MSTR · XBRL financial data

Strategy financial statements, every fiscal year

The same tables from 8 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 years (MSTR's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue	481	511	499	496	463	—
Revenue from contracts with customers	481	511	499	496	463	477
Cost of goods and services sold	91	92	103	110	129	149
Gross profit	390	419	396	386	334	328
Research and development	104	117	127	121	118	94
General and administrative	80	96	111	115	141	152
Total operating expenses	403	1,203	1,672	501	2,187	5,772
Operating income (loss)	(14)	(785)	(1,276)	(115)	(1,853)	(5,444)
Other income (expense)	(7)	2	6	(5)	4	(17)
Income tax expense (benefit)	(12)	(276)	147	(554)	(768)	(1,678)
Net income (loss)	(8)	(535)	(1,470)	429	(1,167)	(3,848)
Earnings per share, basic‡ USD per share	(0.08)	(5.34)	(12.98)	3.14	(6.06)	(15.23)
Earnings per share, diluted‡ USD per share	(0.08)	(5.34)	(12.98)	2.64	(6.06)	(15.23)
Weighted average shares, basic‡ millions of shares	97	100	113	137	193	278
Weighted average shares, diluted‡ millions of shares	97	100	113	166	193	278

‡ 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 years (MSTR's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash and cash equivalents	60	63	44	47	38	2,301
Short-term investments	0	0	0	—	—	—
Marketable securities	—	—	—	—	—	0
Accounts receivable	197	189	189	184	181	206
Prepaid and other current assets	14	14	24	35	31	55
Total current assets	273	268	265	268	252	2,564
Property and equipment, net	43	37	32	29	26	29
Right-of-use asset	74	67	61	57	55	47
Total assets	1,466	3,557	2,410	4,763	25,844	61,641
Current portion of long-term debt	—	0	0	0	1	31
Total current liabilities	286	312	317	323	355	456
Long-term debt	486	2,155	2,379	2,182	7,191	8,159
Lease liability, non-current	84	77	67	61	56	46
Total liabilities	913	2,578	2,793	2,598	7,614	10,598
Retained earnings (accumulated deficit)	576	41	(1,428)	(999)	(2,167)	6,322
Total stockholders' equity	553	979	(383)	2,165	18,230	44,123
Total liabilities and equity	1,466	3,557	2,410	4,763	25,844	61,641

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

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Net income (loss)	(8)	(535)	(1,470)	429	(1,167)	(3,848)
Stock-based compensation	11	44	64	70	77	53
Depreciation and amortization	13	11	11	15	18	26
Net cash from operating activities	54	94	3	13	(53)	(67)
Purchases of property and equipment	4	3	2	3	3	8
Net cash from investing activities	(1,019)	(2,629)	(279)	(1,905)	(22,086)	(22,512)
Proceeds from issuing common stock	0	1,000	47	2,029	16,363	16,272
Share repurchases	123	0	0	—	—	—
Dividends paid	0	—	—	—	—	—
Net cash from financing activities	563	2,542	265	1,890	22,133	24,844
Net change in cash	(397)	4	(14)	(2)	(9)	2,263

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.