MSTRStrategy
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
The biggest changes in the 10-K filed 2026-02-19, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Operating margin
-399.8% → -1140.8% (-741.0 pts) Big change FY to 2025-12-31 vs 2024-12-31“Research and development expenses decreased by $24.6 million for the year ended December 31, 2025, as compared to the same periods in the prior year, primarily due to a decrease in personnel costs primarily attributable to a decrease in average staffing levels and forfeiture of certain equity incentive awards, partially offset by increased cloud-hosting costs used for internal development and testing.”
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Gross margin
72.1% → 68.7% (-3.4 pts) Big change FY to 2025-12-31 vs 2024-12-31“Cost of revenues increased by $19.9 million for the year ended December 31, 2025, as compared to the same period in the prior year, primarily due to a $32.5 million increase in subscription services cost of revenues driven by higher cloud service fees and related infrastructure costs associated with customer environments hosted in our cloud environment, as well as a $1.9 million increase in billable subcontractor expenses.”
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Revenue
+3.0% FY to 2025-12-31 vs 2024-12-31“Product license revenues decreased by $8.9 million for the year ended December 31, 2025, as compared to the same period in the prior year, primarily due to increased migration to our cloud subscription services offerings.”
Read it in the 10-K ↗
“Subscription services revenues increased by $68.9 million for the year ended December 31, 2025 as compared to the same periods in the prior year, primarily due to conversions to cloud-based subscriptions from existing on-premises customers, a net increase in the use of subscription services by existing customers, and sales contracts with new customers.”
Read it in the 10-K ↗
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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.