Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Strategy Inc files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
514
504
498
486
481
511
499
496
463
477
Cost of revenue
93.1
96.6
99.5
100
91.1
91.9
103
110
129
149
Gross profit
420
407
398
386
390
419
396
386
334
328
Research and development
73.1
78.8
102
109
104
117
127
121
118
93.9
Selling and marketing
158
175
206
191
149
160
147
150
138
123
General and administrative
79.5
80.2
86.1
86.7
80.1
95.5
111
115
141
152
Operating expenses
311
334
394
387
403
1,203
1,672
501
2,187
5,772
Operating income
110
73.2
3.98
-1
-13.6
-785
-1,276
-115
-1,853
-5,444
Other non-operating income
3.22
-6.95
4.65
28.4
-7.04
2.29
6.41
-5.2
3.51
-16.6
Pre-tax income
115
71.5
20.5
38.3
-20
-811
-1,322
-125
-1,934
-5,526
Income tax
22.7
53.3
-2.02
3.91
-12.4
-276
147
-554
-768
-1,678
Net income
92.2
18.2
22.5
34.4
-7.52
-535
-1,470
429
-1,167
-3,848
EBITDA
129
88.8
7.68
7.59
-0.29
-773
-1,265
-101
-1,835
-5,419
EPS, basic
0.81
0.16
0.20
0.33
-0.08
-5.34
-12.98
3.14
-6.06
-15.23
EPS, diluted
0.80
0.16
0.20
0.33
-0.08
-5.34
-12.98
2.64
-6.06
-15.23
Shares, basic (weighted)
114
114
114
103
96.9
100
113
137
193
278
Shares, diluted (weighted)
115
115
114
103
96.9
100
113
166
193
278
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
402
420
110
457
59.7
63.4
43.8
46.8
38.1
2,301
Short-term investments
187
255
466
109
0
0
0
0
Receivables
83.3
165
171
164
197
189
189
184
181
206
Other current assets
11.5
19.2
30.1
23.2
14.4
14.3
24.4
35.4
31.2
55
Total current assets
685
861
778
753
273
268
265
268
252
2,564
Property, plant and equipment
57.4
53.4
51.9
50.2
43
36.6
32.3
28.9
26.3
28.9
Lease right-of-use assets
0
85.5
73.6
66.8
61.3
57.3
54.6
47
Total assets
768
933
856
917
1,466
3,557
2,410
4,763
25,844
61,641
Accounts payable
36.6
30.7
33.7
Accrued liabilities
43.3
41.5
48
48.8
49.2
54.5
53.7
50
58.4
70
Deferred revenue
106
199
177
187
191
210
217
228
238
272
Short-term debt
0
0.45
0.48
0.52
31.3
Total current liabilities
185
271
258
270
286
312
317
323
355
456
Long-term debt
486
2,155
2,379
2,182
7,191
8,159
Lease liabilities
0
103
84.3
76.6
67.3
61.1
56.4
46.1
Other non-current liabilities
16.4
50.1
61.3
30.4
33.4
26.2
17.1
22.2
5.38
4.74
Total liabilities
216
327
326
408
913
2,578
2,793
2,598
7,614
10,598
Total debt
486
2,155
2,379
2,183
7,192
8,190
Paid-in capital
544
560
577
594
763
1,727
1,841
3,958
20,412
37,807
Retained earnings
494
527
549
583
576
41.4
-1,428
-999
-2,167
6,322
Treasury stock
-475
-475
-586
-659
-782
-782
-782
-782
0
Other comprehensive income
-10.7
-5.66
-10.2
-9.65
-3.89
-7.54
-13.8
-11.4
-15.4
-5.17
Shareholders' equity
566
606
530
509
446
979
-383
2,165
30,976
44,123
Total equity
566
606
530
509
446
979
-383
2,165
30,976
44,123
Total liabilities and equity
768
933
856
917
1,466
3,557
2,410
4,763
25,844
61,641
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
92.2
18.2
22.5
34.4
-7.52
-535
-1,470
429
-1,167
-3,848
Depreciation and amortization
19.9
15.5
3.7
8.59
13.3
11.4
10.9
14.5
17.8
25.5
Stock-based compensation
11.8
14.3
14.6
10.2
11.2
44.1
63.6
69.6
77.1
53.4
Deferred income tax
-4.38
-3.67
-8.22
-2.63
-21
-279
125
-569
-768
-1,684
Change in receivables
-16.9
15.3
-8.36
-3.67
-0.77
2.62
-5.29
11.7
6.34
20.4
Change in payables
6.98
-9.09
3.38
-7.32
9.17
3.75
-3.52
-0.63
1.14
6.56
Cash from operations
111
78.3
10.6
60.9
53.6
93.8
3.21
12.7
-53
-67.2
Capital expenditures
-2.34
-3.98
-6.85
-10.2
-3.65
-2.71
-2.49
-2.94
-2.98
-8.21
Purchases of investments
-355
-456
-694
-320
-9.93
0
0
Cash from investing
4.34
-69.7
-209
354
-1,019
-2,629
-279
-1,905
-22,086
-22,512
Stock issued
1.66
1.68
2.47
6.57
0
1,000
46.6
2,029
16,363
16,272
Share buybacks
0
0
-111
-72.7
-123
0
0
Cash from financing
-1
1.66
-109
-66.2
563
2,542
265
1,890
22,133
24,844
Exchange rate effect
-4.18
8.22
Net change in cash
110
18.5
-310
347
-397
3.68
-13.6
-2.2
-8.78
2,263
Free cash flow
108
74.3
3.78
50.7
50
91.1
0.73
9.77
-56
-75.5
Interest paid
0
0
0
0.01
0.18
20.4
43.4
41.2
44.6
46.5
Income taxes paid
24.3
29.3
13.2
5.91
6.8
7.01
22
30.3
1.06
13.1
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $158.61 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
67.6%
Gross profit / revenue.
Operating margin
-7,295.0%
Operating income / revenue.
EBITDA margin
-7,289.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-7,279.0%
Pre-tax income / revenue.
Net margin
-6,103.0%
Net income / revenue.
FCF margin
-5.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-4.0%
Cash from operations / revenue.
Return on equity (ROE)
-98.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-57.9%
Net income / average total assets.
Return on invested capital (ROIC)
-80.0%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
18.7%
Research and development expense / revenue.
Stock-based pay / revenue
10.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.2%
Capital expenditures / revenue.
D&A / revenue
6.2%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
3.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-1.5%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-0.1%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-1.8%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-6.1%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
-3.4%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
42.4%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y
150.6%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
138.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
194.6%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
111.2%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
44.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
34.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
23.4%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
5.39x
Current assets / current liabilities.
Quick ratio
5.19x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
4.94x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.22x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
12.8%
Total debt / total assets.
Liabilities / assets
13.8%
Total liabilities / total assets.
Net debt
$4.26B
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$1.41
Revenue / diluted weighted shares.
FCF per share
-$0.07
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.06
Cash from operations / diluted weighted shares.
Book value per share
$87.61
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
122x
Market cap / revenue.
P/B
1.97x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.97x
Market cap / tangible book value, when positive.
EV/Sales
131x
Enterprise value / revenue.
FCF yield
-0.0%
Free cash flow / market cap.
Earnings yield
-49.9%
Net income / market cap (the inverse of P/E).
What was Strategy Inc's revenue in fiscal 2025?
Strategy Inc reported revenue of $477.2M for fiscal 2025, 3% higher than the year before.
Was Strategy Inc profitable in fiscal 2025?
No. It reported a net loss of $3.85B.
How much free cash flow did Strategy Inc generate in fiscal 2025?
Cash from operations of $67.2M minus capital expenditures of $8.2M left free cash flow of -$75.5M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.