MSTR Revenue Flow
Filed revenue amounts for 2026-04-01 to 2026-06-30. Coverage is partial. Unconnected amounts are separate disclosures; they must not be added together.
- 2026-06-30: Revenue $122.37M; Cost of revenue $40.82M; Research and development $23.10M; Operating expenses $8.41B.
- 2026-03-31: Revenue $124.30M; Cost of revenue $40.95M; Research and development $24.66M; Operating expenses $14.55B.
- 2025-12-31: Revenue $122.99M*; Cost of revenue $41.68M*; Research and development $22.76M*; Operating expenses $17.53B*.
- 2025-09-30: Revenue $128.69M; Cost of revenue $38.01M; Research and development $22.60M; Operating expenses -$3.80B.
Product or service
Separate filed amounts; connecting flows are not established. Components and totals may overlap.
Geography
Separate filed amounts; connecting flows are not established. Components and totals may overlap.
Segment
Separate filed amounts; connecting flows are not established. Components and totals may overlap.
Finer product or service dollar figures and nonoverlapping groupings are shown only where supported by the retained filing evidence. Growth percentages are never converted to revenue dollars.
Historical revenue and expense breakdown
Revenue and expense 3 month
| Period end | Revenue | Cost of revenue | Research and development | Operating expenses | Income tax | Net income |
|---|---|---|---|---|---|---|
| 2026-06-30 | $122.37M | $40.82M | $23.10M | $8.41B | $1.56M | -$8.22B |
| 2026-03-31 | $124.30M | $40.95M | $24.66M | $14.55B | -$1.92B | -$12.54B |
| 2025-12-31 | $122.99M* | $41.68M* | $22.76M* | $17.53B* | -$5.02B* | -$12.44B* |
| 2025-09-30 | $128.69M | $38.01M | $22.60M | -$3.80B | $1.09B | $2.79B |
| 2025-06-30 | $114.49M | $35.75M | $24.07M | -$13.95B | $3.98B | $10.02B |
| 2025-03-31 | $111.07M | $33.97M | $24.42M | $6.00B | -$1.73B | -$4.22B |
| 2024-12-31 | (m) | (m) | (m) | (m) | (m) | -$670.81M |
| 2024-09-30 | $116.07M | $34.35M | $33.30M | $514.30M | -$138.50M | -$340.17M |
| 2024-06-30 | $111.44M | $30.93M | $30.31M | $280.78M | -$112.49M | -$102.56M |
| 2024-03-31 | $115.25M | $30.02M | $29.18M | $288.93M | -$160.77M | -$53.12M |
| 2023-12-31 | (m) | (m) | (m) | (m) | (m) | $89.13M |
| 2023-09-30 | $129.46M | $26.66M | $29.66M | $128.05M | $109.61M | -$143.44M |
| 2023-06-30 | $120.40M | $27.12M | $29.35M | $119.99M | -$60.30M | $22.24M |
| 2023-03-31 | $121.92M | $27.94M | $31.36M | $114.28M | -$453.19M | $461.19M |
| 2022-12-31 | (m) | (m) | (m) | (m) | (m) | -$249.67M |
| 2022-09-30 | $125.36M | $25.39M | $30.50M | $93.92M | $23.96M | -$27.08M |
| 2022-06-30 | $122.07M | $25.20M | $31.79M | $1.01B | $136.11M | -$1.06B |
| 2022-03-31 | $119.28M | $25.68M | $33.52M | $263.56M | -$48.02M | -$130.75M |
| 2021-12-31 | (m) | (m) | (m) | (m) | (m) | -$89.98M |
| 2021-09-30 | $127.99M | $22.32M | $28.21M | $155.34M | -$22.98M | -$36.14M |
| 2021-06-30 | $125.35M | $23.04M | $28.55M | $516.56M | -$120.20M | -$299.35M |
| 2021-03-31 | $122.90M | $22.55M | $29.48M | $283.50M | -$74.26M | -$110.02M |
| 2020-12-31 | $131.32M | (m) | (m) | (m) | (m) | $2.66M |
| 2020-09-30 | $127.41M | $21.74M | $26.64M | $125.94M | -$8.80M | -$14.23M |
| 2020-06-30 | $110.58M | $23.99M | $25.87M | $80.27M | $1.51M | $3.39M |
| 2020-03-31 | $111.42M | $24.55M | $26.10M | $86.95M | $1.56M | $657.00K |
| 2019-12-31 | $133.53M | (m) | (m) | (m) | (m) | $12.17M |
| 2019-09-30 | $119.69M | $23.82M | $27.46M | $91.29M | -$291.00K | $9.70M |
| 2019-06-30 | $117.74M | $25.35M | $27.76M | $97.22M | $7.22M | $20.39M |
| 2019-03-31 | $115.37M | $26.17M | $28.21M | $99.58M | -$510.00K | -$7.91M |
| 2018-12-31 | $131.92M | (m) | (m) | (m) | (m) | $3.30M |
| 2018-09-30 | $122.15M | $23.39M | $25.83M | $91.54M | -$1.24M | $12.70M |
| 2018-06-30 | $120.60M | $25.04M | $25.08M | $97.36M | $1.06M | $4.83M |
| 2018-03-31 | $122.97M | $25.18M | $23.56M | $97.07M | -$518.00K | $1.67M |
| 2017-12-31 | $136.38M | (m) | (m) | (m) | (m) | -$25.50M |
| 2017-09-30 | $126.01M | $24.39M | $19.36M | $80.45M | $2.54M | $18.18M |
| 2017-06-30 | $119.22M | $24.38M | $19.56M | $80.77M | $2.67M | $9.95M |
| 2017-03-31 | $122.23M | $23.13M | $18.43M | $78.27M | $4.26M | $15.56M |
| 2016-12-31 | $140.11M | (m) | (m) | (m) | (m) | $31.12M |
| 2016-09-30 | $129.90M | $22.93M | $18.07M | $76.95M | $3.41M | $26.63M |
| 2016-06-30 | $123.14M | $24.10M | $19.16M | $77.96M | $4.49M | $18.88M |
| 2016-03-31 | $119.02M | $22.82M | $17.57M | $76.40M | $4.26M | $14.27M |
| 2015-12-31 | $143.52M | (m) | (m) | (m) | (m) | $39.11M |
| 2015-09-30 | $129.54M | $24.68M | $17.79M | $74.12M | $7.72M | $23.89M |
| 2015-06-30 | $132.94M | $25.91M | $14.86M | $72.28M | $9.38M | $22.47M |
| 2015-03-31 | $123.87M | $27.10M | $15.40M | $74.13M | $6.94M | $20.46M |
| 2014-12-31 | $148.87M | (m) | (m) | (m) | (m) | $22.70M |
| 2014-09-30 | $151.20M | $34.95M | $28.66M | $123.24M | -$1.17M | -$845.00K |
| 2014-06-30 | $141.85M | $35.61M | $32.75M | $118.97M | -$2.83M | -$10.34M |
| 2014-03-31 | $137.90M | $33.01M | $28.06M | $113.24M | -$2.94M | -$6.48M |
| 2013-12-31 | $165.88M | (m) | (m) | (m) | (m) | $16.15M |
| 2013-09-30 | $141.92M | $33.25M | $21.98M | $97.04M | -$8.65M | $17.15M |
| 2013-06-30 | $137.91M | $36.45M | $24.23M | $103.51M | -$592.00K | -$1.55M |
| 2013-03-31 | $130.18M | $35.90M | $25.82M | $102.94M | -$1.70M | $51.59M |
| 2012-12-31 | $155.99M | (m) | (m) | (m) | (m) | $8.24M |
| 2012-09-30 | $136.08M | $34.85M | $21.92M | $93.93M | $2.10M | $4.76M |
| 2012-06-30 | $135.32M | $34.06M | $19.02M | $90.78M | $3.60M | $7.27M |
| 2012-03-31 | $138.33M | $35.73M | $22.17M | $100.98M | $454.00K | $272.00K |
| 2011-12-31 | $160.27M | (m) | (m) | (m) | (m) | $9.00M |
| 2011-09-30 | $141.70M | $36.66M | $20.43M | $103.50M | $974.00K | $4.92M |
| 2011-06-30 | $138.15M | $34.54M | $16.87M | $100.14M | $311.00K | $2.88M |
| 2011-03-31 | $122.03M | $33.16M | $13.00M | $87.79M | -$605.00K | $1.13M |
| 2010-12-31 | $139.12M | (m) | (m) | (m) | (m) | $17.92M |
| 2010-09-30 | $114.53M | $27.24M | $13.68M | $77.49M | $821.00K | $7.35M |
| 2010-06-30 | $107.54M | $24.35M | $10.81M | $68.85M | $4.88M | $11.62M |
| 2010-03-31 | $93.39M | (m) | (m) | (m) | (m) | $6.90M |
Revenue and expense 6 month
| Period end | Revenue | Cost of revenue | Research and development | Operating expenses | Income tax | Net income |
|---|---|---|---|---|---|---|
| 2026-06-30 | $246.67M | $81.76M | $47.76M | $22.97B | -$1.92B | -$20.76B |
| 2025-06-30 | $225.55M | $69.72M | $48.49M | -$7.95B | $2.26B | $5.80B |
| 2024-06-30 | $226.69M | $60.95M | $59.49M | $569.71M | -$273.26M | -$155.68M |
| 2023-06-30 | $242.31M | $55.06M | $60.71M | $234.27M | -$513.48M | $483.44M |
| 2022-06-30 | $241.35M | $50.88M | $65.31M | $1.28B | $88.08M | -$1.19B |
| 2021-06-30 | $248.25M | $45.59M | $58.03M | $800.07M | -$194.46M | -$409.37M |
| 2020-06-30 | $222.01M | $48.53M | $51.97M | $167.22M | $3.07M | $4.04M |
| 2019-06-30 | $233.10M | $51.52M | $55.98M | $196.80M | $6.71M | $12.49M |
| 2018-06-30 | $243.57M | $50.23M | $48.64M | $194.43M | $541.00K | $6.50M |
| 2017-06-30 | $241.45M | $47.51M | $37.99M | $159.03M | $6.93M | $25.51M |
| 2016-06-30 | $242.16M | $46.92M | $36.73M | $154.36M | $8.75M | $33.16M |
| 2015-06-30 | $256.81M | $53.01M | $30.26M | $146.40M | $16.32M | $42.93M |
| 2014-06-30 | $279.76M | $68.62M | $60.81M | $232.21M | -$5.77M | -$16.82M |
| 2013-06-30 | $268.09M | $72.35M | $50.04M | $206.45M | -$2.29M | $50.04M |
| 2012-06-30 | $273.66M | $69.79M | $41.19M | $191.76M | $4.05M | $7.54M |
| 2011-06-30 | $260.18M | $67.70M | $29.87M | $187.93M | -$294.00K | $4.02M |
| 2010-06-30 | $200.93M | $45.97M | $23.14M | $133.03M | $8.52M | $18.52M |
Revenue and expense 9 month
| Period end | Revenue | Cost of revenue | Research and development | Operating expenses | Income tax | Net income |
|---|---|---|---|---|---|---|
| 2025-09-30 | $354.25M | $107.73M | $71.10M | -$11.75B | $3.35B | $8.59B |
| 2024-09-30 | $342.76M | $95.30M | $92.80M | $1.08B | -$411.76M | -$495.85M |
| 2023-09-30 | $371.78M | $81.72M | $90.37M | $362.32M | -$403.88M | $340.00M |
| 2022-09-30 | $366.71M | $76.27M | $95.81M | $1.37B | $112.05M | -$1.22B |
| 2021-09-30 | $376.25M | $67.91M | $86.24M | $955.40M | -$217.45M | -$445.50M |
| 2020-09-30 | $349.42M | $70.27M | $78.61M | $293.16M | -$5.74M | -$10.19M |
| 2019-09-30 | $352.80M | $75.34M | $83.44M | $288.09M | $6.42M | $22.19M |
| 2018-09-30 | $365.72M | $73.61M | $74.47M | $285.97M | -$699.00K | $19.20M |
| 2017-09-30 | $367.46M | $71.90M | $57.35M | $239.48M | $9.46M | $43.69M |
| 2016-09-30 | $372.05M | $69.86M | $54.80M | $231.31M | $12.16M | $59.78M |
| 2015-09-30 | $386.35M | $77.69M | $48.05M | $220.53M | $24.04M | $66.82M |
| 2014-09-30 | $430.96M | $103.58M | $89.47M | $355.45M | -$6.93M | -$17.66M |
| 2013-09-30 | $410.01M | $105.60M | $72.02M | $303.49M | -$10.95M | $67.18M |
| 2012-09-30 | $409.74M | $104.64M | $63.11M | $285.69M | $6.15M | $12.31M |
| 2011-09-30 | $401.88M | $104.37M | $50.31M | $291.43M | $680.00K | $8.94M |
| 2010-09-30 | $315.46M | $73.21M | $36.82M | $210.52M | $9.34M | $25.87M |
Revenue and expense 12 month
| Period end | Revenue | Cost of revenue | Research and development | Operating expenses | Income tax | Net income |
|---|---|---|---|---|---|---|
| 2025-12-31 | $477.23M | $149.42M | $93.86M | $5.77B | -$1.68B | -$3.85B |
| 2024-12-31 | $463.46M | $129.47M | $118.49M | $2.19B | -$767.68M | -$1.17B |
| 2023-12-31 | $496.26M | $109.94M | $120.53M | $501.36M | -$553.65M | $429.12M |
| 2022-12-31 | $499.26M | $102.99M | $127.43M | $1.67B | $147.33M | -$1.47B |
| 2021-12-31 | $510.76M | $91.91M | $117.12M | $1.20B | -$275.91M | -$535.48M |
| 2020-12-31 | $480.74M | $91.06M | $103.56M | $403.31M | -$12.43M | -$7.52M |
| 2019-12-31 | $486.33M | $99.97M | $109.42M | $387.36M | $3.91M | $34.35M |
| 2018-12-31 | $497.64M | $99.50M | $102.50M | $394.16M | -$2.02M | $22.50M |
| 2017-12-31 | $503.84M | $96.65M | $78.77M | $333.97M | $53.28M | $18.20M |
| 2016-12-31 | $513.59M | $93.15M | $73.14M | $310.93M | $22.69M | $92.24M |
| 2015-12-31 | $529.87M | $101.11M | $65.21M | $294.74M | $31.93M | $105.93M |
| 2014-12-31 | $579.83M | $135.21M | $103.36M | $439.52M | $6.02M | $5.04M |
| 2013-12-31 | $575.89M | $138.57M | $98.06M | $417.88M | -$9.80M | $83.33M |
| 2012-12-31 | $565.72M | $141.08M | $88.19M | $391.55M | $9.73M | $20.55M |
| 2011-12-31 | $537.17M | $130.70M | $67.86M | $385.60M | $3.39M | $17.94M |
| 2010-12-31 | $454.58M | $106.09M | $50.57M | $297.90M | $11.17M | $43.79M |
| 2009-12-31 | $377.79M | $66.60M | $41.80M | $224.88M | $25.29M | $74.84M |