MSTR on Nasdaq

Strategy

American technology company

Strategy Inc., stylized as Strategy₿ and formerly known as MicroStrategy, is an American company that provides business intelligence (BI) and mobile software. Founded in 1989 by Michael J. Saylor, Sanju Bansal, and Thomas Spahr, the firm develops software to analyze internal and external data in order to make business decisions and to develop mobile apps. It is a public company headquartered in Tysons Corner, Virginia, in the Washington metropolitan area.3 It employed 1,539 people in 2025.1 Its revenue was $477 million in 2025.1 Its shares trade on Nasdaq under the symbol MSTR.1 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

$477.2MRevenue, fiscal 20255
-$3.8BNet income, fiscal 20255
1989Founded1

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  • TickerMSTR on Nasdaq1
  • Industryanalytics, business intelligence, data visualization, software development, software industry1
  • HeadquartersTysons1
  • Websitewww.microstrategy.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address1850 Towers Crescent Plaza, Tysons Corner, Va 221826
  • Filer categoryLarge accelerated filer6
  • LEI549300WQTWEJUEHXQX214
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 22138364

Strategy Inc., stylized as Strategy₿ and formerly known as MicroStrategy, is an American company that provides business intelligence (BI) and mobile software. Founded in 1989 by Michael J. Saylor, Sanju Bansal, and Thomas Spahr, the firm develops software to analyze internal and external data in order to make business decisions and to develop mobile apps. It is a public company headquartered in Tysons Corner, Virginia, in the Washington metropolitan area. Its primary business analytics competitors include SAP SE Business Objects, IBM Cognos, and Oracle Corporation's BI Platform. Saylor is the executive chairman and, from 1989 to 2022, was the CEO.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

68.7%Gross margin5
-1140.8%Operating margin5
-806.3%Net margin5
3.0%Revenue growth, 20255
-8.7%Return on equity5
0.18×Debt to equity5
-$75.5MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product Support brought in 49% of the revenue Strategy broke down this way in fiscal 2025.

  1. Product Support$204.2M549%down 16% from 2024
  2. Subscription and Circulation$175.7M542%up 65% from 2024
  3. License$39.7M59%down 18% from 2024
Products and services by year
Products and services202320242025
Product Support$263.9M$243.8M$204.2M
Subscription and Circulation$81.2M$106.8M$175.7M
License$75.4M$48.6M$39.7M

Regions

United States brought in 57% of the revenue Strategy broke down this way in fiscal 2025.

  1. United States$272.2M557%up 5% from 2024
  2. EMEA$162.7M534%up 4% from 2024
  3. Other regions$42.4M59%down 12% from 2024
Regions by year
Regions202320242025
United States$284.2M$259.6M$272.2M
EMEA$155.9M$155.9M$162.7M
Other regions$56.2M$48.0M$42.4M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue8¢$149.4M
  • Research and development5¢$93.9M
  • Income tax87¢$1.7B

Out of $477.2M in revenue.5 The company lost money this year.

Financial statements

Revenue891011125$477.2M in 2025−4% since 2018
0$200.0M$400.0M$600.0M2018: $497.6M$497.6M20182019: $486.3M$486.3M2019−2%2020: $480.7M$480.7M2020−1%2021: $510.8M$510.8M2021+6%2022: $499.3M$499.3M2022−2%2023: $496.3M$496.3M2023−1%2024: $463.5M$463.5M2024−7%2025: $477.2M$477.2M2025+3%
Gross profit891011125$327.8M in 2025−18% since 2018
0$200.0M$400.0M$600.0M2018: $398.1M$398.1M20182019: $386.4M$386.4M2019−3%2020: $389.7M$389.7M2020+1%2021: $418.9M$418.9M2021+7%2022: $396.3M$396.3M2022−5%2023: $386.3M$386.3M2023−3%2024: $334.0M$334.0M2024−14%2025: $327.8M$327.8M2025−2%
Operating income891011125-$5.4B in 2025
-$6.0B-$4.0B-$2.0B0$2.0B2018: $4.0M$4.0M20182019: -$1.0M-$1.0M20192020: -$13.6M-$13.6M2020+1260%2021: -$784.5M-$784.5M2021+5658%2022: -$1.3B-$1.3B2022+63%2023: -$115.0M-$115.0M2023−91%2024: -$1.9B-$1.9B2024+1511%2025: -$5.4B-$5.4B2025+194%
Net income891011125-$3.8B in 2025
-$4.0B-$2.0B0$2.0B2018: $22.5M$22.5M20182019: $34.4M$34.4M2019+53%2020: -$7.5M-$7.5M20202021: -$535.5M-$535.5M2021+7017%2022: -$1.5B-$1.5B2022+174%2023: $429.1M$429.1M20232024: -$1.2B-$1.2B20242025: -$3.8B-$3.8B2025+230%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Total revenues$477.2M$463.5M$496.3M
Total cost of revenues$149.4M$129.5M$109.9M
Gross profit$327.8M$334.0M$386.3M
Sales and marketing$123.0M$138.1M$149.7M
Research and development$93.9M$118.5M$120.5M
General and administrative$151.9M$140.5M$115.3M
Unrealized loss on digital assets$5.4B$0$0
Digital asset impairment losses$0$1.8B$115.9M
Total operating expenses$5.8B$2.2B$501.4M
Loss from operations-$5.4B-$1.9B-$115.0M
Interest expense, net-$65.0M-$61.9M-$49.0M
(Loss) gain on debt extinguishment$0-$22.9M$44.7M
Other (expense) income, net-$16.6M$3.5M-$5.2M
Loss before income taxes-$5.5B-$1.9B-$124.5M
Benefit from income taxes-$1.7B-$767.7M-$553.6M
Net (loss) income-$3.8B-$1.2B$429.1M
Dividends on preferred stock-$381.4M$0$0
Net (loss) income attributable to common stockholders of Strategy-$4.2B-$1.2B$429.1M
Basic (loss) earnings per share (in dollars per share)-$15.23-$6.06$3.14
Weighted average common shares outstanding - Basic (in shares)277.7M shares192.5M shares136.7M shares
Diluted (loss) earnings per share (in dollars per share)-$15.23-$6.06$2.64
Weighted average common shares outstanding - Diluted (in shares)277.7M shares192.5M shares165.7M shares

Compare Strategy with another company

Corporate structure

Strategy sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Strategy

  • Strategy Tysons Corner, Virginia, United States
    • MICROSTRATEGY SERVICES CORPORATION Subsidiary · Tysons Corner, Virginia, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Strategy reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$146.6M5 Dec 31, 2025$159.6M5 Dec 31, 2024−8.2%
Accumulated depreciation$117.7M5 Dec 31, 2025$133.3M5 Dec 31, 2024−11.7%
Property and equipment, net$28.9M5 Dec 31, 2025$26.3M5 Dec 31, 2024+9.6%
Operating-lease assets (leased space)$47.0M5 Dec 31, 2025$54.6M5 Dec 31, 2024−13.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.3B5 Dec 31, 2025$38.1M5 Dec 31, 2024+5937.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Indefinite-lived intangibles (excluding goodwill)$23.9B12 Dec 31, 2024$3.6B12 Dec 31, 2023+559.3%

Properties, in its own words

As of December 31, 2025, we leased approximately 190,000 square feet of office space at a location in Northern Virginia that serves as our corporate headquarters. This lease provides for certain tenant allowances and incentives and will expire in December 2030.

In addition, we utilize offices in U.S. and foreign locations for our services and support, sales and marketing, research and development, and administrative personnel. As of December 31, 2025, we utilized approximately 20,000 square feet of office and other space in the United States, in addition to our corporate headquarters, and approximately 87,000 square feet of office space in various foreign locations.

Item 2 of the 10-K filed Feb 19, 2026.21

The story

Founded by Sanju Bansal and Michael J. Saylor in 1989.1

Saylor started MicroStrategy in 1989 with a consulting contract from DuPont, which provided Saylor with $250,000 in start-up capital and office space in Wilmington, Delaware. Saylor was soon joined by company co-founder Sanju Bansal, whom he had met while the two were students at Massachusetts Institute of Technology (MIT). The company produced software for data mining and business intelligence using nonlinear mathematics, an idea inspired by a course on systems-dynamics theory that they took at MIT.

In 1992, MicroStrategy gained its first major client when it signed a $10 million contract with McDonald's. It increased revenues by 100% each year between 1990 and 1996. In 1994, the company's offices and its 50 employees moved from Delaware to Tysons Corner, Virginia.

On June 11, 1998, MicroStrategy became a public company via an initial public offering. The company sold 36 million shares of its common stock, each share priced at $6, under the stock ticker "MSTR" on the NASDAQ stock exchange.

In 2000, MicroStrategy founded Alarm.com as part of its research and development unit.

On March 20, 2000, after a review of its accounting practices, MicroStrategy announced that it would restate its financial results for the preceding two years. Its stock price, which had risen from $7 per share to as high as $333 per share in a year, lost $140 (62% of its value) in a day, in what is regarded as the bursting of the dot-com bubble.

Following MicroStrategy Inc.'s March 20, 2000 announcement that it had significantly overstated its 1998 and 1999 revenues, approximately two dozen class action securities fraud actions were filed in the United States District Court for the Eastern District of Virginia against MicroStrategy. In December 2000, the U.S. Securities and Exchange Commission brought charges against the company and its executives. A lawsuit was subsequently filed against MicroStrategy and certain of its officials over fraud. In December 2000, Saylor, Bansal, and the company's former CFO settled with the SEC without admitting wrongdoing, each paying $350,000 in fines. The officers also paid a combined total of $10 million in disgorgement. The company settled with the SEC, hiring an independent director to ensure regulatory compliance.

In February 2009, MicroStrategy sold Alarm.com to venture capital firm ABS Capital Partners for $27.7 million. The company introduced OLAP Services with a shared data set cache to accelerate reports and ad hoc queries. In 2010, the company began developing and deploying business intelligence software for mobile platforms, such as the iPhone and iPad.

In 2011, MicroStrategy expanded its offerings to include a cloud-based service, MicroStrategy Cloud.

Read the full text

In 2013, MicroStrategy sold Angel to Genesys Telecommunications Laboratories for $110 million.

In August 2022, the attorney general for the District of Columbia sued Saylor for tax fraud, accusing him of illegally avoiding more than $25 million in D.C. taxes by pretending to be a resident of other jurisdictions. MicroStrategy was accused of collaborating with Saylor to facilitate his tax evasion by misreporting his residential address to local and federal tax authorities and failing to withhold D.C. taxes. MicroStrategy said the case is "a personal tax matter involving Mr. Saylor" and called the claims against the company "false" and it would "defend aggressively against this overreach". In June 2024, Saylor and MicroStrategy reached a $40 million settlement agreement with the District of Columbia.

Saylor resigned as CEO effective August 8, 2022. Phong Le, who had been president, succeeded him. Saylor remains the executive chairman of MicroStrategy. In a press release announcing the transition, Saylor said that he would focus on the company's bitcoin acquisition strategy and that Phong would manage overall corporate operations.

From Wikipedia’s article on MicroStrategy, shared under CC BY-SA 4.0.7

Leadership

Who has led Strategy, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (31)

Products and brands

  • application software
  • business intelligence software
  • computer program
  • data analysis software
  • mobile app
  • software

Listed on Wikidata.1

MicroStrategy 2020 is the latest platform release of the company's business intelligence software.

MicroStrategy 2019, the prior platform release, attempted to improve connectivity to data sources and applications and allow for easier mobile application development. it also offered Bluetooth identity detection and voice. The earlier suite of software, MicroStrategy 10, consisted of MicroStrategy Analytics, MicroStrategy Mobile, and Usher. MicroStrategy 10.10, released in December 2017, added MicroStrategy Workstation. It uses business intelligence and predictive analytics to search through and perform analytics on big data from a variety of sources, including data warehouses, Excel files, and Apache Hadoop distributions.

MicroStrategy Mobile, introduced in 2010, incorporates analytics capabilities to apps for iPhone, iPad, Android, and BlackBerry.

Usher is a digital credential and identity intelligence product for organizations to control digital and physical access. It replaces physical badges and passwords with secure digital badges, and generates information on user behavior and resource usage.

From Wikipedia’s article on MicroStrategy, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Owners

From Wikidata.1

Employees over time

  • 20251,5391
  • 20182,5281

Former names

  • MICROSTRATEGY INCOct 25, 2018 to Aug 11, 20256
  • MicroStrategy Incorporateduntil 20251

Timeline

  1. Oct 13, 20268-K Regulation FD disclosure; Other events61
  2. Oct 5, 20268-K Regulation FD disclosure; Other events62
  3. Oct 1, 20268-K Regulation FD disclosure; Other events63
  4. Sep 28, 20268-K Regulation FD disclosure; Other events64
  5. Sep 25, 20268-K Other events65
  6. Sep 21, 20268-K Regulation FD disclosure; Other events66
  7. Sep 14, 20268-K Regulation FD disclosure; Other events67
  8. Sep 8, 20268-K Regulation FD disclosure; Other events68
  9. Sep 1, 20268-K Regulation FD disclosure; Other events69
  10. Aug 31, 20268-K Regulation FD disclosure; Other events70
  11. Aug 24, 20268-K Regulation FD disclosure; Other events71
  12. Aug 17, 20268-K Regulation FD disclosure; Other events72
  13. Sep 15, 2022New chief executive Phong Le becomes CEO22
  14. 1998Went public Listed on NASDAQ1
  15. 1989New chief executive Michael J. Saylor becomes CEO1
  16. 1989Founded Founded1

Calendar

Coming up

  1. Oct 29, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $8.42 a share, on Oct 30, 2025.73

When it reported results

  1. Jul 30, 2026Reported quarterly or annual results74
  2. May 5, 2026Reported quarterly or annual results75
  3. Feb 5, 2026Reported quarterly or annual results76
  4. Oct 30, 2025Reported quarterly or annual results77
  5. Oct 6, 2025Reported quarterly or annual results78
  6. Jul 31, 2025Reported quarterly or annual results79
  7. Jul 7, 2025Reported quarterly or annual results80
  8. May 1, 2025Reported quarterly or annual results81

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

986 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 207 major events, 370 insider forms, 51 large holders, 338 other. The latest 20:

  1. Oct 15, 2026DEFA14A EDGAR
  2. Oct 14, 2026DEFA14A EDGAR
  3. Oct 13, 2026DEFA14A EDGAR
  4. Oct 13, 20264 EDGAR
  5. Oct 13, 2026DEFA14A EDGAR
  6. Oct 13, 20268-K EDGAR
  7. Oct 9, 2026144 EDGAR
  8. Oct 9, 2026DEFA14A EDGAR
  9. Oct 8, 2026144 EDGAR
  10. Oct 5, 2026DEFA14A EDGAR
  11. Oct 5, 2026DEFA14A EDGAR
  12. Oct 5, 20268-K EDGAR
  13. Oct 5, 2026DEF 14A EDGAR
  14. Oct 1, 2026DEFA14A EDGAR
  15. Oct 1, 20268-K EDGAR
  16. Sep 30, 2026DEFA14A EDGAR
  17. Sep 29, 2026DEFA14A EDGAR
  18. Sep 28, 2026DEFA14A EDGAR
  19. Sep 28, 2026DEFA14A EDGAR
  20. Sep 28, 20268-K EDGAR

The 986 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

322 open-market trades by officers, directors and large owners since October 2021: 31 buys and 291 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 22, 2026Patten Jarrod MDirectorSale475$171.00$81.2KForm 4
Sep 21, 2026Patten Jarrod MDirectorSale1,425$167.33$238.4KForm 4
Sep 4, 2026Chow Thomas C.EVP & General CounselSale106$138.75$14.7KForm 4
Aug 27, 2026Patten Jarrod MDirectorSale1,850$130.00$240.5KForm 4
Aug 25, 2026Patten Jarrod MDirectorSale2,775$125.33$347.8KForm 4
Aug 24, 2026Patten Jarrod MDirectorSale925$122.34$113.2KForm 4
Aug 7, 2026Patten Jarrod MDirectorSale3,800$102.41$389.1KForm 4
Jul 27, 2026Patten Jarrod MDirectorSale1,950$98.48$192.0KForm 4
Jul 24, 2026Patten Jarrod MDirectorSale1,950$92.46$180.3KForm 4
Jul 22, 2026Patten Jarrod MDirectorSale1,250$100.00$125.0KForm 4
Jun 23, 2026Patten Jarrod MDirectorSale1,500$106.08$159.1KForm 4
Jun 22, 2026Le PhongPresident & CEOBuy11,000$90.80$998.8KForm 4
Jun 17, 2026Patten Jarrod MDirectorSale1,500$121.31$182.0KForm 4
Jun 16, 2026Chow Thomas C.EVP & General CounselBuy111$90.07$10.0KForm 4
Jun 15, 2026Patten Jarrod MDirectorSale1,500$133.97$201.0KForm 4
Jun 9, 2026Kang AndrewEVP & CFOSale1,949$123.84$241.4KForm 4
Jun 9, 2026Le PhongPresident & CEOSale5,522$123.84$683.8KForm 4
Jun 9, 2026Montgomery JeanineVP & CAOSale354$123.84$43.8KForm 4
Jun 5, 2026Kang AndrewEVP & CFOSale33,062$118.73$3.9MForm 4
Jun 5, 2026Le PhongPresident & CEOSale93,738$118.73$11.1MForm 4

All 322 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Capital International Investors34,902,002$3.0B0.6%+3,460,241
BlackRock, Inc.19,394,284$1.7B0.0%+1,640,399
Vanguard Portfolio Management LLC15,353,408$1.3B0.1%+611,701
Vanguard Capital Management LLC14,938,599$1.3B0.0%+861,087
Invesco Ltd.9,340,682$812.0M0.1%+616,325
Morgan Stanley9,330,454$811.1M0.0%+44,440
State Street Corp7,527,561$654.4M0.0%+506,635
Goldman Sachs Group Inc5,810,162$505.1M0.1%+4,023,500
UBS Group AG4,943,411$429.7M0.1%−1,367,953
Geode Capital Management, LLC4,606,751$399.3M0.0%−49,114
Capital World Investors4,310,934$374.8M0.0%+28,826
Norges Bank3,979,476$345.9M0.0%New
Harvest Portfolios Group Inc.3,121,927$271.4M3.8%+442,159
Capital Research Global Investors2,993,437$260.3M0.0%−4,622,272
Jane Street Group, LLC2,677,622$232.8M0.1%+2,467,789
Renaissance Technologies LLC2,553,692$222.0M0.3%+422,811
Susquehanna International Group, Llp2,520,930$219.1M0.2%+1,238,294
Vanguard Fiduciary Trust Co2,094,345$182.1M0.0%+144,587
Wells Fargo & Company/mn1,994,253$173.4M0.0%+1,268,276
Northern Trust Corp1,831,554$159.2M0.0%+69,540
Charles Schwab Investment Management Inc1,795,815$156.1M0.0%+239,207
Cantor Fitzgerald, L. P.1,775,992$154.4M1.5%−47,479
Clear Street Group Inc.1,554,968$135.2M0.4%+271,066
Marex Group Ltd1,471,629$127.9M1.0%−1,940,044
Legal & General Group Plc1,420,987$123.5M0.0%+48,540

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

11 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jun 5, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$15,001 - $50,000+21.0%Report
Oct 21, 2025Shri ThanedarDemocratic, HouseSale$15,001 - $50,000+64.9%Report
May 12, 2025Jefferson ShreveRepublican, HouseSale$15,001 - $50,000+95.0%Report
Feb 24, 2025Jefferson ShreveRepublican, HouseBuy$15,001 - $50,000−75.7%Report
Dec 24, 2024Neal P. DunnRepublican, HouseBuy$15,001 - $50,000−86.1%Report
Jul 1, 2024Shri ThanedarDemocratic, HouseBuy$15,001 - $50,000−30.8%Report
Aug 16, 2019Tom MalinowskiDemocratic, HouseBuy$1,001 - $15,000+834.5%Report
Aug 14, 2019Tom MalinowskiDemocratic, HouseSale$1,001 - $15,000−824.8%Report
Jul 11, 2019Tom MalinowskiDemocratic, HousePartial sale$1,001 - $15,000−974.2%Report
Jul 9, 2019Tom MalinowskiDemocratic, HouseBuy$1,001 - $15,000+960.5%Report
Feb 6, 2019Donna Shalala, HouseSale$1,001 - $15,000−896.5%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Strategy is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARStrategy Inc2
  • CIK0001050446
  • Employer ID (EIN)51-032357121
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company21
  • Incorporated inDelaware21
  • Fiscal year endsDecember 312
  • Industry code (SIC)6199 Finance Services2
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance2
  • Business address1850 Towers Crescent Plaza, Tysons Corner, VA 221822
  • Phone703-848-86002
  • Shares outstanding314,112,458 Common Class A shares; 19,640,250 Common Class B shares as of Feb 13, 202621
  • Public float$105.5B as of Jun 30, 202521
  • AuditorKPMG LLP, McLean, Virginia PCAOB ID 185; it also attests to the company’s internal control over financial reporting21
  • On EDGAR sinceApr 10, 19982
  • Filings2,024 in all: 4 (693), 8-K (417), 144 (193), SC 13G/A (181), 10-Q (85), SC 13G (60), DEFA14A (54), 3 (34)2
    All 51 form types

    424B5 (31), DEF 14A (30), 10-K (27), UPLOAD (25), FWP (19), CORRESP (16), SCHEDULE 13G/A (16), ARS (14), S-3/A (13), S-8 (12), S-8 POS (9), 10-Q/A (8), CT ORDER (6), PRE 14A (6), S-1/A (6), S-3 (6), 8-K/A (5), 3/A (4), 8-A12B (4), CERT (4), POS AM (4), SCHEDULE 13G (4), 144/A (3), 4/A (3), 424B3 (3), 8-A12G (3), S-3ASR (3), 10-K/A (2), 424B2 (2), PRER14A (2), RW (2), S-1 (2), SC 13D/A (2), SC TO-I/A (2), 10-K405 (1), 25-NSE (1), 5 (1), DEFR14A (1), NT 10-K (1), SC 13D (1), SC TO-I (1), T-3 (1), T-3/A (1)

  • Latest filingsAnnual report (10-K) Feb 19, 2026
    Quarterly report (10-Q) Aug 3, 2026
    Proxy statement (DEF 14A) Oct 5, 2026
    Latest 8-K (8-K) Oct 13, 2026

Securities registered for trading

ClassSymbolExchange
10.00% Series A Perpetual Strife Preferred Stock, $0.001 par value per shareSTRFThe Nasdaq Global Select Market
Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per shareSTRCThe Nasdaq Global Select Market
8.00% Series A Perpetual Strike Preferred Stock, $0.001 par value per shareSTRKThe Nasdaq Global Select Market
10.00% Series A Perpetual Stride Preferred Stock, $0.001 par value per shareSTRDThe Nasdaq Global Select Market
Class A common stock, $0.001 par value per shareMSTRThe Nasdaq Global Select Market

From the cover page of the 10-K filed Feb 19, 2026 (Section 12(b) of the Exchange Act).21

Risk factors and legal proceedings

The risks Strategy names in Item 1A of its 10-K filed Feb 19, 2026: 73 risks under these headings, as written.21

  • Risks Related to Our Business in General
  • Our operating results, revenues, and expenses may fluctuate significantly, which could have an adverse effect on the market price of our listed securities
  • Fluctuations in Operating Results.
  • Limited Ability to Adjust Expenses.
  • We may not be able to regain profitability in future periods
  • A significant decrease in the fair market value of our bitcoin holdings could adversely affect our ability to satisfy our financial obligations or liquidity needs
  • We may have exposure to greater than anticipated tax liabilities
  • Risks Related to Our Bitcoin Strategy and Holdings
  • Our bitcoin strategy exposes us to various risks, including risks associated with bitcoin
  • Bitcoin is a highly volatile asset.
  • Bitcoin does not pay interest or dividends.
  • Our bitcoin holdings significantly impact our financial results and the market price of our listed securities.
The other 63 risks
  • Our assets are concentrated in bitcoin.
  • Our bitcoin strategy relies substantially on our ability to complete equity and debt financings.
  • Our bitcoin strategy has not been tested over an extended period of time or under all market conditions.
  • We are subject to counterparty risks, including in particular risks relating to our custodians.
  • The broader digital assets industry is subject to counterparty risks, which could adversely impact the adoption rate, price, and use of bitcoin.
  • Changes in the accounting treatment of our bitcoin holdings could have significant accounting impacts, including increasing the volatility of our results.
  • Bitcoin is a highly volatile asset, and fluctuations in the price of bitcoin have in the past influenced and are likely to continue to influence our financial results and the market price of our listed securities
  • Bitcoin and other digital assets are relatively novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty
  • Our historical financial statements prior to March 31, 2025 do not reflect the potential variability in earnings that we have experienced to date and may experience in the future relating to our bitcoin holdings
  • The recent increase in the availability of alternative ways to gain exposure to bitcoin and other digital assets may adversely affect the market price of our listed securities
  • Our bitcoin strategy subjects us to enhanced regulatory oversight
  • Due to the unregulated nature and lack of transparency surrounding the operations of many bitcoin trading venues, bitcoin trading venues may experience greater fraud, security failures or regulatory or operational problems than trading venues for more established asset classes, which may result in a loss of confidence in bitcoin trading venues and adversely affect the value of our bitcoin
  • The concentration of our bitcoin holdings enhances the risks inherent in our bitcoin strategy
  • The emergence or growth of other digital assets, including those with significant private or public sector backing, could have a negative impact on the price of bitcoin and adversely affect our business
  • Our bitcoin holdings are less liquid than our existing cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents
  • If we or our third-party service providers experience a security breach or cyberattack and unauthorized parties obtain access to our bitcoin, or if our private keys are lost or destroyed, or other similar circumstances or events occur, we may lose some or all of our bitcoin and our financial condition and results of operations could be materially adversely affected
  • We face risks relating to the custody of our bitcoin, including the loss or destruction of private keys required to access our bitcoin and cyberattacks or other data loss relating to our bitcoin
  • Regulatory change reclassifying bitcoin as a security could lead to our classification as an “investment company” under the Investment Company Act of 1940 and could adversely affect the market price of bitcoin and the market price of our listed securities
  • We are not subject to legal and regulatory obligations that apply to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment advisers.
  • Our bitcoin strategy exposes us to risk of non-performance by counterparties
  • Risks Related to Our Enterprise Analytics Software Business Strategy
  • We derive revenue from a single software platform and related services, primarily through sales to our installed customer base
  • As we continue to transition our customers from a product license model to a cloud subscription model, we could face higher future rates of attrition, and such a transition could continue to affect the timing of revenue recognition or reduce product licenses and product support revenues
  • Our recognition of deferred revenue and advance payments is subject to future performance obligations and may not be representative of revenues for succeeding periods
  • Integration of artificial intelligence into our enterprise analytics product offerings and our use of artificial intelligence in our operations could result in reputational or competitive harm, legal liability, and other adverse effects on our business
  • Risks Related to Our Technology and Intellectual Property
  • Third parties may claim we infringe their intellectual property rights
  • Changes in third-party software or systems or the emergence of new industry standards could materially adversely affect the operation of and demand for our existing software
  • The nature of our software makes it particularly susceptible to undetected errors, bugs, or security vulnerabilities, which could cause problems with how the software performs and, in turn, reduce demand for our software, reduce our revenue, and lead to litigation claims against us
  • Our intellectual property is valuable, and any inability to protect it could reduce the value of our offerings and brand
  • We may be obligated to disclose our proprietary source code to our customers, which may limit our ability to protect our intellectual property and could reduce the renewals of our support services
  • We may be unable to develop and release new software product offerings or enhancements to our existing offerings in a timely and cost-effective manner
  • Risks Related to Our Operations
  • Business disruptions, including interruptions, delays, or failures of our systems, third-party data center hosting facility, or other third-party services, as a result of geopolitical tensions, acts of terrorism, natural disasters, pandemics, and similar events, could materially adversely affect our operating results or result in a material weakness in our internal controls that could adversely affect the market price of our listed securities
  • We face a variety of risks in doing business with U.S. and foreign federal, state, and local governments and government agencies, including risks related to the procurement process, budget constraints and cycles, termination of contracts, and compliance with government contracting requirements
  • Budgetary Constraints and Cycles.
  • Compliance with Government Contracting Requirements.
  • If we are unable to recruit or retain skilled personnel, or if we lose the services of Michael J. Saylor, our business, operating results, and financial condition could be materially adversely affected
  • Changes in laws or regulations relating to privacy or the collection, processing, disclosure, storage, localization, or transmission of personal data, or any actual or perceived failure by us or our third-party service providers to comply with such laws and regulations, contractual obligations, or applicable privacy policies, could materially adversely affect our business
  • If we or our third-party service providers experience a disruption due to a cybersecurity attack or security breach and unauthorized parties obtain access to our customers’, prospects’, vendors’, or channel partners’ data, our data, our networks or other systems, or the cloud environments we manage, our offerings may be perceived as not being secure, our reputation may be harmed, demand for our offerings may be reduced, our operations may be disrupted, we may incur significant legal and financial liabilities, and our business could be materially adversely affected
  • Risks Related to Our Listed Securities Generally
  • The market price of our class A common stock has been and may continue to be volatile
  • We are currently subject to a class action lawsuit and other proceedings and may be subject to additional proceedings in the future, which could distract our management, harm our reputation and result in substantial costs or judgments against us
  • Because of the rights of our two classes of common stock and because Michael J. Saylor, who beneficially owns the majority of our class B common stock, controls a significant portion of our total voting power, Mr. Saylor has significant influence over matters that require approval of our stockholders and as a result could impede a third party from acquiring us, or limit the ability of our other stockholders to influence corporate matters
  • Provisions of our charter, by-laws and Delaware law may have anti-takeover effects that could prevent a change in control even if the change in control would be beneficial to our stockholders
  • Future sales, or the perception of future sales, of our class A common stock, convertible debt instruments, convertible or non-convertible preferred stock, or other securities could depress the price of our listed securities
  • If our class A common stock is excluded from, or is otherwise limited in its inclusion or weighting in, major market indices, the trading price and liquidity of our class A common stock and other listed securities could be adversely affected.
  • Downgrades in our credit ratings could reduce our access to funding sources in the credit and capital markets.
  • Risks Related to Our Preferred Stock
  • In the event of our liquidation, dissolution or winding up, the distribution of assets to our debt and equity holders will be based upon their relative seniority and, depending on the securities you hold, your claim to our assets may be junior to other claims and you may lose some or all of your investment.
  • We may not have sufficient funds to pay dividends in cash on our Preferred Stock, or we may choose not to pay dividends on our Preferred Stock. Additionally, regulatory and contractual restrictions, as well as the terms of our existing or future preferred stock, may prevent us from declaring or paying dividends on some or all series of our Preferred Stock
  • Our Preferred Stock has only limited voting rights
  • Without the consent of any holder of our Preferred Stock or class A common stock, we may issue preferred stock in the future that ranks equally with our STRF Stock and equally with or senior to our STRC Stock, STRE Stock, STRK Stock or STRD Stock with respect to dividends and liquidation rights, which may adversely affect the rights of holders of our existing series of Preferred Stock and our class A common stock
  • Holders of our Preferred Stock may be treated as receiving deemed distributions and holders of STRK Stock may receive distributions paid in class A common stock, and consequently may be subject to tax with respect to our Preferred Stock under certain circumstances even though no corresponding distribution of cash has been made
  • U.S. holders of our Preferred Stock may not be entitled to the dividends-received deduction or preferential tax rates applicable to qualified dividend income and non-U.S. holders may be subject to U.S. federal withholding tax on dividends or deemed dividends on our Preferred Stock
  • The tax rules applicable to “fast-pay stock” could result in adverse consequences to holders of our Preferred Stock
  • A future issuance of Additional Shares could have an adverse tax profile, which could subject holders of our previously issued Preferred Stock to adverse consequences
  • Provisions of our Preferred Stock could delay or prevent an otherwise beneficial takeover of us
  • The accounting method for our Preferred Stock may result in lower reported net earnings attributable to common stockholders and lower reported diluted earnings per share
  • Our right to unilaterally reduce the regular dividend rate of STRC Stock could cause STRC Stock to accumulate dividends at rates that are below those of otherwise comparable instruments, could cause the trading price or value of STRC Stock to decrease, and could otherwise significantly harm investors
  • We may be unsuccessful in achieving, or may abandon, our current intention of adjusting the regular dividend rate on our STRC Stock in such a manner as we believe (in our sole and absolute judgment) would be designed to cause STRC Stock to trade at prices, or otherwise have a value, near its stated amount of $100 per share
  • Currency exchange rate fluctuations and Euro-related risks may adversely affect our ability to pay regular dividends on, and the value of, the STRE Stock
  • Because the STRE Stock is held by or on behalf of Euroclear and Clearstream in book-entry form, holders of the STRE Stock must rely on their procedures for transfer, payment and communication with the issuer and to exercise their rights and remedies
  • The limited trading market for STRE Stock listed on the Luxembourg Stock Exchange’s Euro MTF may adversely affect its liquidity and trading price
  • Future sales or other dilution of our class A common stock, including other equity-related securities, could dilute our existing stockholders or otherwise depress the market price of our class A common stock and the value of our STRK Stock
  • Not all events that may adversely affect the value of our STRK Stock and our class A common stock will result in an adjustment to the conversion rate of our STRK Stock
  • Recent and future regulatory actions, changes in market conditions and other events may adversely affect the trading price and liquidity of our STRK Stock and the ability of investors to implement a convertible arbitrage trading strategy
  • Holding STRK Stock does not, in itself, confer any rights with respect to our class A common stock

Legal proceedings

For information regarding material pending legal proceedings in which we are involved, see “Commitments and Contingencies – Shareholder Action” in Note 9 of the Notes to Consolidated Financial Statements contained in Part II, Item 8 of this Annual Report, which is incorporated herein by reference.

We are involved in various legal proceedings arising in the normal course of business. Although the outcomes of these legal proceedings are inherently difficult to predict, we do not expect the resolution of these legal proceedings to have a material adverse effect on our financial position, results of operations, or cash flows.

The opening of Item 3, Legal Proceedings.21

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