Strategy Inc

strategy.com

What Do They Do?

Issues securities that give investors economic exposure to bitcoin, and sells enterprise analytics software to organizations.

How Do They Make Money?

Customers pay for on-premises licenses as one-time products, cloud subscriptions over their access term, and product support over its contract period.

revenue

Segment	Share	How money arrives
Total product licenses and subscription services Mix	45% FY2022: 29%	Mix
Product support Recurring	43% FY2022: 53%	Recurring
Other services	12% FY2022: 17%

Who Are Their Customers?

Sells chiefly through a direct sales force to large and mid-size organizations and government buyers; resellers and service partners also sell, support, or extend the platform for organizations and software vendors.

Do Revenues Turn Into Profits?

No. It lost $3.8B in FY2025.

Operating income, FY2025

−1141% of revenue

▲ +194% (Loss) vs FY2024 (−$1.9B, −400%)

Net income, FY2025

−806% of revenue

▲ +230% (Loss) vs FY2024 (−$1.2B, −252%)

Free cash flow, FY2025

−16% of revenue

▲ +35% (Loss) vs FY2024 (−$56M, −12%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +7%; vs $114.5M in Q2 FY2025
Net income: ▼ Now a loss; vs $10B in Q2 FY2025

Total product licenses and subscription services share of revenue vs 41.9% in Q2 FY2025

Flat. Revenue was $477.2M in FY2025, about the same as the $510.8M of FY2021.

Preferred securities The older report describes raising debt or equity to buy bitcoin; the latest describes preferred securities designed to give investors different forms of exposure to its shares and bitcoin holdings.

Revenue over time

Total product licenses and subscription services Product support Other services

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with IBM, Microsoft, Oracle, Salesforce, and SAP

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