MSTR
$153.09-1.02%
as of close, Sep 30, 2026
☾ AH $153.09 -1.02%
Strategy Inc Common StockStock · TechnologyNasdaq-100 0.1%Nasdaq Composite 0.1%MSCI World 0.05%Russell 1000 0.04%US Stock Market 0.04%Russell 3000 0.04%MSCI ACWI 0.02%
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.
As-reported fiscal years.
| Line item | Trend | 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+3.0% | 463M-6.6% | 496M-0.6% | 499M-2.3% | 511M+6.2% | |
| 328M-1.8% | 334M-13.5% | 386M-2.5% | 396M-5.4% | 419M+7.5% | ||
| Cost of revenue | 149M+15.4% | 129M+17.8% | 110M+6.8% | 103M+12.1% | 91.9M+0.9% | |
| 5.77B+163.9% | 2.19B+336.2% | 501M-70.0% | 1.67B+38.9% | 1.20B+198.4% | ||
| Research & development | 93.9M-20.8% | 118M-1.7% | 121M-5.4% | 127M+8.8% | 117M+13.1% | |
| Selling, general & administrative | 152M+8.1% | 141M+21.9% | 115M+3.5% | 111M+16.7% | 95.5M+19.2% | |
| General & administrative | 152M+8.1% | 141M+21.9% | 115M+3.5% | 111M+16.7% | 95.5M+19.2% | |
| Selling & marketing | 123M-11.0% | 138M-7.7% | 150M+1.9% | 147M-8.3% | 160M+7.5% | |
| Provision for credit losses | — | 649K-53.2% | 1.39M+47.7% | 939K-37.8% | 1.51M-44.8% | |
| Operating income | -5.44B-193.8% | -1.85B-1510.6% | -115M+91.0% | -1.28B-62.6% | -785M-5658.0% | |
| Other non-operating income | -16.6M-573.5% | 3.51M+167.4% | -5.20M-181.1% | 6.41M+180.4% | 2.29M+132.5% | |
| Pre-tax income | -5.53B-185.7% | -1.93B-1453.4% | -125M+90.6% | -1.32B-63.0% | -811M-3966.5% | |
| Income tax | -1.68B-118.6% | -768M-38.7% | -554M-475.8% | 147M+153.4% | -276M-2119.9% | |
| -3.85B-229.8% | -1.17B-371.9% | 429M+129.2% | -1.47B-174.5% | -535M-7017.0% | ||
| Preferred dividends | 381M | 0.00 | 0.00 | — | — | |
| Net income to common | -4.23B-262.5% | -1.17B-371.9% | 429M+129.2% | -1.47B-174.5% | -535M | |
| -$15.23-151.3% | -$6.06-329.5% | $2.64+120.3% | -$12.98-142.9% | -$5.34-6751.3% | ||
| EPS (basic) | -$15.23-151.3% | -$6.06-293.0% | $3.14+124.2% | -$12.98-142.9% | -$5.34-6751.3% | |
| Weighted-avg shares (basic) | 278M+44.2% | 193M+40.8% | 137M+20.8% | 113M+13.0% | 100M+3.5% | |
| Weighted-avg shares (diluted) | 278M+44.2% | 193M+16.2% | 166M+46.3% | 113M+13.0% | 100M+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+916.2% | 252M-5.8% | 268M+1.3% | 265M-1.3% | 268M-1.7% | ||
| Cash & equivalents | 2.30B+5937.9% | 38.1M-18.6% | 46.8M+6.8% | 43.8M-30.8% | 63.4M+6.2% | |
| Short-term investments | — | — | — | 0.00 | 0.00 | |
| Accounts receivable | 206M+13.5% | 181M-1.4% | 184M-2.9% | 189M+0.0% | 189M-4.1% | |
| Prepaid expenses | 55.0M+76.3% | 31.2M-11.8% | 35.4M+45.0% | 24.4M+71.3% | 14.3M-1.0% | |
| 61.6B+138.5% | 25.8B+442.6% | 4.76B+97.6% | 2.41B-32.2% | 3.56B+142.7% | ||
| Property, plant & equipment | 28.9M+9.6% | 26.3M-9.0% | 28.9M-10.4% | 32.3M-11.7% | 36.6M-14.9% | |
| Operating lease right-of-use | 47.0M-13.9% | 54.6M-4.9% | 57.3M-6.5% | 61.3M-8.2% | 66.8M-9.3% | |
| Deferred tax assets | 4.51M-99.7% | 1.53B+101.3% | 758M+302.6% | 188M-41.2% | 320M+4817.5% | |
| 456M+28.5% | 355M+9.9% | 323M+1.8% | 317M+1.7% | 312M+9.2% | ||
| Deferred revenue | 272M+14.3% | 238M+4.3% | 228M+4.9% | 217M+3.6% | 210M+9.7% | |
| Short-term & current debt | 31.3M+5956.7% | 517K+7.0% | 483K+6.4% | 454K | 0.00 | |
| Current lease liability | 11.3M+8.9% | 10.4M-0.8% | 10.5M+4.1% | 10.1M+9.1% | 9.21M-14.8% | |
| 10.6B+39.2% | 7.61B+193.1% | 2.60B-7.0% | 2.79B+8.3% | 2.58B+182.5% | ||
| Long-term debt | 8.16B+13.5% | 7.19B+229.6% | 2.18B-8.3% | 2.38B+10.4% | 2.16B+343.1% | |
| Deferred revenue (non-current) | 5.45M+9.7% | 4.97M-41.7% | 8.52M-33.2% | 12.8M+57.8% | 8.09M-44.8% | |
| Non-current lease liability | 46.1M-18.2% | 56.4M-7.7% | 61.1M-9.3% | 67.3M-12.1% | 76.6M-9.2% | |
| Operating lease liability (total) | 57.4M-14.0% | 66.8M-6.6% | 71.5M-7.6% | 77.4M-9.8% | 85.8M-9.8% | |
| Deferred tax liabilities | 1.93B+473230.2% | 407K+14.0% | 357K+80.3% | 198K+81.7% | 109K-98.7% | |
| Other non-current liabilities | 4.74M-12.0% | 5.38M-75.8% | 22.2M+29.7% | 17.1M-34.7% | 26.2M-21.4% | |
| 44.1B+42.4% | 31.0B+1330.8% | 2.16B+665.1% | -383M-139.1% | 979M+119.4% | ||
| Preferred stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Additional paid-in capital | 37.8B+85.2% | 20.4B+415.8% | 3.96B+115.0% | 1.84B+6.6% | 1.73B+126.3% | |
| Retained earnings | 6.32B+391.7% | -2.17B-116.9% | -999M+30.0% | -1.43B-3546.6% | 41.4M-92.8% | |
| Treasury stock | — | 0.00-100.0% | 782M+0.0% | 782M+0.0% | 782M+0.0% | |
| Accumulated other comprehensive income | -5.17M+66.4% | -15.4M-34.4% | -11.4M+17.1% | -13.8M-83.0% | -7.54M-94.2% | |
| Total liabilities & equity | 61.6B+138.5% | 25.8B+442.6% | 4.76B+97.6% | 2.41B-32.2% | 3.56B+142.7% | |
| Common shares outstanding | 312M+27.0% | 246M | — | 115M+2.3% | 113M+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-26.8% | -53.0M-517.2% | 12.7M+295.9% | 3.21M-96.6% | 93.8M+75.0% | ||
| Depreciation & amortization | 25.5M+43.3% | 17.8M+22.6% | 14.5M+33.6% | 10.9M-4.3% | 11.4M-14.8% | |
| Share-based compensation | 53.4M-30.8% | 77.1M+10.9% | 69.6M+9.4% | 63.6M+44.2% | 44.1M+295.6% | |
| Deferred income taxes | -1.68B-119.3% | -768M-35.0% | -569M-556.8% | 125M+144.6% | -279M-1231.4% | |
| Change in receivables | -20.4M-222.0% | -6.34M+45.8% | -11.7M-321.0% | 5.29M+302.1% | -2.62M-438.2% | |
| Other operating activities | 3.48M | 0.00 | 0.00 | — | — | |
| -22.5B-1.9% | -22.1B-1059.2% | -1.91B-583.9% | -279M+89.4% | -2.63B-158.1% | ||
| Capital expenditure | 8.21M+175.8% | 2.98M+1.4% | 2.94M+18.2% | 2.49M-8.1% | 2.71M-25.9% | |
| Free cash flow | -75.5M-34.7% | -56.0M-673.1% | 9.77M+1248.1% | 725K-99.2% | 91.1M+82.4% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| 24.8B+12.2% | 22.1B+1071.1% | 1.89B+612.7% | 265M-89.6% | 2.54B+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-0.6% | 16.4B+706.4% | 2.03B+4255.3% | 46.6M-95.3% | 1.00B | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00-100.0% | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | — | |
| Net change in cash | 2.26B+25891.3% | -8.78M-299.8% | -2.19M+83.8% | -13.6M-469.1% | 3.67M+100.9% | |
| Interest paid | 46.5M+4.4% | 44.6M+8.1% | 41.2M-5.1% | 43.4M+112.8% | 20.4M+11369.7% | |
| Income taxes paid | 13.1M+1140.0% | 1.06M-96.5% | 30.3M+38.0% | 22.0M+213.5% | 7.01M+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-33.4% | 71.2B+676.9% | 9.16B+471.9% | 1.60B-73.9% | 6.15B+65.0% | |
| P/E | — | — | 101.4× | — | — | |
| P/S | 99.4×-35.3% | 153.6×+745.4% | 18.2×+468.3% | 3.2×-73.4% | 12.0×+55.3% | |
| P/B | 1.1×-53.2% | 2.3×-78.9% | 10.9× | — | 6.3×-24.8% | |
| P/FCF | — | — | — | 72.9×+8.1% | 67.4×-9.5% | |
| Earnings yield | — | — | 0.99% | — | — | |
| FCF yield | — | — | — | 1.4%-7.5% | 1.5%+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.