Strategy Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Strategy Inc reported revenue of $477.2M (+3.0% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total revenues | $477.2M | $463.5M | $496.3M | $499.3M |
| Total cost of revenues | $149.4M | $129.5M | $109.9M | $103.0M |
| Gross profit | $327.8M | $334.0M | $386.3M | $396.3M |
| Sales and marketing | $123.0M | $138.1M | $149.7M | $146.9M |
| Research and development | $93.9M | $118.5M | $120.5M | $127.4M |
| General and administrative | $151.9M | $140.5M | $115.3M | $111.4M |
| Unrealized loss on digital assets | $5.4B | — | — | — |
| Digital asset impairment losses | $0 | $1.8B | $115.9M | $1.3B |
| Total operating expenses | $5.8B | $2.2B | $501.4M | $1.7B |
| Loss from operations | ($5.4B) | ($1.9B) | ($115.0M) | ($1.3B) |
| Interest expense, net | ($65.0M) | ($61.9M) | ($49.0M) | ($53.1M) |
| (Loss) gain on debt extinguishment | $0 | ($22.9M) | $44.7M | — |
| Other (expense) income, net | ($16.6M) | $3.5M | ($5.2M) | $6.4M |
| Loss before income taxes | ($5.5B) | ($1.9B) | ($124.5M) | ($1.3B) |
| Benefit from income taxes | ($1.7B) | ($767.7M) | ($553.6M) | $147.3M |
| Net (loss) income | ($3.8B) | ($1.2B) | $429.1M | ($1.5B) |
| Dividends on preferred stock | ($381.4M) | — | — | — |
| Net (loss) income attributable to common stockholders of Strategy | ($4.2B) | — | — | — |
| Basic (loss) earnings per share (in dollars per share) | -$15.23 | -$6.06 | $31.39 | -$129.83 |
| Weighted average common shares outstanding - Basic (in shares) | 277.7M | 192.5M | 13.7M | 11.3M |
| Diluted (loss) earnings per share (in dollars per share) | -$15.23 | -$6.06 | $26.42 | -$129.83 |
| Weighted average common shares outstanding - Diluted (in shares) | 277.7M | 192.5M | 16.6M | 11.3M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Total revenues | $122.4M | $124.3M | $128.7M | $114.5M |
| Total cost of revenues | $40.8M | $40.9M | $38.0M | $35.8M |
| Gross profit | $81.5M | $83.4M | $90.7M | $78.7M |
| Sales and marketing | $34.1M | $36.3M | $29.9M | $33.7M |
| Research and development | $23.1M | $24.7M | $22.6M | $24.1M |
| General and administrative | $39.9M | $37.4M | $38.2M | $36.5M |
| Unrealized loss (gain) on digital assets | $8.3B | — | — | — |
| Total operating expenses | $8.4B | $14.6B | ($3.8B) | ($14.0B) |
| (Loss) income from operations | ($8.3B) | ($14.5B) | $3.9B | $14.0B |
| Interest income (expense), net | ($1.3M) | $1.8M | ($18.9M) | ($17.9M) |
| Gain on debt extinguishment | $113.9M | — | $0 | — |
| Other income (expense), net | $214.0K | $3.1M | ($716.0K) | ($8.3M) |
| (Loss) income before income taxes | ($8.2B) | ($14.5B) | $3.9B | $14.0B |
| Provision for (benefit from) income taxes | $1.6M | ($1.9B) | $1.1B | $4.0B |
| Net (loss) income | ($8.2B) | ($12.5B) | $2.8B | $10.0B |
| Dividends on preferred stock | ($400.7M) | ($229.5M) | ($139.9M) | ($49.1M) |
| Net loss attributable to common stockholders of Strategy - Basic | ($8.6B) | ($12.8B) | $2.6B | $10.0B |
| Basic loss per common share (in dollars per share) | -$24.45 | -$38.25 | $9.30 | $36.23 |
| Weighted average common shares outstanding (in shares) | 352.5M | 333.9M | 284.4M | 275.2M |
| Diluted loss per common share (in dollars per share) | -$24.45 | -$38.25 | $8.42 | $32.60 |
| Weighted average common shares outstanding - Diluted (in shares) | 352.5M | 333.9M | 315.4M | 306.8M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $2.3B | $38.1M | $46.8M | $43.8M |
| Restricted cash | $1.9M | $1.8M | $1.9M | $7.0M |
| Accounts receivable, net | $205.7M | $181.2M | $183.8M | $189.3M |
| Prepaid expenses and other current assets | $55.0M | $31.2M | $35.4M | $24.4M |
| Total current assets | $2.6B | $252.3M | $267.9M | $264.6M |
| Digital assets | $58.9B | $23.9B | $3.6B | $1.8B |
| Property and equipment, net | $28.9M | $26.3M | $28.9M | $32.3M |
| Right-of-use assets | $47.0M | $54.6M | $57.3M | $61.3M |
| Deposits and other assets | $142.6M | $75.8M | $24.3M | $23.9M |
| Deferred tax assets | $4.5M | $1.5B | $757.6M | $188.2M |
| Total assets | $61.6B | $25.8B | $4.8B | $2.4B |
| Accounts payable, accrued expenses, and operating lease liabilities | $50.3M | $53.0M | $43.1M | $43.0M |
| Accrued compensation and employee benefits | $70.0M | $58.4M | $50.0M | $53.7M |
| Accrued interest | $5.6M | $5.5M | $1.5M | $2.8M |
| Preferred dividends payable | $27.1M | — | — | — |
| Current portion of long-term debt, net | $31.3M | $517.0K | $483.0K | $454.0K |
| Deferred revenue and advance payments | $272.1M | $238.0M | $228.2M | $217.4M |
| Total current liabilities | $456.5M | $355.4M | $323.3M | $317.4M |
| Long-term debt, net | $8.2B | $7.2B | $2.2B | $2.4B |
| Deferred revenue and advance payments | $5.5M | $5.0M | $8.5M | $12.8M |
| Operating lease liabilities | $46.1M | $56.4M | $61.1M | $67.3M |
| Other long-term liabilities | $4.7M | $5.4M | $22.2M | $17.1M |
| Deferred tax liabilities | $1.9B | $407.0K | $357.0K | $198.0K |
| Total liabilities | $10.6B | $7.6B | $2.6B | $2.8B |
| Total mezzanine equity | $6.9B | — | — | — |
| Preferred stock | $0 | $0 | $0 | $0 |
| Common stock | $312.0K | $246.0K | $26.0K | $20.0K |
| Additional paid-in capital | $37.8B | $20.4B | $4.0B | $1.8B |
| Accumulated other comprehensive loss | ($5.2M) | ($15.4M) | ($11.4M) | ($13.8M) |
| Retained earnings (accumulated deficit) | $6.3B | ($2.2B) | ($999.2M) | ($1.4B) |
| Total stockholders’ equity | $44.1B | $18.2B | $2.2B | ($383.1M) |
| Total liabilities, mezzanine equity, and stockholders' equity | $61.6B | $25.8B | $4.8B | $2.4B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $1.7B | $2.2B | $54.3M | $50.1M |
| Restricted cash | $1.8M | $2.0M | $1.9M | $2.0M |
| Short-term investments | $736.1M | — | — | — |
| Accounts receivable, net | $123.8M | $122.3M | $113.4M | $117.9M |
| Prepaid expenses and other current assets | $95.0M | $59.7M | $44.3M | $43.5M |
| Total current assets | $2.7B | $2.4B | $214.0M | $213.5M |
| Digital assets | $49.7B | $51.6B | $73.2B | — |
| Property and equipment, net | $28.3M | $28.3M | $29.9M | $30.2M |
| Right-of-use assets | $58.2M | $58.3M | $49.2M | $51.6M |
| Deposits and other assets | $130.2M | $136.3M | $114.3M | $109.7M |
| Deferred tax assets | $5.1M | $5.0M | $5.8M | $5.7M |
| Total assets | $52.6B | $54.3B | $73.6B | $64.8B |
| Accounts payable, accrued expenses, and operating lease liabilities | $35.3M | $44.7M | $48.7M | $44.2M |
| Accrued compensation and employee benefits | $36.3M | $33.7M | $44.5M | $50.1M |
| Accrued interest | $5.6M | $6.0M | $29.9M | $5.6M |
| Preferred dividends payable | $155.2M | $48.2M | — | — |
| Current portion of long-term debt, net | $39.8M | $31.4M | $316.0K | $349.0K |
| Deferred revenue and advance payments | $222.9M | $231.2M | $200.6M | $214.3M |
| Total current liabilities | $495.1M | $395.1M | $324.1M | $314.6M |
| Long-term debt, net | $6.7B | $8.2B | $8.2B | $8.2B |
| Deferred revenue and advance payments | $3.3M | $5.2M | $3.5M | $4.2M |
| Operating lease liabilities | $60.8M | $60.9M | $48.2M | $51.2M |
| Other long-term liabilities | $4.9M | $4.8M | $4.8M | $4.7M |
| Deferred tax liabilities | $1.4M | $1.4M | $6.9B | $5.9B |
| Total liabilities | $7.2B | $8.6B | $15.5B | $14.4B |
| Series A Perpetual Preferred Stock, $0.001 par value; 424,953 and 442,361 shares authorized; 153,529 and 78,183 issued and outstanding at June 30, 2026 and December 31, 2025, respectively; redemption value and liquidation preference of $15,462,056 and $8,032,324 at June 30, 2026 and December 31, 2025, respectively | 14.4B | 9.0B | 5.8B | 2.9B |
| Preferred stock undesignated, $0.001 par value; 580,047 and 562,639 shares authorized, no shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 0 | 0 | 0 | 0 |
| Common stock, $0.001 par value | $372.0K | $346.0K | $287.0K | $281.0K |
| Additional paid-in capital | $46.1B | $43.1B | $33.4B | $31.2B |
| Accumulated other comprehensive loss | ($8.4M) | ($7.9M) | ($5.1M) | ($5.0M) |
| (Accumulated deficit) retained earnings | ($15.2B) | ($6.5B) | $18.9B | $16.3B |
| Total stockholders’ equity | $30.9B | $36.7B | $52.3B | $47.5B |
| Total liabilities, mezzanine equity and stockholders' equity | $52.6B | $54.3B | $73.6B | $64.8B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | ($3.8B) | — | $429.1M | — |
| Depreciation and amortization | $25.5M | $17.8M | $14.5M | $10.9M |
| Reduction in carrying amount of right-of-use assets | $9.1M | $8.5M | $8.6M | $8.1M |
| Deferred taxes | ($1.7B) | ($774.6M) | ($568.9M) | $131.5M |
| Share-based compensation expense | $53.4M | $77.1M | $69.6M | $63.6M |
| Unrealized loss on digital assets | $5.4B | — | — | — |
| Digital asset impairment losses | $0 | — | — | — |
| Amortization of issuance costs on long-term debt | $25.4M | $15.3M | $8.8M | — |
| Other | $3.5M | — | — | — |
| Loss (gain) on debt extinguishment | $0 | $22.9M | ($44.7M) | — |
| Accounts receivable | $20.4M | $5.7M | $10.3M | ($5.3M) |
| Prepaid expenses and other current assets | ($28.9M) | $3.8M | ($11.4M) | ($6.3M) |
| Deposits and other assets | $11.0M | ($10.7M) | ($632.0K) | ($7.5M) |
| Accounts payable and accrued expenses | $6.6M | $1.1M | ($634.0K) | ($3.5M) |
| Accrued compensation and employee benefits | ($46.6M) | ($34.6M) | ($12.0M) | ($12.3M) |
| Accrued interest | $70.0K | $4.2M | ($1.3M) | $1.3M |
| Deferred revenue and advance payments | ($8.0M) | $1.0M | $2.4M | $14.8M |
| Operating lease liabilities | ($10.7M) | ($10.5M) | ($10.2M) | ($9.6M) |
| Other long-term liabilities | $903.0K | ($2.8M) | $2.5M | ($8.2M) |
| Net cash provided by (used in) operating activities | ($67.2M) | ($53.0M) | $12.7M | $3.2M |
| Purchases of digital assets | ($22.5B) | ($22.1B) | ($1.9B) | ($287.9M) |
| Advance deposits on purchases of property and equipment | ($37.0M) | ($10.5M) | — | — |
| Purchases of property and equipment | ($8.2M) | ($3.0M) | ($2.9M) | ($2.5M) |
| Net cash used in investing activities | ($22.5B) | ($22.1B) | ($1.9B) | ($278.6M) |
| Proceeds from convertible senior notes | $2.0B | $6.2B | $0 | — |
| Issuance costs paid for convertible senior notes | ($15.2M) | ($81.0M) | $0 | $0 |
| Payments to settle conversions and redemption of convertible senior notes | ($143.0K) | ($398.0K) | — | — |
| Repayments of secured debt and third-party extinguishment costs | $0 | ($515.4M) | ($160.0M) | — |
| Proceeds from other long-term secured debt, net of lender fees | $31.0M | — | $0 | $0 |
| Principal payments of other long-term secured debt | ($569.0K) | ($539.0K) | ($513.0K) | ($246.0K) |
| Proceeds from sale of preferred stock under public offerings | $7.0B | — | — | — |
| Issuance costs paid related to sale of stock under public offerings | ($145.9M) | ($33.2M) | ($9.1M) | ($358.0K) |
| Dividends paid on preferred stock | ($381.4M) | — | — | — |
| Proceeds from sale of common stock under public offerings | $16.3B | $16.4B | $2.0B | $46.6M |
| Proceeds from exercise of stock options | $42.2M | $184.3M | $30.5M | $1.4M |
| Proceeds from sales under employee stock purchase plan | $5.4M | $4.3M | $4.0M | $4.5M |
| Payment of withholding tax on vesting of restricted stock units | $0 | ($2.2M) | ($4.1M) | ($2.1M) |
| Net cash provided by financing activities | $24.8B | $22.1B | $1.9B | $265.2M |
| Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | ($544.0K) | ($2.1M) | $444.0K | ($3.4M) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $2.3B | ($8.8M) | ($2.2M) | ($13.6M) |
| Cash, cash equivalents, and restricted cash, beginning of period | $39.9M | $48.7M | $50.9M | $64.4M |
| Cash, cash equivalents, and restricted cash, end of period | $2.3B | — | — | — |
| Cash paid during the year for interest | $46.5M | $44.6M | $41.2M | $43.4M |
| Cash paid during the year for income taxes, net of tax refunds | $13.1M | $1.1M | $30.3M | $22.0M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net (loss) income | ($20.8B) | ($12.5B) | — | — |
| Depreciation and amortization | $21.1M | $8.8M | $19.9M | $15.7M |
| Reduction in carrying amount of right-of-use assets | $3.2M | $1.5M | $6.8M | $4.5M |
| Deferred taxes | ($1.9B) | ($1.9B) | $3.3B | $2.3B |
| Share-based compensation expense | $27.4M | $13.2M | $43.0M | $27.6M |
| Unrealized loss (gain) on digital assets | $22.8B | — | — | — |
| Amortization of issuance costs on long-term debt | $12.6M | $6.5M | $18.9M | $12.4M |
| Gain on debt extinguishment | ($113.9M) | — | $0 | — |
| Other | ($3.4M) | $492.0K | — | — |
| Accounts receivable | $5.4M | $1.2M | $24.3M | $15.0M |
| Prepaid expenses and other current assets | $1.3M | ($6.0M) | ($19.1M) | ($16.0M) |
| Deposits and other assets | $1.5M | $428.0K | $1.7M | ($2.4M) |
| Accounts payable and accrued expenses | ($7.4M) | ($802.0K) | $6.7M | ($3.3M) |
| Accrued compensation and employee benefits | ($40.1M) | ($38.0M) | ($40.4M) | ($28.2M) |
| Accrued interest | $0 | $351.0K | $421.0K | $71.0K |
| Deferred revenue and advance payments | $23.7M | $42.0M | $7.0M | $26.1M |
| Operating lease liabilities and long-term liabilities | ($4.6M) | ($2.8M) | — | — |
| Net cash provided by (used in) operating activities | $9.8M | $14.0M | ($45.6M) | ($37.3M) |
| Purchases of digital assets | ($13.7B) | ($7.3B) | ($19.4B) | ($14.4B) |
| Proceeds from sale of digital assets | $41.0M | — | — | — |
| Advance deposits on purchases of property and equipment | $0 | $0 | ($27.0M) | ($22.0M) |
| Purchases of property and equipment | ($2.7M) | ($952.0K) | ($7.6M) | ($4.8M) |
| Purchases of short-term investments | ($831.8M) | — | — | — |
| Proceeds from sale of short-term investments | $99.4M | — | — | — |
| Net cash used in investing activities | ($14.4B) | ($7.3B) | ($19.4B) | ($14.5B) |
| Proceeds from sale of common stock under public offerings | $8.2B | $5.3B | $11.9B | $9.7B |
| Issuance costs paid related to sale of stock under public offerings | ($26.0M) | ($10.9M) | ($20.3M) | ($17.8M) |
| Proceeds from sale of preferred stock under public offerings | $7.5B | $2.1B | $5.9B | $2.9B |
| Dividends paid on preferred stock | ($629.2M) | ($229.5M) | ($197.9M) | ($58.1M) |
| Proceeds from exercise of stock options | $20.4M | $15.4M | $36.7M | $21.9M |
| Proceeds from sales under employee stock purchase plan | $3.0M | $3.0M | $5.4M | $2.7M |
| Repayment of convertible notes | ($1.4B) | $0 | ($143.0K) | ($143.0K) |
| Other financing outflows | ($299.0K) | ($149.0K) | — | — |
| Proceeds from convertible senior notes | $0 | $0 | $2.0B | $2.0B |
| Issuance costs paid for convertible senior notes | $0 | $0 | ($15.1M) | ($14.8M) |
| Payments to settle conversions and redemption of convertible senior notes | $0 | — | — | — |
| Proceeds from other long-term secured debt, net of lender fees | $0 | — | $21.0M | $16.0M |
| Principal payments of other long-term secured debt | $0 | — | ($423.0K) | ($282.0K) |
| Net cash provided by financing activities | $13.8B | $7.1B | $19.5B | $14.5B |
| Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | ($3.0M) | ($2.4M) | $2.6M | $2.8M |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | ($589.7M) | ($94.1M) | $16.3M | $12.2M |
| Cash, cash equivalents, and restricted cash, beginning of period | $2.3B | $2.3B | $39.9M | $39.9M |
| Cash, cash equivalents, and restricted cash, end of period | $1.7B | $2.2B | $56.2M | $52.1M |
Strategy Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.