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StrategyMSTR

Legal name
Strategy Inc.
Sector
Other
Industry
Finance Services
Exchange
Nasdaq

Stock Price $MSTR

Latest filings

You are here#38 of 77 in Financials by market cap

Filing record · 2016–202610-K1110-Q338-K265

MSTR filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 265 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Feb ’19Feb ’19
  2. Leadership change8-K · Nov ’21Nov ’21
  3. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  17. $477.2M
YoY changeLargest recent move−6.6%in FY24Latest +3.0%

2 older moves run past ±10% (largest +20.3%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All MSTR Financial Metrics54 metrics

Income Statement17

Balance Sheet21

Cash Flow12

Per Share4

02—Overview

Strategy Financial Overview 2021–2025

Updated Nov 4, 2026

Strategy's bitcoin stack grew from roughly 125,051 coins in early FY2021 to 717,131 by February 2026, yet the company lost $3.85 billiona in FY2025 even as revenue edged up. The point: this is a leveraged bitcoin vehicle with a small software business attached, and its results swing with the coin's price, not with software sales.

Revenue tells the quieter story. It went from $510.8 million in FY2021 to $477.2 millionb in FY2025, after dipping to $463.5 million in FY2024. Subscription services is the bright spot, rising 41.0% in FY2022 and 31.5% in FY2024, while product licenses fell 35.5% in FY2024. The software unit did not generate positive operating cash flow in FY2025. Fair-value accounting, adopted on January 1, 2025, produced a $5.40 billion unrealized loss that year, versus $1.790 billion of impairments in FY2024.

Funding is the pressure point. The company raised $25.15 billionc in FY2025, including $16.27 billion from common stock and $7.04 billion from preferred stock. Debt stood at $8.25 billion, and preferred dividends paid reached $381.4 million. A $2.25 billion USD Reserve now backs those payments. Michael Saylor's voting power fell from 67.7% to 40.1% over the period. At the close of FY2025, the shares traded at $151.95 against EPS of -$15.23, so no meaningful P/E applies. Equity holders are paying for bitcoin exposure, not earnings.

Recent Developments (Q2 and Q3 2026)

Strategy swung from an $8.22 billion net loss in Q2 2026 to $19.53 billiond net income in Q3 2026, driven by a $20.91 billion bitcoin gain. Revenue held near $125.4 million in Q3, down 3% year over year, at a 71% gross margin. Management shifted to buying back preferred stock, repurchasing about $2.04 billion of STRC at $97.39 on average, and retired $1.50 billion of 2029 convertibles. A $4.88 billion USD Reserve now backs dividends. CFO Andrew Kang resigns November 5, 2026; Reza Virasteh takes over January 1, 2027.

Bull case: bitcoin carried at $70.82 billione exceeds its $63.95 billion cost basis, and the buybacks shrink the preferred burden. Bear case: software cannot fund the obligations, and the company has said it relies on the reserve, bitcoin sales, and ATM issuance. Valuation at $130.76 as of November 1, 2026 rests on bitcoin, not earnings, as trailing EPS stays -$15.23.

What to watch: STRC daily dividends starting November 1, 2026; USD Cash, down to $132.7 million

03—Filings

Recent SEC Filings

  1. 8-KStrategy 8-K Report, Regulation FD Disclosure (Nov 2, 2026)In its 8-K filed November 2, 2026, Strategy Inc (MSTR) reported activity for the period October 26 to November 1, 2026. Under its at-the-market program, it sold 1,178,552 shares of MSTR Class A Common Stock for net proceeds of $164.0 million, with $65.5 million used to fund bitcoin purchases and $98.5 million allocated to USD Cash. No preferred stock was sold under the program in the period. As of November 1, 2026, $18,621.4 million of MSTR Stock, $17,510.8 million of STRC Stock, $4,014.8 million of STRD Stock, $2,100.0 million of STRK Stock and $1,619.3 million of STRF Stock remained available for issuance and sale. Strategy bought 811 bitcoin for an aggregate purchase price of $65.5 million, at an average purchase price of $80,846 including fees and expenses. Its aggregate holdings reached 849,327 bitcoin, with an aggregate purchase price of $64.08 billion and an average purchase price of $75,451. On the capital management side, Strategy repurchased 2,092,035 shares of STRC Stock for $208.2 million, funded from USD Cash. It used $43.4 million of the USD Reserve to pay preferred stock dividends. As of November 1, 2026, the USD Reserve stood at $4.79 billion and USD Cash at $132.7 million. The filing states that $748.6 million of preferred stock remains available under the digital credit securities repurchase program and $1.0 billion of MSTR Stock remains available under the MSTR Stock repurchase program.
  2. 8-KStrategy 8-K Report, Financial Results (Oct 29, 2026)Strategy Inc (Nasdaq: MSTR) reported third-quarter 2026 results, with operating income of $20.91 billion driven by a gain on digital assets, and net income of $19.53 billion, or $44.75 diluted EPS. Total revenues for the quarter were $125.4 million, a 3% decrease year-over-year. As of October 25, 2026, the company held approximately 848,517 bitcoin with a market value of $68.90 billion against an original cost basis of $64.02 billion. Net income attributable to common stockholders was $19.12 billion after $419.6 million of preferred dividends. The company also announced a leadership transition: CFO Andrew Kang will resign effective November 5, 2026, and remain as a non-executive advisor through December 31, 2026. CEO Phong Le will serve as principal financial officer from November 6 through December 31, 2026. Reza Virasteh becomes Executive Vice President & Chief Financial Officer and co-principal financial officer effective January 1, 2027, and Shelley Khanna becomes Chief Accounting Officer effective November 6, 2026. Digital credit activity included $2.04 billion of STRC repurchases year to date at an average price of $97.39 per share, and a $3.0 billion repurchase program with approximately $956.7 million remaining. The company also upgraded STRC to daily dividends starting November 1, 2026, and STRF, STRK and STRD to daily dividends starting January 1, 2027. Management expects preferred distributions to be treated as non-taxable return of capital for the foreseeable future.
  3. 8-KStrategy 8-K Report, Rights Modification (Oct 29, 2026)Strategy Inc (MSTR) filed an 8-K on October 29, 2026 reporting that it had filed four amended and restated certificates of designations for its preferred stock series (STRF, STRC, STRK and STRD) with the Delaware Secretary of State. The amendments permit daily dividends. The Second A&R STRC Stock CoD becomes effective at 12:01 a.m. Eastern Time on November 1, 2026, and the amendments for STRF, STRK and STRD become effective at 12:01 a.m. Eastern Time on January 1, 2027. The filing states that the changes do not increase or decrease the total amount of regular dividends payable, do not change any dividend rates, and do not change the Company's overall dividend payment obligations. Other than the change in dividend payment frequency and related changes, the filing states the rights and protections associated with the dividends are unchanged. Stockholders approved Proposal 1 at a Special Meeting held on October 28, 2026, with 381,373,199 votes for, 2,236,551 against and 444,753 abstentions. Because Proposal 1 was approved, the adjournment proposal (Proposal 2) was not needed, though it also received the requisite votes (376,177,572 for, 7,249,982 against, 626,949 abstentions). The filing also confirms that the contingent conditions for the STRC daily dividends for November 2026 have been satisfied. Stockholder approval was obtained and the Second A&R STRC Stock CoD has been filed and will take effect on November 1, 2026. Accordingly, the November Daily Dividends with record dates from November 1 through November 30, 2026 will be payable under their terms, and the previously declared semi-monthly STRC dividend payable November 15, 2026 will not be payable.
  4. 8-KStrategy 8-K Report, Corporate Update (Oct 28, 2026)On October 28, 2026, Strategy Inc held a Special Meeting of Stockholders. Based on preliminary voting results, the requisite vote was obtained from the issued and outstanding shares of common stock as of the September 25, 2026 record date to approve and adopt amended and restated certificates of designations for the company's 10.00% Series A Perpetual Strife Preferred Stock (STRF), Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), 8.00% Series A Perpetual Strike Preferred Stock (STRK), and 10.00% Series A Perpetual Stride Preferred Stock (STRD). The amendments permit daily dividends. Under the new schedule, these preferred stocks will have a dividend record date on every calendar day, including weekends and market and bank holidays. The change takes effect November 1, 2026 for STRC and January 1, 2027 for STRF, STRK, and STRD, subject to the filing and effectiveness of the amended certificates. For shares cleared through DTC, a record date falling on a weekend or DTC holiday is deemed by DTC to fall on the preceding non-holiday. The filing explains that multiple daily dividends can therefore share a single record and ex-dividend date and be paid together, and it notes that treatment may differ for shares not cleared through DTC, for venues other than Nasdaq, and by individual broker policies. The filing is made under Item 8.01 (Other Events) and includes a forward-looking statements disclaimer that refers to risk factors in the company's Quarterly Report on Form 10-Q filed August 3, 2026.
  5. 8-KStrategy 8-K Report, Regulation FD Disclosure (Oct 26, 2026)Strategy reported in an 8-K filed October 26, 2026 that during the period from October 19 to October 25, 2026, it sold no shares under its at-the-market offering program and neither purchased nor sold any bitcoin. As of October 25, 2026, Strategy held approximately 848,517 bitcoin, acquired at an aggregate purchase price of $64.02 billion and an average purchase price of approximately $75,446 per bitcoin, inclusive of fees and expenses. The main capital activity in the period was preferred stock repurchases. Strategy repurchased 2,068,459 shares of its STRC preferred stock for an aggregate $204.9 million, funded from USD Cash. No STRF, STRK, STRD, or MSTR Class A common stock was repurchased. Remaining capacity was $956.8 million under the digital credit securities repurchase program and $1.0 billion under the MSTR Stock repurchase program. As of October 25, 2026, the USD Reserve, which the filing says is intended to support preferred dividends and interest on indebtedness, stood at $4.83 billion, and USD Cash, which management may deploy for general Bitcoin Treasury Company purposes, stood at $242.4 million. The information under Item 7.01 is furnished rather than filed, and Strategy points investors to its website dashboard (www.strategy.com) for market prices, bitcoin holdings, and key metrics.
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04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.