MSTR

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Strategy Inc

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Key Metrics

Previous Close: $104.25
52-Week Range: $81.81 – $365.21
Market Cap: $44.65B
P/E (TTM): —
EPS (TTM): -106.91
Dividend Yield: —

Advanced Metrics

Price/Book: 1.35
PEG Ratio: 2.85
Return on Equity: -63.56%
Return on Assets: -38.73%
Gross Margin: 67.60%
Operating Margin: -6808.11%
Profit Margin: 0.00%
Current Ratio: 5.39
Debt/Equity: 0.15
Total Debt: $6.77B
Free Cash Flow: $-22.59B
Revenue Growth: 6.90%
Earnings Growth: —
Enterprise Value: $61.95B

MSTR Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$499.26M	$496.26M	$463.46M	$477.23M
Cost of Revenue	$102.99M	$109.94M	$129.47M	$149.42M
Gross Profit	$396.27M	$386.32M	$333.99M	$327.82M
Research & Development	$127.43M	$120.53M	$118.49M	$93.86M
Selling, General & Admin	$258.30M	$264.98M	$278.62M	$274.87M
Operating Expenses	$385.73M	$385.51M	$397.10M	$368.73M
Operating Income	$10.54M	$804.00K	-$63.12M	-$40.91M
EBITDA	-$1.26B	-$61.04M	-$1.85B	-$5.44B
Pretax Income	-$1.32B	-$124.53M	-$1.93B	-$5.53B
Income Tax	$147.33M	-$553.65M	-$767.68M	-$1.68B
Net Income	-$1.47B	$429.12M	-$1.17B	-$3.85B
Diluted EPS	-12.98	2.64	-6.06	-15.23
Diluted Shares	113.21M	165.66M	192.55M	277.66M

MSTR Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$43.84M	$46.82M	$38.12M	$2.30B
Receivables	$189.28M	$183.81M	$181.20M	$205.75M
Current Assets	$264.57M	$267.89M	$252.32M	$2.56B
Total Assets	$2.41B	$4.76B	$25.84B	$61.64B
Current Liabilities	$317.40M	$323.27M	$355.38M	$456.49M
Long-Term Debt	$2.38B	$2.18B	$7.19B	$8.16B
Total Debt	$2.45B	$2.24B	$7.25B	$8.24B
Total Liabilities	$2.79B	$2.60B	$7.61B	$10.60B
Retained Earnings	-$1.43B	-$999.23M	-$2.17B	$6.32B
Shareholders' Equity	-$383.12M	$2.16B	$18.23B	$51.04B
Working Capital	-$52.84M	-$55.38M	-$103.06M	$2.11B
Net Debt	$2.34B	$2.14B	$7.15B	$5.89B

MSTR Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$3.21M	$12.71M	-$53.03M	-$67.24M
Capital Expenditure	-$290.41M	-$1.91B	-$22.09B	-$22.51B
Free Cash Flow	-$287.20M	-$1.89B	-$22.14B	-$22.58B
Depreciation & Amortisation	$10.87M	$14.53M	$17.81M	$25.52M
Stock-Based Compensation	$63.62M	$69.57M	$77.12M	$53.37M
Investing Cash Flow	-$278.59M	-$1.91B	-$22.09B	-$22.51B
Financing Cash Flow	$265.19M	$1.89B	$22.13B	$24.84B
Dividends Paid	—	$0.00	$0.00	-$381.37M
Share Repurchases	$0.00	—	—	—
Net Change in Cash	-$10.19M	-$2.64M	-$6.63M	$2.26B

MSTR Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$114.49M	$128.69M	$122.99M	$124.30M	—
Cost of Revenue	$35.75M	$38.01M	$41.68M	$40.95M	—
Gross Profit	$78.74M	$90.68M	$81.31M	$83.35M	—
Research & Development	$24.07M	$22.60M	$22.76M	$24.66M	—
Selling, General & Admin	$70.19M	$68.08M	$68.51M	$73.63M	—
Operating Expenses	$94.26M	$90.68M	$91.28M	$98.29M	—
Operating Income	-$15.52M	-$5.00K	-$9.97M	-$14.94M	—
EBITDA	$14.03B	$3.89B	-$17.44B	-$6.16M	—
Pretax Income	$14.01B	$3.87B	-$17.46B	-$14.47B	—
Income Tax	$3.98B	$1.09B	-$5.02B	-$1.92B	—
Net Income	$10.02B	$2.79B	-$12.44B	-$12.54B	—
Diluted EPS	32.60	8.42	-42.93	-38.25	-24.45
Diluted Shares	306.76M	315.39M	294.00M	333.91M	352.53M

MSTR Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$60.30M	$50.09M	$54.28M	$2.30B	$2.21B
Receivables	$104.58M	$117.87M	$113.41M	$205.75M	$122.26M
Current Assets	$203.61M	$213.46M	$213.95M	$2.56B	$2.39B
Total Assets	$43.92B	$64.77B	$73.62B	$61.64B	$54.27B
Current Liabilities	$308.69M	$314.57M	$324.09M	$456.49M	$395.06M
Long-Term Debt	$8.14B	$8.16B	$8.17B	$8.16B	$8.17B
Total Debt	$8.19B	$8.21B	$8.22B	$8.24B	$8.26B
Total Liabilities	$10.39B	$14.40B	$15.50B	$10.60B	$8.63B
Retained Earnings	$6.35B	$16.32B	$18.95B	$6.32B	-$6.47B
Shareholders' Equity	$33.53B	$50.37B	$58.12B	$51.04B	$45.64B
Working Capital	-$105.08M	-$101.11M	-$110.14M	$2.11B	$2.00B
Net Debt	$8.08B	$8.11B	$8.12B	$5.89B	$5.99B

MSTR Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	-$2.39M	-$34.91M	-$8.31M	-$21.63M	$13.99M
Capital Expenditure	-$7.67B	-$6.79B	-$4.96B	-$3.09B	-$7.25B
Free Cash Flow	-$7.67B	-$6.82B	-$4.97B	-$3.12B	-$7.24B
Depreciation & Amortisation	$6.58M	$9.12M	$4.20M	$5.63M	$8.79M
Stock-Based Compensation	$11.82M	$15.74M	$15.48M	$10.32M	$13.17M
Investing Cash Flow	-$7.67B	-$6.79B	-$4.96B	-$3.09B	-$7.25B
Financing Cash Flow	$7.69B	$6.81B	$4.97B	$5.37B	$7.15B
Dividends Paid	-$9.19M	-$48.95M	-$139.78M	-$183.44M	-$229.53M
Net Change in Cash	$21.52M	-$12.06M	$4.20M	$2.25B	-$91.66M

Market Snapshot

About

Strategy Inc, formerly known as MicroStrategy, has transformed into a Bitcoin treasury company that acquires and holds Bitcoin as its primary asset. The company pioneered the corporate Bitcoin treasury strategy, using various financing methods to accumulate one of the largest Bitcoin holdings among public companies. It also maintains a legacy business intelligence software division.