MicroStrategy Incorporated (MSTR) financials
NASDAQ · Technology · Software - Application · 1,539 employees · CEO Phong Q. Le
- Price
- $130.51 -7.84%
- Market cap
- $52.5B
- Enterprise value
- $56.8B
- Last report
- Q3 '26 filed 2026-10-29
- Next report
- 2027-02-04 EPS est. $8.75
Revenue (TTM)–– vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)–– vs a year agoOperating income –
Net income (TTM)–– vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)–– vs a year agoCapex –
Diluted EPS (TTM)–– vs a year agoSum of the last 4 quarters
Net cash-$870M+89.3% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $52.5B EV $56.8B
- Revenue
- – Trailing 12 months
- Revenue growth
- +5% FY2026 consensus
- Profit margin
- – Net income / revenue, TTM
- P/E
- -2.3× Forward -6.9× (FY2026)
- P/S
- 106.1× Price / sales, TTM
- EV / EBITDA
- -12.1× TTM
- Free cash flow
- – Trailing 12 months
- Net income
- – Trailing 12 months
- Revenue estimate
- $499M FY2026 consensus
- Earnings
- 2027-02-04 Revenue est. $126M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-29): revenue missed by 1.8%, EPS beat by 121.6%Revenue $125M vs $128M expected (-1.8%); EPS $44.75 vs $20.19 (+121.6%).
- Net debt $870MCash + short-term investments $5.91B, debt incl. leases $6.78B; a year ago net debt $8.17B.
Last quarter: Q3 '26
Quarter ended 2026-10-25. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $125M | – | – |
| Gross margin | 71.5% | – | – |
| Operating income | $20.9B | – | – |
| Operating margin | 16,670.9% | – | – |
| Net income | $19.5B | – | – |
| Diluted EPS | $44.75 | – | – |
| R&D | $24.1M | – | – |
Reported vs consensus
2026-10-29| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $125M | $128M | -1.8% |
| EPS (as estimated) | $44.75 | $20.19 | +121.6% |
From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Product Licenses And Subscription Services | $66.5M | +38.6% | 50.0% | $298M | – | |
| Maintenance | – | – | – | – | – | |
| Subscription And Circulation | $62.9M | +54.0% | 47.2% | $219M | +59.4% | |
| License | $3.67M | -48.9% | 2.8% | $34.4M | -15.7% | |
| Technology Service | – | – | – | – | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| North America | $68.4M | +4.7% | 55.9% | $281M | +8.0% | |
| E M E A | $42.5M | +7.7% | 34.7% | $172M | +8.9% | |
| Other Regions | $11.5M | +18.0% | 9.4% | $45.2M | +2.3% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '24
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Software Business | – | – | -$18.5M | – | – | – | – |
| Corporate (unallocated) | – | – | -$414M | – | – | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Free cash flow
- –
- Returned to shareholders / FCF
- –
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -2.3× | 20.1× 1 of 5 years | 20.1× – 20.1× |
| EV / EBITDA | -12.1× | – | – |
| EV / Sales | 114.7× | 57.4× | 8.0× – 135.9× |
| Price / FCF | -2.4× | – | – |
| Price / Book | 0.8× | 3.4× 4 of 5 years | 0.9× – 5.6× |
| FCF yield | -41.4% | -35.3% | -50.5% – -17.9% |
| Return on invested capital | 11.7% | -14.5% | -60.9% – 8.9% |
| Return on equity | -26.0% | 67.0% | -54.7% – 383.6% |
Analysts
Consensus target $248.55 (+90.4%)
range $155.00 – $435.00 · rating Buy
Strong buy0
Buy18
Hold8
Sell3
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $499M | +4.6% | -$19.01 | -24.8% | -6.9× | 8 |
| FY2027 | $512M | +2.6% | $20.91 | +210.0% | 6.2× | 6 |
| FY2028 | $527M | +2.9% | $22.71 | +8.6% | 5.7× | 3 |
| FY2029 | $476M | -9.6% | $100.57 | +342.9% | 1.3× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 289 figures Strategy Inc tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| -$8.32B | $14B | -159.2% | – | – | – | |
| $15.6M | $18M | -13.1% | – | – | – | |
| Accounts Receivable, after Allowance for Credit Loss, Current | $124M | $118M | +5.0% | $206M | $181M | +13.5% |
| Accounts Receivable, Allowance for Credit Loss, Current | $2.96M | $2.95M | +0.2% | $3.35M | $2.19M | +52.9% |
| Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $0 | – | – | $0 | – | – |
| Accrued Income Taxes, Current | $1.8M2025-12-31 | $9.5M | -81.1% | $1.8M | $9.5M | -81.1% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $118M2025-12-31 | $133M | -11.7% | $118M | $133M | -11.7% |
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -$5.2M2025-12-31 | -$15.4M | +66.2% | -$5.2M | -$15.4M | +66.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$8.43M | -$5.02M | -68.0% | -$5.17M | -$15.4M | +66.4% |
| Additional Paid in Capital, Common Stock | $46.1B | $31.2B | +47.9% | $37.8B | $20.4B | +85.2% |
| Amortization of Debt Issuance Costs | $6.12M | $6.4M | -4.3% | $25.4M | $15.3M | +65.7% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $14.3M | $15.7M | -9.4% | $54.2M | $74.2M | -27.0% |
| Assets | $52.6B | $64.8B | -18.9% | $61.6B | $25.8B | +138.5% |
| Assets, Current | $2.67B | $213M | +1,150.2% | $2.56B | $252M | +916.2% |
| Billed Contracts Receivable | $127M | $121M | +4.9% | $209M | $183M | +14.0% |
| Capitalized Computer Software, Additions | – | – | – | $0 | $0 | – |
| Capitalized Contract Cost, Net | $79.3M2025-12-31 | $48.3M | +64.2% | $79.3M | $48.3M | +64.2% |
| Cash and Cash Equivalents, at Carrying Value | $1.71B | $50.1M | +3,317.2% | $2.3B | $38.1M | +5,937.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $1.71B | $52.1M | +3,187.2% | $2.3B | $39.9M | +5,673.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$496M | -$10.1M | -4,793.9% | $2.26B | -$8.78M | +25,891.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$8.22B | $10B | -182.0% | -$3.84B | -$1.17B | -227.9% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $13.3M | – | – | – | – | – |
| Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent | $7M | – | – | – | – | – |
| Contract with Customer, Liability, Current | $223M | $214M | +4.0% | $272M | $238M | +14.3% |
| Contract with Customer, Liability, Noncurrent | $3.26M | $4.2M | -22.4% | $5.45M | $4.97M | +9.7% |
| Contract with Customer, Liability, Revenue Recognized | $78.2M | $71.5M | +9.4% | $243M | $225M | +7.8% |
| Convertible Preferred Dividends, Net of Tax | $0 | $16.8M | -100.0% | – | – | – |
| Cost of Goods and Services Sold | $40.8M | $35.8M | +14.2% | $149M | $129M | +15.4% |
| CryptoAssetCost | $63.9B | – | – | $50.4B | $28B | +80.3% |
| CryptoAssetFairValue | $49.7B | – | – | $58.9B | $23.9B | +146.2% |
| CryptoAssetNumberOfUnits | 846,000 Bitcoin | – | – | 672,500 Bitcoin | 447,470 Bitcoin | +50.3% |
| CryptoAssetPurchase | $6.42B | $6.77B | -5.1% | $22.5B | $22.1B | +1.8% |
| CryptoAssetSale | $83.2M | $0 | – | $0 | $0 | – |
| CryptoAssetUnrealizedLossOperating | $14.5B2026-03-31 | $5.91B | +144.8% | $5.4B | $0 | – |
| Current Federal Tax Expense (Benefit) | – | – | – | $24K | -$5.2M | +100.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $5.42M | $5.37M | +0.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $6.15M | $238K | +2,483.6% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $708K | $72K | +883.3% |
| Custody Fees | $4.24M | $4.88M | -13.1% | – | – | – |
| Debt Securities, Available-for-sale, Allowance for Credit Loss | $0 | – | – | – | – | – |
| Debt Securities, Available-for-sale, Amortized Cost | $736M | – | – | – | – | – |
| Debt Securities, Available-for-sale, Current | $736M | – | – | – | – | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$1.12B | -$505M | -120.8% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $1.82M | -$123K | +1,576.4% |
| Deferred Income Tax Assets, Net | $5.11M | $5.72M | -10.5% | $4.51M | $1.53B | -99.7% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$1.68B | -$768M | -119.3% |
| Deferred Income Tax Liabilities, Net | $1.36M | $5.87B | -100.0% | $1.93B | $407K | +473,230.2% |
| Deferred Income Taxes and Tax Credits | -$140K | $3.98B | -100.0% | -$1.68B | -$776M | -117.1% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$570M | -$262M | -117.1% |
| Deferred Tax Asset, Interest Carryforward | $36.3M2025-12-31 | $25M | +45.4% | $36.3M | $25M | +45.4% |
| Deferred Tax Assets, Capital Loss Carryforwards | $24.4M | – | – | – | – | – |
| Deferred Tax Assets, Deferred Income | $1.02M2025-12-31 | $902K | +13.2% | $1.02M | $902K | +13.2% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $112M2025-12-31 | $88.4M | +27.2% | $112M | $88.4M | +27.2% |
| Deferred Tax Assets, Gross | $530M2025-12-31 | $1.56B | -65.9% | $530M | $1.56B | -65.9% |
| Deferred Tax Assets, Net | – | – | – | $1.52B2024-12-31 | $757M | +101.4% |
| Deferred Tax Assets, Net of Valuation Allowance | $529M2025-12-31 | $1.55B | -65.9% | $529M | $1.55B | -65.9% |
| Deferred Tax Assets, Operating Loss Carryforwards | $327M2025-12-31 | $231M | +41.6% | $327M | $231M | +41.6% |
| Deferred Tax Assets, Other | $6.72M2025-12-31 | $1.85M | +262.4% | $6.72M | $1.85M | +262.4% |
| Deferred Tax Assets, Tax Credit Carryforwards | $14.3M2025-12-31 | $6.29M | +127.0% | $14.3M | $6.29M | +127.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | $5.26M2025-12-31 | $5.2M | +1.2% | $5.26M | $5.2M | +1.2% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02