MicroStrategy (MSTR) FY2025 10-K Annual Report
MicroStrategy (MSTR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 19, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
MicroStrategy FY2025 10-K Analysis
Business Overview
- • Core business: dual focus on bitcoin treasury operations and AI-powered enterprise analytics software
- • Introduced five novel Preferred Stock classes ("digital credit") in 2025 providing varied economic exposure to bitcoin and equity
Management Discussion & Analysis
- • Revenue driven primarily by bitcoin capital market activities and enterprise analytics software; net proceeds from equity offerings $23.17B in 2025 vs $16.33B in 2024
- • Bitcoin unrealized loss $5.40B in 2025 with deferred tax benefit $1.55B; carrying value of bitcoin $58.85B vs $23.91B at end of 2024
Risk Factors
- • Regulatory risk from adoption of ASC 2023-08 requiring unrealized bitcoin fair value changes recognized in income, causing $5.4B unrealized loss in 2025
- • Macroeconomic risk due to bitcoin market volatility impacting liquidity, with holdings of ~717K bitcoins valued at $49.29B as of Feb 13, 2026
MicroStrategy FY2025 Key Financial MetricsXBRL
Revenue
$477M
▲ +3.0% YoY
Net Income
-$3.8B
▼ -229.8% YoY
Gross Margin
68.7%
▼ -337bp YoY
Operating Margin
-1140.8%
▼ -74101bp YoY
Net Margin
-806.3%
▼ -55462bp YoY
ROE
-8.7%
▼ -232bp YoY
Total Assets
$61.6B
▲ +138.5% YoY
EPS (Diluted)
$-15.23
▼ -151.3% YoY
Operating Cash Flow
-$67M
▼ -26.8% YoY
Source: XBRL data from MicroStrategy FY2025 10-K filing on SEC EDGAR. All figures in USD.
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