Strategy Inc

MSTR 10-K · FY 2025
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MSTR FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 477,233 463,456 +3.0%
Show Product Lines breakouts
License 39,674 48,567 -18.3%
Product support 204,225 243,805 -16.2%
Service Other 57,677 64,308 -10.3%
Subscription And Circulation 175,657 106,776 +64.5%
Total product licenses and subscription services 215,331 155,343 +38.6%
Show Business Segments breakouts
Software Business · Operating Segments 477,233 463,456 +3.0%
Show Geography breakouts
EMEA 162,661 155,923 +4.3%
Other Regions 42,354 47,951 -11.7%
US 272,218 259,582 +4.9%
Cost of Revenue 149,417 129,468 +15.4%
Show Product Lines breakouts
License 3,956 3,060 +29.3%
Product support 28,592 33,289 -14.1%
Service Other 43,913 50,679 -13.4%
Subscription And Circulation 72,956 42,440 +71.9%
Total product licenses and subscription services 76,912 45,500 +69.0%
Gross Profit 327,816 333,988 -1.8%
Sales & Marketing 122,956 138,081 -11.0%
Show Business Segments breakouts
Software Business · Controllable 100,665 105,782 -4.8%
Show Subsegments breakouts
Controllable 100,665 105,782 -4.8%
Research & Development 93,860 118,486 -20.8%
General & Administrative 151,909 140,537 +8.1%
Crypto Asset Unrealized Loss Operating 5,403,476 — —
Show Subsegments breakouts
Non-Controllable 5,403,476 — —
Non-Controllable · Corporate Non Segment 5,403,476 — —
Operating Expenses 5,772,201 2,186,966 +163.9%
Operating Income -5,444,385 -1,852,978 -193.8%
Interest Income Expense Nonoperating Net -64,968 -61,941 -4.9%
Show Business Segments breakouts
Software Business · Operating Segments 332 — —
Show Consolidation Items breakouts
Corporate Non Segment -65,300 -61,941 -5.4%
Other Non-Operating Income (Expense) -16,601 3,506 -573.5%
Income Before Taxes -5,525,954 -1,934,346 -185.7%
Income Tax Expense (Benefit) -1,677,802 -767,685 -118.6%
Show Business Segments breakouts
Software Business · Operating Segments -86,097 -226,961 +62.1%
Show Consolidation Items breakouts
Corporate Non Segment -1,591,705 -540,724 -194.4%
Net Income -3,848,152 -1,166,661 -229.8%
Show Business Segments breakouts
Software Business · Operating Segments 90,656 175,060 -48.2%
Show Equity Components breakouts
Retained Earnings -3,848,152 -1,166,661 -229.8%
Show Consolidation Items breakouts
Corporate Non Segment -3,938,808 -1,341,721 -193.6%
Dividends Preferred Stock -381,367 — —
Net Income Loss Available To Common Stockholders Basic -4,229,519 -1,166,661 -262.5%
EPS (Basic) -15.23 -6.06 -151.3%
Wtd Avg Shares (Basic) 277,660 192,549 +44.2%
Show Statement Class Of Stock breakouts
Common Class A 258,020 172,909 +49.2%
Common Class B 19,640 19,640 0.0%
EPS (Diluted) -15.23 -6.06 -151.3%
Wtd Avg Shares (Diluted) 277,660 192,549 +44.2%
Interest Expense (FY) — — —
Show Debt Instrument breakouts
2027 Convertible Notes · Convertible Debt 401 4,046 -90.1%
2028 Convertible Notes · Convertible Debt 10,505 2,939 +257.4%
2029 Convertible Notes · Convertible Debt 7,279 787 +824.9%
2030A Convertible Notes · Convertible Debt 8,937 7,241 +23.4%
2030B Convertible Notes · Convertible Debt 4,263 — —
2031 Convertible Notes · Convertible Debt 7,739 6,063 +27.6%
2032 Convertible Notes · Convertible Debt 20,696 11,067 +87.0%
Show Long-Term Debt Type breakouts
Convertible Debt 59,820 36,008 +66.1%
Comprehensive Income -3,837,939 -1,170,601 -227.9%
Other Comprehensive Income 10,213 -3,940 +359.2%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 10,213 -3,940 +359.2%
Preferred Stock Dividends Income Statement Impact -381,367 — —
Depreciation And Amortization 5.8 5.6 +3.6%
Foreign Currency Transaction Gain Loss Before Tax -16.8 2.9 -679.3%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 2,301,470 38,117 +5937.9%
Restricted Cash And Cash Equivalents At Carrying Value 1,873 1,780 +5.2%
Accounts Receivable 205,748 181,203 +13.5%
Prepaid Expenses & Other Current Assets 55,046 31,224 +76.3%
Total Current Assets 2,564,137 252,324 +916.2%
Non-Current Assets
Property, Plant & Equipment 28,858 26,327 +9.6%
Operating Lease Right-of-Use Assets 46,975 54,560 -13.9%
Show Geography breakouts
Northern Virginia 37.1 42.8 -13.3%
Deferred Tax Assets 4,507 1,525,307 -99.7%
Total Assets 61,641,082 25,843,685 +138.5%
Show Business Segments breakouts
Software Business · Operating Segments 537,054 743,190 -27.7%
Show Consolidation Items breakouts
Corporate Non Segment 61,104,028 25,100,495 +143.4%
Other Assets
Crypto Asset Fair Value 58,854,028 23,909,373 +146.2%
Deposits And Other Assets 142,577 75,794 +88.1%
Current Liabilities
Accounts Payable Accrued Expenses And Operating Lease Liabilities Current 50,335 52,982 -5.0%
Employee Related Liabilities Current 69,986 58,362 +19.9%
Interest Payable Current 5,619 5,549 +1.3%
Dividends Payable Current 27,121 — —
Show Statement Class Of Stock breakouts
STRC Stock 27.1 — —
Current Portion of Long-Term Debt 31,313 517 +5956.7%
Show Debt Instrument breakouts
Secured Term Loan Due June 2027 · Other long-term secured debt 0.6 0.5 +20.0%
Show Long-Term Debt Type breakouts
Other long-term secured debt 31.3 0.5 +6160.0%
Deferred Revenue (Current) 272,118 237,974 +14.3%
Show Product Lines breakouts
License 3,053 1,777 +71.8%
Product support 98,607 124,684 -20.9%
Service Other 4,487 4,394 +2.1%
Subscription And Circulation 165,971 107,119 +54.9%
Total Current Liabilities 456,492 355,384 +28.5%
Non-Current Liabilities
Long-Term Debt 8,158,842 7,191,158 +13.5%
Contract With Customer Liability Noncurrent 5,451 4,970 +9.7%
Show Product Lines breakouts
License 91 174 -47.7%
Product support 1,362 2,111 -35.5%
Service Other 690 422 +63.5%
Subscription And Circulation 3,308 2,263 +46.2%
Operating Lease Liabilities 46,135 56,403 -18.2%
Other Non-Current Liabilities 4,736 5,379 -12.0%
Deferred Tax Liabilities 1,926,454 407 +473230.2%
Total Liabilities 10,598,110 7,613,701 +39.2%
Long-Term Debt 8,190,155 7,191,675 +13.9%
Show Debt Instrument breakouts
2028 Convertible Notes · Convertible Debt 1,002,736 998,543 +0.4%
2029 Convertible Notes · Convertible Debt 2,982,316 2,975,037 +0.2%
2030A Convertible Notes · Convertible Debt 789,109 785,172 +0.5%
2030B Convertible Notes · Convertible Debt 1,989,115 — —
2031 Convertible Notes · Convertible Debt 596,843 594,476 +0.4%
2031 Convertible Notes · Convertible Debt 596,843 594,476 +0.4%
2032 Convertible Notes · Convertible Debt 790,113 787,417 +0.3%
2032 Convertible Notes · Convertible Debt 790,113 787,417 +0.3%
Secured Term Loan Due June 2027 · Other long-term secured debt 9.2 9.7 -5.2%
Show Long-Term Debt Type breakouts
Convertible Debt 8,150,232 7,181,997 +13.5%
Other long-term secured debt 39,923 9,678 +312.5%
Stockholders' Equity
Temporary Equity Carrying Amount Attributable To Parent 6,919,514 — —
Show Equity Components breakouts
Perpetual Preferred Stock 6,919,514 — —
Show Statement Class Of Stock breakouts
10.00% Series A Perpetual Stride Preferred Stock 1,163,483 — —
10.00% Series A Perpetual Strife Preferred Stock 1,191,128 — —
10.00% Series Perpetual Stream Preferred Stock 707,069 — —
8.00% Series A Perpetual Strike Preferred Stock 1,226,553 — —
Variable Rate Series A Perpetual Stretch Preferred Stock 2,631,281 — —
Common Stock (Q) — — —
Show Statement Class Of Stock breakouts
Common Class A 292 226 +29.2%
Common Class B 20 20 0.0%
Additional Paid In Capital Common Stock 37,806,554 20,411,998 +85.2%
Accumulated Other Comprehensive Income -5,171 -15,384 +66.4%
Retained Earnings 6,321,763 -2,166,876 +391.7%
Total Stockholders' Equity 44,123,458 18,229,984 +142.0%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -5,171 -15,384 +66.4%
Additional Paid In Capital 37,806,554 20,411,998 +85.2%
Common Stock · Common Class A 292 226 +29.2%
Common Stock · Common Class B 20 20 0.0%
Retained Earnings 6,321,763 -2,166,876 +391.7%
Total Liabilities & Equity 61,641,082 25,843,685 +138.5%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation & Amortization 25,517 17,808 +43.3%
Operating Lease Right Of Use Asset Amortization Expense 9,068 8,475 +7.0%
Deferred Income Taxes And Tax Credits -1,684,220 -775,851 -117.1%
Stock-Based Compensation 53,369 77,124 -30.8%
Amortization of Financing Costs 25,410 15,336 +65.7%
Show Debt Instrument breakouts
2027 Convertible Notes · Convertible Debt 401 4,046 -90.1%
2028 Convertible Notes · Convertible Debt 4,192 1,168 +258.9%
2029 Convertible Notes · Convertible Debt 7,279 787 +824.9%
2030A Convertible Notes · Convertible Debt 3,937 3,172 +24.1%
2030B Convertible Notes · Convertible Debt 4,263 — —
2031 Convertible Notes · Convertible Debt 2,457 1,909 +28.7%
2032 Convertible Notes · Convertible Debt 2,696 1,417 +90.3%
Show Long-Term Debt Type breakouts
Convertible Debt 25,225 13,993 +80.3%
Other Operating Activities Cash Flow Statement 3,484 — —
Change in Accounts Receivable 20,406 6,337 +222.0%
Change in Prepaid & Other Assets -28,892 3,804 -859.5%
Increase Decrease In Deposit Other Assets 10,980 -10,668 +202.9%
Increase Decrease In Accounts Payable And Accrued Liabilities 6,561 1,141 +475.0%
Increase Decrease In Employee Related Liabilities -46,593 -34,563 -34.8%
Increase Decrease In Interest Payable Net 70 4,193 -98.3%
Change in Deferred Revenue -7,966 1,049 -859.4%
Increase Decrease In Operating Lease Liabilities -10,662 -10,510 -1.4%
Change in Other Liabilities 903 -2,841 +131.8%
Net Cash from Operations -67,241 -53,032 -26.8%
Deferred Income Taxes -1,683,951 -767,923 -119.3%
Investing Activities
Payment For Acquisition Crypto Asset -22,467,083 -22,072,759 -1.8%
Advance Deposits On Purchases Of Property And Equipment -37,000 -10,500 -252.4%
Capital Expenditures -8,212 -2,978 -175.8%
Net Cash from Investing -22,512,295 -22,086,237 -1.9%
Financing Activities
Proceeds From Convertible Debt 2,000,000 6,213,750 -67.8%
Debt Issuance Costs -15,178 -81,033 +81.3%
Repayments Of Convertible Debt -143 -398 +64.1%
Proceeds From Issuance Of Secured Debt 31,000 — —
Repayments Of Other Long Term Debt -569 -539 -5.6%
Proceeds From Issuance Of Preferred Stock And Preference Stock 7,036,110 — —
Show Statement Class Of Stock breakouts
STRC Stock 2,473,800 — —
STRD Stock 979,486 — —
STRE Stock 608,734 — —
STRF Stock 710,873 — —
STRK Stock 563,226 — —
Payments Of Stock Issuance Costs (FY) — — —
Show Statement Class Of Stock breakouts
Common Stock -25,072 -33,166 +24.4%
Preferred Stock -120,802 — —
STRC Stock -47,200 — —
STRD Stock -20,514 — —
STRE Stock -11,266 — —
STRF Stock -11,627 — —
STRK Stock -20,774 — —
Payments Of Dividends Preferred Stock And Preference Stock -381,367 — —
Show Statement Class Of Stock breakouts
STRC Stock -122.1 — —
STRD Stock -72.7 — —
STRE Stock -12 — —
STRF Stock -86.8 — —
STRK Stock -87.8 — —
Proceeds From Issuance Of Common Stock 16,271,959 16,363,023 -0.6%
Proceeds From Stock Options Exercised 42,154 184,287 -77.1%
Proceeds From Stock Plans 5,435 4,304 +26.3%
Net Cash from Financing 24,843,527 22,132,641 +12.2%
Supplemental
Interest Paid 46,525 44,571 +4.4%
Show Long-Term Debt Type breakouts
Convertible Debt 34.5 16.5 +109.1%
Income Taxes Paid 13,132 1,059 +1140.0%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations -544 -2,148 +74.7%
Net Change in Cash 2,263,447 -8,776 +25891.3%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 2,303,344 39,897 +5673.2%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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