Filing Flows › Strategy (MSTR) › Q4 2025
Strategy (MSTR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Strategy (MSTR) reported revenue of $123M for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and -4% from the quarter before.
Strategy, Q4 2025: revenue $123M (+2% year over year), net loss $12.4B, operating cash flow −$21.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $123M | -4% | +2% |
| Operating profit | −$17.4B | -548% | — |
| Net earnings | −$12.4B | -547% | — |
| Operating cash flow | −$21.6M | — | — |
What changed
Revenue was $123.0M in Q4 2025, up 2% year over year and down 4% from the previous quarter.
Gross margin was 66.1%, down 5.6 points from a year earlier. Operating costs exceeded revenue by $17,445.8M, an operating margin of -14185.0%. Operating expenses grew 1489% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+1633%). The quarter ended with a net loss of $12,436.7M, after a profit of $2,785.0M the previous quarter.
Operating cash flow was −$21.6M. Non-cash charges added back $5.6M of depreciation and amortization and $10.3M of share-based compensation. Working capital and other items added $12,399.1M. Capital expenditures of $584K exceeded it, leaving free cash flow of −$22.2M.
Questions
What was Strategy's revenue in the fourth quarter 2025?
Strategy (MSTR) reported revenue of $123M for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and -4% from the quarter before.
Source: Strategy 10-K on SEC EDGAR.