Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) Financials

STRF

Trailing 12 months to June 30, 2026

Revenue $498.3M +7.8% YoY

Net Income -$30.4B -734.6% YoY

EPS (Diluted) -$97.22 -980.6% YoY

Free Cash Flow -$26.2M +74.1% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 3, 2026 Currency USD FYE December

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 STRF SEC filings page.

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) 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).

Rhea AI STRF FY2025 2026-09-05

The dominant mechanic is balance-sheet expansion far outpacing the operating base, with accounting losses and cash outflows still absorbing the business.

From FY2023 to FY2025, total assets expanded from $4.8B to $61.6B while revenue stayed broadly flat, showing that the balance sheet—not operating scale—was the main growth mechanism. Operating cash flow moved from $12.7M to -$67.2M over the same span, so asset growth did not translate into internally generated cash.

Debt-to-equity fell from 1.0x in FY2023 to 0.2x in FY2025, making leverage look lower on the ratio. Yet long-term debt rose from $2.2B to $8.2B, so the ratio improvement reflects equity growth more than debt reduction.

Gross margin compressed from 77.9% in FY2023 to 68.7% in FY2025, reducing the gross-profit cushion available to absorb overhead. Operating income reached -$5.4B in FY2025 against revenue of roughly $0.5B, indicating that the operating cost structure overwhelmed the company's gross profit.

Financial Health Signals

Financial Health Score 40/100

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 10.00% Series A Perpetual Strife Preferred Stock'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.

Profitability

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock'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.

Growth

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock's revenue grew a modest 3.0% year-over-year to $477.2M. This slow but positive growth earns a score of 24/100.

Leverage

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock 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.

Liquidity

With a current ratio of 5.62, Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock holds $5.62 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 93/100.

Cash Flow

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock'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.

Returns

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock 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.

Piotroski F-Score Partial

3/8

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock 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.

Earnings Quality No Cash Backing

N/A

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock 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.

Interest Coverage At Risk

N/A

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock 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

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Earnings & Revenue

Revenue

$122.4M

YoY+6.9%

QoQ-1.6%

5Y CAGR-0.5%

10Y CAGR-0.1%

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock 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%.

EBITDA

-$8.3B

YoY-159.2%

QoQ+42.5%

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock'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%.

Net Income

-$8.2B

YoY-182.0%

QoQ+34.5%

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock 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%.

EPS (Diluted)

-$24.45

YoY-175.0%

QoQ+36.1%

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock 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

Free Cash Flow

-$5.9M

YoY+84.0%

QoQ-145.3%

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock 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%.

Cash & Debt

$1.7B

YoY+3317.2%

QoQ-22.4%

5Y CAGR+97.9%

10Y CAGR+17.3%

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock held $1.7B in cash against $6.7B in long-term debt as of Q2 2026.

Shares Outstanding

Diluted avg 353M

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock had a weighted average of 353M diluted shares in Q2 2026; the shares outstanding count is not reported for that period.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

66.6%

YoY-2.1pp

QoQ-0.4pp

5Y change-15.0pp

10Y change-13.8pp

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock'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.

Return on Equity

-26.6%

YoY-47.7pp

QoQ+7.6pp

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock'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.

Operating Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

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

R&D Spending

$23.1M

YoY-4.0%

QoQ-6.3%

5Y CAGR-4.1%

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock 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%.

Capital Expenditures

$1.8M

YoY-15.6%

QoQ+85.6%

5Y CAGR+14.6%

10Y CAGR+9.1%

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock 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%.

Share Buybacks

Not reported for Q2 2026.

STRF 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.

STRF quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$498.3M	$477.2M+3.0%	$463.5M-6.6%	$496.3M-0.6%	$499.3M-2.3%	$510.8M+6.2%	$480.7M-1.1%	$486.3M-2.3%	$497.6M-1.2%	$503.8M-1.9%	$513.6M-3.1%	$529.9M-8.6%	$579.8M+0.7%	$575.9M+1.8%	$565.7M+5.3%	$537.2M
Cost of Revenue	$161.5M	$149.4M+15.4%	$129.5M+17.8%	$109.9M+6.8%	$103.0M+12.1%	$91.9M+0.9%	$91.1M-8.9%	$100.0M+0.5%	$99.5M+2.9%	$96.6M+3.8%	$93.1M-7.9%	$101.1M-25.2%	$135.2M-2.4%	$138.6M-1.8%	$141.1M+7.9%	$130.7M
Gross Profit	$336.9M	$327.8M-1.8%	$334.0M-13.5%	$386.3M-2.5%	$396.3M-5.4%	$418.9M+7.5%	$389.7M+0.9%	$386.4M-3.0%	$398.1M-2.2%	$407.2M-3.2%	$420.4M-1.9%	$428.8M-3.6%	$444.6M+1.7%	$437.3M+3.0%	$424.6M+4.5%	$406.5M
R&D Expenses	$93.1M	$93.9M-20.8%	$118.5M-1.7%	$120.5M-5.4%	$127.4M+8.8%	$117.1M+13.1%	$103.6M-5.4%	$109.4M+6.8%	$102.5M+30.1%	$78.8M+7.7%	$73.1M+12.2%	$65.2M-36.9%	$103.4M+5.4%	$98.1M+11.2%	$88.2M+30.0%	$67.9M
SG&A Expenses	$152.1M	$151.9M+8.1%	$140.5M+21.9%	$115.3M+3.5%	$111.4M+16.7%	$95.5M+19.2%	$80.1M-7.6%	$86.7M+0.7%	$86.1M+7.5%	$80.2M+0.9%	$79.5M-1.6%	$80.7M-16.2%	$96.3M-8.0%	$104.7M+12.2%	$93.4M+8.3%	$86.2M
Operating Income	-$36.4B	-$5.4B-193.8%	-$1.9B-1510.6%	-$115.0M+91.0%	-$1.3B-62.6%	-$784.5M-5658.0%	-$13.6M-1259.8%	-$1.0M-125.2%	$4.0M-94.6%	$73.2M-33.1%	$109.5M-18.3%	$134.0M+2525.8%	$5.1M-73.7%	$19.4M-41.3%	$33.1M+58.6%	$20.9M
EBITDA	N/A	-$5.4B-195.3%	-$1.8B-1725.7%	-$100.5M+92.1%	-$1.3B-63.6%	-$773.2M-263780.2%	-$293K-103.9%	$7.6M-1.2%	$7.7M-91.3%	$88.8M-31.4%	$129.5M-16.6%	$155.2M+410.7%	$30.4M-33.7%	$45.8M-17.5%	$55.6M+45.7%	$38.1M
Interest Expense	N/A	$65.0M+4.9%	$61.9M+26.5%	$49.0M-7.9%	$53.1M+82.3%	$29.1M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	-$5.9B	-$1.7B-118.6%	-$767.7M-38.7%	-$553.6M-475.8%	$147.3M+153.4%	-$275.9M-2119.9%	-$12.4M-418.0%	$3.9M+293.6%	-$2.0M-103.8%	$53.3M+134.8%	$22.7M-28.9%	$31.9M+430.8%	$6.0M+161.4%	-$9.8M-200.7%	$9.7M+186.9%	$3.4M
Net Income	-$30.4B	-$3.8B-229.8%	-$1.2B-371.9%	$429.1M+129.2%	-$1.5B-174.5%	-$535.5M-7017.0%	-$7.5M-121.9%	$34.4M+52.7%	$22.5M+23.7%	$18.2M-80.3%	$92.2M-12.9%	$105.9M+2003.9%	$5.0M-94.0%	$83.3M+305.6%	$20.5M+14.5%	$17.9M
EPS (Basic)	N/A	-$15.23-151.3%	-$6.06-293.0%	$3.14+124.2%	-$12.98+75.7%	-$53.44-6751.3%	-$0.78-123.3%	$3.35+69.2%	$1.98+24.5%	$1.59-80.3%	$8.07-13.5%	$9.33+1973.3%	$0.45-93.9%	$7.37+294.1%	$1.87+12.0%	$1.67
EPS (Diluted)	-$97.22	-$15.23-151.3%	-$6.06-329.5%	$2.64+120.3%	-$12.98	-$53.44-6751.3%	-$0.78-123.4%	$3.33+69.0%	$1.97+24.7%	$1.58-80.3%	$8.01-12.7%	$9.18+1986.4%	$0.44-94.0%	$7.37+300.5%	$1.84+13.6%	$1.62
Diluted Shares (Avg)	N/A	278M+44.2%	193M+16.2%	166M+46.3%	113M	10M+3.5%	10M-6.2%	10M-9.5%	11M-1.2%	12M+0.3%	12M-0.2%	12M+1.6%	11M+0.5%	11M+1.1%	11M+1.0%	11M

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%

STRF Balance Sheet

STRF quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$61.6B+138.5%	$25.8B+442.6%	$4.8B+97.6%	$2.4B-32.2%	$3.6B+142.7%	$1.5B+59.9%	$916.6M+7.1%	$855.8M-8.3%	$933.2M+21.5%	$768.3M+17.0%	$656.9M+17.6%	$558.8M-4.6%	$585.5M+22.5%	$477.9M+5.3%	$453.9M
Current Assets	$2.6B+916.2%	$252.3M-5.8%	$267.9M+1.3%	$264.6M-1.3%	$268.0M-1.7%	$272.6M-63.8%	$753.4M-3.2%	$778.4M-9.6%	$860.7M+25.6%	$685.0M+21.2%	$565.3M+22.3%	$462.4M-3.7%	$479.9M+32.6%	$362.0M+5.5%	$343.2M
Cash & Equivalents	$2.3B+5937.9%	$38.1M-18.6%	$46.8M+6.8%	$43.8M-30.8%	$63.4M+6.2%	$59.7M-86.9%	$456.7M+315.5%	$109.9M-73.8%	$420.2M+4.5%	$402.0M+37.5%	$292.3M+99.0%	$146.9M-33.3%	$220.2M-1.9%	$224.4M+12.4%	$199.6M
Short-Term Investments	$0	$0	$0	$0	$0	$0-100.0%	$108.9M-76.6%	$466.2M+82.9%	$254.9M+36.0%	$187.4M-3.1%	$193.3M-2.6%	$198.5M+44.7%	$137.2M+381005.6%	$36K	$0
Accounts Receivable	$205.7M+13.5%	$181.2M-1.4%	$183.8M-2.9%	$189.3M0.0%	$189.3M-4.1%	$197.5M+20.8%	$163.5M-4.6%	$171.4M+3.6%	$165.4M+98.5%	$83.3M+22.3%	$68.2M-13.3%	$78.6M-8.8%	$86.2M-3.2%	$89.0M-6.0%	$94.7M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$10.6B+306.5%	-$5.1B-297.6%	$2.6B-7.0%	$2.8B+8.3%	$2.6B+182.5%	$912.6M+123.7%	$408.0M+25.1%	$326.0M-0.4%	$327.5M+51.5%	$216.1M+7.2%	$201.6M-14.0%	$234.3M-14.8%	$275.2M-0.9%	$277.6M-2.5%	$284.9M
Current Liabilities	$456.5M+28.5%	$355.4M+9.9%	$323.3M+1.8%	$317.4M+1.7%	$312.0M+9.2%	$285.6M+5.9%	$269.8M+4.5%	$258.3M-4.7%	$270.9M+46.1%	$185.5M+7.4%	$172.7M-12.5%	$197.3M-15.5%	$233.5M+6.6%	$219.2M+0.3%	$218.4M
Non-Current Liabilities	$10.1B+284.8%	-$5.5B-341.3%	$2.3B-8.1%	$2.5B+9.3%	$2.3B+261.5%	$626.9M+353.7%	$138.2M+103.9%	$67.8M+19.8%	$56.5M+84.5%	$30.7M+5.9%	$29.0M-21.8%	$37.0M-11.1%	$41.7M-28.7%	$58.5M-12.0%	$66.5M
Long-Term Debt	$8.2B+13.5%	$7.2B+229.6%	$2.2B-8.3%	$2.4B+10.4%	$2.2B+343.1%	$486.4M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$44.1B+42.4%	$31.0B+1330.8%	$2.2B+665.1%	-$383.1M-139.1%	$979.0M+119.4%	$446.2M-12.3%	$508.6M-4.0%	$529.7M-12.5%	$605.7M+7.0%	$566.3M+24.4%	$455.3M+40.3%	$324.5M+4.6%	$310.3M+54.9%	$200.3M+18.5%	$169.0M
Retained Earnings	$6.3B+391.7%	-$2.2B-116.9%	-$999.2M+30.0%	-$1.4B-3546.6%	$41.4M-92.8%	$576.0M-1.3%	$583.5M+6.3%	$549.1M+4.3%	$526.6M+6.6%	$494.1M+22.5%	$403.2M+35.6%	$297.3M+1.7%	$292.2M+39.9%	$208.9M+10.9%	$188.4M

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.

STRF Cash Flow Statement

STRF quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$20.1M	-$67.2M-26.8%	-$53.0M-517.2%	$12.7M+295.9%	$3.2M-96.6%	$93.8M+75.0%	$53.6M-11.9%	$60.9M+472.8%	$10.6M-86.4%	$78.3M-29.2%	$110.6M-26.1%	$149.7M+925.3%	$14.6M-51.2%	$29.9M-40.0%	$49.9M-18.0%	$60.8M
Depreciation & Amortization	N/A	$25.5M+43.3%	$17.8M+22.6%	$14.5M+33.6%	$10.9M-4.3%	$11.4M-14.8%	$13.3M+55.1%	$8.6M+132.2%	$3.7M-76.2%	$15.5M-22.1%	$19.9M-6.0%	$21.2M-16.1%	$25.3M-4.2%	$26.4M+17.6%	$22.5M+30.0%	$17.3M
Stock-Based Compensation	N/A	$53.4M-30.8%	$77.1M+10.9%	$69.6M+9.4%	$63.6M+44.2%	$44.1M+295.6%	$11.2M+9.2%	$10.2M-30.2%	$14.6M+2.6%	$14.3M+20.7%	$11.8M-31.7%	$17.3M+46.8%	$11.8M+467.2%	$2.1M	$0	$0
Capital Expenditures	$6.1M	$8.2M+175.8%	$3.0M+1.4%	$2.9M+18.2%	$2.5M-8.1%	$2.7M-25.9%	$3.7M-64.1%	$10.2M+48.7%	$6.8M+71.9%	$4.0M+70.4%	$2.3M-32.9%	$3.5M-71.9%	$12.4M+12.3%	$11.0M-62.7%	$29.6M-19.3%	$36.7M
Free Cash Flow	-$26.2M	-$75.5M-34.7%	-$56.0M-673.1%	$9.8M+1248.1%	$725K-99.2%	$91.1M+82.4%	$50.0M-1.4%	$50.7M+1240.5%	$3.8M-94.9%	$74.3M-31.3%	$108.3M-26.0%	$146.2M+6546.1%	$2.2M-88.4%	$18.9M-6.8%	$20.3M-16.0%	$24.1M
Investing Cash Flow	-$22.4B	-$22.5B-1.9%	-$22.1B-1059.2%	-$1.9B-583.9%	-$278.6M+89.4%	-$2.6B-158.1%	-$1.0B-388.0%	$353.7M+269.2%	-$209.1M-199.8%	-$69.7M-1705.2%	$4.3M+156.6%	-$7.7M+90.6%	-$82.1M-49.5%	-$54.9M-53.3%	-$35.8M+1.0%	-$36.2M
Financing Cash Flow	$24.1B	$24.8B+12.2%	$22.1B+1071.1%	$1.9B+612.7%	$265.2M-89.6%	$2.5B+351.3%	$563.2M+951.4%	-$66.2M+39.0%	-$108.5M-6652.8%	$1.7M+264.9%	-$1.0M-110.9%	$9.2M+724.4%	-$1.5M-106.8%	$21.6M+121.7%	$9.8M+296.2%	$2.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0	$0	$0	$0	$0	$0	$0	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	$0	$0-100.0%	$123.2M+69.5%	$72.7M-34.5%	$111.0M	$0	$0	N/A	N/A	N/A	$0	$0

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.

STRF 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.

STRF quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	68.7%-3.4pp	72.1%-5.8pp	77.8%-1.5pp	79.4%-2.6pp	82.0%+1.0pp	81.1%+1.6pp	79.4%-0.6pp	80.0%-0.8pp	80.8%-1.0pp	81.9%+0.9pp	80.9%+4.2pp	76.7%+0.7pp	75.9%+0.9pp	75.1%-0.6pp	75.7%
Operating Margin	-1140.8%	-399.8%	-23.2%	-255.5%	-153.6%	-2.8%-2.6pp	-0.2%-1.0pp	0.8%-13.7pp	14.5%-6.8pp	21.3%-4.0pp	25.3%+24.4pp	0.9%-2.5pp	3.4%-2.5pp	5.9%+2.0pp	3.9%
Net Margin	-806.3%	-251.7%	86.5%	-294.4%	-104.8%	-1.6%-8.6pp	7.1%+2.5pp	4.5%+0.9pp	3.6%-14.4pp	18.0%-2.0pp	20.0%+19.1pp	0.9%-13.6pp	14.5%+10.8pp	3.6%+0.3pp	3.3%
Return on Equity	-8.7%-5.0pp	-3.8%-23.6pp	19.8%	N/A	-54.7%-53.0pp	-1.7%-8.4pp	6.8%+2.5pp	4.3%+1.3pp	3.0%-13.3pp	16.3%-7.0pp	23.3%+21.7pp	1.6%-25.3pp	26.9%+16.6pp	10.3%-0.4pp	10.6%
Return on Assets	-6.2%-1.7pp	-4.5%-13.5pp	9.0%+70.0pp	-61.0%-45.9pp	-15.0%-14.5pp	-0.5%-4.3pp	3.8%+1.1pp	2.6%+0.7pp	1.9%-10.1pp	12.0%-4.1pp	16.1%+15.2pp	0.9%-13.3pp	14.2%+9.9pp	4.3%+0.3pp	4.0%
Current Ratio	5.62+4.9x	0.71-0.1x	0.830.0x	0.830.0x	0.86-0.1x	0.95-1.8x	2.79-0.2x	3.01-0.2x	3.18-0.5x	3.69+0.4x	3.27+0.9x	2.34+0.3x	2.06+0.4x	1.65+0.1x	1.57
Debt-to-Equity	0.180.0x	0.23-0.8x	1.01	N/A	2.20+1.1x	1.09+0.3x	0.80+0.2x	0.62+0.1x	0.54+0.2x	0.38-0.1x	0.44-0.3x	0.72-0.2x	0.89-0.5x	1.39-0.3x	1.69
Asset Turnover	0.010.0x	0.02-0.1x	0.10-0.1x	0.21+0.1x	0.14-0.2x	0.33-0.2x	0.53-0.1x	0.580.0x	0.54-0.1x	0.67-0.1x	0.81-0.2x	1.04+0.1x	0.98-0.2x	1.180.0x	1.18
FCF Margin	-15.8%-3.7pp	-12.1%-14.1pp	2.0%+1.8pp	0.1%-17.7pp	17.8%+7.4pp	10.4%0.0pp	10.4%+9.7pp	0.8%-14.0pp	14.8%-6.3pp	21.1%-6.5pp	27.6%+27.2pp	0.4%-2.9pp	3.3%-0.3pp	3.6%-0.9pp	4.5%

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 10.00% Series A Perpetual Strife Preferred Stock STRF	FY2025	$477.2M	-$3.8B	N/A	N/A	40/100
Strategy Inc 8.00% Series A Perpetual Strike Preferred Stock STRK	FY2025	$477.2M	-$3.8B	N/A	N/A	40/100
Alpha Modus Holdings, Inc. Warrant AMODW	FY2025	$7K	N/A	N/A	N/A	—
Auddia Inc. Warrants AUUDW	FY2025	$0	-$7.7M	N/A	N/A	—
CUENTAS INC WTS CUENW	FY2025	N/A	-$1.6M	N/A	N/A	—

Where Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock Ranks

Frequently Asked Questions

What is Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock's annual revenue?

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) 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 10.00% Series A Perpetual Strife Preferred Stock's revenue growing?

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) revenue grew by 3.0% year-over-year, from $463.5M to $477.2M in fiscal year 2025.

Is Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock profitable?

No, Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) reported a net income of -$3.8B in fiscal year 2025.

What is Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock's EBITDA?

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) had EBITDA of -$5.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock have?

As of fiscal year 2025, Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) had $2.3B in cash and equivalents against $8.2B in long-term debt.

What is Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock's gross margin?

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) 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 10.00% Series A Perpetual Strife Preferred Stock's return on equity (ROE)?

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) 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 10.00% Series A Perpetual Strife Preferred Stock's free cash flow?

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) 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 10.00% Series A Perpetual Strife Preferred Stock's operating cash flow?

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) 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 10.00% Series A Perpetual Strife Preferred Stock's total assets?

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) had $61.6B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock's capital expenditures?

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) invested $8.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock spend on research and development?

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) invested $93.9M in research and development during fiscal year 2025.

What is Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock's current ratio?

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) had a current ratio of 5.62 as of fiscal year 2025, which is generally considered healthy.

What is Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock's debt-to-equity ratio?

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) 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 10.00% Series A Perpetual Strife Preferred Stock's return on assets (ROA)?

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) 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 10.00% Series A Perpetual Strife Preferred Stock's Piotroski F-Score?

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) 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 10.00% Series A Perpetual Strife Preferred Stock's earnings high quality?

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) 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 10.00% Series A Perpetual Strife Preferred Stock cover its interest payments?

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) 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 10.00% Series A Perpetual Strife Preferred Stock?

Strategy Inc 10.00% Series A Perpetual Strife Preferred Stock (STRF) 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.