Strategy (MSTR) 10-K Summaries & Annual Filing History
Review Strategy Inc (MSTR) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Strategy Inc filed its annual report for the most recent fiscal year. The filing describes the company's business, financial results, risk factors, and liquidity position.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$477.2M
Revenue reported for the fiscal year.
Operating income
-$5.4B
Income from operations reported for the year.
Net income
-$3.8B
Net income reported for the year.
Operating cash flow
-$67.2M
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $499.3M | -2.3% |
| Dec 31, 2023 | $496.3M | -0.6% |
| Dec 31, 2024 | $463.5M | -6.6% |
| Dec 31, 2025 | $477.2M | +3.0% |
Business overview
The company operates in the business of acquiring and holding digital assets, as described in the Business overview section. It also develops and markets enterprise analytics software. The filing notes that the company's strategy involves significant holdings of digital assets.
Financial performance
Revenue for the reported year increased compared to the prior year. However, operating income and net income were both negative, and operating cash flow was also negative.
Material risks
The filing identifies material risks related to the volatility of digital asset prices, which could adversely affect the company's financial condition. It also notes risks from regulatory changes and the company's reliance on digital asset holdings. The risk factors section details these uncertainties.
Liquidity and capital
The liquidity and capital resources section discusses the company's cash flows and capital allocation. The filing indicates that the company has used capital to acquire additional digital assets.
What to watch
Monitor changes in the company's digital asset holdings and any related impairment charges in the next filing.