Strategy Inc
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
MSTR$125.59-2.6%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenues: | |||
| Product licenses | $39,674 | $48,567 | $75,351 |
| Subscription services | 175,657 | 106,776 | 81,179 |
| Total product licenses and subscription services | 215,331 | 155,343 | 156,530 |
| Product support | 204,225 | 243,805 | 263,888 |
| Other services | 57,677 | 64,308 | 75,843 |
| Total revenues | 477,233 | 463,456 | 496,261 |
| Cost of revenues: | |||
| Product licenses | 3,956 | 3,060 | 1,929 |
| Subscription services | 72,956 | 42,440 | 31,776 |
| Total product licenses and subscription services | 76,912 | 45,500 | 33,705 |
| Product support | 28,592 | 33,289 | 22,434 |
| Other services | 43,913 | 50,679 | 53,805 |
| Total cost of revenues | 149,417 | 129,468 | 109,944 |
| Gross profit | 327,816 | 333,988 | 386,317 |
| Operating expenses: | |||
| Sales and marketing | 122,956 | 138,081 | 149,671 |
| Research and development | 93,860 | 118,486 | 120,530 |
| General and administrative | 151,909 | 140,537 | 115,312 |
| Unrealized loss on digital assets | 5,403,476 | — | — |
| Digital asset impairment losses | — | 1,789,862 | 115,851 |
| Total operating expenses | 5,772,201 | 2,186,966 | 501,364 |
| Loss from operations | (5,444,385) | (1,852,978) | (115,047) |
| Interest expense, net | (64,968) | (61,941) | (48,960) |
| (Loss) gain on debt extinguishment | — | (22,933) | 44,686 |
| Other (expense) income, net | (16,601) | 3,506 | (5,204) |
| Loss before income taxes | (5,525,954) | (1,934,346) | (124,525) |
| Benefit from income taxes | (1,677,802) | (767,685) | (553,646) |
| Net (loss) income | (3,848,152) | (1,166,661) | 429,121 |
| Dividends on preferred stock | (381,367) | — | — |
| Net (loss) income attributable to common stockholders of Strategy | (4,229,519) | (1,166,661) | 429,121 |
| Basic (loss) earnings per share (1) | $(15.23) | $(6.06) | $3.14 |
| Weighted average common shares outstanding - Basic | 277,660 | 192,549 | 136,706 |
| Diluted (loss) earnings per share (1) | $(15.23) | $(6.06) | $2.64 |
| Weighted average common shares outstanding - Diluted | 277,660 | 192,549 | 165,662 |
(1)For the years ended December 31, 2025 and 2024, basic and fully diluted (loss) earnings per share for class A and class B common stock are the same.
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