NASDAQ · Financial Statements

Strategy Inc (MSTR) Financial Statements

$146.01 NASDAQ: MSTR Market Cap $58.76B

Strategy Inc most recently reported annual revenue of $477.0M, a net loss of $3.8B. Revenue declined at an average annual rate of 0.2% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Strategy Inc: Revenue fell from $514.0M in 2016 to $477.0M in 2025, a change of -7.2% over 9 years; net profit was positive in 5 of 10 reported years; operating margin moved from 21.3% to -8.6%, a shift of -29.9 percentage points; the most recent year shows a net loss of $3.8B.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$514.0M$504.0M$498.0M$486.0M$481.0M$511.0M$499.0M$496.0M$463.0M$477.0M
Operating Expenses$404.0M$431.0M$494.0M$487.0M$494.0M$1.3B$1.8B$611.0M$2.3B$518.0M
Operating Profit$110.0M$73.0M$4.0M$-1.0M$-14.0M$-785.0M$-1.3B$-115.0M$-1.9B$-41.0M
Operating Margin21.3%14.5%0.8%-0.2%-2.8%-153.6%-255.5%-23.2%-399.8%-8.6%
Other Income$5.0M$-2.0M$17.0M$39.0M$-6.0M$-27.0M$-47.0M$-9.0M$-81.0M$-5.5B
Interest$0$0$0$0$2.0M$29.0M$53.0M$49.0M$62.0M$65.0M
Depreciation$20.0M$16.0M$4.0M$9.0M$13.0M$11.0M$11.0M$15.0M$18.0M$26.0M
Profit Before Tax$115.0M$71.0M$20.0M$38.0M$-20.0M$-811.0M$-1.3B$-125.0M$-1.9B$-5.5B
Tax$19.8M$74.5M$-9.9M$10.2M$62.3M$34.0M$-11.1M$444.6M$39.7M$30.4M
Net Profit$92.0M$18.0M$23.0M$34.0M$-8.0M$-535.0M$-1.5B$429.0M$-1.2B$-3.8B
EPS$0.80$0.16$0.20$0.33$-0.08$-5.34$-12.98$2.64$-6.06$-15.23
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$129.0M$124.0M$115.0M$111.0M$116.0M$121.0M$111.0M$114.0M$129.0M$123.0M$124.0M$122.0M
Operating Expenses$155.0M$167.0M$319.0M$312.0M$549.0M$1.1B$126.0M$130.0M$129.0M$133.0M$139.0M$8.5B
Operating Profit$-25.0M$-43.0M$-204.0M$-200.0M$-433.0M$-1.0B$-15.0M$-16.0M$0$-10.0M$-15.0M$-8.3B
Operating Margin-19.5%-34.4%-176.8%-179.7%-372.7%-842.1%-13.9%-13.6%0.0%-8.1%-12.0%-6808.1%
Interest$11.0M$12.0M$12.0M$15.0M$18.0M$16.0M$17.0M$18.0M$19.0M$11.0M$2.0M$0
Profit Before Tax$-34.0M$-61.0M$-214.0M$-215.0M$-479.0M$-1.0B$-5.9B$14.0B$3.9B$-17.5B$-14.5B$-8.2B
Tax$-324.0M$247.0M$75.2M$52.3M$28.9M$34.7M$29.0M$28.4M$28.1M$28.8M$13.3M$-20,000
Net Profit$-143.0M$89.0M$-53.0M$-103.0M$-340.0M$-671.0M$-4.2B$10.0B$2.8B$-12.4B$-12.5B$-8.2B
EPS$-1.01$0.50$-0.31$-0.57$-1.72$-3.03$-16.49$32.60$8.42$-42.93$-38.25$-24.07

Over the 10 years reported for Strategy Inc, cash stood at $2.3B in the latest year, shareholders' equity was $0, current assets covered current liabilities 5.62 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$768.0M$933.0M$856.0M$917.0M$1.5B$3.6B$2.4B$4.8B$25.8B$61.6B
Current Assets$685.0M$861.0M$778.0M$753.0M$273.0M$268.0M$265.0M$268.0M$252.0M$2.6B
Cash$402.0M$420.0M$110.0M$457.0M$60.0M$63.0M$44.0M$47.0M$38.0M$2.3B
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$83.0M$165.0M$171.0M$164.0M$197.0M$189.0M$189.0M$184.0M$181.0M$206.0M
Fixed Assets$57.0M$53.0M$52.0M$136.0M$117.0M$103.0M$94.0M$86.0M$81.0M$76.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$187.0M$255.0M$466.0M$109.0M$1.1B$0$0$0$7.0M$0
Other Assets$0$0$0$0$0$0$0$0$0$0
Total Liabilities$216.0M$327.0M$326.0M$408.0M$913.0M$2.6B$2.8B$2.6B$7.6B$10.6B
Current Liabilities$185.0M$185.0M$258.0M$270.0M$286.0M$312.0M$317.0M$323.0M$355.0M$456.0M
Borrowings$0$0$0$103.0M$571.0M$2.2B$2.4B$2.3B$7.3B$8.3B
Other Liabilities$216.0M$327.0M$326.0M$305.0M$342.0M$346.0M$347.0M$343.0M$355.0M$2.3B
Equity$0$0$0$0$0$0$0$0$0$0
Reserves$552.0M$591.0M$530.0M$509.0M$553.0M$979.0M$-383.0M$2.2B$18.2B$51.0B

For Strategy Inc, operating cash flow was positive in 8 of 10 reported years; free cash flow in the latest year was negative at $22.6B; free cash flow was positive in 4 of 10 years; financing activities used $161.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$111.0M$78.0M$11.0M$61.0M$54.0M$94.0M$3.0M$13.0M$-53.0M$-67.0M
Investing Cash Flow$2.0M$-74.0M$-216.0M$344.0M$-2.1B$-5.3B$-569.0M$-3.8B$-44.2B$-45.0B
Financing Cash Flow$-2.0M$0$-109.0M$-66.0M$-87.0M$-8.0M$3.0M$21.0M$72.0M$-161.0M
Net Cash Flow$110.0M$18.0M$-310.0M$347.0M$-397.0M$4.0M$-14.0M$-2.0M$-9.0M$2.3B
Free Cash Flow$108.0M$74.0M$4.0M$51.0M$-1.1B$-2.5B$-287.0M$-1.9B$-22.1B$-22.6B

Valuation & Return Ratios

MetricValue
PEG Ratio0.01
EV / EBITDA-2.64
FCF Yield-41.45%
Quick Ratio5.39
Interest Coverage-262.85
Return 1Y-48.08%
Return 3Y286.24%
Return 5Y79.40%

Strategy Inc (MSTR) financials — frequently asked questions

What is Strategy Inc's annual revenue?

Strategy Inc (MSTR) reported annual revenue of $477.0M in its most recent fiscal year.

What is Strategy Inc's net profit?

Strategy Inc (MSTR) reported a net loss of $3.8B in its most recent fiscal year.

What is MSTR EV/EBITDA?

Strategy Inc's enterprise value to EBITDA (EV/EBITDA) ratio is -2.64. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.

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