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MicroStrategy Incorporated (MSTR) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

TECHNOLOGY · SOFTWARE - APPLICATION · DATA UPDATED 2026-09-19

MicroStrategy Incorporated (MSTR) operates in the SOFTWARE - APPLICATION industry and is headquartered in Tysons Corner, United States with about 1,539 employees. Its market capitalization is roughly $61 billion. In the fiscal year ended 2025-12-31, MSTR reported $477M in revenue and ($4.0B) in net income.

Strategy Inc, together with its subsidiaries, operates as a bitcoin treasury company in the United States, Europe, the Middle East, Africa, and internationally. It offers investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed income instruments.

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MSTR Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$498M	$477M	$463M	$496M	$499M	$511M	$481M	$486M	$498M	$504M	$514M	$530M	$580M	$576M	$566M	$537M	$455M	$378M	$360M	$351M	$314M
Gross Profit	$337M	$328M	$334M	$386M	$396M	$419M	$390M	$386M	$398M	$407M	$420M	$429M	$445M	$437M	$425M	$406M	$348M	$311M	$297M	$290M	$269M
Gross Margin %	67.7%	68.7%	72.1%	77.8%	79.4%	82.0%	81.1%	79.4%	80.0%	80.8%	81.9%	80.9%	76.7%	75.9%	75.1%	75.7%	76.7%	82.4%	82.4%	82.8%	85.9%
Operating Income (EBIT)	($13.6B)	($5.4B)	($1.9B)	($115M)	($1.3B)	($785M)	($14M)	($1M)	$4M	$73M	$110M	$134M	$5M	$19M	$33M	$21M	$51M	$86M	$68M	$88M	$100M
Operating Margin %	-2728.1%	-1140.8%	-399.8%	-23.2%	-255.5%	-153.6%	-2.8%	-0.2%	0.8%	14.5%	21.3%	25.3%	0.9%	3.4%	5.9%	3.9%	11.1%	22.8%	18.8%	25.2%	31.8%
Net Income	($30.6B)	($4.0B)	($1.2B)	$429M	($1.5B)	($535M)	($8M)	$34M	$23M	$18M	$92M	$106M	$5M	$83M	$21M	$18M	$44M	$75M	$42M	$58M	$71M
Net Margin %	-6144.2%	-844.8%	-251.7%	86.5%	-294.4%	-104.8%	-1.6%	7.1%	4.5%	3.6%	18.0%	20.0%	0.9%	14.5%	3.6%	3.3%	9.6%	19.8%	11.6%	16.7%	22.6%
EBITDA	—	($5.4B)	($1.9B)	($115M)	($1.3B)	($771M)	$70M	$8M	$8M	$89M	$130M	$156M	$45M	$46M	$56M	$38M	$63M	$97M	$74M	$96M	$107M
Earnings Per Share (EPS)	$-95.78	$-13.71	$-6.06	$2.59	$-12.98	$-5.34	$-0.08	$0.33	$0.20	$0.16	$0.80	$0.92	$0.04	$0.74	$0.18	$0.16	$0.37	$0.61	$0.34	$0.45	$0.52
Shares Outstanding (M)	—	294M	193M	166M	113M	100M	97M	103M	114M	115M	115M	115M	114M	113M	112M	111M	118M	123M	123M	129M	136M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MSTR Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$122M	$124M	$123M	$129M	$114M	$111M	$121M	$116M	$111M
Gross Profit	$82M	$83M	$81M	$91M	$79M	$77M	$87M	$82M	$81M
Gross Margin %	67.2%	67.1%	66.1%	70.5%	68.8%	69.4%	71.7%	70.4%	72.2%
Operating Income (EBIT)	($16M)	($15M)	($17.4B)	$3.9B	$14.0B	($5.9B)	($1.0B)	($433M)	($200M)
Operating Margin %	-13.1%	-12.0%	-14184.9%	3023.4%	12256.3%	-5331.4%	-842.1%	-372.7%	-179.7%
Net Income	($8.2B)	($12.5B)	($12.6B)	$2.8B	$10.0B	($4.2B)	($671M)	($340M)	($103M)
Net Margin %	-6737.7%	-10090.6%	-10261.1%	2164.1%	8752.8%	-3797.2%	-555.8%	-293.1%	-92.0%
EBITDA	—	($14.5B)	($17.4B)	$3.9B	$14.0B	($5.9B)	($1.0B)	($455M)	($196M)
Earnings Per Share (EPS)	$-24.45	$-37.56	$-42.93	$9.16	$33.62	$-16.44	$-3.03	$-1.72	$-0.57
Shares Outstanding (M)	—	334M	294M	304M	298M	256M	222M	197M	179M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MSTR Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	($20M)	($67M)	($53M)	$13M	$3M	$94M	$54M	$61M	$11M	$78M	$111M	$150M	$15M	$30M	$50M	$61M	$76M	$96M	$89M	$98M	$104M
Capital Expenditures (CapEx)	—	$22.5B	$22.1B	$1.9B	$290M	$2.6B	$1.1B	$10M	$7M	$4M	$2M	$13M	$21M	$16M	$38M	$43M	$18M	$22M	$44M	$6M	$5M
Free Cash Flow (FCF)	—	($22.6B)	($22.1B)	($1.9B)	($287M)	($2.5B)	($1.1B)	$51M	$4M	$74M	$108M	$137M	($6M)	$13M	$12M	$18M	$57M	$74M	$45M	$92M	$100M
FCF Margin %	—	-4731.3%	-4777.0%	-381.4%	-57.5%	-496.4%	-223.6%	10.4%	0.8%	14.8%	21.1%	25.8%	-1.1%	2.3%	2.1%	3.4%	12.6%	19.6%	12.5%	26.2%	31.7%
Dividends Paid	—	$381M	$0M	$4M	$2M	$1.5B	$686M	—	—	$0M	$0M	$0M	$0M	$0M	$0M	$0M	—	$0M	—	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MSTR Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	($4M)	$14M	($22M)	($8M)	($35M)	($2M)	($17M)	($41M)	($23M)
Capital Expenditures (CapEx)	—	$1M	$3.1B	$6.8B	$6.8B	$7.7B	$18.1B	$1.6B	$795M
Free Cash Flow (FCF)	—	$13M	($3.1B)	($6.8B)	($6.8B)	($7.7B)	($18.1B)	($1.6B)	($818M)
FCF Margin %	—	10.5%	-2533.8%	-5280.6%	-5958.9%	-6908.3%	-14990.1%	-1392.7%	-733.9%
Dividends Paid	—	$230M	$183M	$58M	$49M	$9M	—	—	$0M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MSTR Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$52.6B	$61.6B	$25.8B	$4.8B	$2.4B	$3.6B	$1.5B	$917M	$856M	$933M	$768M	$657M	$559M	$586M	$478M	$454M	$382M	$383M	$292M	$241M	$249M
Cash & Cash Equivalents	$1.7B	$2.3B	$38M	$47M	$44M	$63M	$60M	$457M	$110M	$420M	$402M	$292M	$147M	$220M	$223M	$200M	$174M	$225M	$123M	$85M	$79M
Total Liabilities	$7.2B	$10.6B	$7.6B	$2.6B	$2.8B	$2.6B	$913M	$408M	$326M	$327M	$216M	$202M	$234M	$275M	$278M	$285M	$232M	$169M	$154M	$138M	$116M
Total Debt (Short + Long-Term)	$6.8B	$8.2B	$7.2B	$2.2B	$2.4B	$2.2B	$448M	$34M	$0M	$0M	$1M	$0M	$0M	$2M	$2M	$0M	$0M	$0M	$0M	$0M	$0M
Total Shareholders' Equity	$45.3B	$51.0B	$18.2B	$2.2B	($383M)	$979M	$553M	$509M	$530M	$591M	$552M	$455M	$324M	$310M	$200M	$169M	$149M	$214M	$138M	$103M	$133M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive MSTR viewer.

MSTR Metric Deep Dives

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