |
| SYF | Synchrony Financial | $26.00B | 8.6x | — |
| CRCL | Circle Internet Group, Inc. | $25.33B | — | 624.0% |
| SOFI | SoFi Technologies, Inc. | $23.53B | 46.7x | 23.1% |
| IREN | IREN Ltd | $15.97B | — | 41.1% |
| BMNR | BITMINE IMMERSION TECHNOLOGIES, INC. | $15.06B | 1.9x | 84.1% |
| CHYM | Chime Financial, Inc. | $12.82B | — | 30.7% |