Saturday 31 October 2026 Export MSTR’s income statement to Excel — free account

Strategy Inc

Strategy Inc’s revenue for fiscal 2025 (year ended December 2025) was $477.2 million, up 2.97% from fiscal 2024. In the quarter to June 2026, revenue grew 6.88%, EPS fell 167.5%, free cash flow grew 6.40% and total debt fell 17.8%, each against the same quarter a year earlier. Member of the Nasdaq 100; insiders bought in the last twelve months.

130.38 11.24 −7.94%

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Market cap: $59.8B
P/E: 0.0×
Fwd P/E: −7.6×
Dividend yield: —
F-score: 3/9
Altman Z: 1.35
Beneish M: −2.47
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Filings

Strategy Inc (MSTR) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2018: revenue by products and services, and margins
Product support	296	59.52%
Product licenses	88	17.69%
Other services	84	16.84%
Subscription services	30	5.94%
Gross margin		80.01%
Operating margin		0.80%
Pre-tax margin		4.12%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Product support	204 42.79%	244 52.61%	264 53.18%	267 53.38%	281 55.06%	284 59.17%	292 60.05%	296 59.52%	289 57.40%	285 55.52%
Subscription services	176 36.81%	107 23.04%	81 16.36%	61 12.17%	43 8.43%	33 6.88%	29 6.04%	30 5.94%	32 6.42%	31 5.95%
Other services	58 12.09%	64 13.88%	76 15.28%	85 17.13%	85 16.58%	76 15.91%	77 15.92%	84 16.84%	89 17.67%	83 16.16%
Product licenses	40 8.31%	49 10.48%	75 15.18%	86 17.33%	102 19.93%	87 18.04%	87 17.99%	88 17.69%	93 18.51%	115 22.37%
Total product licenses and subscription services	215	155	157	147	145	120	117	118	126	145
Revenue	477	463	496	499	511	481	486	498	504	514

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Total product licenses and subscription services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Subscription services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Product support	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Product licenses	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2012	FY2011	FY2010
Software Business	477 100.00%	463 100.00%	496 100.00%	499 100.00%	—	—	—
Consolidated Entities	—	—	—	—	595 105.11%	562 104.65%	455 100.00%
Eliminations	—	—	—	—	(29) (5.11%)	(25) (4.65%)	—
Revenue	477	463	496	499	566	537	455

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
U.S.	272 57.04%	260 56.01%	284 57.26%	295 59.03%	282 55.30%	—	—	—	—	—	—	—	—	—	—
EMEA	163 34.08%	156 33.64%	156 31.42%	153 30.57%	171 33.51%	155 32.34%	160 32.83%	157 31.49%	155 30.71%	150 29.17%	154 29.00%	177 30.49%	169 29.38%	178 31.38%	174 32.38%
Other Regions	42 8.87%	48 10.35%	56 11.32%	52 10.41%	57 11.19%	46 9.58%	53 10.92%	54 10.79%	56 11.09%	51 10.01%	49 9.33%	61 10.58%	64 11.05%	62 10.93%	59 10.95%
North America	—	—	—	—	—	279 58.08%	274 56.25%	287 57.72%	293 58.20%	312 60.83%	327 61.67%	342 58.93%	343 59.57%	326 57.68%	304 56.67%
Revenue	477	463	496	499	511	481	486	498	504	514	530	580	576	566	537

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Approximate average purchase price per bitcoin	Q3 FY2026	$75,437.00	$73,983.00	+1.97%
Approximate average purchase price per bitcoin	Q3 FY2026	$81,470.00	$115,959.00	−29.74%
Approximate number of bitcoins held	Q3 FY2026	847.7K	640.0K	+32.44%
Digital asset purchases	Q3 FY2026	7.2K	42.7K	−83.10%
Remaining performance obligations	Q2 FY2026	$546.9M	$470.6M	+16.21%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q1 FY2018
Approximate average purchase price per bitcoin	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Approximate average purchase price per bitcoin	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Approximate number of bitcoins held	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Digital asset purchases	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.