The core software business exhibits stagnant growth with a 11.9% revenue increase in 2026Q1, yet net income remains highly unstable, swinging from a $10.0B profit in 2025Q2 to a $12.5B loss in 2026Q1.
| 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% | - | - | - | - | - | - | - | - | - | - | - | - |
Asset Impairment Volatility
According to the latest quarterly filings, STRF's revenue growth has fluctuated significantly, posting a 11.9% increase in 2026Q1 after several periods of contraction, suggesting that the core software business lacks the consistent momentum required to independently support the company's aggressive capital allocation and debt-servicing requirements.
The revenue trajectory appears decoupled from the enterprise value, as the software segment struggles to maintain double-digit growth. Investors should monitor whether this volatility in top-line performance reflects a genuine shift in demand or merely the timing of legacy maintenance contract renewals.
As reported in financial statements, the company maintains a structurally high gross margin near 68.69%, which provides a stable foundation for the software business, yet this profitability is entirely overshadowed by massive, non-cash impairment charges that render traditional operating margin analysis largely irrelevant for this entity.
While the software division demonstrates the pricing power typical of established application providers, the net margin remains hostage to the spot price of treasury assets. This disconnect suggests that the income statement is currently a poor proxy for the underlying economic health of the firm.
Based on reported figures, the net income volatility—ranging from a $10.0B profit in 2025Q2 to a $12.6B loss in 2025Q4—highlights the extreme sensitivity of GAAP earnings to digital asset price fluctuations, which complicates any attempt to assess the quality of recurring operational performance.
The reliance on 'lower of cost or market' accounting creates a misleading picture of profitability that may confuse market participants. Analysts should look past these accounting-driven swings to evaluate whether the core software cash flows are sufficient to cover the 10% preferred dividend obligation.
Data from recent income statements indicates that the company's reliance on a virtuous cycle of asset appreciation may be fragile, as the 10% fixed dividend obligation creates a rigid cash outflow that could force asset liquidations if software-derived cash flows fail to meet these senior requirements.
Short-sellers likely focus on the potential for a 'terminal value' collapse in the software business, which would remove the primary funding source for the treasury strategy. If the premium to NAV compresses, the company's ability to issue equity for further asset accumulation may be severely constrained.
Quick answers to the most common questions about buying STRF stock.
For fiscal year 2025, MicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock (STRF) reported total revenue of $477.2M. This represents a 808.1% increase compared to $52.6M in 1997.
MicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock (STRF) reported a net loss of $4.03B for the fiscal year ending 2025.
MicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock (STRF) 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 10.00% Series A Perpetual Strife Preferred Stock (STRF) 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.