MSTR · XBRL financial data

Strategy financial statements, every quarter

The same tables from 12 filings, lined up. Matched by XBRL tag: renamed lines keep their history.

How these numbers work

Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
* marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
0 means a filing states zero; a dash (—) means no filing states that number.
“year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
Shares outstanding come from each filing's cover page, as of the date printed there.
Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.

Income statement

Fiscal quarters (MSTR's year ends in late December)

In millions of dollars	Q4 FY23Dec 31, 2023	Q1 FY24Mar 31, 2024	Q2 FY24Jun 30, 2024	Q3 FY24Sep 30, 2024	Q4 FY24Dec 31, 2024	Q1 FY25Mar 31, 2025	Q2 FY25Jun 30, 2025	Q3 FY25Sep 30, 2025	Q4 FY25Dec 31, 2025	Q1 FY26Mar 31, 2026	Q2 FY26Jun 30, 2026	Q3 FY26Sep 30, 2026
Revenue	124*	115	111	116	121*	111	114	129	—	—	—	—
Revenue from contracts with customers	124*	115	111	116	121*	111	114	129	123*	124	122	125
Cost of goods and services sold	28*	30	31	34	34*	34	36	38	42*	41	41	36
Gross profit	96*	85	81	82	87*	77	79	91	81*	83	82	90
Research and development	30*	29	30	33	26*	24	24	23	23*	25	23	24
General and administrative	29*	35	36	34	36*	41	37	38	37*	37	40	36
Total operating expenses	139*	289	281	514	1,103*	5,999	(13,953)	(3,800)	17,527*	14,554	8,413	(20,820)
Operating income (loss)	(43)*	(204)	(200)	(433)	(1,016)*	(5,921)	14,032	3,891	(17,446)*	(14,470)	(8,331)	20,910
Interest income	—	—	—	—	—	—	0	0	—	—	14	47
Interest expense	—	—	—	—	—	—	18	19	—	—	16	15
Other income (expense)	(6)*	2	1	(5)	6*	(4)	(8)	(1)	(4)*	3	0	1
Income tax expense (benefit)	(150)*	(161)	(112)	(139)	(356)*	(1,725)	3,985	1,086	(5,024)*	(1,923)	2	1,409
Net income (loss)	89	(53)	(103)	(340)	(671)	(4,217)	10,021	2,785	(12,437)*	(12,543)	(8,220)	19,533
Earnings per share, basic‡ USD per share	—	(0.31)	(0.57)	(1.72)	—	(16.49)	36.23	9.30	—	(38.25)	(24.45)	47.78
Earnings per share, diluted‡ USD per share	—	(0.31)	(0.57)	(1.72)	—	(16.49)	32.60	8.42	—	(38.25)	(24.45)	44.75
Weighted average shares, basic‡ millions of shares	153*	172	179	197	222*	256	275	284	294*	334	353	400
Weighted average shares, diluted‡ millions of shares	—	172	179	197	222*	256	307	315	232*	334	353	428

‡ Per-share figures and share counts are adjusted for the 10-for-1 stock split (August 2024); filings made before it reported them unadjusted.

Fiscal quarters (MSTR's year ends in late December)

In millions of dollars	Q4 FY23Dec 31, 2023	Q1 FY24Mar 31, 2024	Q2 FY24Jun 30, 2024	Q3 FY24Sep 30, 2024	Q4 FY24Dec 31, 2024	Q1 FY25Mar 31, 2025	Q2 FY25Jun 30, 2025	Q3 FY25Sep 30, 2025	Q4 FY25Dec 31, 2025	Q1 FY26Mar 31, 2026	Q2 FY26Jun 30, 2026	Q3 FY26Sep 30, 2026
Cash and cash equivalents	47	81	67	46	38	60	50	54	2,301	2,207	1,712	2,501
Marketable securities	—	—	—	—	—	—	—	—	0	—	736	3,404
Accounts receivable	184	115	112	107	181	105	118	113	206	122	124	130
Prepaid and other current assets	35	43	27	31	31	37	43	44	55	60	95	70
Total current assets	268	242	208	186	252	204	213	214	2,564	2,391	2,669	6,108
Property and equipment, net	29	29	28	28	26	28	30	30	29	28	28	27
Right-of-use asset	57	55	54	55	55	53	52	49	47	58	58	61
Total assets	4,763	6,352	7,053	8,344	25,844	43,920	64,773	73,619	61,641	54,269	52,563	77,152
Current portion of long-term debt	0	0	145	1	1	1	0	0	31	31	40	1,046
Total current liabilities	323	310	446	288	355	309	315	324	456	395	495	1,511
Long-term debt	2,182	3,559	3,703	4,212	7,191	8,140	8,162	8,174	8,159	8,165	6,670	5,670
Lease liability, non-current	61	58	57	57	56	54	51	48	46	61	61	61
Total liabilities	2,598	3,951	4,218	4,570	7,614	10,394	14,402	15,502	10,598	8,632	7,236	8,654
Retained earnings (accumulated deficit)	(999)	(1,052)	(1,155)	(1,495)	(2,167)	6,352	16,324	18,945	6,322	(6,471)	(15,199)	3,939
Total stockholders' equity	2,165	2,400	2,835	3,774	18,230	32,221	47,477	52,331	44,123	36,651	30,886	55,441
Total liabilities and equity	4,763	6,352	7,053	8,344	25,844	43,920	64,773	73,619	61,641	54,269	52,563	77,152

Fiscal quarters (MSTR's year ends in late December)

In millions of dollars	Q4 FY23Dec 31, 2023	Q1 FY24Mar 31, 2024	Q2 FY24Jun 30, 2024	Q3 FY24Sep 30, 2024	Q4 FY24Dec 31, 2024	Q1 FY25Mar 31, 2025	Q2 FY25Jun 30, 2025	Q3 FY25Sep 30, 2025	Q4 FY25Dec 31, 2025	Q1 FY26Mar 31, 2026	Q2 FY26Jun 30, 2026	Q3 FY26Sep 30, 2026
Net income (loss)	89	(53)	(103)	(340)	(671)	(4,217)	10,021	2,785	(12,437)*	(12,543)	(8,220)	19,533
Stock-based compensation	20*	18	21*	19*	19*	12	16*	15*	10*	13	14*	13*
Depreciation and amortization	5*	3	4*	6*	5*	7	9*	4*	6*	9	12*	11*
Net cash from operating activities	1*	29	(23)*	(41)*	(17)*	(2)	(35)*	(8)*	(22)*	14	(4)*	4*
Purchases of property and equipment	0*	2	1*	0*	0*	3	2*	3*	1*	1	2*	0*
Net cash from investing activities	(1,215)*	(1,641)	(795)*	(1,575)*	(18,075)*	(7,670)	(6,787)*	(4,960)*	(3,095)*	(7,252)	(7,114)*	(2,862)*
Proceeds from issuing common stock	1,205*	138	0*	1,109*	15,117*	4,407	5,257*	2,202*	4,406*	5,299	2,947*	5,413*
Net cash from financing activities	1,214*	1,648	803*	1,594*	18,087*	7,694	6,810*	4,972*	5,367*	7,146	6,623*	3,648*
Net change in cash	2*	35	(15)*	(21)*	(8)*	22	(10)*	4*	2,247*	(94)	(496)*	789*

SIC 6199 and related industry codes, similar size. Each row is the latest quarter reported.

How peers are chosen

SIC 6199 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
Runway shows only for companies burning cash with under $10B of public float.
* marks a quarter worked out from the filing totals: for a 10-Q, the year-to-date total less the earlier one.
A cell reading “not reported” means the filings give no figure for that quarter alone.

Company	Cash ($M)	Revenue, quarter ($M)	Operating cash flow, quarter ($M)	Shares outstanding	Runway	Quarter
Strategy	2,501	125	4.4*	not reported	—	Q3 FY26 10-QSep 30, 2026
Wealthfront	453	92	47*	156.2M	—	Q2 FY27 10-QJul 31, 2026
Coinbase Global	8,604	1,216	405*	not reported	—	Q3 FY26 10-QSep 30, 2026
American Express	3,669	11,232	5,384*	670.6M	—	Q3 FY26 10-QSep 30, 2026
Ionic Digital	416	49	not reported	45.0M	—	Q2 FY26 10-QJun 30, 2026
Gemini Space Station	189	45	(51)*	not reported	3.7 quarters	Q2 FY26 10-QJun 30, 2026
Circle Internet Group	1,700	207	(16)*	not reported	—	Q3 FY26 10-QSep 30, 2026
Synchrony Financial	15,901	not reported	2,498*	311.4M	—	Q3 FY26 10-QSep 30, 2026
WhiteFiber	56	29	86*	38.8M	—	Q2 FY26 10-QJun 30, 2026

Not investment advice. Not affiliated with the U.S. SEC.