MicroStrategy (MSTR) financial statements
MicroStrategy reported revenue of $477M in fiscal 2025, down 0.8% a year over 9 years.
Net income was -$3.8B and the operating margin -1140.8%, against 21.3% in 2016.
Free cash flow was -$75M.
The diluted share count rose 141% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MicroStrategy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $514M | $504M | $498M | $486M | $481M | $511M | $499M | $496M | $463M | $477M |
| Cost of revenue | $93M | $97M | $99M | $100M | $91M | $92M | $103M | $110M | $129M | $149M |
| Gross profit | $420M | $407M | $398M | $386M | $390M | $419M | $396M | $386M | $334M | $328M |
| Research and development | $73M | $79M | $102M | $109M | $104M | $117M | $127M | $121M | $118M | $94M |
| Selling, general and admin | $238M | $255M | $292M | $278M | $229M | $256M | $258M | $265M | $279M | $275M |
| Operating income | $110M | $73M | $4M | -$1M | -$14M | -$785M | -$1.3B | -$115M | -$1.9B | -$5.4B |
| Pre-tax income | $115M | $71M | $20M | $38M | -$20M | -$811M | -$1.3B | -$125M | -$1.9B | -$5.5B |
| Income tax | $23M | $53M | -$2M | $4M | -$12M | -$276M | $147M | -$554M | -$768M | -$1.7B |
| Net income | $92M | $18M | $23M | $34M | -$8M | -$535M | -$1.5B | $429M | -$1.2B | -$3.8B |
| EPS (diluted) | $0.80 | $0.16 | $0.20 | $0.33 | -$0.08 | -$5.34 | -$12.98 | $2.64 | -$6.06 | -$15.23 |
| Diluted shares | 115M | 115M | 114M | 103M | 97M | 100M | 113M | 166M | 193M | 278M |
| Gross margin | 81.9% | 80.8% | 80.0% | 79.4% | 81.1% | 82.0% | 79.4% | 77.8% | 72.1% | 68.7% |
| Operating margin | 21.3% | 14.5% | 0.8% | -0.2% | -2.8% | -153.6% | -255.5% | -23.2% | -399.8% | -1140.8% |
| Net margin | 18.0% | 3.6% | 4.5% | 7.1% | -1.6% | -104.8% | -294.4% | 86.5% | -251.7% | -806.3% |
Balance sheet
Fiscal years, from MicroStrategy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $589M | $675M | $576M | $566M | $60M | $63M | $44M | $47M | $38M | $2.3B |
| Receivables | $83M | $165M | $171M | $164M | $197M | $189M | $189M | $184M | $181M | $206M |
| Total current assets | $685M | $861M | $778M | $753M | $273M | $268M | $265M | $268M | $252M | $2.6B |
| Property, plant and equipment | $57M | $53M | $52M | $50M | $43M | $37M | $32M | $29M | $26M | $29M |
| Total assets | $768M | $933M | $856M | $917M | $1.5B | $3.6B | $2.4B | $4.8B | $25.8B | $61.6B |
| Total current liabilities | $185M | $271M | $258M | $270M | $286M | $312M | $317M | $323M | $355M | $456M |
| Long-term debt | — | — | — | — | $486M | $2.2B | $2.4B | $2.2B | $7.2B | $8.2B |
| Total liabilities | $216M | $327M | $326M | $408M | $913M | $2.6B | $2.8B | $2.6B | $7.6B | $10.6B |
| Shareholders' equity | $566M | $606M | $530M | $509M | $446M | $979M | -$383M | $2.2B | $31.0B | $44.1B |
| Net debt | -$402M | -$420M | -$110M | -$457M | $427M | $2.1B | $2.3B | $2.1B | $7.2B | $5.9B |
Cash flow
Fiscal years, from MicroStrategy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $111M | $78M | $11M | $61M | $54M | $94M | $3M | $13M | -$53M | -$67M |
| Capital spending | $2M | $4M | $7M | $10M | $4M | $3M | $2M | $3M | $3M | $8M |
| Free cash flow | $108M | $74M | $4M | $51M | $50M | $91M | $725,000 | $10M | -$56M | -$75M |
| Stock-based compensation | $12M | $14M | $15M | $10M | $11M | $44M | $64M | $70M | $77M | $53M |
| Dividends paid | $0 | $0 | $0 | $0 | $0 | — | — | — | — | — |
| Share buybacks (net) | $0 | $0 | -$111M | -$73M | -$123M | $0 | $0 | — | — | — |
| Free cash flow margin | 21.1% | 14.8% | 0.8% | 10.4% | 10.4% | 17.8% | 0.1% | 2.0% | -12.1% | -15.8% |
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Open MSTR in InvestinglyQuestions
What was MicroStrategy's revenue in 2025?
$477M in fiscal 2025, from its 10-K filing.
How much free cash flow does MicroStrategy generate?
-$75M in fiscal 2025 (operating cash flow minus capital spending).
From MicroStrategy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.