微策(MSTR)最主要的收入来源是什么？

通过最新财报数据拆解，该公司的收入主要由其核心业务板块与相关服务支持构成。您可以通过页面上的交互式图表直观查看各业务线对总营收的具体贡献比例。

如何直观分析 MSTR 的财务状况与盈利模式？

瓜壳日历通过交互式桑基图(Sankey Diagram)和瀑布图(Waterfall Chart)，将该公司的总营收、销售成本、运营费用以及最终的净利润流程进行了全景可视化，方便投资者一分钟看懂其经营效率与现金流走向。

Income Statement Q3 2025
Item	Category	Value	YoY
Total revenues	revenue	128.69M	10.87%
Total operating expenses	cost	3.80B	638.89%
Gross profit	profit	90.68M	10.96%
Total cost of revenues	cost	38.01M	10.67%
(loss) income from operations	profit	3.89B	799.45%
Income (loss) from continuing operations before income taxes, noncontrolling interest	profit	3.87B	908.73%
Interest expense, net	revenue	18.89M	-0.04%
Other (expense) income, net	revenue	716000	0.86%
Net income (loss)	profit	2.79B	918.71%
Provision for (benefit from) income taxes	cost	1.09B	8.84%
Net loss - basic	profit	2.65B	877.58%
Preferred stock dividends	cost	139.90M

Business Breakdown
Segment	Value	YoY
Software Business	128.69M	10.87%

Products Breakdown
Segment	Value	YoY
Maintenance	51.12M	-16.22%
Subscription and Circulation	45.97M	65.37%
License	17.37M	56.70%
Technology Service	14.23M	-12.00%

Balance Sheet Q3 2025
Item	Category	Value
Accounts receivable, net	assets	113.41M
Cash and cash equivalents	assets	54.28M
Prepaid expenses and other current assets	assets	44.34M
Restricted cash	assets	1.92M
Total current assets	assets	213.95M
Digital asset carrying value	assets	73.21B
Deposits and other assets	assets	114.34M
Right-of-use assets	assets	49.24M
Property and equipment, net	assets	29.95M
Deferred tax assets, net	assets	5.83M
Assets	assets	73.62B
Total liabilities	liabilities	15.50B
Total mezzanine equity	liabilities	5.79B
Equity, attributable to parent	equity	52.33B
Accumulated other comprehensive loss	liabilities	5.11M
Long-term debt, net	liabilities	8.17B
Deferred tax liabilities	liabilities	6.95B
Total current liabilities	liabilities	324.09M
Operating lease liabilities	liabilities	48.16M
Other long-term liabilities	liabilities	4.79M
Deferred revenue and advance payments	liabilities	3.45M
Aggregate	equity	52.34B
Deferred revenue and advance payments	liabilities	200.64M
Accounts payable, accrued expenses, and operating lease liabilities	liabilities	48.72M
Accrued compensation and employee benefits	liabilities	44.51M
Accrued interest	liabilities	29.90M
Current portion of long-term debt, net	liabilities	316000
Additional paid-in capital	liabilities	33.39B
Retained earnings (accumulated deficit)	liabilities	18.95B
Common stock	liabilities	267000

Operating Activities – 9M 2025
Item	Value
Net income (loss)	8.59B
Deferred taxes	3.34B
Share-based compensation expense	43.04M
Increase (decrease) in accounts receivable	24.32M
Depreciation and amortization	19.89M
Amortization of issuance costs on long-term debt	18.91M
Deferred revenue and advance payments	7.03M
Reduction in carrying amount of right-of-use assets	6.80M
Accounts payable and accrued expenses	6.71M
Increase (decrease) in deposit assets, total	1.72M
Other long-term liabilities	488000
Accrued interest	421000
Operating lease liabilities	-8.00M
Increase (decrease) in prepaid expense and other assets	-19.13M
Accrued compensation and employee benefits	-40.40M
Unrealized gain on digital assets	-12.03B

Investing Activities – 9M 2025
Item	Value
Payments to acquire property, plant, and equipment, total	-7.63M
Advance deposits on purchases of property and equipment	-27.00M
Digital asset purchases	-19.38B

Financing Activities – 9M 2025
Item	Value
Proceeds from sale of common stock under public offerings	11.87B
Initial net proceeds	5.89B
Proceeds from convertible senior notes	2.00B
Proceeds from exercise of stock options	36.74M
Proceeds from other long-term secured debt, net of lender fees	21.00M
Proceeds from sales under employee stock purchase plan	5.43M
Debt instrument, convertible, settlement amount	-143000
Repayments of other long-term debt	-423000
Issuance costs	-15.06M
Issuance costs	-20.32M
Issuance costs paid related to sale of preferred stock under public offerings	-106.86M
Payments of ordinary dividends, preferred stock and preference stock	-197.92M

Cash Balance – 9M 2025
Item	Value
Cash and cash equivalents, beginning of period	39.90M
Cash and cash equivalents, end of period	56.20M