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MicroStrategy (MSTR) Financials

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$395.13 -6.88 (-1.71%)
Closing price 08/8/2025 04:00 PM Eastern
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$395.22 +0.10 (+0.02%)
As of 08/8/2025 07:59 PM Eastern
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Annual Income Statements for MicroStrategy

Annual Income Statements for MicroStrategy

This table shows MicroStrategy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders
5.04 106 92 18 23 34 -7.52 -535 -1,470 429 -1,167
Consolidated Net Income / (Loss)
5.04 106 92 18 23 34 -7.52 -535 -1,470 429 -1,167
Net Income / (Loss) Continuing Operations
5.04 106 92 18 23 34 -7.52 -535 -1,470 429 -1,167
Total Pre-Tax Income
11 138 115 71 20 38 -20 -811 -1,322 -125 -1,934
Total Operating Income
5.10 134 110 73 3.98 -1.00 -14 -785 -1,276 -115 -1,853
Total Gross Profit
445 429 420 407 398 386 390 419 396 386 334
Total Revenue
580 530 514 504 498 486 481 511 499 496 463
Operating Revenue
580 530 514 504 498 486 481 511 499 496 463
Total Cost of Revenue
135 101 93 97 99 100 91 92 103 110 129
Operating Cost of Revenue
135 101 93 97 99 100 91 92 103 110 129
Total Operating Expenses
440 295 311 334 394 387 333 1,203 1,672 501 2,187
Selling, General & Admin Expense
96 81 79 80 86 87 80 96 111 115 141
Marketing Expense
225 149 158 175 206 191 149 160 147 150 138
Research & Development Expense
103 65 73 79 102 109 104 117 127 121 118
Impairment Charge
- - - - 0.00 0.00 - 831 1,286 116 1,790
Total Other Income / (Expense), net
5.95 3.84 5.42 -1.75 17 39 -77 -27 -47 -9.48 -81
Interest Expense
- - - - - - - 0.00 0.00 -45 23
Interest & Investment Income
0.16 0.28 2.20 5.21 12 11 0.71 -29 -53 -49 -62
Other Income / (Expense), net
5.79 3.56 3.22 -6.95 4.65 28 -78 2.29 6.41 -5.20 3.51
Income Tax Expense
6.02 32 23 53 -2.02 3.91 -12 -276 147 -554 -768
Basic Earnings per Share
$0.45 $9.33 $8.07 $1.59 $1.98 $3.35 ($0.78) ($53.44) ($12.98) $3.14 ($6.06)
Weighted Average Basic Shares Outstanding
11.30M 11.36M 11.43M 11.44M 11.38M 10.26M 9.68M 10.02M 113.21M 136.71M 192.55M
Diluted Earnings per Share
$0.44 $9.18 $8.01 $1.58 $1.97 $3.33 ($0.78) ($53.44) ($12.98) $2.64 ($6.06)
Weighted Average Diluted Shares Outstanding
11.36M 11.54M 11.52M 11.55M 11.41M 10.33M 9.68M 10.02M 113.21M 165.66M 192.55M
Weighted Average Basic & Diluted Shares Outstanding
11.20M 11.40M 11.40M 11.40M 11.40M 10.11M 9.59M 11.29M 11.55M 16.97M 257.35M

Quarterly Income Statements for MicroStrategy

This table shows MicroStrategy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders
-250 461 22 -143 89 -53 -103 -340 -671 -4,228 9,972
Consolidated Net Income / (Loss)
-250 461 22 -143 89 -53 -103 -340 -671 -4,217 10,021
Net Income / (Loss) Continuing Operations
-250 461 22 -143 89 -53 -103 -340 -671 -4,217 10,021
Total Pre-Tax Income
-214 8.01 -38 -34 -61 -214 -215 -479 -1,027 -5,942 14,006
Total Operating Income
-194 -20 -27 -25 -43 -204 -200 -433 -1,016 -5,921 14,032
Total Gross Profit
106 94 93 103 96 85 81 82 87 77 79
Total Revenue
133 122 120 129 124 115 111 116 121 111 114
Operating Revenue
133 122 120 129 124 115 111 116 121 111 114
Total Cost of Revenue
27 28 27 27 28 30 31 34 34 34 36
Operating Cost of Revenue
27 28 27 27 28 30 31 34 34 34 36
Total Operating Expenses
300 114 120 128 139 289 281 514 1,103 5,999 -13,953
Selling, General & Admin Expense
29 28 29 29 29 35 36 34 36 41 37
Marketing Expense
41 36 38 36 40 33 34 35 35 28 34
Research & Development Expense
32 31 29 30 30 29 30 33 26 24 24
Other Operating Expenses / (Income)
- - - - - - - - - 5,906 -14,048
Impairment Charge
198 19 24 34 39 192 180 412 1,006 0.00 0.00
Total Other Income / (Expense), net
-21 28 -11 -8.59 -18 -10 -15 -46 -10 -21 -26
Interest & Investment Income
-15 -15 -11 -11 -12 -12 -15 -18 -16 -17 -18
Other Income / (Expense), net
-5.83 -1.44 -0.25 2.42 -5.93 1.70 0.69 -5.03 6.15 -3.94 -8.27
Income Tax Expense
35 -453 -60 110 -150 -161 -112 -139 -356 -1,725 3,985
Preferred Stock Dividends Declared
- - - - - - - - - 11 49
Basic Earnings per Share
($2.21) $38.97 $1.68 ($1.01) $0.65 ($0.31) ($0.57) ($1.72) ($3.48) ($16.49) $36.23
Weighted Average Basic Shares Outstanding
113.21M 11.83M 13.25M 142.21M 136.71M 171.94M 178.61M 197.27M 192.55M 256.47M 275.24M
Diluted Earnings per Share
($2.21) $31.79 $1.52 ($1.01) $0.65 ($0.31) ($0.57) ($1.72) ($3.48) ($16.49) $32.60
Weighted Average Diluted Shares Outstanding
113.21M 14.58M 16.10M 142.21M 165.66M 171.94M 178.61M 197.27M 192.55M 256.47M 306.76M
Weighted Average Basic & Diluted Shares Outstanding
11.55M 12.96M 14.09M 14.52M 16.97M 17.74M 19.43M 202.64M 257.35M 273.40M 283.55M

Annual Cash Flow Statements for MicroStrategy

This table details how cash moves in and out of MicroStrategy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents
-73 145 110 18 -310 347 -397 3.68 -14 -2.20 -8.78
Net Cash From Operating Activities
15 150 111 78 11 61 54 94 3.21 13 -53
Net Cash From Continuing Operating Activities
15 150 111 78 11 61 -17 94 3.21 13 -53
Net Income / (Loss) Continuing Operations
5.04 106 92 18 23 34 -7.52 -535 -1,470 429 -1,167
Consolidated Net Income / (Loss)
5.04 106 92 18 23 34 -7.52 -535 -1,470 429 -1,167
Depreciation Expense
25 21 20 16 3.70 8.59 13 11 11 15 18
Amortization Expense
- - - - 0.00 0.00 1.54 7.20 8.69 8.81 15
Non-Cash Adjustments To Reconcile Net Income
15 17 11 17 17 18 19 884 1,359 151 1,899
Changes in Operating Assets and Liabilities, net
-31 5.88 -12 28 -32 -0.56 -44 -274 95 -591 -819
Net Cash From Investing Activities
-82 -7.66 4.34 -70 -209 354 -1,019 -2,629 -279 -1,905 -22,086
Net Cash From Continuing Investing Activities
-82 -7.66 4.34 -70 -209 354 -1,019 -2,629 -279 -1,905 -22,076
Purchase of Property, Plant & Equipment
-12 -3.48 -2.34 -3.98 -6.85 -10 -3.65 -2.71 -2.49 -2.94 -2.98
Acquisitions
- - - - 0.00 0.00 -1,125 -2,627 -288 -1,902 -22,073
Divestitures
- - - - - - 0.00 0.00 12 0.00 0.00
Net Cash From Financing Activities
-1.47 9.18 -1.00 1.66 -109 -66 563 2,542 265 1,890 22,133
Net Cash From Continuing Financing Activities
-1.47 9.18 -1.00 1.66 -109 -66 563 2,542 265 1,890 22,133
Repayment of Debt
-2.33 -1.45 -0.17 -0.02 -0.01 0.00 482 -38 215 -161 -597
Repurchase of Common Equity
- - 0.00 0.00 -111 -73 -123 -9.54 -0.36 -9.14 -33
Issuance of Debt
- - - - - 0.00 0.00 1,550 0.00 0.00 6,214
Issuance of Common Equity
- - - - - 0.00 0.00 1,003 51 2,033 16,367
Other Financing Activities, net
0.86 11 -0.83 1.68 2.47 6.57 205 36 -0.69 26 182
Effect of Exchange Rate Changes
-4.27 -5.84 -4.18 8.22 -3.44 -1.37 4.78 -2.61 -3.38 0.44 -2.15
Cash Interest Paid
0.07 0.03 0.00 - - 0.01 0.18 20 43 41 45
Cash Income Taxes Paid
5.53 13 24 29 13 5.91 6.80 7.01 22 30 1.06

Quarterly Cash Flow Statements for MicroStrategy

This table details how cash moves in and out of MicroStrategy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents
-16 46 -28 -21 1.80 35 -15 -21 -8.31 22 -9.28
Net Cash From Operating Activities
-18 37 -18 -7.40 1.18 29 -23 -41 -17 -2.39 -35
Net Cash From Continuing Operating Activities
-18 37 -18 -7.40 1.18 29 -23 -41 -17 -2.39 -35
Net Income / (Loss) Continuing Operations
-250 461 22 -143 89 -53 -103 -340 -671 -4,217 10,021
Consolidated Net Income / (Loss)
-250 461 22 -143 89 -53 -103 -340 -671 -4,217 10,021
Depreciation Expense
3.96 3.43 3.23 2.74 5.12 3.05 3.65 5.98 5.13 6.58 9.12
Amortization Expense
2.20 2.21 2.19 2.20 2.21 4.67 3.84 3.83 5.11 6.05 6.40
Non-Cash Adjustments To Reconcile Net Income
216 -6.08 42 53 62 207 203 457 1,028 5,920 -14,029
Changes in Operating Assets and Liabilities, net
8.85 -423 -88 78 -157 -133 -131 -167 -385 -1,718 3,958
Net Cash From Investing Activities
-45 -180 -348 -163 -1,215 -1,641 -795 -1,575 -18,075 -7,670 -6,787
Net Cash From Continuing Investing Activities
-45 -180 -348 -163 -1,215 -1,641 -795 -1,575 -18,065 -7,670 -6,765
Purchase of Property, Plant & Equipment
-0.64 -0.50 -0.64 -1.45 -0.35 -1.55 -0.72 -0.43 -0.28 -2.74 -2.09
Acquisitions
-56 -179 -347 -162 -1,214 -1,639 -794 -1,575 -18,065 -7,662 -6,769
Net Cash From Financing Activities
45 188 338 150 1,214 1,648 803 1,594 18,087 7,694 6,810
Net Cash From Continuing Financing Activities
45 188 338 150 1,214 1,648 803 1,594 18,087 7,694 6,810
Repayment of Debt
-0.18 -160 -0.26 -0.13 -0.13 -28 -14 -527 -28 -14 -0.79
Repurchase of Preferred Equity
- - - - - 0.00 - - - -31 -25
Repurchase of Common Equity
-0.36 -2.05 -1.58 -0.66 -4.86 -0.61 - -3.57 -29 -7.13 -11
Payment of Dividends
- - - - - 0.00 - - - -9.19 -49
Issuance of Debt
- 0.00 - - - 1,404 800 1,010 3,000 2,000 16
Issuance of Preferred Equity
- - - - - 0.00 - - - 1,337 1,611
Issuance of Common Equity
47 343 335 149 1,205 140 - 1,111 15,117 4,410 5,257
Other Financing Activities, net
-0.92 6.25 5.13 1.45 14 134 18 4.19 27 9.42 12

Annual Balance Sheets for MicroStrategy

This table presents MicroStrategy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets
559 657 768 933 856 917 1,466 3,557 2,410 4,763 25,844
Total Current Assets
462 565 685 861 778 753 273 268 265 268 252
Cash & Equivalents
147 292 402 420 110 457 60 63 44 47 38
Restricted Cash
0.66 0.62 0.74 0.94 0.86 1.09 1.08 1.08 7.03 1.86 1.78
Accounts Receivable
79 68 83 165 171 164 197 189 189 184 181
Prepaid Expenses
18 11 12 19 30 23 14 14 24 35 31
Plant, Property, & Equipment, net
78 66 57 53 52 50 43 37 32 29 26
Total Noncurrent Assets
19 26 26 19 25 113 1,150 3,253 2,113 4,466 25,565
Intangible Assets
13 16 8.50 2.50 - 0.00 1,054 2,850 1,840 3,626 23,909
Noncurrent Deferred & Refundable Income Taxes
1.16 7.99 12 9.30 17 19 6.50 320 188 758 1,525
Other Noncurrent Operating Assets
3.95 2.07 5.70 7.41 8.13 94 89 83 85 82 130
Total Liabilities & Shareholders' Equity
559 657 768 933 856 917 1,466 3,557 2,410 4,763 25,844
Total Liabilities
234 202 216 327 326 408 913 2,578 2,793 2,598 7,614
Total Current Liabilities
197 173 185 271 258 270 286 312 317 323 355
Short-Term Debt
- - - - - - - 0.00 0.45 0.48 0.52
Accounts Payable
35 32 37 31 34 34 45 46 43 43 53
Current Deferred Revenue
108 101 106 199 177 187 191 210 217 228 238
Current Employee Benefit Liabilities
51 40 43 41 48 49 49 55 54 50 58
Other Current Nonoperating Liabilities
- - - - - - 0.27 1.49 2.83 1.49 5.55
Total Noncurrent Liabilities
37 29 31 57 68 138 627 2,266 2,476 2,274 7,258
Long-Term Debt
- - - - - 0.00 486 2,155 2,379 2,182 7,191
Noncurrent Deferred Revenue
11 9.00 14 6.40 6.47 4.34 15 8.09 13 8.52 4.97
Noncurrent Deferred & Payable Income Tax Liabilities
3.53 0.02 0.29 0.00 0.04 0.03 8.21 0.11 0.20 0.36 0.41
Other Noncurrent Operating Liabilities
23 20 16 50 61 134 118 103 84 83 62
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest
- - - - - - - - - - 0.00
Total Equity & Noncontrolling Interests
324 455 552 606 530 509 553 979 -383 2,165 18,230
Total Preferred & Common Equity
324 455 552 606 530 509 553 979 -383 2,165 18,230
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
324 455 552 606 530 509 553 979 -383 2,165 18,230
Common Stock
507 535 544 560 577 594 763 1,727 1,841 3,958 20,412
Retained Earnings
297 403 494 527 549 583 576 41 -1,428 -999 -2,167
Treasury Stock
-475 -475 -475 -475 -586 -659 -782 -782 -782 -782 0.00
Accumulated Other Comprehensive Income / (Loss)
-4.36 -7.41 -11 -5.66 -10 -9.65 -3.89 -7.54 -14 -11 -15

Quarterly Balance Sheets for MicroStrategy

This table presents MicroStrategy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets
2,410 3,026 3,363 3,374 4,763 6,352 7,053 8,344 25,844 43,920 64,773
Total Current Assets
265 260 210 200 268 242 208 186 252 204 213
Cash & Equivalents
44 94 66 45 47 81 67 46 38 60 50
Restricted Cash
7.03 2.15 2.09 1.87 1.86 2.40 1.88 1.86 1.78 1.96 2.04
Accounts Receivable
189 139 122 129 184 115 112 107 181 105 118
Prepaid Expenses
24 24 20 24 35 43 27 31 31 37 43
Plant, Property, & Equipment, net
32 31 31 30 29 29 28 28 26 28 30
Total Noncurrent Assets
2,113 2,735 3,123 3,144 4,466 6,081 6,816 8,130 25,565 43,688 64,530
Intangible Assets
1,840 2,000 2,323 2,451 3,626 5,074 5,688 6,851 23,909 43,546 64,363
Noncurrent Deferred & Refundable Income Taxes
188 652 719 614 758 920 1,032 1,173 1,525 5.40 5.72
Other Noncurrent Operating Assets
85 83 81 79 82 87 97 106 130 136 161
Total Liabilities & Shareholders' Equity
2,410 3,026 3,363 3,374 4,763 6,352 7,053 8,344 25,844 43,920 64,773
Total Liabilities
2,793 2,583 2,544 2,534 2,598 3,951 4,218 4,570 7,614 10,394 14,402
Total Current Liabilities
317 312 273 268 323 310 446 288 355 309 315
Short-Term Debt
0.45 0.46 0.47 0.48 0.48 0.49 145 0.51 0.52 0.53 0.35
Accounts Payable
43 51 34 34 43 42 44 46 53 54 44
Current Deferred Revenue
217 212 196 179 228 216 205 184 238 216 214
Current Employee Benefit Liabilities
54 39 41 43 50 41 47 52 58 33 50
Other Current Nonoperating Liabilities
2.83 10 1.49 10 1.49 11 5.07 5.80 5.55 5.97 5.62
Total Noncurrent Liabilities
2,476 2,271 2,271 2,266 2,274 3,642 3,772 4,282 7,258 10,085 14,088
Long-Term Debt
2,379 2,176 2,178 2,180 2,182 3,559 3,703 4,212 7,191 8,140 8,162
Noncurrent Deferred Revenue
13 12 11 7.64 8.52 6.49 5.96 6.34 4.97 3.98 4.20
Noncurrent Deferred & Payable Income Tax Liabilities
0.20 0.20 0.20 0.20 0.36 0.36 0.36 0.36 0.41 1,883 5,866
Other Noncurrent Operating Liabilities
84 83 82 78 83 76 63 63 62 58 56
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest
- - - - - - - - - 1,304 2,894
Total Equity & Noncontrolling Interests
-383 443 819 840 2,165 2,400 2,835 3,774 18,230 32,221 47,477
Total Preferred & Common Equity
-383 443 819 840 2,165 2,400 2,835 3,774 18,230 32,221 47,477
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
-383 443 819 840 2,165 2,400 2,835 3,774 18,230 32,221 47,477
Common Stock
1,841 2,206 2,559 2,726 3,958 4,248 4,785 6,060 20,412 25,881 31,158
Retained Earnings
-1,428 -967 -945 -1,088 -999 -1,052 -1,155 -1,495 -2,167 6,352 16,324
Treasury Stock
-782 -782 -782 -782 -782 -782 -782 -782 0.00 0.00 0.00
Accumulated Other Comprehensive Income / (Loss)
-14 -13 -13 -15 -11 -13 -14 -9.58 -15 -12 -5.02

Annual Metrics And Ratios for MicroStrategy

This table displays calculated financial ratios and metrics derived from MicroStrategy's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics
- - - - - - - - - - -
Revenue Growth
0.68% -8.62% -3.07% -1.90% -1.23% -2.27% -1.15% 6.25% -2.25% -0.60% -6.61%
EBITDA Growth
-15.17% 338.85% -16.45% -38.34% -84.93% 191.60% -312.77% -898.46% -63.65% 92.25% -1,774.13%
EBIT Growth
-33.01% 1,163.48% -18.06% -41.21% -86.98% 217.07% -434.00% -756.21% -62.27% 90.53% -1,438.01%
NOPAT Growth
-92.45% 4,328.33% -14.65% -78.79% -76.54% -120.57% -960.12% -5,658.00% -62.61% 90.98% -1,510.63%
Net Income Growth
-93.96% 2,003.89% -12.93% -80.27% 23.67% 52.68% -121.90% -7,016.96% -174.48% 129.20% -371.87%
EPS Growth
-94.03% 1,986.36% -12.75% -80.27% 24.68% 69.04% -123.42% -6,751.28% -174.48% 129.20% -329.55%
Operating Cash Flow Growth
-51.23% 925.34% -26.13% -29.18% -86.43% 472.76% -11.91% 75.00% -96.58% 295.89% -517.18%
Free Cash Flow Firm Growth
-147.54% 575.04% -15.57% -46.14% -136.74% 153.47% -10,529.51% -152.37% 108.72% -1,156.50% -819.99%
Invested Capital Growth
54.53% -43.14% -22.40% -85.50% 32.88% -23.15% 1,782.69% 213.73% -36.58% 120.78% 490.35%
Revenue Q/Q Growth
-2.85% -1.00% -0.39% -1.01% -0.89% 0.33% -0.46% 0.63% -0.39% -1.60% -0.81%
EBITDA Q/Q Growth
94.02% 6.92% -2.07% -26.18% -63.06% 46.22% -6,473.83% -9.26% -5.17% 61.06% -111.77%
EBIT Q/Q Growth
245.77% 8.89% -3.94% -27.92% -67.28% 44.65% -709.94% -8.91% -5.20% 55.64% -108.29%
NOPAT Q/Q Growth
134.81% 19.97% -9.47% -75.15% 209.83% 91.56% -210.58% -21.32% -4.61% 56.75% -110.72%
Net Income Q/Q Growth
432.12% 18.33% -6.73% -76.11% 457.22% 34.78% -479.62% -20.92% -12.19% 375.08% -186.84%
EPS Q/Q Growth
438.46% 17.84% -6.53% -76.06% 471.70% 35.92% -750.00% -20.66% -12.19% 375.08% -194.17%
Operating Cash Flow Q/Q Growth
-53.89% 22.98% -8.07% 18.97% -79.68% 53.31% 45.54% -19.05% -86.98% 290.58% -53.61%
Free Cash Flow Firm Q/Q Growth
-1,334.05% 44.76% -12.03% 2.20% -171.79% 186.21% -160.26% 1.20% 155.03% -131.83% -301.52%
Invested Capital Q/Q Growth
62.07% 36.55% 36.30% -103.84% 26.93% 8.63% 191.86% 20.14% -8.17% 44.10% 219.59%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
76.68% 80.92% 81.86% 80.82% 80.01% 79.44% 81.06% 82.01% 79.37% 77.85% 72.06%
EBITDA Margin
6.24% 29.97% 25.83% 16.24% 2.48% 7.39% -15.91% -149.52% -250.32% -19.53% -391.91%
Operating Margin
0.88% 25.29% 21.32% 14.53% 0.80% -0.21% -2.83% -153.60% -255.52% -23.18% -399.82%
EBIT Margin
1.88% 25.96% 21.95% 13.15% 1.73% 5.62% -19.00% -153.15% -254.24% -24.23% -399.06%
Profit (Net Income) Margin
0.87% 19.99% 17.96% 3.61% 4.52% 7.06% -1.57% -104.84% -294.39% 86.47% -251.73%
Tax Burden Percent
45.56% 76.84% 80.25% 25.46% 109.86% 89.79% 37.71% 66.00% 111.14% -344.61% 60.31%
Interest Burden Percent
101.49% 100.21% 101.95% 107.85% 237.42% 139.88% 21.84% 103.73% 104.19% 103.55% 104.59%
Effective Tax Rate
54.44% 23.16% 19.75% 74.54% -9.86% 10.21% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -2.07% -27.12% -35.59% -2.58% -8.74%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -4.93% -26.03% -61.67% 20.24% -5.93%
Return on Net Nonoperating Assets (RNNOA)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.65% -42.79% -457.77% 50.74% -2.70%
Return on Equity (ROE)
1.59% 27.17% 18.31% 3.14% 3.96% 6.62% -1.42% -69.91% -493.35% 48.17% -11.44%
Cash Return on Invested Capital (CROIC)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -106.92% -130.44% 9.18% -77.88% -150.80%
Operating Return on Assets (OROA)
1.90% 22.63% 15.82% 7.79% 0.96% 3.09% -7.67% -31.15% -42.54% -3.35% -12.09%
Return on Assets (ROA)
0.88% 17.43% 12.94% 2.14% 2.52% 3.88% -0.63% -21.32% -49.26% 11.97% -7.62%
Return on Common Equity (ROCE)
1.59% 27.17% 18.31% 3.14% 3.96% 6.62% -1.42% -69.91% -493.35% 48.17% -11.44%
Return on Equity Simple (ROE_SIMPLE)
1.55% 23.27% 16.70% 3.00% 4.25% 6.76% -1.36% -54.70% 383.64% 19.82% -6.40%
Net Operating Profit after Tax (NOPAT)
2.33 103 88 19 4.37 -0.90 -9.54 -549 -893 -81 -1,297
NOPAT Margin
0.40% 19.43% 17.11% 3.70% 0.88% -0.19% -1.98% -107.52% -178.87% -16.23% -279.87%
Net Nonoperating Expense Percent (NNEP)
0.77% 0.71% 0.81% -0.07% 2.89% 6.17% 2.86% -1.09% 26.08% -22.82% -2.81%
Return On Investment Capital (ROIC_SIMPLE)
- - - - - - - - -44.74% -1.85% -5.10%
Cost of Revenue to Revenue
23.32% 19.08% 18.14% 19.18% 19.99% 20.56% 18.94% 17.99% 20.63% 22.15% 27.94%
SG&A Expenses to Revenue
16.62% 15.24% 15.47% 15.91% 17.31% 17.83% 16.67% 18.70% 22.32% 23.24% 30.32%
R&D to Revenue
17.83% 12.31% 14.24% 15.63% 20.60% 22.50% 21.54% 22.93% 25.52% 24.29% 25.57%
Operating Expenses to Revenue
75.80% 55.62% 60.54% 66.28% 79.21% 79.65% 69.19% 235.60% 334.90% 101.03% 471.88%
Earnings before Interest and Taxes (EBIT)
11 138 113 66 8.63 27 -91 -782 -1,269 -120 -1,849
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
36 159 133 82 12 36 -76 -764 -1,250 -97 -1,816
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
5.68 4.48 4.09 2.48 2.77 2.88 6.51 5.76 0.00 4.24 3.22
Price to Tangible Book Value (P/TBV)
5.93 4.64 4.15 2.49 2.77 2.88 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)
3.18 3.85 4.39 2.98 2.94 3.01 7.49 11.04 3.21 18.48 126.64
Price to Earnings (P/E)
366.28 19.24 24.46 82.60 65.11 42.63 0.00 0.00 0.00 21.37 0.00
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
0.27% 5.20% 4.09% 1.21% 1.54% 2.35% 0.00% 0.00% 0.00% 4.68% 0.00%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.00 0.00 0.00 0.00 4.11 2.52 2.02 2.63 2.59
Enterprise Value to Revenue (EV/Rev)
2.58 2.93 3.24 1.64 1.78 1.85 8.38 15.13 7.87 22.78 142.07
Enterprise Value to EBITDA (EV/EBITDA)
41.40 9.77 12.56 10.11 72.03 24.97 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)
137.58 11.28 14.78 12.48 102.93 32.82 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)
644.21 15.06 18.96 44.36 203.04 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)
102.61 10.36 15.07 10.56 83.56 14.75 75.09 82.38 1,224.04 889.23 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 13.81 17.57 16.19 0.00 89.45 0.00 0.00 17.07 0.00 0.00
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.00 0.00 0.00 0.00 0.00 0.00 0.88 2.20 -6.21 1.01 0.39
Long-Term Debt to Equity
0.00 0.00 0.00 0.00 0.00 0.00 0.88 2.20 -6.21 1.01 0.39
Financial Leverage
-1.11 -1.07 -1.07 -1.09 -1.10 -1.10 -0.13 1.64 7.42 2.51 0.46
Leverage Ratio
1.80 1.56 1.41 1.47 1.58 1.71 2.24 3.28 10.02 4.03 1.50
Compound Leverage Factor
1.83 1.56 1.44 1.58 3.74 2.39 0.49 3.40 10.43 4.17 1.57
Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 46.79% 68.76% 119.20% 50.20% 28.29%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.02% 0.01% 0.00%
Long-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 46.79% 68.76% 119.17% 50.19% 28.29%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
99.99% 100.00% 100.00% 100.00% 100.00% 100.00% 53.21% 31.24% -19.20% 49.80% 71.71%
Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 0.00 -6.36 -2.82 -1.90 -22.52 -3.96
Net Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 0.00 -5.56 -2.74 -1.86 -22.02 -3.94
Long-Term Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 0.00 -6.36 -2.82 -1.90 -22.52 -3.96
Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 0.00 -51.00 -3.92 -2.66 -27.10 -5.54
Net Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 0.00 -44.62 -3.81 -2.61 -26.50 -5.51
Long-Term Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 0.00 -51.00 -3.92 -2.66 -27.10 -5.54
Altman Z-Score
7.14 9.14 9.10 5.08 4.94 4.31 3.03 0.73 -2.04 1.83 4.28
Noncontrolling Interest Sharing Ratio
0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
2.34 3.27 3.69 3.18 3.01 2.79 0.95 0.86 0.83 0.83 0.71
Quick Ratio
2.15 3.21 3.63 3.10 2.89 2.70 0.90 0.81 0.73 0.71 0.62
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-24 112 95 51 -19 10 -1,047 -2,641 230 -2,433 -22,384
Operating Cash Flow to CapEx
117.74% 4,296.76% 4,732.09% 1,966.90% 155.23% 597.79% 1,468.61% 3,467.59% 129.16% 432.68% -1,780.79%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -976.06
Operating Cash Flow to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -2.31
Operating Cash Flow Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -2.44
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
1.01 0.87 0.72 0.59 0.56 0.55 0.40 0.20 0.17 0.14 0.03
Accounts Receivable Turnover
7.04 7.22 6.78 4.05 2.96 2.90 2.66 2.64 2.64 2.66 2.54
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
7.10 7.38 8.34 9.10 9.45 9.53 10.32 12.84 14.49 16.20 16.77
Accounts Payable Turnover
3.59 3.00 2.72 2.87 3.09 2.96 2.31 2.02 2.31 2.55 2.70
Days Sales Outstanding (DSO)
51.87 50.56 53.82 90.08 123.49 125.67 137.04 138.19 138.38 137.21 143.74
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
101.78 121.47 134.15 127.15 118.11 123.41 157.87 180.56 157.82 142.86 135.42
Cash Conversion Cycle (CCC)
-49.90 -70.92 -80.32 -37.08 5.37 2.26 -20.83 -42.37 -19.44 -5.66 8.31
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
-22 -31 -38 -70 -47 -58 979 3,071 1,948 4,300 25,387
Invested Capital Turnover
-16.74 -20.13 -14.90 -9.30 -8.46 -9.23 1.04 0.25 0.20 0.16 0.03
Increase / (Decrease) in Invested Capital
26 -9.34 -6.95 -32 23 -11 1,037 2,092 -1,123 2,353 21,087
Enterprise Value (EV)
1,498 1,551 1,666 827 888 898 4,026 7,730 3,930 11,304 65,842
Market Capitalization
1,844 2,038 2,257 1,503 1,465 1,464 3,601 5,640 1,602 9,170 58,690
Book Value per Share
$28.57 $40.06 $48.30 $52.92 $46.19 $49.53 $59.68 $94.52 ($33.85) $149.12 $89.96
Tangible Book Value per Share
$27.39 $38.67 $47.56 $52.70 $46.19 $49.53 ($54.09) ($180.66) ($196.43) ($100.67) ($28.03)
Total Capital
324 455 552 606 530 509 1,039 3,134 1,996 4,348 25,422
Total Debt
0.00 0.00 0.00 0.00 0.00 0.00 486 2,155 2,379 2,183 7,192
Total Long-Term Debt
0.00 0.00 0.00 0.00 0.00 0.00 486 2,155 2,379 2,182 7,191
Net Debt
-346 -486 -590 -676 -577 -567 426 2,091 2,328 2,134 7,152
Capital Expenditures (CapEx)
12 3.48 2.34 3.98 6.85 10 3.65 2.71 2.49 2.94 2.98
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-81 -94 -91 -86 -57 -83 -74 -108 -103 -104 -142
Debt-free Net Working Capital (DFNWC)
265 393 500 590 520 484 -13 -44 -52 -55 -103
Net Working Capital (NWC)
265 393 500 590 520 484 -13 -44 -53 -55 -103
Net Nonoperating Expense (NNE)
-2.71 -2.95 -4.35 0.44 -18 -35 -2.01 -14 577 -510 -130
Net Nonoperating Obligations (NNO)
-346 -486 -590 -676 -577 -567 426 2,092 2,331 2,135 7,157
Total Depreciation and Amortization (D&A)
25 21 20 16 3.70 8.59 15 19 20 23 33
Debt-free, Cash-free Net Working Capital to Revenue
-13.98% -17.67% -17.64% -17.15% -11.42% -17.09% -15.34% -21.23% -20.68% -20.87% -30.73%
Debt-free Net Working Capital to Revenue
45.71% 74.10% 97.26% 117.04% 104.52% 99.45% -2.70% -8.62% -10.49% -11.06% -22.13%
Net Working Capital to Revenue
45.71% 74.10% 97.26% 117.04% 104.52% 99.45% -2.70% -8.62% -10.58% -11.16% -22.24%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.45 $0.93 $0.80 $0.15 $0.20 $0.34 ($0.08) ($5.34) ($12.98) $3.14 ($6.06)
Adjusted Weighted Average Basic Shares Outstanding
11.30M 113.55M 114.25M 114.44M 113.75M 102.56M 96.84M 100.20M 113.21M 136.71M 192.55M
Adjusted Diluted Earnings per Share
$0.44 $0.92 $0.79 $0.15 $0.20 $0.33 ($0.08) ($5.34) ($12.98) $2.64 ($6.06)
Adjusted Weighted Average Diluted Shares Outstanding
11.36M 115.39M 115.16M 115.47M 114.12M 103.28M 96.84M 100.20M 113.21M 165.66M 192.55M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
11.20M 114.02M 114.35M 114.47M 102.77M 101.05M 95.87M 112.85M 115.49M 169.68M 257.35M
Normalized Net Operating Profit after Tax (NOPAT)
14 103 88 51 2.79 -0.90 -9.54 32 7.38 0.56 -44
Normalized NOPAT Margin
2.39% 19.48% 17.12% 10.17% 0.56% -0.19% -1.98% 6.32% 1.48% 0.11% -9.53%
Pre Tax Income Margin
1.91% 26.02% 22.38% 14.19% 4.12% 7.87% -4.15% -158.86% -264.88% -25.09% -417.37%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -80.65
NOPAT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -56.56
EBIT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -80.78
NOPAT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -56.69
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio
0.00% 0.00% 0.00% 0.00% 493.21% 211.67% -1,637.75% -1.78% -0.02% 2.13% -2.84%

Quarterly Metrics And Ratios for MicroStrategy

This table displays calculated financial ratios and metrics derived from MicroStrategy's official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics
- - - - - - - - - - -
Revenue Growth
-1.46% 2.21% -1.37% 3.27% -6.09% -5.47% -7.44% -10.34% -3.04% -3.63% 2.73%
EBITDA Growth
-46.53% 90.11% 97.63% -216.91% 78.60% -1,119.19% -791.85% -2,291.98% -2,316.48% -2,943.33% 7,329.23%
EBIT Growth
-45.86% 87.03% 97.05% -308.38% 75.59% -828.76% -640.34% -1,817.01% -1,973.84% -2,833.25% 7,126.62%
NOPAT Growth
-40.92% -883.26% 97.09% -516.75% 77.91% 87.81% -649.87% -1,613.40% -2,275.65% -2,806.90% 7,261.31%
Net Income Growth
-177.48% 452.73% 102.09% -429.71% 135.70% -111.52% -561.08% -137.15% -852.65% -7,839.63% 9,870.81%
EPS Growth
-177.48% 374.53% 101.62% -429.71% 135.70% -109.72% -477.63% -70.30% -635.38% -5,219.35% 5,819.30%
Operating Cash Flow Growth
-660.46% -14.39% 11.27% -408.73% 106.51% -23.56% -26.29% -453.82% -1,563.18% -108.36% -49.65%
Free Cash Flow Firm Growth
145.13% 56.80% -42.41% -300.50% -341.21% -516.70% -358.44% -497.29% -814.95% -1,040.52% -992.47%
Invested Capital Growth
-36.58% -19.22% 38.61% 40.70% 120.78% 132.35% 125.85% 166.17% 490.35% 606.87% 783.55%
Revenue Q/Q Growth
5.74% -8.03% -1.24% 7.53% -3.85% -7.42% -3.30% 4.15% 3.99% -7.98% 3.08%
EBITDA Q/Q Growth
-1,364.12% 91.67% -33.70% 16.96% -131.39% -374.58% 2.20% -122.71% -133.76% -491.25% 337.44%
EBIT Q/Q Growth
-1,921.51% 89.10% -23.94% 15.32% -113.40% -314.67% 1.20% -119.27% -130.86% -486.51% 336.67%
NOPAT Q/Q Growth
-3,297.71% -762.67% 98.40% 5.47% -69.47% -376.11% 1.68% -116.00% -134.97% -482.58% 342.21%
Net Income Q/Q Growth
-822.00% 284.72% -95.18% -744.88% 162.13% -159.60% -93.08% -231.69% -97.20% -528.70% 337.61%
EPS Q/Q Growth
-822.00% 244.17% -95.22% -744.88% 162.13% -147.39% -85.76% 70.03% -102.33% -373.85% 297.70%
Operating Cash Flow Q/Q Growth
-1,151.58% 305.50% -149.39% 59.96% 116.01% 2,314.44% -181.61% -75.60% 57.71% 86.21% -1,361.41%
Free Cash Flow Firm Q/Q Growth
124.79% -157.39% -47.34% -5.49% -170.43% -46.72% -9.53% -37.44% -314.25% -82.90% -4.91%
Invested Capital Q/Q Growth
-8.17% 30.07% 15.69% 1.82% 44.10% 36.88% 12.45% 20.00% 219.59% 63.90% 40.56%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
79.84% 77.08% 77.47% 79.41% 77.33% 73.96% 72.24% 70.41% 71.69% 69.41% 68.77%
EBITDA Margin
-145.89% -13.21% -17.89% -13.81% -33.24% -170.42% -172.37% -368.57% -828.55% -5,323.61% 12,262.62%
Operating Margin
-146.14% -16.66% -22.18% -19.50% -34.37% -176.75% -179.71% -372.69% -842.13% -5,331.44% 12,256.30%
EBIT Margin
-150.54% -17.84% -22.39% -17.63% -39.13% -175.28% -179.09% -377.02% -837.03% -5,334.98% 12,249.07%
Profit (Net Income) Margin
-188.35% 378.29% 18.47% -110.80% 71.60% -46.09% -92.03% -293.07% -555.78% -3,797.17% 8,752.75%
Tax Burden Percent
116.46% 5,760.59% -58.45% 423.96% -146.97% 24.83% 47.69% 71.07% 65.33% 70.97% 71.55%
Interest Burden Percent
107.44% -36.81% 141.16% 148.21% 124.49% 105.88% 107.75% 109.38% 101.63% 100.29% 99.87%
Effective Tax Rate
0.00% -5,660.59% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 28.45%
Return on Invested Capital (ROIC)
-20.35% -169.87% -3.08% -2.70% -3.82% -14.39% -12.66% -22.31% -18.41% -72.17% 124.54%
ROIC Less NNEP Spread (ROIC-NNEP)
-25.51% -95.12% -1.22% -8.33% 1.51% -11.18% -11.39% -23.49% -17.53% -73.43% 124.22%
Return on Net Nonoperating Assets (RNNOA)
-189.37% -317.78% -8.55% -58.11% 3.79% -21.93% -18.37% -32.15% -7.99% -23.65% 27.79%
Return on Equity (ROE)
-209.73% -487.65% -11.62% -60.81% -0.04% -36.32% -31.03% -54.46% -26.39% -95.82% 152.32%
Cash Return on Invested Capital (CROIC)
9.18% -6.54% -38.88% -41.11% -77.88% -84.61% -84.16% -102.03% -150.80% -172.74% -144.38%
Operating Return on Assets (OROA)
-25.19% -2.69% -3.78% -3.00% -5.42% -18.30% -16.53% -30.07% -25.35% -97.48% 157.69%
Return on Assets (ROA)
-31.52% 56.98% 3.12% -18.88% 9.91% -4.81% -8.49% -23.37% -16.83% -69.38% 112.68%
Return on Common Equity (ROCE)
-209.73% -487.65% -11.62% -60.81% -0.04% -36.32% -31.03% -54.46% -26.39% -92.34% 144.04%
Return on Equity Simple (ROE_SIMPLE)
0.00% -198.07% 25.23% 10.75% 0.00% -3.55% -7.41% -10.78% 0.00% -16.54% 0.00%
Net Operating Profit after Tax (NOPAT)
-136 -1,170 -19 -18 -30 -143 -140 -303 -711 -4,145 10,040
NOPAT Margin
-102.30% -959.52% -15.53% -13.65% -24.06% -123.73% -125.80% -260.88% -589.49% -3,732.00% 8,769.10%
Net Nonoperating Expense Percent (NNEP)
5.16% -74.75% -1.86% 5.63% -5.33% -3.21% -1.28% 1.18% -0.88% 1.25% 0.31%
Return On Investment Capital (ROIC_SIMPLE)
-6.79% - - - -0.69% - - - -2.80% -10.27% 18.04%
Cost of Revenue to Revenue
20.16% 22.92% 22.53% 20.59% 22.67% 26.04% 27.76% 29.59% 28.31% 30.59% 31.23%
SG&A Expenses to Revenue
21.83% 22.89% 23.95% 22.57% 23.58% 30.08% 32.42% 28.87% 30.02% 36.51% 31.88%
R&D to Revenue
23.85% 25.72% 24.38% 22.91% 24.23% 25.32% 27.20% 28.69% 21.29% 21.99% 21.02%
Operating Expenses to Revenue
225.98% 93.74% 99.66% 98.91% 111.70% 250.71% 251.95% 443.09% 913.82% 5,400.85% -12,187.52%
Earnings before Interest and Taxes (EBIT)
-200 -22 -27 -23 -49 -202 -200 -438 -1,010 -5,925 14,024
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-193 -16 -22 -18 -41 -196 -192 -428 -1,000 -5,913 14,039
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
0.00 7.62 5.42 5.50 4.24 10.31 8.62 8.68 3.22 2.30 2.33
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)
3.21 6.73 8.87 9.17 18.48 50.55 50.83 70.12 126.64 161.53 239.05
Price to Earnings (P/E)
0.00 0.00 21.47 51.19 21.37 0.00 0.00 0.00 0.00 0.00 23.35
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
0.00% 0.00% 4.66% 1.95% 4.68% 0.00% 0.00% 0.00% 0.00% 0.00% 4.28%
Enterprise Value to Invested Capital (EV/IC)
2.02 2.15 2.23 2.26 2.63 4.79 4.26 4.65 2.59 2.01 2.08
Enterprise Value to Revenue (EV/Rev)
7.87 10.87 13.09 13.40 22.78 57.65 58.70 79.03 142.07 181.96 262.85
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 18.14
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 18.27
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 24.96
Enterprise Value to Operating Cash Flow (EV/OCF)
1,224.04 0.00 0.00 0.00 889.23 7,232.88 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)
17.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
-6.21 4.91 2.66 2.59 1.01 1.48 1.36 1.12 0.39 0.24 0.16
Long-Term Debt to Equity
-6.21 4.91 2.66 2.59 1.01 1.48 1.31 1.12 0.39 0.24 0.16
Financial Leverage
7.42 3.34 6.98 6.98 2.51 1.96 1.61 1.37 0.46 0.32 0.22
Leverage Ratio
10.02 5.10 9.38 9.25 4.03 3.30 2.85 2.54 1.50 1.40 1.35
Compound Leverage Factor
10.76 -1.88 13.25 13.71 5.01 3.49 3.07 2.78 1.53 1.40 1.35
Debt to Total Capital
119.20% 83.08% 72.67% 72.18% 50.20% 59.73% 57.58% 52.75% 28.29% 19.54% 13.95%
Short-Term Debt to Total Capital
0.02% 0.02% 0.02% 0.02% 0.01% 0.01% 2.17% 0.01% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
119.17% 83.06% 72.66% 72.17% 50.19% 59.72% 55.41% 52.74% 28.29% 19.54% 13.94%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.13% 4.94%
Common Equity to Total Capital
-19.20% 16.92% 27.33% 27.82% 49.80% 40.27% 42.42% 47.25% 71.71% 77.33% 81.11%
Debt to EBITDA
-1.90 -1.97 -10.10 -8.76 -22.52 -12.84 -8.60 -4.91 -3.96 -1.08 1.22
Net Debt to EBITDA
-1.86 -1.89 -9.78 -8.57 -22.02 -12.54 -8.44 -4.86 -3.94 -1.07 1.21
Long-Term Debt to EBITDA
-1.90 -1.97 -10.10 -8.76 -22.52 -12.84 -8.27 -4.91 -3.96 -1.08 1.22
Debt to NOPAT
-2.66 -2.76 -13.26 -11.71 -27.10 -17.04 -11.65 -6.84 -5.54 -1.54 1.68
Net Debt to NOPAT
-2.61 -2.64 -12.85 -11.46 -26.50 -16.64 -11.44 -6.77 -5.51 -1.52 1.67
Long-Term Debt to NOPAT
-2.66 -2.76 -13.26 -11.71 -27.10 -17.04 -11.21 -6.84 -5.54 -1.54 1.68
Altman Z-Score
-0.58 0.46 0.75 0.75 1.88 3.49 3.18 3.92 4.39 4.05 5.68
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.63% 5.44%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
0.83 0.83 0.77 0.75 0.83 0.78 0.47 0.65 0.71 0.66 0.68
Quick Ratio
0.73 0.75 0.69 0.65 0.71 0.63 0.40 0.53 0.62 0.53 0.53
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
988 -567 -835 -881 -2,382 -3,496 -3,829 -5,262 -21,798 -39,869 -41,828
Operating Cash Flow to CapEx
-2,865.83% 7,494.39% -2,890.77% -509.08% 341.21% 1,850.29% -3,226.69% -9,616.43% -6,100.00% -87.29% -1,667.29%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 -229.46 0.00 0.00 0.00
Operating Cash Flow to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.79 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.80 0.00 0.00 0.00
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.17 0.15 0.17 0.17 0.14 0.10 0.09 0.08 0.03 0.02 0.01
Accounts Receivable Turnover
2.64 3.77 4.16 4.23 2.66 3.85 4.11 3.96 2.54 4.18 4.02
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
14.49 14.98 15.37 15.95 16.20 16.20 16.34 16.19 16.77 15.99 15.80
Accounts Payable Turnover
2.31 2.22 3.08 3.05 2.55 2.42 2.98 3.09 2.70 2.79 3.13
Days Sales Outstanding (DSO)
138.38 96.76 87.76 86.33 137.21 94.80 88.90 92.11 143.74 87.31 90.83
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
157.82 164.71 118.56 119.74 142.86 150.65 122.65 118.23 135.42 130.74 116.71
Cash Conversion Cycle (CCC)
-19.44 -67.95 -30.80 -33.41 -5.66 -55.85 -33.75 -26.12 8.31 -43.42 -25.88
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
1,948 2,533 2,931 2,984 4,300 5,887 6,620 7,944 25,387 41,610 58,487
Invested Capital Turnover
0.20 0.18 0.20 0.20 0.16 0.12 0.10 0.09 0.03 0.02 0.01
Increase / (Decrease) in Invested Capital
-1,123 -603 816 863 2,353 3,353 3,689 4,959 21,087 35,724 51,868
Enterprise Value (EV)
3,930 5,456 6,548 6,758 11,304 28,223 28,213 36,927 65,842 83,570 121,522
Market Capitalization
1,602 3,376 4,437 4,624 9,170 24,747 24,433 32,762 58,690 74,187 110,518
Book Value per Share
($33.85) $38.38 $63.21 $59.66 $149.12 $139.59 $159.82 $194.20 $89.96 $125.20 $173.65
Tangible Book Value per Share
($196.43) ($134.84) ($116.07) ($114.37) ($100.67) ($155.52) ($160.85) ($158.36) ($28.03) ($44.01) ($61.76)
Total Capital
1,996 2,620 2,998 3,021 4,348 5,959 6,683 7,986 25,422 41,666 58,534
Total Debt
2,379 2,176 2,178 2,181 2,183 3,559 3,849 4,212 7,192 8,141 8,163
Total Long-Term Debt
2,379 2,176 2,178 2,180 2,182 3,559 3,703 4,212 7,191 8,140 8,162
Net Debt
2,328 2,080 2,110 2,134 2,134 3,476 3,780 4,164 7,152 8,078 8,110
Capital Expenditures (CapEx)
0.64 0.50 0.64 1.45 0.35 1.55 0.72 0.43 0.28 2.74 2.09
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-103 -149 -131 -115 -104 -151 -161 -150 -142 -167 -153
Debt-free Net Working Capital (DFNWC)
-52 -52 -63 -68 -55 -68 -93 -102 -103 -105 -101
Net Working Capital (NWC)
-53 -53 -63 -68 -55 -68 -238 -102 -103 -105 -101
Net Nonoperating Expense (NNE)
114 -1,631 -41 126 -119 -89 -38 37 -41 72 19
Net Nonoperating Obligations (NNO)
2,331 2,090 2,112 2,144 2,135 3,486 3,785 4,170 7,157 8,084 8,116
Total Depreciation and Amortization (D&A)
6.16 5.64 5.42 4.94 7.33 5.61 7.49 9.81 10 13 16
Debt-free, Cash-free Net Working Capital to Revenue
-20.68% -29.63% -26.16% -22.71% -20.87% -30.93% -33.60% -32.05% -30.73% -36.32% -33.07%
Debt-free Net Working Capital to Revenue
-10.49% -10.41% -12.56% -13.42% -11.06% -13.83% -19.28% -21.74% -22.13% -22.76% -21.79%
Net Working Capital to Revenue
-10.58% -10.50% -12.65% -13.51% -11.16% -13.93% -49.48% -21.85% -22.24% -22.88% -21.87%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
($0.22) $3.90 $0.17 ($1.01) $0.07 ($0.31) ($0.57) ($1.72) ($3.48) ($16.49) $36.23
Adjusted Weighted Average Basic Shares Outstanding
1.13B 118.34M 132.47M 142.21M 1.37B 171.94M 178.61M 197.27M 192.55M 256.47M 275.24M
Adjusted Diluted Earnings per Share
($0.22) $3.18 $0.15 ($1.01) $0.07 ($0.31) ($0.57) ($1.72) ($3.48) ($16.49) $32.60
Adjusted Weighted Average Diluted Shares Outstanding
1.13B 145.75M 160.95M 142.21M 1.66B 171.94M 178.61M 197.27M 192.55M 256.47M 306.76M
Adjusted Basic & Diluted Earnings per Share
($0.22) $0.00 $0.00 $0.00 $0.07 $0.00 $0.00 $0.00 ($3.48) $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
115.49M 129.59M 140.85M 145.18M 169.68M 177.37M 194.32M 202.64M 257.35M 273.40M 283.55M
Normalized Net Operating Profit after Tax (NOPAT)
2.74 -0.98 -1.80 5.82 -2.48 -8.45 -14 -14 -7.26 -4,145 10,040
Normalized NOPAT Margin
2.07% -0.80% -1.49% 4.49% -1.99% -7.33% -12.68% -12.36% -6.01% -3,732.00% 8,769.10%
Pre Tax Income Margin
-161.73% 6.57% -31.61% -26.13% -48.72% -185.59% -192.97% -412.40% -850.67% -5,350.38% 12,233.44%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 -19.08 0.00 0.00 0.00
NOPAT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 -13.20 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 -19.10 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 -13.22 0.00 0.00 0.00
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio
-0.02% -0.27% 1.93% 5.14% 2.13% -9.05% -2.92% -2.22% -2.84% -0.74% 1.05%

Key Financial Trends

MicroStrategy (NASDAQ: MSTR) Financial Highlights & Trends Analysis (Q2 2022 to Q2 2025)

MicroStrategy's financial data over the past four years reveals significant fluctuations and important trends in revenue, profitability, cash flows, and balance sheet strength.

  • Strong revenue growth: Operating revenue increased from $120.4M in Q2 2023 to $114.5M in Q2 2025, showing relative consistency and modest growth after a peak near $132.5M in Q4 2022.
  • Significant turnaround in net income: The company moved from net losses in early 2023 (e.g., -$4.22B in Q1 2025) to a net income of approximately $10B in Q2 2025, indicating operational improvement and one-time adjustments that boosted reported profits.
  • Substantial increase in intangible assets: Intangible assets grew from around $2-3B in 2022-2023 to over $64B by Q2 2025, reflecting acquisitions and capitalized assets, which may add long-term value.
  • Equity growth: Total common equity increased significantly, from about $443M (Q2 2023) to $47.5B (Q2 2025), signaling enhanced shareholder value and reinvestment.
  • Shares outstanding increased notably: Basic and diluted weighted average shares outstanding rose from about 13M to over 275M in recent quarters, possibly through equity issuance to fund strategic investments.
  • Operating expenses volatile and often exceeding revenues: Marketing, R&D, and SG&A expenses fluctuate, often rising, suggesting ongoing investments but also margin pressure.
  • Large impairment and other operating expenses: Impairment charges ranging from tens of millions to over a billion in prior quarters, notably none in Q2 2025, indicating cleanup of non-performing assets.
  • Volatile operating cash flow: Net cash from operations oscillated widely, including negative cash flow in Q2 2025 (-$34.9M) despite strong net income, likely affected by working capital and non-cash adjustments.
  • Heavy investment and acquisitions: Significant cash outflows for acquisitions (over $6.7B in Q2 2025 alone) and capital expenditures, which weigh on cash reserves and could affect liquidity.
  • Substantial debt levels: Long-term debt increased from about $2.3B in 2022 to over $8.16B in Q2 2025, indicating increased leverage and higher interest obligations.
  • Negative operating income in many quarters up to 2024: Multiple periods with operating losses, reflecting challenges in core business profitability.
  • Large fluctuations in net income due to one-time or non-cash items: Huge swings in net income and cash flows, especially in H1 2025, highlight earnings are heavily influenced by extraordinary items.
  • Decline in cash and equivalents in some quarters: Despite large financings, net cash decreased by nearly $9.3M in Q2 2025, raising moderate liquidity concerns.
  • Dilution risk due to rising share count and equity issuance: Significant share issuance in recent quarters could dilute existing shareholders.

Summary: Over the last four years, MicroStrategy has undergone a dramatic transformation in financials highlighted by large acquisitions, increased intangible assets, growing revenues, and a striking turnaround to profitability by mid-2025. However, this has come with elevated expenses, substantial debt buildup, and underlying volatility in cash flows and earnings due to non-cash adjustments and one-time items. Investors should focus on the sustainability of profitability improvements, integration of acquisitions, and management of leverage and cash flow stability. The rapid rise in shares outstanding also merits attention for potential dilution impacts.

08/09/25 10:55 AMAI Generated. May Contain Errors.

Frequently Asked Questions About MicroStrategy's Financials

When does MicroStrategy's financial year end?

According to the most recent income statement we have on file, MicroStrategy's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has MicroStrategy's net income changed over the last 10 years?

MicroStrategy's net income appears to be on an upward trend, with a most recent value of -$1.17 billion in 2024, falling from $5.04 million in 2014. The previous period was $429.12 million in 2023. Find out what analysts predict for MicroStrategy in the coming months.

What is MicroStrategy's operating income?
MicroStrategy's total operating income in 2024 was -$1.85 billion, based on the following breakdown:
  • Total Gross Profit: $333.99 million
  • Total Operating Expenses: $2.19 billion
How has MicroStrategy's revenue changed over the last 10 years?

Over the last 10 years, MicroStrategy's total revenue changed from $579.83 million in 2014 to $463.46 million in 2024, a change of -20.1%.

How much debt does MicroStrategy have?

MicroStrategy's total liabilities were at $7.61 billion at the end of 2024, a 193.1% increase from 2023, and a 3,149.2% increase since 2014.

How much cash does MicroStrategy have?

In the past 10 years, MicroStrategy's cash and equivalents has ranged from $38.12 million in 2024 to $456.73 million in 2019, and is currently $38.12 million as of their latest financial filing in 2024.

How has MicroStrategy's book value per share changed over the last 10 years?

Over the last 10 years, MicroStrategy's book value per share changed from 28.57 in 2014 to 89.96 in 2024, a change of 214.8%.



This page (NASDAQ:MSTR) was last updated on 8/9/2025 by MarketBeat.com Staff
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