How does Strategy (MSTR) make money?

Strategy (MSTR) generates revenue primarily from Product Licenses And Subscription Services, which accounted for 43.2% of total revenue in TTM through Q1 2026. The company reported $490M in revenue and converted -2519.4% of it into net profit, equivalent to roughly -$12.4B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Strategy (MSTR)?

Strategy (MSTR) reported a gross profit margin of 68.1% in TTM through Q1 2026, equivalent to $334M in gross profit on $490M in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Strategy (MSTR)?

Strategy (MSTR) reported an operating profit margin of 94.2% in TTM through Q1 2026, equivalent to $462M in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Strategy (MSTR)?

Strategy (MSTR) reported a net profit margin of -2519.4% in TTM through Q1 2026, equivalent to -$12.4B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Strategy (MSTR) profitable?

Strategy (MSTR) reported a net loss of $12.4B for TTM through Q1 2026, a net profit margin of -2519.4%. Combined operating expenses, interest, and income taxes exceeded revenue, so the period closed in the red on a reported basis.

How much does Strategy (MSTR) invest in research and development?

Strategy (MSTR) invested $94.1M in research and development during TTM through Q1 2026, roughly 19.2% of total revenue. R&D spending funds the company's future product pipeline and is expensed in full on the income statement rather than capitalised, which makes the operating margin sensitive to how aggressively management chooses to reinvest in innovation.

How much does Strategy (MSTR) spend on capital expenditures?

Strategy (MSTR) spent $4.57B on capital expenditures (CapEx) during TTM through Q1 2026, roughly 932.7% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Strategy (MSTR) generate?

Strategy (MSTR) generated $4.52B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 922.4%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What are the main business segments of Strategy (MSTR)?

Strategy (MSTR) reports revenue across 5 reportable product segments, led by Product Licenses And Subscription Services at 43.2% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

Where does Strategy (MSTR) generate most of its revenue?

North America is the largest geographic market for Strategy (MSTR), accounting for 56.7% of revenue in the most recent annual filing. The complete regional split — including international markets and any Rest-of-World rollup — is shown in the revenue-by-geography table on this page.

How Strategy Makes Money: 2026 Visual Revenue Map

Strategy (MSTR) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported May 6, 2026).

Strategy (MSTR) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Strategy (MSTR), TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Product Licenses And Subscription Services	$212M	43.2%
Subscription And Circulation	$150M	30.5%
Maintenance	$78.2M	16%
License	$28.7M	5.9%
Technology Service	$21.7M	4.4%
Total	$490M	100%

Product Licenses And Subscription Services$212M
Subscription And Circulation$150M
Maintenance$78.2M
License$28.7M
Technology Service$21.7M
Total$490M

Strategy (MSTR) Revenue by Geography — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported regions changed mid-year.

Revenue contribution by geographic region for Strategy (MSTR), TTM through Q1 2026
Region	Revenue (USD)	% of total
North America	$278M	56.7%
E M E A	$169M	34.5%
Other Regions	$43.4M	8.9%
Total	$490M	100%

North America
E M E A
Other Regions
Total

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Strategy (MSTR) reports revenue across 5 reportable product segments; the largest segment was Product Licenses And Subscription Services at 43.2%, followed by Subscription And Circulation (30.5%) and Maintenance (16%). Geographically, North America accounted for 56.7% of revenue, followed by E M E A (34.5%) and Other Regions (8.9%).

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