Strategy MSTR
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
MSTR among Crypto peers
Six ratios from the latest 10-K. Each corner is the share of 25 peers the company is above, not a score.
What changed
65 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 19, 2026 against Feb 18, 2025.
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
Accounting checks
9 checks on the latest 10-K. Checks, not verdicts.
1fact worth reading about the other 8 checks found nothing to note
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Receivables growing faster than revenueReceivables +13.5% vs revenue +3.0% (+10.6 pts)
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Same auditor in both 10-Ks: KPMG LLP
7 more checks with nothing to note
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No statement of substantial doubt about going concern
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No 8-K item 4.02 in the last 2 years
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No NT 10-K or NT 10-Q in the last 2 years
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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
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No sentence in the 10-K concludes that controls were not effective because of a material weakness
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No 8-K item 2.06 in the last 2 years
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No 8-K item 1.03 in the last 2 years
In their words
65 paragraphs in Risk Factors that were not in the 10-K filed Feb 18, 2025. Quoted as filed.
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Item 1A · new paragraph · not in the 10-K filed Feb 18, 2025 10-K, ITEM 1A
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…
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Item 1A · new paragraph · not in the 10-K filed Feb 18, 2025 10-K, ITEM 1A
Although the complaints against Coinbase, Inc., Payward Inc., Payward Ventures Inc. and Binance Holdings Ltd. have been dismissed, the SEC, CFTC, foreign governments, states, or other regulatory agencies may initiate similar actions in the future, which could materially affect the price of bitcoin and our ability to own or transfer…
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Item 1A · new paragraph · not in the 10-K filed Feb 18, 2025 10-K, ITEM 1A
Bitcoin has no physical existence beyond the record of transactions on the Bitcoin blockchain. As a result, factors such as malicious attacks by miners, inadequate mining fees to incentivize validation of bitcoin transactions, hard “forks” of the Bitcoin blockchain into multiple blockchains, and advances in digital computing, algebraic…
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Item 1A · new paragraph · not in the 10-K filed Feb 18, 2025 10-K, ITEM 1A
Additionally, other companies have recently adopted bitcoin strategies similar to ours, providing investors with further potential alternative means of gaining exposure to bitcoin. Fund sponsors also offer bitcoin futures exchange-traded funds (“ETFs”) and leveraged bitcoin futures ETFs, which offer different types of economic exposure…
New risk paragraphs, against peers
Latest 10-K of each, Crypto companies closest in revenue
Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.
Financial performance
Last 4 fiscal years · 10-K XBRL
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $499.3M | $496.3M | $463.5M | $477.2M |
| Net income | −$1.5B | $429.1M | −$1.2B | −$3.8B |
| Operating cash flow | $3.2M | $12.7M | −$53.0M | −$67.2M |
| Free cash flow | $725K | $9.8M | −$56.0M | −$75.5M |
Revenue, FY2016 to FY2025
Ten fiscal years, each from its own 10-K · XBRL · USD
$477.2M ▲ 3.0% in FY2025−$3.8B in FY2025−$75.5M in FY2025
Recent filings
9 filings in the last 30 days · SEC EDGAR
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8-KNov 9, 2026Regulation FD disclosure, Other events 8-K items 7.01, 8.01
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8-KNov 2, 2026Regulation FD disclosure, Other events 8-K items 7.01, 8.01
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10-QNov 2, 2026Quarterly report (10-Q) period ended Sep 30, 2026
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OfficerOct 29, 2026CFO 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.
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8-KOct 29, 2026Shareholder 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
About the company
Strategy, Tysons Corner, VA · from the 10-K filed Feb 19, 2026
Strategy is the world's first and largest Bitcoin Treasury Company. We pursue financial innovation strategies designed to generate value from our bitcoin holdings, including by developing and issuing novel fixed-income instruments that provide investors varying degrees of economic exposure to bitcoin. In addition, we are an industry leader in AI-powered enterprise analytics software, advancing our vision of Intelligence Everywhere™. We believe our combination of active bitcoin-focused capital management and a scaled operating software business positions us for long-term value creation across both digital asset and enterprise analytics markets.
- Headquarters
- Tysons Corner, VA
- Country
- United States
- Reports in
- USD
- Listed on
- Nasdaq
- Fiscal year ends
- December 31
- Last results
- Oct 29, 2026
- Incorporated in
- DE
Employees, at the top of the page: "As of December 31, 2025, we had a total of 1,539 employees, of whom 448 were based in the United States and 1,091 were based internationally" (10-K). Address and exchange: SEC's company file.
Email alerts
Sources
The 10-K filed Feb 19, 2026 (open at SEC), compared with the 10-K filed Feb 18, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.
Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/MSTR/export.csv") into a cell.