MSTR

MKT CAP:$48B

Strategy Inc

Market Cap

$48B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$175.69+$18.53 (+11.79%)

Apr 24, 2026

Company Details

Strategy Inc, together with its subsidiaries, operates as a bitcoin treasury company in the United States, Europe, the Middle East, Africa, and internationally. The company offers investors varying degrees of economic exposure to Bitcoin by...

CEO

Phong Q. Le

IPO Date

Jun 11, 1998

Website

www.strategy.com

Key Metrics TTM

Revenue

$462M

-3.8% YoY

Net Income

$4.8B

EPS (Diluted)

$11.36

Free Cash Flow

-$34.2B

Revenue / Share

$1.55

Gross Margin

70.1%

Operating Margin

1440.9%

Net Margin

1036.6%

FCF Margin

-7398.3%

P/S

103.4x

P/E

10.0x

Earnings Reports

Q3 2025

May 7, 2026

PENDING

Q2 2025

Aug 4, 2025

$114M+2.7%EPS $32.60

Q1 2025

May 5, 2025

$111M-3.6%EPS -$16.49

FY 2024

Feb 18, 2025

$463M-6.6%EPS -$6.06

Q4 2024

Feb 18, 2025

$121M-3.0%EPS -$3.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$128M	$106M	-$50M
Q4 21	$135M	$111M	-$137M
Q1 22	$119M	$94M	-$170M
Q2 22	$122M	$97M	-$918M
Q3 22	$125M	$100M	$6M
Q4 22	$133M	$106M	-$194M
Q1 23	$122M	$94M	-$20M
Q2 23	$120M	$93M	-$27M
Q3 23	$129M	$103M	-$25M
Q4 23	$124M	$96M	-$43M
Q1 24	$115M	$85M	-$204M
Q2 24	$111M	$81M	-$200M
Q3 24	$116M	$82M	-$433M
Q4 24	$121M	$87M	-$1.0B
Q1 25	$111M	$77M	-$5.9B
Q2 25	$114M	$79M	$14.0B

Valuation

Quarter	P/S	P/E
Q3 21	11.7x	—
Q4 21	12.3x	—
Q1 22	11.4x	—
Q2 22	4.4x	—
Q3 22	5.1x	—
Q4 22	4.1x	—
Q1 23	7.8x	—
Q2 23	10.7x	26.0x
Q3 23	10.0x	55.9x
Q4 23	20.7x	24.0x
Q1 24	59.7x	—
Q2 24	56.1x	—
Q3 24	80.0x	—
Q4 24	144.9x	—
Q1 25	161.0x	—
Q2 25	224.2x	21.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$14M	-$406M
Q4 21	$3M	-$589M
Q1 22	$44M	-$172M
Q2 22	-$21M	-$32M
Q3 22	-$1M	-$8M
Q4 22	-$18M	-$75M
Q1 23	$37M	-$142M
Q2 23	-$18M	-$366M
Q3 23	-$7M	-$171M
Q4 23	$1M	-$1.2B
Q1 24	$29M	-$1.6B
Q2 24	-$23M	-$818M
Q3 24	-$41M	-$1.6B
Q4 24	-$17M	-$18.1B
Q1 25	-$2M	-$7.7B
Q2 25	-$35M	-$6.8B

Capital Expenditures

Quarter	CapEx
Q3 21	$420M
Q4 21	$592M
Q1 22	$216M
Q2 22	$11M
Q3 22	$6M
Q4 22	$57M
Q1 23	$180M
Q2 23	$348M
Q3 23	$163M
Q4 23	$1.2B
Q1 24	$1.6B
Q2 24	$795M
Q3 24	$1.6B
Q4 24	$18.1B
Q1 25	$7.7B
Q2 25	$6.8B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+0.5%	+20.3%
Q4 21	+2.4%	+107.7%
Q1 22	-2.9%	-5.5%
Q2 22	-2.6%	+92.8%
Q3 22	-2.1%	-32.8%
Q4 22	-1.5%	+20.0%
Q1 23	+2.2%	-50.8%
Q2 23	-1.4%	-85.9%
Q3 23	+3.3%	+29.7%
Q4 23	-6.1%	-48.7%
Q1 24	-5.5%	+124.3%
Q2 24	-7.4%	+111.9%
Q3 24	-10.3%	+254.6%
Q4 24	-3.0%	+579.8%
Q1 25	-3.6%	+1791.4%
Q2 25	+2.7%	-4564.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$12M	9.5%
Q4 21	$13M	9.8%
Q1 22	$14M	12.1%
Q2 22	$15M	12.5%
Q3 22	$17M	13.5%
Q4 22	$17M	12.8%
Q1 23	$18M	14.4%
Q2 23	$15M	12.9%
Q3 23	$17M	13.0%
Q4 23	$20M	15.8%
Q1 24	$18M	15.4%
Q2 24	$21M	18.5%
Q3 24	$19M	16.7%
Q4 24	$19M	16.0%
Q1 25	$12M	10.6%
Q2 25	$16M	13.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 21	$28M	$24M	$38M
Q4 21	$31M	$27M	$43M
Q1 22	$34M	$27M	$33M
Q2 22	$32M	$29M	$37M
Q3 22	$30M	$27M	$35M
Q4 22	$32M	$29M	$41M
Q1 23	$31M	$28M	$36M
Q2 23	$29M	$29M	$38M
Q3 23	$30M	$29M	$36M
Q4 23	$30M	$29M	$40M
Q1 24	$29M	$35M	$33M
Q2 24	$30M	$36M	$34M
Q3 24	$33M	$34M	$35M
Q4 24	$26M	$36M	$35M
Q1 25	$24M	$41M	$28M
Q2 25	$24M	$37M	$34M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 21	0.5%	-35.7%	-35.3
Q4 21	2.4%	8.8%	11.2
Q1 22	-2.9%	-138.4%	-141.3
Q2 22	-2.6%	-746.2%	-748.8
Q3 22	-2.1%	10.5%	8.4
Q4 22	-1.5%	818.0%	816.5
Q1 23	2.2%	21.6%	23.8
Q2 23	-1.4%	-19.7%	-21.1
Q3 23	3.3%	-15.5%	-12.2
Q4 23	-6.1%	-35.0%	-41.1
Q1 24	-5.5%	-172.6%	-178.1
Q2 24	-7.4%	-175.8%	-183.3
Q3 24	-10.3%	-391.6%	-402.0
Q4 24	-3.0%	-832.8%	-835.8
Q1 25	-3.6%	-5329.1%	-5332.7
Q2 25	2.7%	12257.0%	12259.8

Rule of 40

Revenue Segments

Quarter	License	Maintenance	Subscription And Circulation	Technology Service
Q3 21	$26M	$70M	$11M	$21M
Q4 21	$33M	$69M	$12M	$21M
Q1 22	$17M	$67M	$13M	$23M
Q2 22	$20M	$67M	$14M	$21M
Q3 22	$22M	$66M	$16M	$21M
Q4 22	$28M	$67M	$17M	$21M
Q1 23	$17M	$65M	$19M	$20M
Q2 23	$16M	$66M	$20M	$19M
Q3 23	$24M	$67M	$21M	$18M
Q4 23	$18M	$65M	$22M	$19M
Q1 24	$13M	$63M	$23M	$17M
Q2 24	$9M	$62M	$24M	$16M
Q3 24	$11M	$61M	$28M	$16M
Q4 24	$15M	$58M	$32M	$15M
Q1 25	$7M	$53M	$37M	$14M

Revenue by Geography

Quarter	E M E A	North America	Other Regions
Q3 21	$41M	$75M	$13M
Q4 21	$49M	$73M	$13M
Q1 22	$39M	$68M	$12M
Q2 22	$36M	$75M	$11M
Q3 22	$36M	$78M	$12M
Q4 22	$42M	$77M	$13M
Q1 23	$38M	$70M	$14M
Q2 23	$37M	$71M	$12M
Q3 23	$40M	$72M	$17M
Q4 23	$41M	$71M	$13M
Q1 24	$38M	$64M	$13M
Q2 24	$37M	$64M	$11M
Q3 24	$39M	$64M	$13M
Q4 24	$42M	$67M	$12M
Q1 25	$38M	$63M	$10M
Q2 25	$39M	$65M	$10M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$93M	$0	$93M
Q2 22	$69M	$0	$69M
Q3 22	$60M	$0	$60M
Q4 22	$44M	$0	$44M
Q1 23	$94M	$0	$94M
Q2 23	$66M	$0	$66M
Q3 23	$45M	$0	$45M
Q4 23	$47M	$0	$47M
Q1 24	$81M	$0	$81M
Q2 24	$67M	$0	$67M
Q3 24	$46M	$0	$46M
Q4 24	$38M	$0	$38M
Q1 25	$62M	$0	$62M
Q2 25	$50M	$0	$50M
Q3 25	$54M	$0	$54M
Q4 25	$2.3B	$0	$2.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	100M	+2.6%	+4.0%
Q4 21	107M	+6.8%	+8.4%
Q1 22	113M	+5.7%	+17.0%
Q2 22	113M	+0.1%	+15.9%
Q3 22	113M	+0.1%	+13.1%
Q4 22	114M	+0.7%	+6.6%
Q1 23	146M	+28.0%	+29.1%
Q2 23	161M	+10.4%	+42.4%
Q3 23	142M	-11.6%	+25.8%
Q4 23	184M	+29.2%	+61.4%
Q1 24	172M	-6.4%	+18.0%
Q2 24	179M	+3.9%	+11.0%
Q3 24	197M	+10.4%	+38.7%
Q4 24	222M	+12.3%	+20.6%
Q1 25	256M	+15.7%	+49.2%
Q2 25	298M	+16.2%	+66.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$64.1K	2K
Q4 21	$63.4K	2K
Q1 22	$56.2K	2K
Q2 22	$57.6K	2K
Q3 22	$59.1K	2K
Q4 22	$61.6K	2K
Q1 23	$56.7K	2K
Q2 23	$55.9K	2K
Q3 23	$60.2K	2K
Q4 23	$64.4K	2K
Q1 24	$59.6K	2K
Q2 24	$57.6K	2K
Q3 24	$60.0K	2K
Q4 24	$78.7K	2K
Q1 25	$72.4K	2K
Q2 25	$74.6K	2K

Revenue / Employee