MSTRStrategy

Crypto · Financial Services · Nasdaq

Strategy is the world's first and largest Bitcoin Treasury Company. 10-K, Item 1

Employees: 1,539
Headquarters: Tysons Corner, VA
CEO: Phong Le
Next results: around Feb 4, 2027

Key numbers

Latest fiscal year, with ten years behind each

RevenueFY2016–25 $477.2M+3.0% FY2024: $463.5M 10-K FY2025 · XBRL Net incomeFY2016–25 −$3.8B FY2024: −$1.2B 10-K FY2025 · XBRL Free cash flowFY2016–25 −$75.5M FY2024: −$56.0M 10-K FY2025 · XBRL

What changed

10-K filed Feb 19, 2026 against Feb 18, 2025

Area	What changed	Source
Risk factors	65 new paragraphs, nothing like them in the previous 10-K	10-K Item 1A
Receivables growing faster than revenue	Receivables +13.5% vs revenue +3.0% (+10.6 pts)	10-K · XBRL
Accounting checks	8 other checks clear, 1 worth a look	10-K · XBRL
Insiders	No open-market buys in the last 90 days	Form 4
Filings	10 in the last 30 days	EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

What's new, in their words

10-K filed Feb 19, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-18. Quoted as filed.

After enactment of the U.S. Tax Cuts and Jobs Act, most of our income is taxable in the U.S. with a significant portion taxable under the Global Intangible Low-Taxed Income regime (or the Net Controlled Foreign Corporation "CFC" Tested Income regime after enactment of the One Big Beautiful Bill Act of 2025). As used herein, "CFC" means…
10-K, Item 1A

All 65 new paragraphs →

Accounting checks

latest 10-K

8 of 9 clear 1 worth a look. Checks, not verdicts.

!
Receivables growing faster than revenueReceivables +13.5% vs revenue +3.0% (+10.6 pts)
✓
Same auditor in both 10-Ks: KPMG LLP
✓
No statement of substantial doubt about going concern
✓
No 8-K item 4.02 in the last 2 years
✓
No NT 10-K or NT 10-Q in the last 2 years
✓
No longer listed: Evaluation of standalone selling price for standard product support. Same as last year: Evaluation of audit evidence pertaining to the existence and control of the digital assets
✓
No sentence in the 10-K concludes that controls were not effective because of a material weakness
✓
No 8-K item 2.06 in the last 2 years
✓
No 8-K item 1.03 in the last 2 years

How each check works, with sources →

In the last 30 days

All filings →

Nov 9, 20268-K Regulation FD disclosure, Other events 8-K items 7.01, 8.01
Nov 2, 20268-K Regulation FD disclosure, Other events 8-K items 7.01, 8.01
Nov 2, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026
Oct 29, 2026Officer CFO and CAO change On October 26, 2026, Andrew Kang, Executive Vice President and Chief Financial Officer of the Company, and the Company’s principal financial officer and principal accounting officer, informed the Company of his intention to resign from these positions effective November 5, 2026.
Oct 29, 20268-K Shareholder rights changed, Bylaws or fiscal year changed, Shareholder vote results, Regulation FD disclosure, Other events 8-K items 3.03, 5.03, 5.07, 7.01, 8.01

5 more →

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Work on MSTR in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/MSTR/export.csv") into a cell.