Filing Flows › Strategy (MSTR) › How it makes money
How Strategy (MSTR) makes money
Strategy (MSTR) made $125M of revenue in the third quarter 2026 (Q3 2026), -3% from a year earlier. Total product licenses and subscription services brought in $72.4M (58%); Product support brought in $37.7M (30%); Other services brought in $15.3M (12%). Of every dollar of revenue, 71¢ was left as gross profit.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Total product licenses and subscription services | $72.4M | 57.7% | +9% | +14% |
| ↳ Subscription services | $68.6M | 54.7% | +9% | +49% |
| ↳ Product licenses | $3.8M | 3.1% | +4% | -78% |
| Product support | $37.7M | 30.0% | -6% | -26% |
| Other services | $15.3M | 12.2% | -2% | +8% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $125M | 100.0% |
| Cost of revenue | $35.8M | 28.5% |
| Gross profit | $89.6M | 71.5% |
| Operating profit | $20.9B | n/m |
| Income tax | $1.4B | n/m |
| Net earnings | $19.5B | n/m |
| Operating cash flow | $4.4M | 3.5% |
| Free cash flow | $4.0M | 3.2% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $125M | -2% |
| Q2 2026 | $122M | +7% |
| Q1 2026 | $124M | +12% |
| Q4 2025 | $123M | +2% |
| Q3 2025 | $129M | +11% |
| Q2 2025 | $114M | +3% |
| Q1 2025 | $111M | -4% |
From Strategy's 10-Q filed Nov 2, 2026 (on EDGAR).
Questions
How does Strategy make money?
Strategy (MSTR) made $125M of revenue in the third quarter 2026 (Q3 2026), -3% from a year earlier. Total product licenses and subscription services brought in $72.4M (58%); Product support brought in $37.7M (30%); Other services brought in $15.3M (12%). Of every dollar of revenue, 71¢ was left as gross profit.
What is Strategy's biggest business?
Total product licenses and subscription services: $72.4M in the third quarter 2026, 58% of revenue, +14% from a year earlier.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.