Company profile · free preview
MSTR
MSTR · Updated 10/24/2026
Revenue
$477.2M
Fiscal 2025
Net income
(3.8B)
Fiscal 2025
Free cash flow
(75.5M)
Fiscal 2025
Net cash / (debt)
—
Fiscal 2025
Five-year financials
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | $477.2M | $463.5M | $496.3M | $499.3M | $510.8M |
| Net income | (3.8B) | (1.2B) | $429.1M | (1.5B) | (535.5M) |
| Diluted EPS | — | — | — | — | — |
| Operating cash flow | (67.2M) | (53.0M) | $12.7M | $3.2M | $93.8M |
| Free cash flow | (75.5M) | (56.0M) | $9.8M | $725000 | $91.1M |
| Cash | $2.3B | $38.1M | $46.8M | $43.8M | $63.4M |
| Total debt | — | — | — | — | — |
Where the cash went
Cumulative, fiscal 2021–2025, straight from the reported cash-flow statements.
Reinvested in capex
—
of operating cash flow
Returned to owners
—
of free cash flow (buybacks + dividends)
Diluted share count
—
change 2021–2025
| Operating cash flow | ($10.5M) |
| Capital expenditure | ($19.3M) |
| Free cash flow | ($29.8M) |
| Share buybacks | — |
| Dividends paid | — |
| Acquisitions (net) | — |
| Net debt issued / (repaid) | — |
| Stock-based compensation (non-cash) | — |
"—" means a year didn't report that line, so no total is shown rather than an estimate.
SEC filings
Analyst overview
MSTR operates primarily as a business intelligence software provider, offering analytics and mobile platforms. The company derives its revenue from software licenses, subscription services, and related support. While it holds a position in the enterprise software market, its competitive landscape includes larger, well-established technology firms.
The company's financials over the past five years show fluctuating performance. Revenue has generally trended downwards, from 510.8M in 2021 to 477.2M in 2025, with a notable dip in 2024 and 2025. Net income has been consistently negative, except for a positive 429.1M in 2023, reaching a significant loss of -3.8B in 2025. Free cash flow has turned negative in recent years, declining from 91.1M in 2021 to -75.5M in 2025, while cash on hand has dramatically increased from 63.4M in 2021 to 2.3B in 2025 without a corresponding increase in debt.
A key strength for MSTR is its substantial cash reserves, which have grown significantly without taking on debt, providing considerable liquidity. However, consistent net losses and negative free cash flow in recent periods pose significant challenges to long-term profitability and operational sustainability. Investors will be closely monitoring any strategic shifts, particularly those impacting revenue generation and the path to sustained positive earnings and free cash flow.
AI-generated from published financials and filings · 10/24/2026. Not investment advice.
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