Strategy Inc (MSTR) — Financial statements
Income statement, balance sheet, and cash flow for Strategy Inc — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 477↑3.0% | 463↓6.6% | 496↓0.6% | 499↓2.3% | 511 | |
| Cost of Revenue | 149↑15.4% | 129↑17.8% | 110↑6.8% | 103↑12.1% | 92 | |
| Gross Profit | 328↓1.8% | 334↓13.5% | 386↓2.5% | 396↓5.4% | 419 | |
| Operating Expenses | ||||||
| R&D Expenses | 94↓20.8% | 118↓1.7% | 121↓5.4% | 127↑8.8% | 117 | |
| General & Administrative Expenses | 152↑8.1% | 141↑21.9% | 115↑3.5% | 111↑16.7% | 96 | |
| Selling & Marketing Expenses | 123↓11.0% | 138↓7.7% | 150↑1.9% | 147↓8.3% | 160 | |
| SG&A Expenses | 275↓1.3% | 279↑5.1% | 265↑2.6% | 258↑1.0% | 256 | |
| Other Expenses | 5,403↑201.9% | 1,790↑1445.0% | 116↓91.0% | 1,286↑54.9% | 831 | |
| Operating Expenses | 5,772↑163.9% | 2,187↑336.2% | 501↓70.0% | 1,672↑38.9% | 1,203 | |
| Total Costs & Expenses | 5,922↑155.6% | 2,316↑278.9% | 611↓65.6% | 1,775↑37.0% | 1,295 | |
| Operating Results | ||||||
| Operating Income | -5,444↓193.8% | -1,853↓1510.6% | -115↑91.0% | -1,276↓62.6% | -785 | |
| Depreciation & Amortization | 24↑35.2% | 18↑22.6% | 15↑33.6% | 11↓4.3% | 11 | |
| EBITDA | -5,437↓193.2% | -1,855↓2938.4% | -61↑95.1% | -1,258↓63.2% | -771 | |
| EBIT | -5,461↓191.7% | -1,872↓2377.9% | -76↑94.0% | -1,269↓62.3% | -782 | |
| Interest & Other Income | ||||||
| Net Interest Income | -65↓4.9% | -62↓26.5% | -49↑7.9% | -53↓82.3% | -29 | |
| Interest Income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Interest Expense | 65↑4.9% | 62↑26.5% | 49↓7.9% | 53↑82.3% | 29 | |
| Non-Operating Income | 17↓14.5% | 19↑149.2% | -39↓515.7% | -6↓180.4% | -2 | |
| Other Income / Expenses | -82↓0.2% | -81↓758.5% | -9↑79.7% | -47↓73.9% | -27 | |
| Income Before Tax | -5,526↓185.7% | -1,934↓1453.4% | -125↑90.6% | -1,322↓63.0% | -811 | |
| Income Tax Expense | -1,678↓118.6% | -768↓38.7% | -554↓475.8% | 147↑153.4% | -276 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | -3,848↓229.8% | -1,167↓371.9% | 429↑129.2% | -1,470↓174.5% | -535 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | -4,031↓245.6% | -1,167↓371.9% | 429↑129.2% | -1,470↓174.5% | -535 | |
| Bottom-Line Net Income | -4,193↓259.4% | -1,167↓366.6% | 438↑129.8% | -1,470↓174.5% | -535 | |
| EPS (Basic) | -13.89↓129.2% | -6.06↓293.0% | 3.14↑124.2% | -12.98↓143.1% | -5.34 | |
| EPS (Diluted) | -15.23↓151.3% | -6.06↓329.5% | 2.64↑120.3% | -12.98↓143.1% | -5.34 | |
| Weighted Average Shares | 294↑52.7% | 193↑40.8% | 137↑20.8% | 113↑13.0% | 100 | |
| Weighted Average Diluted Shares | 294↑52.7% | 193↑16.2% | 166↑46.3% | 113↑13.0% | 100 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.