Strategy
MSTR · NasdaqFinance Services · Fiscal year ends Dec 31
Strategy reported revenue of $477M in the fiscal year ended Dec 2025, up 3.0% from the year before. Operating income was −$5.4B, an operating margin of −1140.8%, and net income was −$3.8B. Operating cash flow of −$67M less capital expenditure of $8M left free cash flow of −$75M. Net debt was $5.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $511M | $499M | $496M | $463M | $477M |
| Cost of revenue | $92M | $103M | $110M | $129M | $149M |
| Gross profit | $419M | $396M | $386M | $334M | $328M |
| Research & development | $117M | $127M | $121M | $118M | $94M |
| Operating income | −$785M | −$1.3B | −$115M | −$1.9B | −$5.4B |
| Pre-tax income | −$811M | −$1.3B | −$125M | −$1.9B | −$5.5B |
| Income tax | −$276M | $147M | −$554M | −$768M | −$1.7B |
| Net income | −$535M | −$1.5B | $429M | −$1.2B | −$3.8B |
| Diluted EPS | −53.44 | −12.98 | 2.64 | −6.06 | −15.23 |
| Diluted shares | 10M | 113M | 166M | 193M | 278M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $63M | $44M | $47M | $38M | $2.3B |
| Receivables | $189M | $189M | $184M | $181M | $206M |
| Current assets | $268M | $265M | $268M | $252M | $2.6B |
| Net PP&E | $37M | $32M | $29M | $26M | $29M |
| Total assets | $3.6B | $2.4B | $4.8B | $25.8B | $61.6B |
| Deferred revenue | $210M | $217M | $228M | $238M | $272M |
| Current liabilities | $312M | $317M | $323M | $355M | $456M |
| Short-term debt | $0 | $454,000 | $483,000 | $517,000 | $31M |
| Long-term debt | $2.2B | $2.4B | $2.2B | $7.2B | $8.2B |
| Total liabilities | $2.6B | $2.8B | $2.6B | $7.6B | $10.6B |
| Shareholders' equity | $979M | −$383M | $2.2B | $31B | $44.1B |
| Backlog (remaining obligations) | $268M | $325M | $340M | $455M | $588M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $94M | $3M | $13M | −$53M | −$67M |
| Capital expenditure | $3M | $2M | $3M | $3M | $8M |
| Free cash flow | $91M | $725,000 | $10M | −$56M | −$75M |
| Depreciation & amortisation | $11M | $11M | $15M | $18M | $26M |
| Stock-based compensation | $44M | $64M | $70M | $77M | $53M |
| Share buybacks | $0 | $0 | – | – | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −2.3% | −0.6% | −6.6% | 3.0% |
| EPS growth (YoY) | – | – | – | −329.5% | – |
| Gross margin | 82.0% | 79.4% | 77.8% | 72.1% | 68.7% |
| Operating margin | −153.6% | −255.5% | −23.2% | −399.8% | −1140.8% |
| Net margin | −104.8% | −294.4% | 86.5% | −251.7% | −806.3% |
| Return on equityBlank when equity is negative | −54.7% | – | 19.8% | −3.8% | −8.7% |
| ROCEEBIT ÷ (assets − current liabilities) | −24.2% | −61.0% | −2.6% | −7.3% | −8.9% |
| Free cash flow margin | 17.8% | 0.1% | 2.0% | −12.1% | −15.8% |
| Cash conversion (CFO ÷ net income) | −0.18x | −0.00x | 0.03x | 0.05x | 0.02x |
| Receivable days | 135 | 138 | 135 | 143 | 157 |
| Debt ÷ equity | 2.20x | – | 1.01x | 0.23x | 0.19x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.1B | $2.3B | $2.1B | $7.2B | $5.9B |
| Current ratio | 0.86x | 0.83x | 0.83x | 0.71x | 5.62x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.