MSTR · Microstrategy Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $124.30M | - | $128.69M | $114.49M | $111.07M | - | $116.07M | $111.44M | $115.25M | - |
| Cost of Revenue | $40.95M | - | $38.01M | $35.75M | $33.97M | - | $34.35M | $30.93M | $30.02M | - |
| Gross Profit | $83.35M | - | $90.68M | $78.74M | $77.09M | - | $81.72M | $80.51M | $85.23M | - |
| R&D | $24.66M | - | $22.60M | $24.07M | $24.42M | - | $33.30M | $30.31M | $29.18M | - |
| SG&A | $37.36M | - | $38.17M | $36.50M | $40.55M | - | $33.51M | $36.13M | $34.67M | - |
| Total Operating Expenses | $14.55B | - | ($3.80B) | ($13.95B) | $6.00B | - | $514.30M | $280.78M | $288.93M | - |
| D&A | $8.79M | - | - | - | $6.58M | - | - | - | $3.05M | - |
| Operating Income | ($14.47B) | - | $3.89B | $14.03B | ($5.92B) | - | ($432.58M) | ($200.27M) | ($203.70M) | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | ($1.92B) | - | $1.09B | $3.98B | ($1.73B) | - | ($138.50M) | ($112.49M) | ($160.77M) | - |
| Net Income | ($12.54B) | - | $2.79B | $10.02B | ($670.81M) | - | ($340.17M) | ($102.56M) | $89.13M | - |
| EPS - Basic | ($38.25) | - | $9.30 | $36.23 | ($16.49) | - | ($1.72) | ($0.57) | ($0.31) | - |
| EPS - Diluted | ($38.25) | - | $8.42 | $32.60 | ($16.49) | - | ($1.72) | ($0.57) | ($0.31) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.21B | $2.30B | $54.28M | $50.09M | $60.30M | $38.12M | $46.34M | $66.92M | $81.33M | $46.82M |
| Accounts Receivable | $122.26M | $205.75M | $113.41M | $117.87M | $104.58M | $181.20M | $107.17M | $112.23M | $115.15M | $183.81M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | $2.39B | $2.56B | $213.95M | $213.46M | $203.61M | $252.32M | $186.04M | $208.27M | $241.59M | $267.89M |
| Total Assets | $54.27B | $61.64B | $73.62B | $64.77B | $43.92B | $25.84B | $8.34B | $7.05B | $6.35B | $4.76B |
| Current Liabilities | $395.06M | $456.49M | $324.09M | $314.57M | $308.69M | $355.38M | $288.11M | $446.06M | $309.81M | $323.27M |
| Long-term Debt | $8.17B | $8.16B | $8.17B | $8.16B | $8.14B | $7.19B | $4.21B | $3.70B | $3.56B | $2.18B |
| Total Liabilities | $8.63B | $10.60B | $15.50B | $14.40B | $10.39B | $7.61B | $4.57B | $4.22B | $3.95B | $2.60B |
| Stockholders' Equity | $36.65B | $44.12B | $52.33B | $47.48B | $32.22B | $18.23B | $3.77B | $2.83B | $2.40B | $2.16B |
| Retained Earnings | ($6.47B) | $6.32B | $18.95B | $16.32B | $10.58B | ($2.17B) | ($1.50B) | ($1.15B) | ($1.05B) | ($999.23M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $13.99M | - | - | - | ($2.39M) | - | - | - | $28.59M | - |
| Investing Cash Flow | ($7.25B) | - | - | - | ($7.67B) | - | - | - | ($1.64B) | - |
| Financing Cash Flow | $7.15B | - | - | - | $7.69B | - | - | - | $1.65B | - |
| CapEx | $952.0K | - | - | - | $2.74M | - | - | - | $1.54M | - |
| Free Cash Flow | $13.04M | - | - | - | ($5.13M) | - | - | - | $27.04M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 67.1% | - | 70.5% | 68.8% | 69.4% | - | 70.4% | 72.2% | 74.0% | - |
| Operating margin | -11641.5% | - | 3023.4% | 12256.3% | -5331.4% | - | -372.7% | -179.7% | -176.8% | - |
| EBITDA margin | -11634.5% | - | - | - | -5325.5% | - | - | - | -174.1% | - |
| Net margin | -10090.6% | - | 2164.1% | 8752.7% | -604.0% | - | -293.1% | -92.0% | 77.3% | - |
| Free cash flow margin | 10.5% | - | - | - | -4.6% | - | - | - | 23.5% | - |
| FCF / Net income | -0.00 | - | - | - | 0.01 | - | - | - | 0.30 | - |
| R&D / Revenue | 19.8% | - | 17.6% | 21.0% | 22.0% | - | 28.7% | 27.2% | 25.3% | - |
| SG&A / Revenue | 30.1% | - | 29.7% | 31.9% | 36.5% | - | 28.9% | 32.4% | 30.1% | - |
| Effective tax rate | - | - | 28.1% | 28.5% | - | - | - | - | - | - |
| Return on assets | -23.1% | - | 3.8% | 15.5% | -1.5% | - | -4.1% | -1.5% | 1.4% | - |
| Return on equity | -34.2% | - | 5.3% | 21.1% | -2.1% | - | -9.0% | -3.6% | 3.7% | - |
| Return on invested capital | -25.5% | - | 4.6% | 18.0% | -11.6% | - | -4.3% | -2.4% | -2.7% | - |
| Liquidity | ||||||||||
| Current ratio | 6.05 | 5.62 | 0.66 | 0.68 | 0.66 | 0.71 | 0.65 | 0.47 | 0.78 | 0.83 |
| Quick ratio | 6.05 | 5.62 | 0.66 | 0.68 | 0.66 | 0.71 | 0.65 | 0.47 | 0.78 | 0.83 |
| Cash ratio | 5.59 | 5.04 | 0.17 | 0.16 | 0.20 | 0.11 | 0.16 | 0.15 | 0.26 | 0.14 |
| Leverage | ||||||||||
| Debt / Equity | 0.22 | 0.18 | 0.16 | 0.17 | 0.25 | 0.39 | 1.12 | 1.31 | 1.48 | 1.01 |
| Debt / Assets | 0.15 | 0.13 | 0.11 | 0.13 | 0.19 | 0.28 | 0.50 | 0.53 | 0.56 | 0.46 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.48 | 1.40 | 1.41 | 1.36 | 1.36 | 1.42 | 2.21 | 2.49 | 2.65 | 2.20 |
| Liabilities / Assets | 0.16 | 0.17 | 0.21 | 0.22 | 0.24 | 0.29 | 0.55 | 0.60 | 0.62 | 0.55 |
| Efficiency | ||||||||||
| Asset turnover | 0.00 | - | 0.00 | 0.00 | 0.00 | - | 0.01 | 0.02 | 0.02 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 359d | - | 322d | 376d | 344d | - | 337d | 368d | 365d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | 38.3x | 12.4x | - | - | - | - | - | - |
| P / B | 1.1x | - | 1.9x | 2.6x | 2.3x | - | 8.8x | 0.9x | 1.2x | - |
| P / S | 335.3x | - | 789.7x | 1083.1x | 665.7x | - | 286.6x | 22.1x | 25.4x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 11.9% | - | 10.9% | 2.7% | -3.6% | - | -10.3% | -7.4% | -5.5% | - |
| Revenue CAGR (3y) | 0.6% | - | 0.9% | -2.1% | -2.3% | - | -3.2% | -3.8% | -2.1% | - |
| Revenue CAGR (5y) | 0.2% | - | 0.2% | 0.7% | -0.1% | - | -0.6% | -1.1% | -0.0% | - |
| Gross profit growth (YoY) | 8.1% | - | 11.0% | -2.2% | -9.5% | - | -20.5% | -13.7% | -9.3% | - |
| Operating income growth (YoY) | -144.4% | - | - | - | -2806.9% | - | -1613.4% | -649.9% | -903.1% | - |
| Net income growth (YoY) | -1769.8% | - | - | - | - | - | -137.2% | - | - | - |
| EPS growth (YoY) | -132.0% | - | - | - | -5236.6% | - | 83.0% | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | 147.6% | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | -26.7% | - |
| FCF CAGR (5y) | -26.9% | - | - | - | - | - | - | - | 16.3% | - |
| Book value growth (YoY) | 13.7% | 142.0% | 1286.7% | 1574.8% | 1242.5% | 742.0% | 349.0% | 246.1% | 441.5% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$477.23M totalSoftware Business$477.23M · 100.0%
Product / service
$692.56M totalProduct Licenses And Subscription Services$215.33M · 31.1%
Product Support$204.22M · 29.5%
Subscription And Circulation$175.66M · 25.4%
Service Other$57.68M · 8.3%
License$39.67M · 5.7%
Geographic
$477.23M totalUS$272.22M · 57.0%
EMEA$162.66M · 34.1%
Other Regions$42.35M · 8.9%
Peer comparison
Same SIC group: Finance Services
Comparing MICROSTRATEGY Inc against the 5 most active filers in the same SIC group.