Strategy (MSTR) Financials

$334.41 -4.43 (-1.31%)

Closing price 04:00 PM Eastern

Extended Trading

$334.77 +0.36 (+0.11%)

As of 08:00 PM Eastern

Annual Income Statements for Strategy

This table shows Strategy'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

This table shows Strategy'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

This table details how cash moves in and out of Strategy'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

This table details how cash moves in and out of Strategy'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

This table presents Strategy'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

This table presents Strategy'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

This table displays calculated financial ratios and metrics derived from Strategy'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%

This table displays calculated financial ratios and metrics derived from Strategy'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 Inc. (NASDAQ: MSTR) has shown a significant turnaround in its financial performance during the last four years, with a focus on Q2 2025 data that highlights strong operational results but with certain financial and cash flow challenges.

Key Positive Trends:

Consolidated net income surged to $10.02 billion in Q2 2025 from a loss of $4.22 billion in Q1 2025, indicating a substantial recovery in profitability.
Operating revenue in Q2 2025 increased slightly to $114.5 million compared to $111.1 million in Q1 2025, showing steady revenue generation.
Gross profit improved to $78.7 million in Q2 2025 from $77.1 million in Q1 2025, reflecting better cost management despite revenue growth.
Issuance of common equity generated $5.26 billion in Q2 2025, significantly strengthening equity capital compared to prior quarters.
Intangible assets dramatically increased to approximately $64.36 billion by Q2 2025 from $43.65 billion in Q1 2025, suggesting expanded investment in proprietary or acquired technology assets.
Net cash from continuing financing activities was strong, generating $6.81 billion in Q2 2025, indicating healthy capital raising through equity and preferred stock issuance.

Neutral Aspects:

Selling, general & administrative expenses and marketing expenses remain high, totaling over $70 million combined in Q2 2025, which is consistent with prior quarters.
Total assets rose sharply from $43.92 billion in Q1 2025 to $64.77 billion in Q2 2025, mainly driven by intangible assets, reflecting strategic investment but also increasing balance sheet size.
Weighted average diluted shares outstanding increased to 306.8 million in Q2 2025 from 256.5 million in Q1 2025, indicating some dilution but supports capital raising efforts.
Cash and equivalents decreased slightly from $60.3 million in Q1 2025 to $50.1 million in Q2 2025, which may reflect usage in operations or investing activities.

Key Negative Trends and Risks:

Large acquisitions continue to negatively impact cash flow, with $6.77 billion spent in Q2 2025 alone, and even higher amounts in previous quarters, raising concerns about integration and return on investment.
Net cash from continuing operating activities was negative $34.9 million in Q2 2025, indicating operational cash flow challenges despite strong net income.
Total operating expenses were extremely high at nearly $14 billion in Q2 2025 due to substantial negative "other operating expenses" impacting operating income calculations.
Repurchases of preferred and common equity and dividend payments, although smaller relative to equity issuance, still represent cash outflows impacting liquidity.
Significant fluctuations in net income over the quarters, with Q1 2025 reporting a $4.2 billion loss and Q2 2025 a $10 billion gain, which may indicate volatility in underlying business segments or accounting impacts.

Summary: MicroStrategy's recent quarters demonstrate a sharp increase in profitability and equity capitalization driven by substantial equity issuances and investments in intangible assets. However, the company continues to face challenges in operating cash flow and large cash outflows related to acquisitions, which may affect liquidity and operational stability. Investors should monitor the integration of acquisitions, sustainability of cash flows, and expense management while appreciating the company's ability to raise capital and generate substantial earnings in Q2 2025.

08/29/25 11:13 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Strategy's Financials

When does Strategy's financial year end?

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

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

Strategy'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. See where experts think Strategy is headed by visiting Strategy's forecast page.

What is Strategy's operating income?

Strategy'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 Strategy's revenue changed over the last 10 years?

Over the last 10 years, Strategy'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 Strategy have?

Strategy'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 Strategy have?

In the past 10 years, Strategy'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 Strategy's book value per share changed over the last 10 years?

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

Related Companies

This page (NASDAQ:MSTR) was last updated on 8/29/2025 by MarketBeat.com Staff

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Strategy (MSTR) Financials

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