Strategy Inc (MSTR) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-K for Q2 FY2026, filed Aug 3, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MSTR SEC filings page.
Strategy Inc (MSTR) reported $498.3M in revenue over the twelve months to Jun 30, 2026, up 7.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The reported business has become balance-sheet driven: assets expanded sharply while revenue stayed flat and operating losses deepened.
From FY2023 to FY2025, total assets rose from$4.8B to$61.6B while revenue stayed broadly flat, making expansion primarily balance-sheet-led rather than sales-led. The gap between a FY2025 net loss of$3.8B and operating cash flow of-$67.2M shows that reported earnings were shaped by items that did not translate one-for-one into cash.
Gross margin compressed from
The current ratio moved from 0.8x in FY2023 to 5.6x in FY2025, indicating substantially more short-term asset coverage. FY2025 debt-to-equity was just 0.2x, describing less debt relative to equity even as operating results deteriorated.
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Strategy Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Strategy Inc's reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 11/100.
Strategy Inc's revenue grew a modest 3.0% year-over-year to $477.2M. This slow but positive growth earns a score of 24/100.
Strategy Inc carries a low D/E ratio of 0.18, meaning only $0.18 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 76/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 5.62, Strategy Inc holds $5.62 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 93/100.
Strategy Inc's operations used $67.2M of cash, and capex of $8.2M added to the outflow, for a free cash flow shortfall of $75.5M. This results in a cash flow score of 11/100.
Strategy Inc posts a -8.7% return on equity (ROE), meaning it loses $9 for every $100 of shareholders' equity. This results in a returns score of 24/100. This is down from -3.8% the prior year.
Strategy Inc scores 3.51, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($63.8B) relative to total liabilities ($10.6B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Strategy Inc passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Strategy Inc reported a net loss of $3.8B while operations used $67.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Strategy Inc reported an operating loss of $5.4B against $65.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Strategy Inc generated $122.4M in revenue in Q2 2026. This represents an increase of 6.9% from the same quarter a year earlier. Against the prior quarter it is down 1.6%.
Strategy Inc's EBITDA was -$8.3B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 159.2% from the same quarter a year earlier. Against the prior quarter it is up 42.5%.
Strategy Inc reported -$8.2B in net income in Q2 2026. This represents a decrease of 182.0% from the same quarter a year earlier. Against the prior quarter it is up 34.5%.
Strategy Inc earned -$24.45 per diluted share (EPS) in Q2 2026. This represents a decrease of 175.0% from the same quarter a year earlier. Against the prior quarter it is up 36.1%.
Cash & Balance Sheet
Strategy Inc recorded an outflow of $5.9M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 84.0% from the same quarter a year earlier. Against the prior quarter it is down 145.3%.
Strategy Inc held $1.7B in cash against $6.7B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Strategy Inc's gross margin was 66.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 2.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.4 percentage points.
Strategy Inc's ROE was -26.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 47.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 7.6 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Strategy Inc invested $23.1M in research and development in Q2 2026. This represents a decrease of 4.0% from the same quarter a year earlier. Against the prior quarter it is down 6.3%.
Strategy Inc invested $1.8M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 15.6% from the same quarter a year earlier. Against the prior quarter it is up 85.6%.
Not reported for Q2 2026.
MSTR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-K | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $122.4M+6.9% | $124.3M+11.9% | $123.0M+1.9% | $128.7M+10.9% | $114.5M+2.7% | $111.1M-3.6% | $120.7M-3.0% | $116.1M-10.3% |
| Cost of Revenue | $40.8M+14.2% | $40.9M+20.5% | $41.7M+22.0% | $38.0M+10.7% | $35.8M+15.6% | $34.0M+13.2% | $34.2M+21.1% | $34.3M+28.8% |
| Gross Profit | $81.5M+3.6% | $83.4M+8.1% | $81.3M-6.0% | $90.7M+11.0% | $78.7M-2.2% | $77.1M-9.5% | $86.5M-10.1% | $81.7M-20.5% |
| R&D Expenses | $23.1M-4.0% | $24.7M+1.0% | $22.8M-11.4% | $22.6M-32.1% | $24.1M-20.6% | $24.4M-16.3% | $25.7M-14.8% | $33.3M+12.3% |
| SG&A Expenses | $39.9M+9.4% | $37.4M-7.9% | $36.7M+1.2% | $38.2M+13.9% | $36.5M+1.0% | $40.5M+17.0% | $36.2M+23.5% | $33.5M+14.7% |
| Operating Income | -$8.3B-159.4% | -$14.5B-144.4% | -$17.4B-1616.4% | $3.9B+999.4% | $14.0B+7106.4% | -$5.9B-2806.9% | -$1.0B-2275.6% | -$432.6M-1613.4% |
| EBITDA | -$8.3B-159.2% | -$14.5B-144.5% | -$17.4B-1624.5% | $3.9B+1013.0% | $14.0B+7241.1% | -$5.9B-2847.8% | -$1.0B-2585.1% | -$426.6M-1795.8% |
| Interest Expense | $15.6M-13.1% | N/A | $11.0M-33.2% | $18.9M+4.2% | $18.0M+16.2% | $17.1M+44.0% | $16.5M+38.0% | $18.1M+64.7% |
| Income Tax | $1.6M-100.0% | -$1.9B-11.5% | -$5.0B-1311.5% | $1.1B+884.2% | $4.0B+3642.6% | -$1.7B-973.0% | -$355.9M-137.6% | -$138.5M-226.4% |
| Net Income | -$8.2B-182.0% | -$12.5B-197.4% | -$12.4B-1754.0% | $2.8B+918.7% | $10.0B+9870.8% | -$4.2B-7839.6% | -$670.8M-852.7% | -$340.2M-137.2% |
| EPS (Basic) | -$24.45-167.5% | -$38.25-132.0% | -$46.06-1274.9% | $9.30+640.7% | $36.23+6456.1% | -$16.49-5219.4% | -$3.35-249.6% | -$1.72-70.3% |
| EPS (Diluted) | -$24.45-175.0% | -$38.25-132.0% | -$42.94-1181.8% | $8.42 | $32.60 | -$16.49-5219.4% | -$3.35 | -$1.72-70.3% |
| Diluted Shares (Avg) | 353M+14.9% | 334M+30.2% | N/A | 315M | 307M | 256M+49.2% | N/A | 197M+38.7% |
MSTR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-K | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $52.6B-18.9% | $54.3B+23.6% | $61.6B+138.5% | $73.6B+782.3% | $64.8B+818.4% | $43.9B+591.5% | $25.8B+442.6% | $8.3B+147.3% |
| Current Assets | $2.7B+1150.2% | $2.4B+1074.4% | $2.6B+916.2% | $214.0M+15.0% | $213.5M+2.5% | $203.6M-15.7% | $252.3M-5.8% | $186.0M-6.8% |
| Cash & Equivalents | $1.7B+3317.2% | $2.2B+3560.5% | $2.3B+5937.9% | $54.3M+17.1% | $50.1M-25.1% | $60.3M-25.9% | $38.1M-18.6% | $46.3M+3.0% |
| Short-Term Investments | $736.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $123.8M+5.0% | $122.3M+16.9% | $205.7M+13.5% | $113.4M+5.8% | $117.9M+5.0% | $104.6M-9.2% | $181.2M-1.4% | $107.2M-16.7% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $21.7B+50.5% | $8.6B-16.9% | $10.6B+306.5% | $15.5B+239.2% | $14.4B+241.4% | $10.4B+163.0% | -$5.1B-297.6% | $4.6B+80.4% |
| Current Liabilities | $495.1M+57.4% | $395.1M+28.0% | $456.5M+28.5% | $324.1M+12.5% | $314.6M-29.5% | $308.7M-0.4% | $355.4M+9.9% | $288.1M+7.6% |
| Non-Current Liabilities | $21.2B+50.4% | $8.2B-18.3% | $10.1B+284.8% | $15.2B+254.5% | $14.1B+273.5% | $10.1B+176.9% | -$5.5B-341.3% | $4.3B+89.0% |
| Long-Term Debt | $6.7B-18.3% | $8.2B+0.3% | $8.2B+13.5% | $8.2B+94.1% | $8.2B+120.4% | $8.1B+128.7% | $7.2B+229.6% | $4.2B+93.2% |
| Total Equity | $30.9B-34.9% | $36.7B+13.7% | $44.1B+42.4% | $52.3B+1286.7% | $47.5B+1574.8% | $32.2B+1242.5% | $31.0B+1330.8% | $3.8B+349.0% |
| Retained Earnings | -$15.2B-193.1% | -$6.5B-201.9% | $6.3B+391.7% | $18.9B+1367.2% | $16.3B+1513.4% | $6.4B+703.6% | -$2.2B-116.9% | -$1.5B-37.4% |
Not reported in any period shown, so not listed: Inventory, Goodwill.
MSTR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-K | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.1M+88.1% | $14.0M+685.6% | -$21.6M-24.8% | -$8.3M+79.7% | -$34.9M-49.7% | -$2.4M-108.4% | -$17.3M-1563.2% | -$41.0M-453.8% |
| Depreciation & Amortization | $12.4M+35.5% | $8.8M+33.6% | $5.6M+9.7% | $4.2M-29.8% | $9.1M+149.7% | $6.6M+115.6% | $5.1M+0.1% | $6.0M+117.9% |
| Stock-Based Compensation | $14.3M-9.4% | $13.2M+11.5% | N/A | N/A | $15.7M | $11.8M-33.6% | N/A | N/A |
| Capital Expenditures | $1.8M-15.6% | $952K-65.2% | $584K+105.6% | $2.8M+556.6% | $2.1M+189.6% | $2.7M+77.2% | $284K-18.2% | $426K-70.7% |
| Free Cash Flow | -$5.9M+84.0% | $13.0M+354.3% | -$22.2M-26.2% | -$11.1M+73.2% | -$37.0M-53.9% | -$5.1M-119.0% | -$17.6M-2203.7% | -$41.4M-367.7% |
| Investing Cash Flow | -$7.1B-4.8% | -$7.3B+5.5% | -$3.1B+82.9% | -$5.0B-214.8% | -$6.8B-754.2% | -$7.7B-367.5% | -$18.1B-1388.1% | -$1.6B-865.8% |
| Financing Cash Flow | $6.6B-2.7% | $7.1B-7.1% | $5.4B-70.3% | $5.0B+211.9% | $6.8B+747.6% | $7.7B+366.8% | $18.1B+1390.0% | $1.6B+962.0% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
MSTR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-K | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.6%-2.1pp | 67.1%-2.4pp | 66.1%-5.6pp | 70.5%+0.1pp | 68.8%-3.5pp | 69.4%-4.5pp | 71.7%-5.6pp | 70.4%-9.0pp |
| Operating Margin | -6808.1% | -11641.5% | -14185.0% | 3023.4% | 12256.3% | -5331.4% | -842.1% | -372.7% |
| Net Margin | -6717.1% | -10090.6% | -10112.1% | 2164.1% | 8752.8% | -3797.2% | -555.8% | -293.1% |
| Return on Equity | -26.6%-47.7pp | -34.2%-21.1pp | -28.2%-26.0pp | 5.3%+14.3pp | 21.1%+24.7pp | -13.1%-10.9pp | -2.2%-6.3pp | -9.0%+8.1pp |
| Return on Assets | -15.6%-31.1pp | -23.1%-13.5pp | -20.2%-17.6pp | 3.8%+7.9pp | 15.5%+16.9pp | -9.6%-8.8pp | -2.6%-4.5pp | -4.1%+0.2pp |
| Current Ratio | 5.39+4.7x | 6.05+5.4x | 5.62+4.9x | 0.660.0x | 0.68+0.2x | 0.66-0.1x | 0.71-0.1x | 0.65-0.1x |
| Debt-to-Equity | 0.220.0x | 0.220.0x | 0.180.0x | 0.16-1.0x | 0.17-1.1x | 0.25-1.2x | 0.23-0.8x | 1.12-1.5x |
| Asset Turnover | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.010.0x |
| FCF Margin | -4.8%+27.5pp | 10.5%+15.1pp | -18.1%-3.5pp | -8.6%+27.0pp | -32.3%-10.7pp | -4.6%-28.1pp | -14.6%-15.3pp | -35.7%-28.8pp |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Strategy Inc MSTR | FY2025 | $477.2M | -$3.8B | N/A | $63.8B | 40/100 |
| Cadence Design Systems CDNS | FY2025 | $5.3B | $1.1B | 20.9% | $96.8B | 79/100 |
| Automatic Data Processing ADP | FY2026 | $21.9B | $4.4B | 20.1% | $102.1B | 22/100 |
| Snowflake Inc. SNOW | FY2026 | $4.7B | -$1.3B | -28.4% | $120.3B | 47/100 |
| Autodesk Inc ADSK | FY2026 | $7.2B | $1.1B | 15.6% | $44.3B | 72/100 |
| Workday, Inc. WDAY | FY2026 | $9.6B | $693.0M | 7.3% | $44.9B | 53/100 |
Where Strategy Inc Ranks
Frequently Asked Questions
What is Strategy Inc's annual revenue?
Strategy Inc (MSTR) reported $477.2M in total revenue for fiscal year 2025. This represents a 3.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Strategy Inc's revenue growing?
Strategy Inc (MSTR) revenue grew by 3.0% year-over-year, from $463.5M to $477.2M in fiscal year 2025.
Is Strategy Inc profitable?
No, Strategy Inc (MSTR) reported a net income of -$3.8B in fiscal year 2025.
What is Strategy Inc's EBITDA?
Strategy Inc (MSTR) had EBITDA of -$5.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Strategy Inc have?
As of fiscal year 2025, Strategy Inc (MSTR) had $2.3B in cash and equivalents against $8.2B in long-term debt.
What is Strategy Inc's gross margin?
Strategy Inc (MSTR) had a gross margin of 68.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Strategy Inc's return on equity (ROE)?
Strategy Inc (MSTR) has a return on equity of -8.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Strategy Inc's free cash flow?
Strategy Inc (MSTR) recorded an outflow of $75.5M in free cash flow during fiscal year 2025. This represents a -34.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Strategy Inc's operating cash flow?
Strategy Inc (MSTR) recorded an outflow of $67.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Strategy Inc's total assets?
Strategy Inc (MSTR) had $61.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Strategy Inc's capital expenditures?
Strategy Inc (MSTR) invested $8.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Strategy Inc spend on research and development?
Strategy Inc (MSTR) invested $93.9M in research and development during fiscal year 2025.
What is Strategy Inc's current ratio?
Strategy Inc (MSTR) had a current ratio of 5.62 as of fiscal year 2025, which is generally considered healthy.
What is Strategy Inc's debt-to-equity ratio?
Strategy Inc (MSTR) had a debt-to-equity ratio of 0.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Strategy Inc's return on assets (ROA)?
Strategy Inc (MSTR) had a return on assets of -6.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Strategy Inc's P/E ratio?
Strategy Inc (MSTR) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $63.8B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Strategy Inc's price-to-sales ratio?
Strategy Inc (MSTR) trades at 128x sales, its market capitalization divided by revenue of $498.3M revenue, trailing 12 months to June 30, 2026. The market capitalization is $63.8B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Strategy Inc's Altman Z-Score?
Strategy Inc (MSTR) has an Altman Z-Score of 3.51, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Strategy Inc's Piotroski F-Score?
Strategy Inc (MSTR) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Strategy Inc's earnings high quality?
Strategy Inc (MSTR) reported a net loss of $3.8B while operations used $67.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Strategy Inc cover its interest payments?
Strategy Inc (MSTR) reported an operating loss of $5.4B against $65.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Strategy Inc?
Strategy Inc (MSTR) scores 40 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.