MicroStrategy Incorporated
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of MicroStrategy Incorporated (MSTR). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | Q1 2025 | Q2 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Software | – | $114.5M 100.0% | – | $122.4M 100.0% |
| Bitcoin | – | $0 0.0% | – | $0 0.0% |
| Software Business | $111.1M 100.0% | – | $124.3M 100.0% | – |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Revenue by region
| Segment | Q1 2025 | Q2 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| U.S. | $63.5M 57.1% | $65.3M 57.0% | $69.3M 55.7% | $68.4M 55.9% |
| EMEA | $37.9M 34.1% | $39.4M 34.5% | $44.2M 35.6% | $42.5M 34.7% |
| Other Regions | $9.7M 8.8% | $9.7M 8.5% | $10.8M 8.7% | $11.5M 9.4% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Remaining performance obligations
Remaining performance obligations are the part of the business already sold but not yet delivered and therefore not yet booked as revenue. In subscription and project businesses it points the way earlier than revenue does.
| As of | Remaining performance obligations |
|---|---|
| Q2 2026 | $546.9M |
| Q1 2026 | $577.7M |
| Q4 2025 | $588.0M |
| Q3 2025 | $462.4M |
| Q2 2025 | $470.6M |
| Q1 2025 | $442.8M |
| Q4 2024 | $454.9M |
| Q3 2024 | $380.5M |
Operating metrics
Operating metrics are the figures a company uses to measure its own business — customer counts, stores, deliveries or the churn rate. None of them appear in the financial statements, and they often explain earlier than revenue does why revenue is moving.
| Metric | Q2 2025 | Q3 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Total bitcoin holdings | 597,325 | 640,031 | 762,099 | 846,000 +41.6% |
| Bitcoin per share (in Sats) | – | 199,984 | 201,170 | 210,824 |
| BTC Gain (quarterly, in bitcoin) | – | 31,058 | 21,329 | 37,733 |
| BTC Yield (quarterly) | – | 5.2% | 3.2% | 5.0% |
| Bitcoin acquired during the quarter | 69,140 | 42,705 | 89,599 | – |
| Remaining performance obligation | $470.6M | $462.4M | $577.7M | – |
| Total employees | 1,512 | 1,546 | 1,511 | – |
These metrics are not part of the financial statements; they sit in the narrative text of the filings. We read them out of the SEC filings using artificial intelligence and check every single figure against the original passage in the report; anything that is not found there verbatim is discarded. Source: SEC EDGAR (annual and quarterly reports, 10-K/10-Q).
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: September 22, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.