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Where the tokens are
Trade MSTR perpsStandardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q3 FY262026-03-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q3 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 | Q2 FY242024-06-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $122.37M | $124.30M | $128.69M | $114.49M | $111.07M | $120.70M | $116.07M | $111.44M |
| Cost of revenue | $40.82M | $40.95M | $38.01M | $35.75M | $33.97M | $34.17M | $34.35M | $30.94M |
| Gross profit | $81.55M | $83.35M | $90.68M | $78.74M | $77.10M | $86.53M | $81.72M | $80.51M |
| Gross margin | 66.6% | 67.1% | 70.5% | 68.8% | 69.4% | 71.7% | 70.4% | 72.2% |
| Research and development | $23.10M | $24.67M | $22.60M | $24.07M | $24.42M | $25.69M | $33.30M | $30.31M |
| Selling, general and administrative | $74.04M | $73.63M | $68.08M | $70.19M | $68.08M | $71.20M | $68.92M | $70.38M |
| Operating expenses | $8.41B | $98.29M | $90.68M | −$13.95B | $92.50M | −$686.91M | $514.30M | $280.78M |
| Operating income | −$8.33B | −$14.94M | −$5.00K | $14.03B | −$15.41M | $773.44M | −$432.58M | −$200.27M |
| Operating margin | -6808.1% | -12.0% | -0.0% | 12256.3% | -13.9% | 640.8% | -372.7% | -179.7% |
| EBITDA | −$8.33B | −$6.16M | −$5.00K | $14.03B | −$8.83M | $778.57M | −$20.50M | −$20.18M |
| Interest income | $0 | $0 | −$18.89M | $0 | $0 | — | −$18.13M | −$15.47M |
| Interest expense | −$1.25M | $1.82M | — | −$17.90M | −$17.11M | −$61.94M | — | — |
| Income before taxes | −$8.22B | −$14.47B | $3.87B | $14.01B | −$5.94B | −$1.03B | −$478.68M | −$215.05M |
| Income taxes | $1.56M | −$1.92B | $1.09B | $3.98B | −$1.73B | −$355.93M | −$138.50M | −$112.49M |
| Net income | −$8.22B | −$12.54B | $2.79B | $10.02B | −$4.22B | −$670.81M | −$340.17M | −$102.56M |
| Net margin | -6717.1% | -10090.6% | 2164.1% | 8752.7% | -3797.2% | -555.8% | -293.1% | -92.0% |
| EPS, basic | −$24.45 | −$38.25 | $9.30 | $36.23 | −$16.49 | −$3.35 | −$1.72 | −$0.57 |
| EPS, diluted | −$24.45 | −$38.25 | $8.42 | $32.60 | −$16.49 | −$3.35 | −$1.72 | −$0.57 |
| Diluted shares | 352.53M | 333.91M | 315.39M | 306.76M | 256.47M | 192.55M | 197.27M | 178.61M |
Figures describe MicroStrategy shares, not any token. As of Aug 3, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.