STRK
STRK
MicroStrategy IncorporatedIncome Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q4-2025 | $122.99M ▼ | $17.53B ▲ | $-12.62B ▼ | -10.26K% ▼ | $-42.93 ▼ | $-17.45B ▼ |
| Q3-2025 | $128.69M ▲ | $-3.8B ▲ | $2.79B ▼ | 2.16K% ▼ | $9.3 ▼ | $3.89B ▼ |
| Q2-2025 | $114.49M ▲ | $-13.95B ▼ | $10.02B ▲ | 8.75K% ▲ | $36.23 ▲ | $14.03B ▲ |
| Q1-2025 | $111.07M ▼ | $6B ▲ | $-4.22B ▼ | -3.8K% ▼ | $-16.49 ▼ | $-5.92B ▼ |
| Q4-2024 | $120.7M | $1.1B | $-670.81M | -555.78% | $-3.03 | $-1.01B |
What's going well?
Gross margins are still relatively high, and R&D investment remains steady. Interest expense is low, so debt is not a major problem.
What's concerning?
Operating expenses skyrocketed, wiping out profits and leading to a $12.6 billion loss. Revenue shrank, margins narrowed, and share dilution increased—raising serious questions about management and business stability.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q4-2025 | $2.3B ▲ | $61.64B ▼ | $10.6B ▼ | $51.04B ▼ |
| Q3-2025 | $54.28M ▲ | $73.62B ▲ | $15.5B ▲ | $58.12B ▲ |
| Q2-2025 | $50.09M ▼ | $64.77B ▲ | $14.4B ▲ | $50.37B ▲ |
| Q1-2025 | $62.26M ▲ | $43.92B ▲ | $10.39B ▲ | $33.53B ▲ |
| Q4-2024 | $38.12M | $25.84B | $7.61B | $18.23B |
What's financially strong about this company?
The company now has a large cash cushion and can easily pay its bills. Debt is manageable and most of it is long-term, so there’s no immediate pressure.
What are the financial risks or weaknesses?
Almost all assets are intangible, which can be risky if those values are overstated. Equity and retained earnings dropped sharply, which could signal losses or write-downs.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2025 | $-12.44B ▼ | $-21.63M ▼ | $-3.09B ▲ | $5.37B ▲ | $2.25B ▲ | $-32.21M ▼ |
| Q3-2025 | $-5.8B ▼ | $-8.31M ▲ | $-4.96B ▲ | $4.97B ▼ | $4.07M ▲ | $14.45B ▲ |
| Q2-2025 | $10.02B ▲ | $-34.91M ▼ | $-6.79B ▲ | $6.81B ▼ | $-10.13M ▼ | $-6.82B ▲ |
| Q1-2025 | $-4.22B ▼ | $-2.39M ▲ | $-7.67B ▲ | $7.69B ▼ | $22.36M ▲ | $-7.67B ▲ |
| Q4-2024 | $-670.81M | $-17.32M | $-18.08B | $18.09B | $-8.31M | $-18.09B |
What's strong about this company's cash flow?
The company was able to raise a large amount of cash quickly by selling new shares, boosting its cash reserves to $2.3 billion. Most of the reported losses are non-cash accounting items, not actual cash leaving the business.
What are the cash flow concerns?
STRK is burning real cash every quarter and can't cover its costs from operations. It depends on outside investors for survival, and shareholders are being diluted by new stock issuance. Dividends are being paid even as the business loses money.
Q4 2025 Earnings Call Summary
Read Call Summary5-Year Trend Analysis
A comprehensive look at MicroStrategy Incorporated's financial evolution and strategic trajectory over the past five years.
Key positives include a long-standing enterprise analytics franchise with high gross margins, a sticky base of large customers, and differentiated technologies in governance and embedded intelligence. The bold Bitcoin strategy has significantly raised the company’s profile, created a large asset base, and demonstrated strong access to both debt and equity markets. Management has articulated a clear, if unconventional, vision that combines software innovation with digital-asset leadership.
Major risks stem from extreme earnings and cash-flow volatility, deeply negative profitability, and persistent cash burn. The balance sheet is heavily exposed to market-sensitive intangibles and rising leverage, while liquidity ratios remain tight. The concentration in Bitcoin introduces substantial price, regulatory, and sentiment risk on top of already intense competition in the enterprise software space. Any sustained downturn in crypto markets or tightening of capital-market conditions could quickly pressure both results and funding flexibility.
The company’s future appears highly binary and path-dependent. If it can stabilize its core software operations, translate its AI and Bitcoin-related innovations into durable revenue, and navigate crypto cycles without overextending its balance sheet, it could leverage its unique position into substantial long-term value creation. Conversely, if losses, cash burn, and asset volatility persist without a clear improvement in underlying cash generation, financial risk will remain elevated. Overall, the outlook is characterized by high potential and equally high uncertainty, with outcomes closely tied to execution quality and external market conditions.
About MicroStrategy Incorporated
https://www.microstrategy.comMicroStrategy Incorporated, together with its subsidiaries, provides artificial intelligence-powered enterprise analytics software and services in the United States, Europe, the Middle East, Africa, and internationally.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q4-2025 | $122.99M ▼ | $17.53B ▲ | $-12.62B ▼ | -10.26K% ▼ | $-42.93 ▼ | $-17.45B ▼ |
| Q3-2025 | $128.69M ▲ | $-3.8B ▲ | $2.79B ▼ | 2.16K% ▼ | $9.3 ▼ | $3.89B ▼ |
| Q2-2025 | $114.49M ▲ | $-13.95B ▼ | $10.02B ▲ | 8.75K% ▲ | $36.23 ▲ | $14.03B ▲ |
| Q1-2025 | $111.07M ▼ | $6B ▲ | $-4.22B ▼ | -3.8K% ▼ | $-16.49 ▼ | $-5.92B ▼ |
| Q4-2024 | $120.7M | $1.1B | $-670.81M | -555.78% | $-3.03 | $-1.01B |
What's going well?
Gross margins are still relatively high, and R&D investment remains steady. Interest expense is low, so debt is not a major problem.
What's concerning?
Operating expenses skyrocketed, wiping out profits and leading to a $12.6 billion loss. Revenue shrank, margins narrowed, and share dilution increased—raising serious questions about management and business stability.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q4-2025 | $2.3B ▲ | $61.64B ▼ | $10.6B ▼ | $51.04B ▼ |
| Q3-2025 | $54.28M ▲ | $73.62B ▲ | $15.5B ▲ | $58.12B ▲ |
| Q2-2025 | $50.09M ▼ | $64.77B ▲ | $14.4B ▲ | $50.37B ▲ |
| Q1-2025 | $62.26M ▲ | $43.92B ▲ | $10.39B ▲ | $33.53B ▲ |
| Q4-2024 | $38.12M | $25.84B | $7.61B | $18.23B |
What's financially strong about this company?
The company now has a large cash cushion and can easily pay its bills. Debt is manageable and most of it is long-term, so there’s no immediate pressure.
What are the financial risks or weaknesses?
Almost all assets are intangible, which can be risky if those values are overstated. Equity and retained earnings dropped sharply, which could signal losses or write-downs.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2025 | $-12.44B ▼ | $-21.63M ▼ | $-3.09B ▲ | $5.37B ▲ | $2.25B ▲ | $-32.21M ▼ |
| Q3-2025 | $-5.8B ▼ | $-8.31M ▲ | $-4.96B ▲ | $4.97B ▼ | $4.07M ▲ | $14.45B ▲ |
| Q2-2025 | $10.02B ▲ | $-34.91M ▼ | $-6.79B ▲ | $6.81B ▼ | $-10.13M ▼ | $-6.82B ▲ |
| Q1-2025 | $-4.22B ▼ | $-2.39M ▲ | $-7.67B ▲ | $7.69B ▼ | $22.36M ▲ | $-7.67B ▲ |
| Q4-2024 | $-670.81M | $-17.32M | $-18.08B | $18.09B | $-8.31M | $-18.09B |
What's strong about this company's cash flow?
The company was able to raise a large amount of cash quickly by selling new shares, boosting its cash reserves to $2.3 billion. Most of the reported losses are non-cash accounting items, not actual cash leaving the business.
What are the cash flow concerns?
STRK is burning real cash every quarter and can't cover its costs from operations. It depends on outside investors for survival, and shareholders are being diluted by new stock issuance. Dividends are being paid even as the business loses money.
Q4 2025 Earnings Call Summary
Read Call Summary5-Year Trend Analysis
A comprehensive look at MicroStrategy Incorporated's financial evolution and strategic trajectory over the past five years.
Key positives include a long-standing enterprise analytics franchise with high gross margins, a sticky base of large customers, and differentiated technologies in governance and embedded intelligence. The bold Bitcoin strategy has significantly raised the company’s profile, created a large asset base, and demonstrated strong access to both debt and equity markets. Management has articulated a clear, if unconventional, vision that combines software innovation with digital-asset leadership.
Major risks stem from extreme earnings and cash-flow volatility, deeply negative profitability, and persistent cash burn. The balance sheet is heavily exposed to market-sensitive intangibles and rising leverage, while liquidity ratios remain tight. The concentration in Bitcoin introduces substantial price, regulatory, and sentiment risk on top of already intense competition in the enterprise software space. Any sustained downturn in crypto markets or tightening of capital-market conditions could quickly pressure both results and funding flexibility.
The company’s future appears highly binary and path-dependent. If it can stabilize its core software operations, translate its AI and Bitcoin-related innovations into durable revenue, and navigate crypto cycles without overextending its balance sheet, it could leverage its unique position into substantial long-term value creation. Conversely, if losses, cash burn, and asset volatility persist without a clear improvement in underlying cash generation, financial risk will remain elevated. Overall, the outlook is characterized by high potential and equally high uncertainty, with outcomes closely tied to execution quality and external market conditions.
CEO
Phong Q. Le
Compensation Summary
(Year )
Upcoming Earnings
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Ratings Snapshot
Rating : C+
Price Target
Institutional Ownership
CAPITAL INTERNATIONAL INVESTORS
Shares:2.09M
Value:$166.97M
BLACKROCK, INC.
Shares:1.06M
Value:$84.81M
CAPITAL WORLD INVESTORS
Shares:636.28K
Value:$50.78M
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