Strategy (MSTR) Cost of Revenue (2010 - 2026)
Strategy (MSTR) recorded Cost of Revenue of $40.82 million in Q2 2026, up 14.2% from $35.75 million a year earlier but down 0.3% from the prior quarter.
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Analysis
Strategy (MSTR) Cost of Revenue (2010 - 2026) Analysis & Trends
On a TTM basis, Strategy's Cost of Revenue came in at $161.46 million as of Jun 30, 2026, up 16.8% year-over-year; for FY2025, it came in at $149.42 million, up 15.4% from FY2024.
- Annual Cost of Revenue has increased for five straight years, with a five-year compound annual growth rate of 10.4% (FY2020 to FY2025).
- Across earlier years, Cost of Revenue came in at $129.47 million in FY2024 (+17.8%), $109.94 million in FY2023 (+6.8%), $102.99 million in FY2022 (+12.1%) and $91.91 million in FY2021 (+0.9%).
- Quarterly Cost of Revenue has ranged from $22.32 million in Q3 2021 to $41.68 million in Q4 2025 over the past five years.
- On a year-over-year basis, Cost of Revenue has increased for 20 consecutive quarters, with growth averaging 18.3% over the last eight quarters.
- The year-over-year growth in Cost of Revenue has ranged between 2.7% (Q3 2021) and 28.8% (Q3 2024) over the last five years.
- Per Business Quant, the preceding three quarters came in at $40.95 million (Q1 2026), $41.68 million (Q4 2025) and $38.01 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Palantir Technologies | 450.50 Bn | 419.56 Bn | 1.64 Bn | 296.87 Mn |
| 2 | Oracle | 401.01 Bn | 273.57 Bn | - | - |
| 3 | Sap Se | 257.03 Bn | 178.11 Bn | 8.40 Bn | 3.08 Bn |
| 4 | Salesforce | 187.04 Bn | 142.92 Bn | 8.70 Bn | 2.65 Bn |
| 5 | ServiceNow | 135.91 Bn | 114.37 Bn | 2.82 Bn | 1.17 Bn |
| 6 | Automatic Data Processing | 104.14 Bn | 86.27 Bn | 2.51 Bn | 2.96 Bn |
| 7 | Intuit | 72.30 Bn | 51.65 Bn | 3.44 Bn | 910.00 Mn |
| 8 | Relx | 60.17 Bn | 57.14 Bn | - | - |
| 9 | Strategy | 55.31 Bn | 48.30 Bn | 81.55 Mn | 40.82 Mn |
| 10 | Workday | 45.49 Bn | 21.61 Bn | 2.00 Bn | 652.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 40.82 Mn |
| Mar 31, 2026 | 40.95 Mn |
| Dec 31, 2025 | 41.68 Mn |
| Sep 30, 2025 | 38.01 Mn |
| Jun 30, 2025 | 35.75 Mn |
| Mar 31, 2025 | 33.97 Mn |
| Dec 31, 2024 | 34.17 Mn |
| Sep 30, 2024 | 34.35 Mn |
| Jun 30, 2024 | 30.94 Mn |
| Mar 31, 2024 | 30.02 Mn |
| Dec 31, 2023 | 28.22 Mn |
| Sep 30, 2023 | 26.66 Mn |
| Jun 30, 2023 | 27.12 Mn |
| Mar 31, 2023 | 27.94 Mn |
| Dec 31, 2022 | 26.72 Mn |
| Sep 30, 2022 | 25.39 Mn |
| Jun 30, 2022 | 25.20 Mn |
| Mar 31, 2022 | 25.68 Mn |
| Dec 31, 2021 | 24.00 Mn |
| Sep 30, 2021 | 22.32 Mn |
API Access
Strategy Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=MSTR&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "MSTR", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=MSTR&period=max&api_key=YOUR_API_KEY");
const data = await res.json();