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

All key numbers (36, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	-49.21	Sales (ttm)	495.1M	Net income (ttm)	-13.7B	Sales growth	+3.0%	EPS growth	-	Sales Q/Q	-2.5%
Free cash flow	-11.1M	Gross margin	67.8%	Oper. margin	n/m	Net margin	n/m	FCF margin	-2.2%	ROE	-24.6%
ROA	-17.7%	R&D / sales	19.7%	Dividend	-	Debt/Eq	0.12	Curr. ratio	4.04	Cash	2.5B
Op. cash flow (ttm)	-7.4M	EBITDA	-5.4B	EBITDA margin	n/m	Net debt	4.2B	Quick ratio	4.04	Interest cover	-117.02
Stock pay / sales	11.2%	Shares out.	428.0M	Shares Y/Y	+44.2%	Book / share	129.52	Cash / share	5.84	Sales / share	1.16
Asset turnover	0.01	Days sales out.	157	Sales 3Y CAGR	-1.5%	Sales 5Y CAGR	-0.1%	Employees	1,539	Sales / employee	322K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Revenue growth sped up to +3.0%-6.6% → +3.0% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
Operating margin narrowed to -1140.8%-399.8% → -1140.8% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

MSTR against Crypto peers

Ten years, side by side → · All 32 →

MSTRPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 32 companies, the better end on the right. Hover a dot for the company.

Sales growth

+3.0%21st of 27 · median +38.2%

Return on equity

-24.6%10th of 26 · median -57.4%

Free cash flow margin

-2.2%3rd of 21 · median -91.3%

Debt / equity (less is better)

0.122nd of 12 · median 0.68

MSTR and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
MSTR Strategy	$495.1M	+3.0%	67.8%	-	-24.6%	-2.2%	0.12
FIGR Figure Technology Solutions	$708.9M	+48.7%	-	33.5%	16.8%	-	0.68
CLSK CleanSpark	$679.2M	+102%	55.2%	-146.9%	-131.1%	-91.3%	2.34
RIOT Riot Platforms	$675.7M	+71.9%	-	-210.8%	-66.7%	-133.3%	0.31
CORZ Core Scientific	$592.1M	-37.5%	41.2%	-18.3%	-	-223.0%	-
HUT Hut 8	$305.5M	+44.8%	61.5%	-169.8%	-33.2%	-	-

Profitability

0 of 4

!
Net margin below the peer median-2760.3% vs -169.8%
!
Gross margin down over 5 years81.1% → 68.7%
!
Return on equity below 15%-24.6%
!
A profit in 5 of 10 years

Net margin, FY2016 to FY2025: 18.0% → -806.3%

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $9.2M Not stated $18.9B

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
Convertible Notes	Convertible	–	not stated	$8.2B
2029 Convertible Notes (Convertible Debt)	Convertible	0.24%	not stated	$3.0B
2030B Convertible Notes (Convertible Debt)	Convertible	0.25%	not stated	$2.0B
2027 Convertible Notes (Convertible Debt)	Convertible	0.39%	not stated	$1.1B
2028 Convertible Notes (Convertible Debt)	Convertible	0.62–1.05%	not stated	$1.0B
2032 Convertible Notes (Convertible Debt)	Convertible	–	not stated	$800.0M
2030A Convertible Notes (Convertible Debt)	Convertible	0.62–1.14%	not stated	$800.0M
2032 Convertible Notes (Convertible Debt)	Convertible	2.25–2.63%	not stated	$790.1M
2031 Convertible Notes (Convertible Debt)	Convertible	–	not stated	$603.7M
2031 Convertible Notes (Convertible Debt)	Convertible	0.88–1.30%	not stated	$596.8M
Other long-term secured debt	Secured	–	not stated	$40.3M
Secured Term Loan Due June 2027 (Other Long Term Secured Debt)	Secured	–	floating	$9.2M

All 12 lines

From the debt note in the 10-K's XBRL (0001050446-26-000020), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 477.2M Net income -3.8B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $477.2M of revenue came from

by product, year to Dec 31, 2025

Product support $204.2M · 43%
Subscription services $175.7M · 37%
Other services $57.7M · 12%
Product licenses $39.7M · 8%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

MSTR's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue477.2M

Net income-3.8B

Free cash flow-75.5M

EPS (diluted)-15.23

Diluted shares277.7M

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Total product licenses and subscription services	215.3M	45.1%	+38.6%
Product support	204.2M	42.8%	-16.2%
Subscription services	175.7M	36.8%	+64.5%
Product licenses	39.7M	8.3%	-18.3%

10-K 0001050446-26-000020, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
U.S.	272.2M	57.0%	+4.9%
EMEA	162.7M	34.1%	+4.3%
Other Regions	42.4M	8.9%	-11.7%

10-K 0001050446-26-000020, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	513.6M	503.8M	497.6M	486.3M	480.7M	510.8M	499.3M	496.3M	463.5M	477.2M
Cost of revenue	93.1M	96.6M	99.5M	100.0M	91.1M	91.9M	103.0M	109.9M	129.5M	149.4M
Gross profit	420.4M	407.2M	398.1M	386.4M	389.7M	418.9M	396.3M	386.3M	334.0M	327.8M
R&D	73.1M	78.8M	102.5M	109.4M	103.6M	117.1M	127.4M	120.5M	118.5M	93.9M
SG&A	79.5M	80.2M	86.1M	86.7M	80.1M	95.5M	111.4M	115.3M	140.5M	151.9M
Operating income	109.5M	73.2M	4.0M	-1.0M	-13.6M	-784.5M	-1.3B	-115.0M	-1.9B	-5.4B
Interest expense	2K	0	0	11K	178K	20.4M	43.4M	41.2M	44.6M	46.5M
Pretax income	114.9M	71.5M	20.5M	38.3M	-20.0M	-811.4M	-1.3B	-124.5M	-1.9B	-5.5B
Income tax	22.7M	53.3M	-2.0M	3.9M	-12.4M	-275.9M	147.3M	-553.6M	-767.7M	-1.7B
Net income	92.2M	18.2M	22.5M	34.4M	-7.5M	-535.5M	-1.5B	429.1M	-1.2B	-3.8B
EPS (diluted)	0.80	0.16	0.20	0.33	-0.08	-5.34	-12.98	2.64	-6.06	-15.23
Diluted shares	115.2M	115.5M	114.1M	103.3M	96.8M	100.2M	113.2M	165.7M	192.5M	277.7M
Depreciation & amortization	19.9M	15.5M	3.7M	8.6M	13.3M	11.4M	10.9M	14.5M	17.8M	25.5M
EBITDA	129.5M	88.8M	7.7M	7.6M	-293K	-773.2M	-1.3B	-100.5M	-1.8B	-5.4B
Gross margin	81.9%	80.8%	80.0%	79.4%	81.1%	82.0%	79.4%	77.8%	72.1%	68.7%
Operating margin	21.3%	14.5%	0.8%	-0.2%	-2.8%	-153.6%	-255.5%	-23.2%	-399.8%	-1140.8%
Net margin	18.0%	3.6%	4.5%	7.1%	-1.6%	-104.8%	-294.4%	86.5%	-251.7%	-806.3%
Revenue growth	-	-1.9%	-1.2%	-2.3%	-1.1%	+6.2%	-2.3%	-0.6%	-6.6%	+3.0%
EPS growth	-	-80.3%	+24.7%	+69.0%	-123%	-	-	-	-330%	-

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	402.0M	420.2M	109.9M	456.7M	59.7M	63.4M	43.8M	46.8M	38.1M	2.3B
Short-term investments	187.4M	254.9M	466.2M	108.9M	0	0	0	-	-	0
Receivables	83.3M	165.4M	171.4M	163.5M	197.5M	189.3M	189.3M	183.8M	181.2M	205.7M
Current assets	685.0M	860.7M	778.4M	753.4M	272.6M	268.0M	264.6M	267.9M	252.3M	2.6B
Property & equipment	57.4M	53.4M	51.9M	50.2M	43.0M	36.6M	32.3M	28.9M	26.3M	28.9M
Total assets	768.3M	933.2M	855.8M	916.6M	1.5B	3.6B	2.4B	4.8B	25.8B	61.6B
Current liabilities	185.5M	270.9M	258.3M	269.8M	285.6M	312.0M	317.4M	323.3M	355.4M	456.5M
Total debt	-	-	-	-	486.4M	2.2B	2.4B	2.2B	7.2B	8.2B
Total liabilities	216.1M	327.5M	326.0M	408.0M	912.6M	2.6B	2.8B	2.6B	7.6B	10.6B
Shareholders' equity	566.3M	605.7M	529.7M	508.6M	446.2M	979.0M	-383.1M	2.2B	31.0B	44.1B
Retained earnings	494.1M	526.6M	549.1M	583.5M	576.0M	41.4M	-1.4B	-999.2M	-2.2B	6.3B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	110.6M	78.3M	10.6M	60.9M	53.6M	93.8M	3.2M	12.7M	-53.0M	-67.2M
Capital spending	2.3M	4.0M	6.8M	10.2M	3.7M	2.7M	2.5M	2.9M	3.0M	8.2M
Free cash flow	108.3M	74.3M	3.8M	50.7M	50.0M	91.1M	725K	9.8M	-56.0M	-75.5M
Stock-based pay (added back)	11.8M	14.3M	14.6M	10.2M	11.2M	44.1M	63.6M	69.6M	77.1M	53.4M
Buybacks	0	0	111.0M	72.7M	123.2M	0	0	-	-	-
Investing cash flow	4.3M	-69.7M	-209.1M	353.7M	-1.0B	-2.6B	-278.6M	-1.9B	-22.1B	-22.5B
Financing cash flow	-1.0M	1.7M	-108.5M	-66.2M	563.2M	2.5B	265.2M	1.9B	22.1B	24.8B

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	11.8M	14.3M	14.6M	10.2M	11.2M	44.1M	63.6M	69.6M	77.1M	53.4M
Stock-based pay / revenue	2.3%	2.8%	2.9%	2.1%	2.3%	8.6%	12.7%	14.0%	16.6%	11.2%
Operating lease cost	-	-	-	15.0M	11.8M	13.5M	13.0M	13.1M	12.6M	12.6M
Operating lease cash paid	-	-	-	15.6M	17.5M	15.8M	14.2M	9.9M	14.5M	14.4M
Right-of-use assets	-	-	0	85.5M	73.6M	66.8M	61.3M	57.3M	54.6M	47.0M
Operating lease liabilities	-	-	-	113.0M	95.1M	85.8M	77.4M	71.5M	66.8M	57.4M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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.