MSTR financial statements

The full income statement, balance sheet, and cash-flow statement for Strategy Inc Common Stock (MSTR), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 190.7M2024-09 202.6M2024-12 245.8M2025-03 266.2M2025-06 281.0M2025-09 287.1M2025-12 312.1M2026-03 333.9M2026-06 352.5M+84.9% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	477M YoY+3.0%	463M YoY-6.6%	496M YoY-0.6%	499M YoY-2.3%	511M YoY+6.2%
	328M YoY-1.8%	334M YoY-13.5%	386M YoY-2.5%	396M YoY-5.4%	419M YoY+7.5%
Cost of revenue	149M YoY+15.4%	129M YoY+17.8%	110M YoY+6.8%	103M YoY+12.1%	91.9M YoY+0.9%
	5.77B YoY+163.9%	2.19B YoY+336.2%	501M YoY-70.0%	1.67B YoY+38.9%	1.20B YoY+198.4%
Research & development	93.9M YoY-20.8%	118M YoY-1.7%	121M YoY-5.4%	127M YoY+8.8%	117M YoY+13.1%
Selling, general & administrative	152M YoY+8.1%	141M YoY+21.9%	115M YoY+3.5%	111M YoY+16.7%	95.5M YoY+19.2%
General & administrative	152M YoY+8.1%	141M YoY+21.9%	115M YoY+3.5%	111M YoY+16.7%	95.5M YoY+19.2%
Selling & marketing	123M YoY-11.0%	138M YoY-7.7%	150M YoY+1.9%	147M YoY-8.3%	160M YoY+7.5%
Provision for credit losses	—	649K YoY-53.2%	1.39M YoY+47.7%	939K YoY-37.8%	1.51M YoY-44.8%
Operating income	-5.44B YoY-193.8%	-1.85B YoY-1510.6%	-115M YoY+91.0%	-1.28B YoY-62.6%	-785M YoY-5658.0%
Other non-operating income	-16.6M YoY-573.5%	3.51M YoY+167.4%	-5.20M YoY-181.1%	6.41M YoY+180.4%	2.29M YoY+132.5%
Pre-tax income	-5.53B YoY-185.7%	-1.93B YoY-1453.4%	-125M YoY+90.6%	-1.32B YoY-63.0%	-811M YoY-3966.5%
Income tax	-1.68B YoY-118.6%	-768M YoY-38.7%	-554M YoY-475.8%	147M YoY+153.4%	-276M YoY-2119.9%
	-3.85B YoY-229.8%	-1.17B YoY-371.9%	429M YoY+129.2%	-1.47B YoY-174.5%	-535M YoY-7017.0%
Preferred dividends	381M	0.00	0.00	—	—
Net income to common	-4.23B YoY-262.5%	-1.17B YoY-371.9%	429M YoY+129.2%	-1.47B YoY-174.5%	-535M
	-$15.23 YoY-151.3%	-$6.06 YoY-329.5%	$2.64 YoY+120.3%	-$12.98 YoY-142.9%	-$5.34 YoY-6751.3%
EPS (basic)	-$15.23 YoY-151.3%	-$6.06 YoY-293.0%	$3.14 YoY+124.2%	-$12.98 YoY-142.9%	-$5.34 YoY-6751.3%
	278M YoY+44.2%	193M YoY+40.8%	137M YoY+20.8%	113M YoY+13.0%	100M YoY+3.5%
	278M YoY+44.2%	193M YoY+16.2%	166M YoY+46.3%	113M YoY+13.0%	100M YoY+3.5%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.56B YoY+916.2%	252M YoY-5.8%	268M YoY+1.3%	265M YoY-1.3%	268M YoY-1.7%
Cash & equivalents	2.30B YoY+5937.9%	38.1M YoY-18.6%	46.8M YoY+6.8%	43.8M YoY-30.8%	63.4M YoY+6.2%
Short-term investments	—	—	—	0.00	0.00
Accounts receivable	206M YoY+13.5%	181M YoY-1.4%	184M YoY-2.9%	189M YoY+0.0%	189M YoY-4.1%
Prepaid expenses	55.0M YoY+76.3%	31.2M YoY-11.8%	35.4M YoY+45.0%	24.4M YoY+71.3%	14.3M YoY-1.0%
	61.6B YoY+138.5%	25.8B YoY+442.6%	4.76B YoY+97.6%	2.41B YoY-32.2%	3.56B YoY+142.7%
Property, plant & equipment	28.9M YoY+9.6%	26.3M YoY-9.0%	28.9M YoY-10.4%	32.3M YoY-11.7%	36.6M YoY-14.9%
Operating lease right-of-use	47.0M YoY-13.9%	54.6M YoY-4.9%	57.3M YoY-6.5%	61.3M YoY-8.2%	66.8M YoY-9.3%
Deferred tax assets	4.51M YoY-99.7%	1.53B YoY+101.3%	758M YoY+302.6%	188M YoY-41.2%	320M YoY+4817.5%
	456M YoY+28.5%	355M YoY+9.9%	323M YoY+1.8%	317M YoY+1.7%	312M YoY+9.2%
Deferred revenue	272M YoY+14.3%	238M YoY+4.3%	228M YoY+4.9%	217M YoY+3.6%	210M YoY+9.7%
Short-term & current debt	31.3M YoY+5956.7%	517K YoY+7.0%	483K YoY+6.4%	454K	0.00
Current lease liability	11.3M YoY+8.9%	10.4M YoY-0.8%	10.5M YoY+4.1%	10.1M YoY+9.1%	9.21M YoY-14.8%
	10.6B YoY+39.2%	7.61B YoY+193.1%	2.60B YoY-7.0%	2.79B YoY+8.3%	2.58B YoY+182.5%
Long-term debt	8.16B YoY+13.5%	7.19B YoY+229.6%	2.18B YoY-8.3%	2.38B YoY+10.4%	2.16B YoY+343.1%
Deferred revenue (non-current)	5.45M YoY+9.7%	4.97M YoY-41.7%	8.52M YoY-33.2%	12.8M YoY+57.8%	8.09M YoY-44.8%
Non-current lease liability	46.1M YoY-18.2%	56.4M YoY-7.7%	61.1M YoY-9.3%	67.3M YoY-12.1%	76.6M YoY-9.2%
Operating lease liability (total)	57.4M YoY-14.0%	66.8M YoY-6.6%	71.5M YoY-7.6%	77.4M YoY-9.8%	85.8M YoY-9.8%
Deferred tax liabilities	1.93B YoY+473230.2%	407K YoY+14.0%	357K YoY+80.3%	198K YoY+81.7%	109K YoY-98.7%
Other non-current liabilities	4.74M YoY-12.0%	5.38M YoY-75.8%	22.2M YoY+29.7%	17.1M YoY-34.7%	26.2M YoY-21.4%
	44.1B YoY+42.4%	31.0B YoY+1330.8%	2.16B YoY+665.1%	-383M YoY-139.1%	979M YoY+119.4%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Additional paid-in capital	37.8B YoY+85.2%	20.4B YoY+415.8%	3.96B YoY+115.0%	1.84B YoY+6.6%	1.73B YoY+126.3%
Retained earnings	6.32B YoY+391.7%	-2.17B YoY-116.9%	-999M YoY+30.0%	-1.43B YoY-3546.6%	41.4M YoY-92.8%
Treasury stock	—	0.00 YoY-100.0%	782M YoY+0.0%	782M YoY+0.0%	782M YoY+0.0%
Accumulated other comprehensive income	-5.17M YoY+66.4%	-15.4M YoY-34.4%	-11.4M YoY+17.1%	-13.8M YoY-83.0%	-7.54M YoY-94.2%
Total liabilities & equity	61.6B YoY+138.5%	25.8B YoY+442.6%	4.76B YoY+97.6%	2.41B YoY-32.2%	3.56B YoY+142.7%
	312M YoY+27.0%	246M	—	115M YoY+2.3%	113M YoY+17.7%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	-67.2M YoY-26.8%	-53.0M YoY-517.2%	12.7M YoY+295.9%	3.21M YoY-96.6%	93.8M YoY+75.0%
Depreciation & amortization	25.5M YoY+43.3%	17.8M YoY+22.6%	14.5M YoY+33.6%	10.9M YoY-4.3%	11.4M YoY-14.8%
Share-based compensation	53.4M YoY-30.8%	77.1M YoY+10.9%	69.6M YoY+9.4%	63.6M YoY+44.2%	44.1M YoY+295.6%
Deferred income taxes	-1.68B YoY-119.3%	-768M YoY-35.0%	-569M YoY-556.8%	125M YoY+144.6%	-279M YoY-1231.4%
Change in receivables	-20.4M YoY-222.0%	-6.34M YoY+45.8%	-11.7M YoY-321.0%	5.29M YoY+302.1%	-2.62M YoY-438.2%
Other operating activities	3.48M	0.00	0.00	—	—
	-22.5B YoY-1.9%	-22.1B YoY-1059.2%	-1.91B YoY-583.9%	-279M YoY+89.4%	-2.63B YoY-158.1%
Capital expenditure	8.21M YoY+175.8%	2.98M YoY+1.4%	2.94M YoY+18.2%	2.49M YoY-8.1%	2.71M YoY-25.9%
Free cash flow	-75.5M YoY-34.7%	-56.0M YoY-673.1%	9.77M YoY+1248.1%	725K YoY-99.2%	91.1M YoY+82.4%
Acquisitions	0.00	0.00	0.00	0.00	0.00
	24.8B YoY+12.2%	22.1B YoY+1071.1%	1.89B YoY+612.7%	265M YoY-89.6%	2.54B YoY+351.3%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	16.3B YoY-0.6%	16.4B YoY+706.4%	2.03B YoY+4255.3%	46.6M YoY-95.3%	1.00B
Common stock repurchased	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Dividends paid	0.00	0.00	0.00	0.00	—
Net change in cash	2.26B YoY+25891.3%	-8.78M YoY-299.8%	-2.19M YoY+83.8%	-13.6M YoY-469.1%	3.67M YoY+100.9%
Interest paid	46.5M YoY+4.4%	44.6M YoY+8.1%	41.2M YoY-5.1%	43.4M YoY+112.8%	20.4M YoY+11369.7%
Income taxes paid	13.1M YoY+1140.0%	1.06M YoY-96.5%	30.3M YoY+38.0%	22.0M YoY+213.5%	7.01M YoY+3.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	47.4B YoY-33.4%	71.2B YoY+676.9%	9.16B YoY+471.9%	1.60B YoY-73.9%	6.15B YoY+65.0%
P/E	—	—	101.4×	—	—
P/S	99.4× YoY-35.3%	153.6× YoY+745.4%	18.2× YoY+468.3%	3.2× YoY-73.4%	12.0× YoY+55.3%
P/B	1.1× YoY-53.2%	2.3× YoY-78.9%	10.9×	—	6.3× YoY-24.8%
P/FCF	—	—	—	72.9× YoY+8.1%	67.4× YoY-9.5%
	—	—	0.99%	—	—
	—	—	—	1.4% YoY-7.5%	1.5% YoY+10.5%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: MSTR's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MSTR filings on SEC EDGAR → Not investment advice.