MicroStrategy Incorporated (MSTR) Income Statement
MSTR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMSTR revenue and net income
Where MSTR's revenue goes
2025Each bar shows an amount and its share of revenue. MSTR kept −806.3% of revenue as net income.
MSTR profit margins
MSTR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.0% | −1.5% | −0.1% | −1.0% |
| Gross profit | −1.8% | −6.1% | −3.4% | −2.6% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MSTR quarterly EPS vs estimates
MicroStrategy beat the analyst EPS estimate in 1 of the last 8 quarters. Next report: October 29, 2026 (estimate $21.50).
MSTR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $477.2M | $463.5M | $496.3M | $499.3M | $510.8M | $480.7M | $486.3M | $497.6M | $503.8M | $513.6M |
| Cost of revenue | $149.4M | $129.5M | $109.9M | $103.0M | $91.9M | $91.1M | $100.0M | $99.5M | $96.6M | $93.1M |
| Gross profit | $327.8M | $334.0M | $386.3M | $396.3M | $418.9M | $389.7M | $386.4M | $398.1M | $407.2M | $420.4M |
| Research & development | $93.9M | $118.5M | $120.5M | $127.4M | $117.1M | $103.6M | $109.4M | $102.5M | $78.8M | $73.1M |
| Sales, general & admin | $274.9M | $278.6M | $265.0M | $258.3M | $255.6M | $229.0M | $277.9M | $291.7M | $255.2M | $237.7M |
| Total operating expenses | $368.7M | $2.19B | $391.4M | $1.67B | $1.20B | $403.3M | $387.4M | $394.2M | $334.0M | $310.9M |
| Operating income | −$40.9M | −$1.85B | −$115.0M | −$1.28B | −$784.5M | −$13.6M | −$1.0M | $4.0M | $73.2M | $109.5M |
| Interest income | — | — | — | — | — | $710,000 | $10.9M | $11.9M | $5.2M | $2.2M |
| Interest expense | $65.0M | $61.9M | $49.0M | $53.1M | $29.1M | $1.8M | $39.3M | $0 | $0 | $0 |
| Income before taxes | −$5.53B | −$1.93B | −$124.5M | −$1.32B | −$811.4M | −$20.0M | $38.3M | $20.5M | $71.5M | $114.9M |
| Income taxes | −$1.68B | −$767.7M | −$553.6M | $147.3M | −$275.9M | −$12.4M | $3.9M | −$2.0M | $53.3M | $22.7M |
| Net income | −$3.85B | −$1.17B | $429.1M | −$1.47B | −$535.5M | −$7.5M | $34.4M | $22.5M | $18.2M | $92.2M |
| EBITDA | −$5.44B | −$1.85B | −$115.0M | −$1.26B | −$770.9M | $70.4M | $7.6M | $7.7M | $88.8M | $129.5M |
| EPS (diluted) | −$18.52 | −$13.78 | $2.88 | −$12.47 | −$0.05 | −$0.07 | $0.12 | $0.17 | $0.55 | $0.78 |
| Gross margin | 68.7% | 72.1% | 77.8% | 79.4% | 82.0% | 81.1% | 79.4% | 80.0% | 80.8% | 81.9% |
| Operating margin | −8.6% | −399.8% | −23.2% | −255.5% | −153.6% | −2.8% | −0.2% | 0.8% | 14.5% | 21.3% |
| Net margin | −806.3% | −251.7% | 86.5% | −294.4% | −104.8% | −1.6% | 7.1% | 4.5% | 3.6% | 18.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $122.4M | $124.3M | $123.0M | $128.7M | $114.5M | $111.1M | $120.7M | $116.1M | $111.4M | $115.2M | $124.5M | $129.5M |
| Cost of revenue | $40.8M | $40.9M | $41.7M | $38.0M | $35.8M | $34.0M | $34.2M | $34.3M | $30.9M | $30.0M | $28.2M | $26.7M |
| Gross profit | $81.5M | $83.4M | $81.3M | $90.7M | $78.7M | $77.1M | $86.5M | $81.7M | $80.5M | $85.2M | $96.3M | $102.8M |
| Research & development | $23.1M | $24.7M | $22.8M | $22.6M | $24.1M | $24.4M | $25.7M | $33.3M | $30.3M | $29.2M | $30.2M | $29.7M |
| Sales, general & admin | $74.0M | $73.6M | $68.5M | $68.1M | $70.2M | $68.1M | $71.2M | $68.9M | $70.4M | $68.1M | $69.7M | $64.8M |
| Total operating expenses | $8.41B | $98.3M | $91.3M | $90.7M | $94.3M | $92.5M | $1.10B | $514.3M | $280.8M | $288.9M | $139.0M | $128.0M |
| Operating income | −$8.33B | −$14.9M | −$10.0M | −$5,000 | −$15.5M | −$15.4M | −$1.02B | −$432.6M | −$200.3M | −$203.7M | −$42.8M | −$25.2M |
| Interest income | $14.4M | — | — | — | $80,000 | — | — | — | — | — | — | — |
| Interest expense | $1.8M | $1.8M | $11.1M | $18.9M | $17.9M | $17.1M | $16.5M | $18.1M | $15.5M | $11.9M | $11.9M | $11.0M |
| Income before taxes | −$8.22B | −$14.47B | −$17.46B | $3.87B | $14.01B | −$5.94B | −$1.03B | −$478.7M | −$215.0M | −$213.9M | −$60.6M | −$33.8M |
| Income taxes | $1.6M | −$1.92B | −$5.02B | $1.09B | $3.98B | −$1.73B | −$355.9M | −$138.5M | −$112.5M | −$160.8M | −$149.8M | $109.6M |
| Net income | −$8.22B | −$12.54B | −$12.44B | $2.79B | $10.02B | −$4.22B | −$670.8M | −$340.2M | −$102.6M | −$53.1M | $89.1M | −$143.4M |
| EBITDA | −$8.21B | −$6.2M | −$17.44B | $3.89B | $14.03B | −$8.8M | −$1.01B | −$454.6M | −$195.9M | −$199.0M | −$43.6M | −$20.1M |
| EPS (diluted) | −$24.45 | −$38.25 | −$42.93 | $8.42 | $32.52 | −$16.53 | −$3.20 | −$1.56 | −$0.76 | −$8.26 | $0.56 | −$1.01 |
| Gross margin | 66.6% | 67.1% | 66.1% | 70.5% | 68.8% | 69.4% | 71.7% | 70.4% | 72.2% | 74.0% | 77.3% | 79.4% |
| Operating margin | −6,808.1% | −12.0% | −8.1% | −0.0% | −13.6% | −13.9% | −842.1% | −372.7% | −179.7% | −176.8% | −34.4% | −19.5% |
| Net margin | −6,717.1% | −10,090.6% | −10,112.1% | 2,164.1% | 8,752.7% | −3,797.2% | −555.8% | −293.1% | −92.0% | −46.1% | 71.6% | −110.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MSTR's financial statements (latest annual report filed February 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MSTR financial results
In fiscal year 2025 (ended December 31, 2025), MicroStrategy reported revenue of $477.2 million, up 3.0% from the year before. It had a net loss of $3.8 billion, a net profit margin of −806.3%. Diluted earnings per share came to −$18.52. Over five years revenue grew at an average rate of −0.1% a year.
See the MSTR stock overview for the latest quote and news, or the MSTR chart for price history and technical indicators.
MSTR income statement FAQ
What is MicroStrategy's annual revenue?
MicroStrategy reported total revenue of $477.2 million for fiscal year 2025, which ended on December 31, 2025. That was up 3.0% from $463.5 million the previous year.
Is MicroStrategy profitable?
No. MicroStrategy reported a net loss of $3.8 billion in fiscal 2025, a net profit margin of −806.3%; its operating margin was −8.6%.
What is MicroStrategy's gross margin?
MicroStrategy's gross margin was 68.7% in fiscal 2025: for every $100 of revenue, MicroStrategy kept $69 after the direct cost of its products and services.
How much does MicroStrategy spend on research and development?
MicroStrategy spent $93.9 million on research and development in fiscal 2025, 19.7% of revenue.
How fast is MicroStrategy growing?
Revenue grew −0.1% a year on average over the last five fiscal years, from $480.7 million to $477.2 million.
What are MicroStrategy's earnings per share?
MicroStrategy earned $-18.52 per diluted share in fiscal 2025, compared with $-13.78 a year earlier.
When will MicroStrategy report its next earnings?
MicroStrategy is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 after the market closes.
When does MicroStrategy's fiscal year end?
MicroStrategy's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 19, 2026.