Strategy Inc
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $477.2M | $463.5M | $496.3M | $499.3M | $510.8M |
| Research and development | $93.9M | $118.5M | $120.5M | $127.4M | $117.1M |
| Operating expenses | $5.8B | $2.2B | $501.4M | $1.7B | $1.2B |
| Operating income | -$5.4B | -$1.9B | -$115.0M | -$1.3B | -$784.5M |
| Pretax income | -$5.5B | -$1.9B | -$124.5M | -$1.3B | -$811.4M |
| Income tax expense | -$1.7B | -$767.7M | -$553.6M | $147.3M | -$275.9M |
| Net income | -$3.8B | -$1.2B | $429.1M | -$1.5B | -$535.5M |
| Balance Sheet | |||||
| Cash and equivalents | $2.3B | $38.1M | $46.8M | $43.8M | $63.4M |
| Current assets | $2.6B | $252.3M | $267.9M | $264.6M | $268.0M |
| Total assets | $61.6B | $25.8B | $4.8B | $2.4B | $3.6B |
| Current liabilities | $456.5M | $355.4M | $323.3M | $317.4M | $312.0M |
| Total liabilities | $10.6B | $7.6B | $2.6B | $2.8B | $2.6B |
| Stockholders' equity | $44.1B | $18.2B | $2.2B | -$383.1M | $979.0M |
| Cash Flow Statement | |||||
| Cash from operations | -$67.2M | -$53.0M | $12.7M | $3.2M | $93.8M |
| Depreciation and amortization | $25.5M | $17.8M | $14.5M | $10.9M | $11.4M |
| Stock-based compensation | $53.4M | $77.1M | $69.6M | $63.6M | $44.1M |
| Capital expenditure | $8.2M | $3.0M | $2.9M | $2.5M | $2.7M |
| Free cash flow | -$75.5M | -$56.0M | $9.8M | $725,000 | $91.1M |
| Share repurchases | — | — | — | $0 | $0 |
| Impairments | — | — | — | $0 | $0 |
Shares outstanding 350.4M · Free float 93.4%
Annual filing data through FY ended December 31, 2025; float as of July 12, 2026.