Strategy Inc
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
View on SEC.govAbout this filing
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FY2025 · Filed Feb 19, 2026
MSTR$121.07-3.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Statements of Mezzanine Equity and Stockholders’ Equity
CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
| Mezzanine Equity · Stockholders' Equity | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Perpetual PreferredStock · Class A Common Stock · Class B ConvertibleCommon Stock · Treasury Stock | ||||||||||||
| Shares | Amount | TotalStockholders' Equity | Shares | Amount | Shares | Amount | Additional Paid-in Capital | Shares | Amount | AccumulatedOtherComprehensiveIncome (Loss) | RetainedEarnings(AccumulatedDeficit) | |
| Balance at January 1, 2023 | — | $— | $(383,120) | 104,532 | $18 | 19,640 | $2 | $1,841,120 | $(8,684) | $(782,104) | $(13,801) | $(1,428,355) |
| Net income | — | — | 429,121 | — | — | — | — | — | — | — | — | 429,121 |
| Other comprehensive income | — | — | 2,357 | — | — | — | — | — | — | — | 2,357 | — |
| Issuance of class A common stock upon exercise of stock options | — | — | 30,519 | 1,756 | 1 | — | — | 30,518 | — | — | — | — |
| Issuance of class A common stock under employee stock purchase plan | — | — | 3,955 | 198 | — | — | — | 3,955 | — | — | — | — |
| Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes | — | — | (4,344) | 260 | — | — | — | (4,344) | — | — | — | — |
| Issuance of class A common stock under public offerings, net of issuance costs | — | — | 2,020,089 | 50,979 | 5 | — | — | 2,020,084 | — | — | — | — |
| Share-based compensation expense | — | — | 66,395 | — | — | — | — | 66,395 | — | — | — | — |
| Balance at December 31, 2023 | — | $— | $2,164,972 | 157,725 | $24 | 19,640 | $2 | $3,957,728 | $(8,684) | $(782,104) | $(11,444) | $(999,234) |
| Net loss | — | — | (1,166,661) | — | — | — | — | — | — | — | — | (1,166,661) |
| Other comprehensive loss | — | — | (3,940) | — | — | — | — | — | — | — | (3,940) | — |
| Par value adjustment for class A and B common stock issued upon stock split | — | — | — | — | 157 | — | 18 | (175) | — | — | — | — |
| Retirement of treasury stock | — | — | — | (8,684) | (9) | — | — | (781,114) | 8,684 | 782,104 | — | (981) |
| Issuance of class A common stock upon exercise of stock options | — | — | 184,287 | 7,826 | 2 | — | — | 184,285 | — | — | — | — |
| Issuance of class A common stock under employee stock purchase plan | — | — | 4,304 | 94 | — | — | — | 4,304 | — | — | — | — |
| Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes | — | — | (2,207) | 545 | — | — | — | (2,207) | — | — | — | — |
| Issuance of class A common stock under public offerings, net of issuance costs | — | — | 16,329,857 | 52,309 | 50 | — | — | 16,329,807 | — | — | — | — |
| Issuance of class A common stock upon conversions of convertible senior notes | — | — | 645,164 | 16,323 | 2 | — | — | 645,162 | — | — | — | — |
| Share-based compensation expense | — | — | 74,208 | — | — | — | — | 74,208 | — | — | — | — |
| Balance at December 31, 2024 | — | $— | $18,229,984 | 226,138 | $226 | 19,640 | $20 | $20,411,998 | $— | $— | $(15,384) | $(2,166,876) |
| Opening balance adjustment due to the adoption of ASU 2023-08, net of tax | — | — | 12,746,378 | — | — | — | — | — | — | — | — | 12,746,378 |
| Other | — | — | (1,098) | — | — | — | — | — | — | — | — | (1,098) |
| Net income | — | — | (3,848,152) | — | — | — | — | — | — | — | — | (3,848,152) |
| Preferred stock cash dividends declared | — | — | (408,489) | — | — | — | — | — | — | — | — | (408,489) |
| Other comprehensive income | — | — | 10,213 | — | — | — | — | — | — | — | 10,213 | — |
| Issuance of class A common stock upon exercise of stock options | — | — | 42,154 | 1,121 | — | — | — | 42,154 | — | — | — | — |
| Issuance of class A common stock under employee stock purchase plan | — | — | 5,435 | 39 | — | — | — | 5,435 | — | — | — | — |
| Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes | — | — | — | 418 | — | — | — | — | — | — | — | — |
| Issuance of class A common stock under public offerings, net of issuance costs | — | — | 16,247,607 | 57,332 | 58 | — | — | 16,247,549 | — | — | — | — |
| Issuance of class A common stock upon conversions of convertible senior notes | — | — | 1,045,222 | 7,374 | 8 | — | — | 1,045,214 | — | — | — | — |
| Share-based compensation expense | — | — | 54,204 | — | — | — | — | 54,204 | — | — | — | — |
| Issuance of Series A Perpetual Strike Preferred Stock | 13,982 | 1,226,553 | — | — | — | — | — | — | — | — | — | — |
| Issuance of Series A Perpetual Strife Preferred Stock | 12,840 | 1,191,128 | — | — | — | — | — | — | — | — | — | — |
| Issuance of Series A Perpetual Stride Preferred Stock | 14,024 | 1,163,483 | — | — | — | — | — | — | — | — | — | — |
| Issuance of Series A Perpetual Stretch Preferred Stock | 29,587 | 2,631,281 | — | — | — | — | — | — | — | — | — | — |
| Issuance of Series A Perpetual Stream Preferred Stock | 7,750 | 707,069 | — | — | — | — | — | — | — | — | — | — |
| Balance at December 31, 2025 | 78,183 | $6,919,514 | $44,123,458 | 292,422 | $292 | 19,640 | $20 | $37,806,554 | $— | $— | $(5,171) | $6,321,763 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.