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MSTR

MicroStrategy Incorporated

MSTR

MicroStrategy Incorporated • NASDAQ
$177.18 ▲ 0.88% (+1.54)
Market Cap $50.89 B
52w High $457.22
52w Low $166.01
Dividend Yield 0%
P/E 7.27
Volume 11.14M
Outstanding Shares 287.22M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $128.691M ▲ $90.683M ▲ $2.785B ▼ 2.164K% ▼ $9.3 ▼ $3.944B ▼
Q2-2025 $114.488M ▲ $-13.953B ▼ $10.021B ▲ 8.753K% ▲ $36.23 ▲ $14.033B ▲
Q1-2025 $111.066M ▼ $5.999B ▲ $-4.217B ▼ -3.797K% ▼ $-16.49 ▼ $-5.919B ▼
Q4-2024 $120.697M ▲ $1.103B ▲ $-670.81M ▼ -555.78% ▼ $-3.03 ▼ $-1.005B ▼
Q3-2024 $116.071M $514.304M $-340.174M -293.074% $-1.72 $-454.571M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $54.285M ▲ $73.619B ▲ $15.502B ▲ $58.117B ▲
Q2-2025 $50.095M ▼ $64.773B ▲ $14.402B ▲ $50.371B ▲
Q1-2025 $62.258M ▲ $43.92B ▲ $10.394B ▲ $33.526B ▲
Q4-2024 $38.117M ▼ $25.844B ▲ $7.614B ▲ $18.23B ▲
Q3-2024 $46.343M $8.344B $4.57B $3.774B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-5.803B ▼ $-8.31M ▲ $-4.96B ▲ $4.972B ▼ $4.068M ▲ $14.449B ▲
Q2-2025 $10.021B ▲ $-34.913M ▼ $-6.787B ▲ $6.81B ▼ $-10.126M ▼ $-6.822B ▲
Q1-2025 $-4.217B ▼ $-2.389M ▲ $-7.67B ▲ $7.694B ▼ $22.361M ▲ $-7.673B ▲
Q4-2024 $-670.81M ▼ $-17.324M ▲ $-18.075B ▼ $18.087B ▲ $-8.308M ▲ $-18.093B ▼
Q3-2024 $-340.174M $-40.966M $-1.575B $1.594B $-20.596M $-1.616B

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
License
License
 $10.00M ▲$20.00M ▲$10.00M ▼$10.00M ▲
Maintenance
Maintenance
 $60.00M ▲$60.00M ▲$50.00M ▼$50.00M ▲
Product Licenses And Subscription Services
Product Licenses And Subscription Services
 $0 ▲$0 ▲$0 ▲$50.00M ▲
Subscription And Circulation
Subscription And Circulation
 $30.00M ▲$30.00M ▲$40.00M ▲$40.00M ▲
Technology Service
Technology Service
 $20.00M ▲$20.00M ▲$10.00M ▼$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement MicroStrategy’s software revenue has been fairly steady over the past several years, without clear signs of rapid growth or collapse. The core business appears mature rather than high‑growth. What really moves the income statement now is the Bitcoin strategy: gains and losses tied to Bitcoin and related accounting drive big swings in reported profits and losses from year to year. That’s why you see sharp turns between profit and sizable loss, even when the underlying software business doesn’t change much. Overall, the company looks fundamentally volatile on paper, largely because its financial results are now dominated by digital asset dynamics rather than software alone.

Balance Sheet

Balance Sheet The balance sheet has transformed into something more like a hybrid between a software company and an investment vehicle. Total assets have ballooned, primarily due to Bitcoin holdings, while traditional cash balances remain quite modest. Debt levels have climbed meaningfully as the company has used borrowing to fund its Bitcoin accumulation. Equity has recovered from earlier weakness and is now strongly positive, but it is heavily dependent on the market value of Bitcoin. In practical terms, the balance sheet is powerful but risky: it is large, highly geared to a single volatile asset class, and supported by notable leverage rather than by cash-rich software operations.

Cash Flow

Cash Flow The underlying software operations generate only modest operating cash flow, roughly around breakeven to mildly positive in recent years. This suggests a stable but not wildly cash‑rich core business. The very large negative free cash flow figures are mostly a reflection of aggressive Bitcoin purchases, which show up like heavy investment spending. In other words, cash from financing activities (debt and equity issuance) has been recycled into digital assets rather than into traditional capital expenditures. This creates a cash profile that is heavily reliant on access to capital markets and on the timing and scale of digital asset purchases, rather than on organic cash generation alone.

Competitive Edge

Competitive Edge In business intelligence, MicroStrategy holds a niche but durable position at the enterprise end of the market. Its strengths lie in security, governance, scalability, and a long track record with large, data‑sensitive customers. It competes against giants like Microsoft (Power BI) and Salesforce (Tableau), which are often more visible and easier to adopt for everyday users. MicroStrategy’s differentiation is deeper enterprise control, centralized data governance, and advanced embedding of analytics into other applications. Separately, its Bitcoin strategy gives it a very unusual competitive identity: it functions as one of the most visible public equities linked to Bitcoin, with strong brand recognition among digital asset enthusiasts. This dual identity strengthens mindshare but also concentrates risk in a single macro theme—Bitcoin—rather than diversified software end markets.

Innovation and R&D

Innovation and R&D On the innovation side, MicroStrategy is leaning heavily into AI‑driven analytics and distinctive BI features. Its platform aims to make analytics more proactive and less dashboard‑dependent, through tools like HyperIntelligence that push insights directly into everyday applications, and AI assistants that allow natural language interaction with data. The Strategy Mosaic concept – a unified intelligence layer – targets the persistent problem of data silos in large organizations. Beyond BI, the company is signaling ambitions to build tools and services around Bitcoin and blockchain analytics, attempting to merge its software capabilities with its digital asset focus. The result is an innovation agenda that is both technically ambitious and strategically tied to its Bitcoin thesis, which could create new opportunities but also adds execution and focus risk.

Summary

MicroStrategy today is less a traditional software company and more a dual‑engine story: a mature enterprise analytics business coupled with an aggressive Bitcoin accumulation strategy. The software side offers stability, long‑standing customer relationships, and ongoing product innovation in AI‑powered analytics, but it does not currently look like a hyper‑growth engine. The Bitcoin side dominates the company’s size, risk profile, and financial swings, amplifying both upside and downside depending on crypto markets and financing conditions. The balance sheet and cash flows reflect heavy commitment to this approach, with significant leverage and ongoing dependence on capital markets. Overall, the company’s future will likely be driven far more by Bitcoin prices, regulation, and the success of integrating BI with digital asset capabilities than by traditional software metrics alone, making it an unusually high‑variance profile within the software sector.

NEWS

October 2, 2025 · 7:52 AM UTC

STRATEGY (MSTR) INVESTIGATION ALERT: Bragar Eagel & Squire, P.C. Continues Investigation into Strategy Incorporated on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm

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September 23, 2025 · 8:00 AM UTC

GraniteShares launches new YieldBOOST ETFs on MSTR (MTYY) and PLTR (PLYY).

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