What is the primary revenue source for MicroStrategy (MSTR)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze MSTR's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out MicroStrategy's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How MicroStrategy Makes Money: MSTR Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

Operating margin improved by 5647.9 percentage points year over year.

Revenue: USD 246.67M
Largest revenue segment share (Subscription and Circulation): 49.35%
Selling, general and administrative: USD 147.66M
Cost of revenue: USD 81.76M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueTotal revenues · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueTotal cost of revenues · CostOfGoodsAndServicesSold
Selling, general and administrativesum(SellingAndMarketingExpense, GeneralAndAdministrativeExpense)
Largest revenue segment share (Subscription and Circulation)Subscription and Circulation · segment_value / revenue * 100
Operating margin(loss) income from operations · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Cash and cash equivalents: USD 1.71B
Accounts receivable: USD 123.79M
Property, plant and equipment: USD 28.34M
Total liabilities: USD 7.24B
Shareholder equity: USD 30.89B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Property, plant and equipmentProperty and equipment, net · PropertyPlantAndEquipmentNet
Shareholder equityTotal stockholders’ equity · StockholdersEquity
Total liabilitiesTotal liabilities · Liabilities
Accounts receivableAccounts receivable, net · AccountsReceivableNetCurrent
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue

Cash

Did accounting profit ultimately turn into cash?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

Free cash flow remains positive after capital expenditure.

Operating cash flow: USD 9.85M
Free cash flow: USD 7.13M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Free cash flowcfo - capex
Operating cash flowsum(waterfull.operating)

Some conclusions lack complete source metrics and should be interpreted cautiously.

Shareholders

Did the money earned actually make its way back to shareholders?

Watch

Share issuance proceeds exceeded dividends and repurchases, making the company a net equity raiser.

Cash dividends: USD 629.17M
Stock issuance proceeds: USD 8.25B
Net shareholder return: USD −7.62B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsCash dividends paid
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Stock issuance proceedsProceeds from sale of common stock under public offerings · ProceedsFromIssuanceOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?