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STRK

MicroStrategy Incorporated

STRK

MicroStrategy Incorporated • NASDAQ
$87.24 ▲ 5.80% (+4.78)
Market Cap $25.06 B
52w High $129.48
52w Low $73.08
Dividend Yield 8.00%
P/E 0
Volume 321.11K
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

Five-Year Company Overview

Income Statement

Income Statement Revenue from the software business has been fairly flat over the past several years, with solid gross margins but weak overall profitability. The main story in the income statement is volatility: results swing between profit and sizeable loss, driven largely by Bitcoin-related gains or charges and financing effects rather than changes in the core software business. Operating income has been consistently negative, suggesting the underlying operations, as reported, are not yet earning enough to comfortably cover all expenses. Earnings per share therefore depend heavily on market-driven factors tied to Bitcoin, which makes headline profitability unpredictable from year to year.

Balance Sheet

Balance Sheet The balance sheet has expanded dramatically, mainly because of the build-up of Bitcoin and related digital asset holdings. Reported equity has moved from thin or even negative levels to a much larger base, but this is heavily linked to the market value of those holdings. Debt has also risen, indicating meaningful leverage supporting the Bitcoin accumulation strategy. Cash itself is modest relative to total assets, so liquidity is more about access to capital markets than about large cash reserves. Overall financial strength is closely tied to Bitcoin prices and the company’s continued ability to refinance or raise new capital.

Cash Flow

Cash Flow Cash generated by the underlying business appears roughly around breakeven, with only small positive or negative swings in operating cash flow. The very large negative free cash flow primarily reflects ongoing, aggressive capital deployment into Bitcoin rather than traditional investments in property or equipment. In practice, the company recycles capital from equity and debt issuance into further digital asset purchases. This means the cash flow profile is less like a typical software firm and more like a hybrid of an operating company and an investment vehicle that regularly taps capital markets.

Competitive Edge

Competitive Edge In software, MicroStrategy competes in a crowded analytics and business intelligence market dominated by major cloud platforms and established tools. Its edge comes from long-standing enterprise relationships, high switching costs for large customers, and differentiated features like HyperIntelligence and embedded analytics. However, growth pressure is high given intense competition and the rapid pace of innovation from larger rivals. Separately, its massive Bitcoin position creates a unique market identity as a leveraged proxy for Bitcoin, which attracts a distinct investor base but also introduces concentration and volatility risks that most software peers do not carry.

Innovation and R&D

Innovation and R&D The company continues to innovate on the analytics side, with MicroStrategy ONE, HyperIntelligence, and its AI assistant "Auto" aimed at making data easier to access and understand in everyday workflows. Integration with collaboration tools and major cloud platforms helps it stay relevant despite strong competition. The focus on embedded analytics and governance features also supports its role in complex enterprise environments. That said, it is competing against very well-funded tech giants in AI and analytics, so sustained, focused R&D execution is critical if it wants its software franchise to remain a meaningful contributor alongside its Bitcoin strategy.

Summary

MicroStrategy today is defined by a dual identity: a mature, niche enterprise analytics provider and an aggressive Bitcoin holding vehicle. The core software business is stable but not rapidly growing, with good gross margins yet weak and volatile bottom-line results. The balance sheet and reported earnings are dominated by Bitcoin and the financing used to acquire it, making the company’s financial profile highly sensitive to cryptocurrency markets and regulation. Innovation in analytics and AI gives MicroStrategy a credible product story, but strategic and valuation dynamics are now primarily driven by its Bitcoin treasury approach rather than by traditional software fundamentals.