Strategy Inc reported a significant increase in total revenues driven by subscription services, but incurred a substantial operating and net loss primarily due to unrealized losses on digital assets. The company continued to execute its Bitcoin treasury strategy, raising substantial capital and increasing its Bitcoin holdings, while also developing its digital credit instruments.
Total revenues for the fourth quarter of 2025 were $123.0 million, a 1.9% increase year-over-year.
positiveSubscription Services Revenues for the fourth quarter of 2025 were $51.8 million, a 62.1% increase year-over-year.
positiveProduct licenses and subscription services revenues for the fourth quarter of 2025 were $59.6 million, a 26.3% increase year-over-year.
positiveThe Company had cash and cash equivalents of $2.3 billion as of December 31, 2025, a significant increase from $38.1 million as of December 31, 2024.
positiveStrategy Inc raised $25.3 billion of capital in 2025, making it the largest equity issuer among U.S. public companies for a second consecutive year.
positiveSTRC (Stretch), the flagship Digital Credit instrument, has grown to $3.4 billion in size.
positiveOperating loss for the fourth quarter of 2025 was $17.4 billion, compared to an operating loss of $1.0 billion for the fourth quarter of 2024, primarily due to an unrealized loss on digital assets of $17.4 billion.
negativeNet loss for the fourth quarter of 2025 was $12.4 billion, or $42.93 per common share on a diluted basis, compared to a net loss of $670.8 million, or $3.03 per common share on a diluted basis, for the fourth quarter of 2024.
negativeGross profit for the fourth quarter of 2025 was $81.3 million, representing a 66.1% gross margin, compared to $86.5 million, representing a gross margin of 71.7%, for the fourth quarter of 2024.
negativeProduct support revenues were $48.5 million for the fourth quarter of 2025, a 16.9% decrease year-over-year.
negativeOther services revenues were $14.9 million for the fourth quarter of 2025, a 1.8% decrease year-over-year.
negativeThe Company's digital assets had an original cost basis of $54.26 billion and a market value of $59.75 billion as of February 1, 2026, with an average cost per bitcoin of approximately $76,052 and a market price per bitcoin of approximately $83,740 as of January 30, 2026.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Product licenses | N/A | — | — | — |
Subscription services | N/A | — | — | — |
Product support | N/A | — | — | — |
Other services | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
We raised $25.3 billion of capital in 2025 to advance our Bitcoin treasury strategy, making us the largest equity issuer among U.S. public companies for a second consecutive year.
STRC (Stretch), our flagship Digital Credit instrument, has grown to $3.4 billion in size, supported by increasing liquidity and declining volatility.
2025 marked a landmark year for corporate Bitcoin adoption, supported by the implementation of fair value accounting for bitcoin, clarity that unrealized gains on bitcoin are not taxed under CAMT, and the relaunch of our S&P credit rating.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.