MSTR FINANCIAL STATEMENTS

MicroStrategy Incorporated — balance sheet, income statement and cash flow trends

MSTRMicroStrategy Incorporated

🇺🇸 USA · NASDAQ · Technology · Software - Application

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue490.5 M $+6.8%

Gross Profit334.1 M $+2.5%

Operating Income462.1 M $—

EBITDA-14 B $—

Net Income-12.4 B $—

Peer Comparison· Software - Application

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MSTR	6.8%	68.1%	-2,848.6%	-2,519.4%
CSU	17.2%	43.5%	25.4%	6.1%
DSY	-1.8%	82.5%	33.0%	19.9%
SHOP	31.9%	47.9%	15.9%	10.9%
XRO	36.1%	70.4%	30.8%	6.1%
WTC	40.9%	74.8%	45.4%	15.2%
Industry median	13.4%	68.1%	16.0%	8.1%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MSTR	6.8%	68.1%	-2,848.6%	-2,519.4%
WDAY	13.3%	75.8%	17.0%	8.6%
FICO	22.6%	84.2%	51.5%	33.7%
ROP	12.1%	69.4%	44.8%	21.1%
PAYX	16.9%	74.3%	46.2%	27.0%
ZM	5.0%	77.4%	56.5%	42.0%
Industry median	13.4%	68.1%	16.0%	8.1%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity45.6 B $84%
Current Liabilities395.1 M $1%
Long-term Liabilities8.2 B $15%

Key Figures

YoY change

Total Assets54.3 B $+23.6%

Total Liabilities8.6 B $-16.9%

Total Equity45.6 B $+36.1%

Cash & ST Investments2.2 B $+3,445.3%

Total Debt8.3 B $+0.8%

Net Debt6.1 B $-25.6%

Peer Comparison· Software - Application

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MSTR	6.05	18.1%	-0.43	84.1%
CSU	0.91	143.2%	0.83	22.9%
DSY	1.70	26.9%	-1.18	59.7%
SHOP	6.20	1.4%	-2.84	88.5%
XRO	1.09	39.3%	0.22	59.4%
WTC	1.38	135.3%	4.27	36.9%
Industry median	1.45	32.2%	-0.05	46.5%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MSTR	6.05	18.1%	-0.43	84.1%
WDAY	1.01	56.9%	-0.33	41.5%
FICO	2.22	-174.0%	2.96	-102.6%
ROP	0.53	55.6%	2.77	54.5%
PAYX	1.26	123.4%	1.14	23.1%
ZM	4.22	0.6%	-2.75	82.0%
Industry median	1.45	32.2%	-0.05	46.5%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow-50.9 M $—

Capital Expenditures16.7 B $-40.7%

Free Cash Flow-14.9 B $—

Dividends Paid-403.8 M $-4,494.7%

Peer Comparison· Software - Application

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MSTR	-10.4%	-3,036.6%	3,398.8%	0.4%
CSU	22.3%	21.7%	0.6%	366.7%
DSY	28.6%	26.5%	2.1%	143.8%
SHOP	17.4%	17.2%	0.2%	159.0%
XRO	32.7%	32.4%	0.3%	538.9%
WTC	32.1%	29.8%	1.2%	211.9%
Industry median	22.3%	18.6%	1.9%	145.3%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MSTR	-10.4%	-3,036.6%	3,398.8%	0.4%
WDAY	32.3%	30.2%	2.1%	375.2%
FICO	40.2%	39.6%	0.6%	119.4%
ROP	32.1%	31.4%	0.6%	151.9%
PAYX	39.3%	35.7%	3.6%	145.3%
ZM	41.0%	39.7%	1.2%	97.6%
Industry median	22.3%	18.6%	1.9%	145.3%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 6, 26. This content is for informational purposes only and is not investment advice.