Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $514M | $504M | $498M | $486M | $481M | $511M | $499M | $496M | $463M | $477M |
| Revenue growth | — | -1.9% | -1.2% | -2.3% | -1.1% | 6.2% | -2.3% | -0.6% | -6.6% | 3.0% |
| Gross profit | $420M | $407M | $398M | $386M | $390M | $419M | $396M | $386M | $334M | $328M |
| Gross margin | 81.9% | 80.8% | 80.0% | 79.4% | 81.1% | 82.0% | 79.4% | 77.8% | 72.1% | 68.7% |
| Operating income | $110M | $73.2M | $3.98M | -$1.00M | -$13.6M | -$785M | -$1.28B | -$115M | -$1.85B | -$5.44B |
| Operating margin | 21.3% | 14.5% | 0.8% | -0.2% | -2.8% | -153.6% | -255.5% | -23.2% | -399.8% | -1140.8% |
| Net income | $92.2M | $18.2M | $22.5M | $34.4M | -$7.52M | -$535M | -$1.47B | $429M | -$1.17B | -$3.85B |
| Net margin | 18.0% | 3.6% | 4.5% | 7.1% | -1.6% | -104.8% | -294.4% | 86.5% | -251.7% | -806.3% |
| EPS (diluted) | $8.01 | $1.58 | $1.97 | $3.33 | -$0.78 | -$53.44 | -$12.98 | $2.64 | -$6.06 | -$15.23 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $111M | $78.3M | $10.6M | $60.9M | $53.6M | $93.8M | $3.21M | $12.7M | -$53.0M | -$67.2M |
| Capital expenditures | $2.34M | $3.98M | $6.85M | $10.2M | $3.65M | $2.71M | $2.49M | $2.94M | $2.98M | $8.21M |
| Free cash flow | $108M | $74.3M | $3.78M | $50.7M | $50.0M | $91.1M | $725K | $9.77M | -$56.0M | -$75.5M |
| Share buybacks | $0.00 | $0.00 | $111M | $72.7M | $123M | $0.00 | $0.00 | — | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $402M | $420M | $110M | $457M | $59.7M | $63.4M | $43.8M | $46.8M | $38.1M | $2.30B |
| Total assets | $768M | $933M | $856M | $917M | $1.47B | $3.56B | $2.41B | $4.76B | $25.8B | $61.6B |
| Total liabilities | $216M | $327M | $326M | $408M | $913M | $2.58B | $2.79B | $2.60B | $7.61B | $10.6B |
| Long-term debt | — | — | — | — | $486M | $2.16B | $2.38B | $2.18B | $7.19B | $8.16B |
| Shareholders' equity | $566M | $606M | $530M | $509M | $446M | $979M | -$383M | $2.16B | $18.2B | $44.1B |
| Retained earnings | $494M | $527M | $549M | $583M | $576M | $41.4M | -$1.43B | -$999M | -$2.17B | $10.6B |
| Shares (wtd avg diluted) | 11.5M | 11.5M | 11.4M | 10.3M | 9.68M | 10.0M | 113M | 166M | 193M | 278M |
Every figure is extracted from Strategy Inc’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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