The company's core software business exhibits stagnant growth, with revenue increasing by 11.9% in 2026Q1 while net income remains heavily distorted by a $12.5 billion loss driven by digital asset impairment charges.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 490.47M | 477.23M | 463.46M | 496.26M | 499.26M | 510.76M | 480.74M | 486.33M | 497.64M | 503.84M | 513.59M | 529.87M | 579.83M | 575.89M | 565.72M | 537.17M | 454.58M | 377.79M | 360.39M | 350.67M | 313.82M | 268.66M | 231.21M | 175.58M | 147.83M | 180.42M | 215.26M | 151.26M | 95.49M | 52.55M |
| Revenue Growth % | 6.79% | 2.97% | -6.61% | -0.6% | -2.25% | 6.25% | -1.15% | -2.27% | -1.23% | -1.9% | -3.07% | -8.62% | 0.68% | 1.8% | 5.32% | 18.17% | 20.33% | 4.83% | 2.77% | 11.74% | 16.81% | 16.2% | 31.68% | 18.77% | -18.06% | -16.19% | 42.31% | 58.4% | 81.71% | - |
| Cost of Goods Sold | 156.39M | 149.42M | 129.47M | 109.94M | 102.99M | 91.91M | 91.06M | 99.97M | 99.5M | 96.65M | 93.15M | 101.11M | 135.21M | 138.57M | 141.08M | 130.7M | 106.09M | 66.6M | 63.41M | 60.49M | 44.39M | 36.45M | 32.87M | 27.98M | 27.9M | 45.64M | 77.56M | 37.03M | 16.34M | 9.87M |
| COGS % of Revenue | - | 31.31% | 27.94% | 22.15% | 20.63% | 17.99% | 18.94% | 20.56% | 19.99% | 19.18% | 18.14% | 19.08% | 23.32% | 24.06% | 24.94% | 24.33% | 23.34% | 17.63% | 17.59% | 17.25% | 14.14% | 13.57% | 14.22% | 15.94% | 18.87% | 25.3% | 36.03% | 24.48% | 17.12% | 18.79% |
| Gross Profit | 334.07M | 327.82M | 333.99M | 386.32M | 396.27M | 418.85M | 389.68M | 386.35M | 398.14M | 407.19M | 420.44M | 428.76M | 444.62M | 437.32M | 424.65M | 406.47M | 348.49M | 311.19M | 296.99M | 290.18M | 269.44M | 232.21M | 198.34M | 147.59M | 119.93M | 134.77M | 137.7M | 114.22M | 79.14M | 42.68M |
| Gross Margin % | 68.11% | 68.69% | 72.06% | 77.85% | 79.37% | 82.01% | 81.06% | 79.44% | 80.01% | 80.82% | 81.86% | 80.92% | 76.68% | 75.94% | 75.06% | 75.67% | 76.66% | 82.37% | 82.41% | 82.75% | 85.86% | 86.43% | 85.78% | 84.06% | 81.13% | 74.7% | 63.97% | 75.52% | 82.88% | 81.21% |
| Gross Profit Growth % | - | -1.85% | -13.55% | -2.51% | -5.39% | 7.49% | 0.86% | -2.96% | -2.22% | -3.15% | -1.94% | -3.57% | 1.67% | 2.98% | 4.47% | 16.64% | 11.99% | 4.78% | 2.35% | 7.7% | 16.03% | 17.08% | 34.38% | 23.07% | -11.02% | -2.13% | 20.55% | 44.33% | 85.44% | - |
| Operating Expenses | -128.01M | 5.77B | 2.19B | 501.36M | 1.67B | 1.2B | 403.31M | 387.36M | 394.16M | 333.97M | 310.93M | 294.74M | 439.52M | 417.88M | 391.55M | 385.6M | 297.9M | 224.88M | 229.19M | 201.96M | 169.65M | 138.34M | 129.89M | 119.62M | 109.5M | 201.49M | 255.54M | 139.52M | 81.69M | 43.31M |
| OpEx % of Revenue | - | 1209.51% | 471.88% | 101.03% | 334.9% | 235.6% | 83.89% | 79.65% | 79.21% | 66.28% | 60.54% | 55.62% | 75.8% | 72.56% | 69.21% | 71.78% | 65.53% | 59.53% | 63.59% | 57.59% | 54.06% | 51.49% | 56.18% | 68.13% | 74.08% | 111.68% | 118.71% | 92.24% | 85.55% | 82.42% |
| Selling, General & Admin | 280.42M | 274.87M | 278.62M | 264.98M | 258.3M | 255.64M | 229.05M | 277.93M | 291.66M | 255.21M | 237.74M | 229.25M | 321.43M | 319.82M | 303.36M | 317.74M | 247.33M | 183.09M | 198.62M | 165.22M | 135.44M | 106.8M | 104.9M | 90.06M | 75.81M | 111.96M | 184.62M | 112.08M | 66.15M | 37.02M |
| SG&A % of Revenue | - | 57.6% | 60.12% | 53.4% | 51.74% | 50.05% | 47.64% | 57.15% | 58.61% | 50.65% | 46.29% | 43.27% | 55.44% | 55.54% | 53.62% | 59.15% | 54.41% | 48.46% | 55.11% | 47.12% | 43.16% | 39.75% | 45.37% | 51.29% | 51.29% | 62.06% | 85.76% | 74.1% | 69.28% | 70.45% |
| Research & Development | 94.1M | 93.86M | 118.49M | 120.53M | 127.43M | 117.12M | 103.56M | 109.42M | 102.5M | 78.77M | 73.14M | 65.21M | 103.36M | 98.06M | 88.19M | 67.86M | 50.57M | 41.8M | 30.57M | 36.66M | 34.13M | 31.47M | 24.91M | 27.68M | 26.3M | 32.82M | 43.89M | 24.23M | 12.11M | 5.05M |
| R&D % of Revenue | - | 19.67% | 25.57% | 24.29% | 25.52% | 22.93% | 21.54% | 22.5% | 20.6% | 15.63% | 14.24% | 12.31% | 17.83% | 17.03% | 15.59% | 12.63% | 11.12% | 11.06% | 8.48% | 10.45% | 10.88% | 11.71% | 10.78% | 15.77% | 17.79% | 18.19% | 20.39% | 16.02% | 12.68% | 9.61% |
| Other Operating Expenses | -1000K | 5.4B | 1.79B | 115.85M | 1.29B | 830.62M | 70.7M | 0 | 0 | 0 | 45K | 279K | 14.73M | 0 | 0 | 0 | 0 | 0 | 0 | 71K | 71K | 71K | 71K | 1.88M | 7.39M | 56.71M | 27.03M | 3.22M | 3.44M | 1.24M |
| Operating Income | 462.09M | -5.44B | -1.85B | -115.05M | -1.28B | -784.53M | -13.63M | -1M | 3.98M | 73.22M | 109.51M | 134.02M | 5.1M | 19.44M | 33.1M | 20.87M | 50.59M | 86.3M | 67.8M | 88.22M | 99.79M | 93.87M | 68.45M | 27.97M | 10.42M | -66.72M | -117.84M | -25.3M | -2.55M | -634K |
| Operating Margin % | 94.21% | -1140.82% | -399.82% | -23.18% | -255.52% | -153.6% | -2.83% | -0.21% | 0.8% | 14.53% | 21.32% | 25.29% | 0.88% | 3.38% | 5.85% | 3.88% | 11.13% | 22.84% | 18.81% | 25.16% | 31.8% | 34.94% | 29.61% | 15.93% | 7.05% | -36.98% | -54.74% | -16.72% | -2.67% | -1.21% |
| Operating Income Growth % | - | -193.82% | -1510.63% | 90.98% | -62.61% | -5658% | -1259.78% | -125.17% | -94.56% | -33.14% | -18.29% | 2525.82% | -73.74% | -41.27% | 58.63% | -58.75% | -41.38% | 27.29% | -23.15% | -11.59% | 6.31% | 37.13% | 144.71% | 168.37% | 115.62% | 43.38% | -365.83% | -892.43% | -302.05% | - |
| EBITDA | 479.6M | -5.42B | -1.84B | -100.52M | -1.26B | -773.17M | -293K | 7.59M | 7.68M | 88.75M | 129.46M | 155.24M | 30.4M | 45.84M | 55.55M | 38.14M | 63.39M | 96.94M | 74.2M | 95.82M | 107.42M | 102.36M | 76.77M | 36.81M | 23.53M | -37.16M | -88.22M | -18.46M | 887K | 609K |
| EBITDA Margin % | 97.78% | -1135.77% | -395.98% | -20.26% | -253.35% | -151.38% | -0.06% | 1.56% | 1.54% | 17.62% | 25.21% | 29.3% | 5.24% | 7.96% | 9.82% | 7.1% | 13.94% | 25.66% | 20.59% | 27.32% | 34.23% | 38.1% | 33.21% | 20.96% | 15.92% | -20.6% | -40.98% | -12.2% | 0.93% | 1.16% |
| EBITDA Growth % | 106.35% | -195.36% | -1725.68% | 92.05% | -63.6% | -263780.2% | -103.86% | -1.17% | -91.34% | -31.44% | -16.61% | 410.66% | -33.68% | -17.49% | 45.67% | -39.84% | -34.61% | 30.64% | -22.56% | -10.8% | 4.94% | 33.33% | 108.59% | 56.39% | 163.33% | 57.88% | -377.94% | -2180.95% | 45.65% | - |
| D&A (Non-Cash Add-back) | 17.51M | 24.08M | 17.81M | 14.53M | 10.87M | 11.36M | 13.33M | 8.59M | 3.7M | 15.53M | 19.94M | 21.21M | 25.3M | 26.4M | 22.45M | 17.27M | 12.8M | 10.63M | 6.4M | 7.6M | 7.63M | 8.5M | 8.32M | 8.83M | 13.11M | 29.56M | 29.62M | 6.84M | 3.44M | 1.24M |
| EBIT | 449.42M | -5.46B | -1.87B | -75.56M | -1.27B | -782.24M | -13.63M | -1M | 3.98M | 73.22M | 109.56M | 134.3M | 19.84M | 19.44M | 33.1M | 20.87M | 50.59M | 86.3M | 67.8M | 88.22M | 99.79M | 93.87M | 68.45M | 29.67M | 14.62M | -27.26M | -108.47M | -22.5M | -2.55M | -634K |
| Net Interest Income | -49.69M | -64.97M | -61.94M | -48.96M | -53.14M | -29.15M | 710K | 10.91M | 11.86M | 5.21M | 2.2M | 284K | 162K | 497K | 143K | 199K | 389K | 955K | 2.27M | 3.65M | 2.82M | 2.88M | 1.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 2.52M | 10.91M | 11.86M | 5.21M | 2.2M | 284K | 162K | 497K | 143K | 199K | 389K | 955K | 2.27M | 3.65M | 2.82M | 2.97M | 1.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 49.69M | 64.97M | 61.94M | 48.96M | 53.14M | 29.15M | 1.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 94K | 53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -14.51B | -81.57M | -81.37M | -9.48M | -46.72M | -26.86M | -6.33M | 39.27M | 16.5M | -1.75M | 5.42M | 3.84M | 5.95M | -2.69M | -892K | 4.33M | 4.37M | -504K | 2.97M | 2.96M | 1.57M | 4.3M | 870K | -35.23M | 28.88M | 21.13M | -95.88M | 2.04M | 12.85M | 634K |
| Pretax Income | -14.05B | -5.53B | -1.93B | -124.53M | -1.32B | -811.39M | -19.95M | 38.26M | 20.48M | 71.47M | 114.93M | 137.86M | 11.05M | 16.75M | 32.21M | 25.2M | 54.96M | 85.8M | 70.77M | 91.19M | 101.36M | 98.17M | 69.32M | -7.25M | 39.31M | -45.59M | -213.72M | -23.26M | 10.3M | 0 |
| Pretax Margin % | -2864.4% | -1157.91% | -417.37% | -25.09% | -264.88% | -158.86% | -4.15% | 7.87% | 4.12% | 14.19% | 22.38% | 26.02% | 1.91% | 2.91% | 5.69% | 4.69% | 12.09% | 22.71% | 19.64% | 26% | 32.3% | 36.54% | 29.98% | -4.13% | 26.59% | -25.27% | -99.28% | -15.38% | 10.79% | - |
| Income Tax | -1.88B | -1.68B | -767.68M | -553.65M | 147.33M | -275.91M | -12.43M | 3.91M | -2.02M | 53.28M | 22.69M | 31.93M | 6.02M | -9.8M | 9.73M | 3.39M | 11.17M | 25.29M | 29M | 32.72M | 30.48M | 33.43M | -98.99M | -2.59M | 1.19M | 2.46M | 1.4M | 1.25M | 3.4M | 0 |
| Effective Tax Rate % | 13.35% | 30.36% | 39.69% | 444.61% | -11.14% | 34% | 62.29% | 10.21% | -9.86% | 74.54% | 19.75% | 23.16% | 54.44% | -58.5% | 30.22% | 13.46% | 20.32% | 29.48% | 40.98% | 35.88% | 30.08% | 34.05% | -142.81% | 35.66% | 3.03% | -5.4% | -0.66% | -5.36% | 33.01% | - |
| Net Income | -12.36B | -4.03B | -1.17B | 429.12M | -1.47B | -535.48M | -7.52M | 34.35M | 22.5M | 18.2M | 92.24M | 105.93M | 5.04M | 83.33M | 20.55M | 17.94M | 43.79M | 74.84M | 41.83M | 58.47M | 70.88M | 64.74M | 168.31M | -3.9M | 38.12M | -80.87M | -168.93M | -33.74M | -2.25M | -885K |
| Net Margin % | -2519.39% | -844.76% | -251.73% | 86.47% | -294.39% | -104.84% | -1.57% | 7.06% | 4.52% | 3.61% | 17.96% | 19.99% | 0.87% | 14.47% | 3.63% | 3.34% | 9.63% | 19.81% | 11.61% | 16.67% | 22.58% | 24.1% | 72.8% | -2.22% | 25.78% | -44.82% | -78.48% | -22.31% | -2.36% | -1.68% |
| Net Income Growth % | -131.79% | -245.56% | -371.87% | 129.2% | -174.48% | -7016.96% | -121.9% | 52.68% | 23.67% | -80.27% | -12.93% | 2003.89% | -93.96% | 305.59% | 14.53% | -59.03% | -41.48% | 78.89% | -28.45% | -17.51% | 9.47% | -61.53% | 4412.4% | -110.24% | 147.13% | 52.13% | -400.63% | -1396.36% | -154.8% | - |
| Net Income (Continuing) | -12.17B | -3.85B | -1.17B | 429.12M | -1.47B | -535.48M | -7.52M | 34.35M | 22.5M | 18.2M | 92.24M | 105.93M | 5.04M | 26.55M | 22.47M | 21.81M | 43.79M | 60.51M | 41.77M | 58.47M | 70.88M | 64.74M | 168.31M | -4.67M | 38.12M | -48.05M | -215.12M | -24.51M | -2.25M | -885K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 56.78M | -1.93M | -3.87M | 0 | 14.33M | 65K | 0 | 0 | 0 | 0 | 765K | 0 | -32.81M | 46.19M | -9.24M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -37.01 | -15.23 | -6.06 | 2.64 | -12.98 | -5.34 | -0.08 | 0.33 | 0.20 | 0.16 | 0.80 | 0.92 | 0.04 | 0.74 | 0.18 | 0.16 | 0.37 | 0.61 | 0.34 | 0.46 | 0.52 | 0.42 | 0.98 | -0.03 | 0.31 | -0.93 | -3.28 | -0.22 | -0.02 | -0.10 |
| EPS Growth % | -84.14% | -151.32% | -329.55% | 120.34% | -143.07% | -6772.59% | -123.55% | 65% | 25% | -80% | -13.04% | 1990.91% | -94.05% | 311.11% | 12.5% | -56.76% | -39.34% | 79.41% | -26.09% | -11.54% | 23.81% | -57.14% | 3812.12% | -108.52% | 133.33% | 71.65% | -1390.91% | -1366.67% | 85% | - |
| EPS (Basic) | - | -13.89 | -6.06 | 3.14 | -12.98 | -5.34 | -0.08 | 0.34 | 0.20 | 0.16 | 0.81 | 0.93 | 0.04 | 0.74 | 0.19 | 0.17 | 0.39 | 0.63 | 0.35 | 0.47 | 0.55 | 0.44 | 1.05 | -0.03 | 0.32 | -0.93 | -3.28 | -0.22 | -0.02 | -0.10 |
| Diluted Shares Outstanding | 333.91M | 294M | 192.55M | 165.66M | 113.21M | 100.2M | 96.84M | 103.28M | 114.12M | 115.47M | 115.16M | 115.39M | 113.56M | 113.01M | 111.74M | 110.66M | 117.79M | 122.84M | 123.03M | 128.53M | 136.33M | 154.36M | 171.19M | 148.04M | 119.86M | 86.59M | 79.78M | 154.06M | 133.97M | 117.98M |
| Basic Shares Outstanding | 333.91M | 294M | 192.55M | 136.71M | 113.21M | 100.2M | 96.84M | 102.56M | 113.75M | 114.44M | 114.25M | 113.55M | 113.01M | 113M | 109.95M | 107.19M | 113.78M | 119.06M | 118.86M | 123.25M | 129.87M | 147.68M | 160.55M | 148.04M | 116.76M | 86.59M | 79.78M | 154.06M | 133.97M | 117.98M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.08% | - | - | - | - | - | - | - | - | - | - | - | - |
Digital asset impairment volatility
As reported in recent financial statements, MicroStrategy's revenue growth has remained largely muted, with the most recent quarter showing a 11.9% increase that masks a broader trend of inconsistent performance across the last ten quarters, reflecting the maturity of its legacy enterprise analytics software business model.
The company's top-line trajectory appears heavily dependent on enterprise budget cycles rather than organic expansion of its core software suite. Investors should monitor whether the transition to cloud-based subscription services can eventually provide a more durable growth profile, as current figures suggest the legacy maintenance base is the primary anchor for revenue stability.
According to historical income statement data, MicroStrategy has maintained a relatively stable gross margin profile, averaging approximately 69% over the last ten quarters, which suggests that the underlying software delivery model remains efficient despite the significant accounting noise introduced by the firm's digital asset treasury strategy.
This structural gross margin strength highlights the low marginal cost of software deployment, which remains the firm's primary operational advantage. However, this efficiency is frequently overshadowed by non-operating charges, making it difficult to assess the true pricing power of the software business without stripping away the impact of treasury-related impairments.
Based on reported figures, the firm's net income has experienced extreme fluctuations, including a $12.5 billion loss in 2026Q1, primarily driven by the indefinite-lived intangible asset accounting treatment of Bitcoin, which renders traditional earnings-per-share metrics largely irrelevant for assessing the company's underlying software business performance.
The adoption of FASB fair-value accounting for digital assets has introduced significant volatility into the income statement, creating a disconnect between operational cash generation and GAAP net income. Analysts should focus on adjusted operating metrics to filter out these non-cash impairments, as the reported bottom line appears to be a function of crypto market sentiment rather than software operational efficiency.
As indicated by the firm's income statement history, the reliance on debt-funded asset acquisition creates a precarious financial structure where operating income is frequently dwarfed by impairment charges, suggesting that the company's solvency may be increasingly tethered to the market price of its digital asset holdings.
Short-sellers would likely focus on the potential for margin compression if the cost of servicing convertible debt rises during periods of digital asset price stagnation. The firm's strategy appears to prioritize treasury growth over operational profitability, which warrants further investigation into the long-term sustainability of this capital-intensive model.
Quick answers to the most common questions about buying STRC stock.
For fiscal year 2025, MicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) reported total revenue of $477.2M. This represents a 808.1% increase compared to $52.6M in 1997.
MicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) reported a net loss of $4.03B for the fiscal year ending 2025.
MicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) reported an operating income of $-5444.4M, resulting in an operating profit margin of -1140.8%. This margin reflects the operational efficiency of the business before interest and taxes.
MicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) generated $327.8M in gross profit for the year, representing a gross profit margin of 68.7%. This demonstrates the company's core pricing power and production efficiency.