How Strategy makes money

Period

FY2025

How does Strategy make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Strategy Inc Common Stock · FY2025 · year ended 2025-12-31

Revenue$477MNet loss$3.8B · 806%Cost of revenue$149M · 31%Gross profit$328M · 69%Operating expenses$5.8B · 1210%Other income$1.6B · 334%R&D$94M · 20%SG&A$152M · 32%Selling & marketing$123M · 26%Other opex$5.4B · 1132%Product Support$204M · 43%Subscription & Circulation$176M · 37%Service Other$58M · 12%License$40M · 8%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.