Filing Flows › Strategy (MSTR) › Q2 2025
Strategy (MSTR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Strategy (MSTR) reported revenue of $114M for the second quarter 2025 (Q2 2025), +3% from a year earlier and +3% from the quarter before.
Strategy, Q2 2025: revenue $114M (+3% year over year), net earnings $10.0B, operating cash flow −$34.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $114M | +3% | +3% |
| Gross profit | $78.7M | +2% | -2% |
| Operating profit | $14.0B | — | — |
| Net earnings | $10.0B | — | — |
| Operating cash flow | −$34.9M | — | — |
What changed
Revenue was $114.5M in Q2 2025, up 3% year over year and up 3% from the previous quarter. Maintenance was the largest line at 45% of revenue. Subscription and Circulation added $16.7M year over year (up 70%), 550% of the total change. License declined 23%.
Gross margin was 68.8%, down 3.5 points from a year earlier. Operating profit was $14,032.0M, a 12256.3% margin (up 12436.0 points year over year). Net earnings were $10,020.8M. The effective tax rate was 28.5%.
Operating cash flow was −$34.9M. Non-cash charges added back $9.1M of depreciation and amortization and $15.7M of share-based compensation. Working capital and other items used $10,080.6M. Capital expenditures of $2.1M exceeded it, leaving free cash flow of −$37.0M.
Questions
What was Strategy's revenue in the second quarter 2025?
Strategy (MSTR) reported revenue of $114M for the second quarter 2025 (Q2 2025), +3% from a year earlier and +3% from the quarter before.
Source: Strategy 10-Q on SEC EDGAR.