Strategy (MSTR) Cost of Revenue (2010 - 2026)
Strategy (MSTR) recorded Cost of Revenue of $35.79 million in Q3 2026, down 5.8% from $38.01 million a year earlier and down 12.3% 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 $159.24 million as of Sep 30, 2026, up 12.2% 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%).
- The Q3 2026 figure is the lowest quarterly Cost of Revenue since Q2 2025.
- On a year-over-year basis, Cost of Revenue rose in seven of the last eight quarters, with growth averaging 13.9%.
- Peak year-over-year performance for Cost of Revenue in the last five years was growth of 28.8% in Q3 2024, against a decline of 5.8% in Q3 2026 at the low end.
- Per Business Quant, the preceding three quarters came in at $40.82 million (Q2 2026), $40.95 million (Q1 2026) and $41.68 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Palantir Technologies | 386.60 Bn | 351.42 Bn | 1.93 Bn | 383.29 Mn |
| 2 | Oracle | 343.94 Bn | 216.07 Bn | - | - |
| 3 | Sap Se | 272.35 Bn | 199.75 Bn | 8.64 Bn | 3.18 Bn |
| 4 | Salesforce | 175.46 Bn | 131.33 Bn | 8.70 Bn | 2.65 Bn |
| 5 | Automatic Data Processing | 122.07 Bn | 108.86 Bn | 2.53 Bn | 2.97 Bn |
| 6 | ServiceNow | 105.47 Bn | 84.73 Bn | 2.90 Bn | 1.21 Bn |
| 7 | Intuit | 94.25 Bn | 73.60 Bn | 3.44 Bn | 910.00 Mn |
| 8 | Relx | 73.66 Bn | 72.75 Bn | - | - |
| 9 | Strategy | 51.78 Bn | 38.91 Bn | 89.63 Mn | 35.79 Mn |
| 10 | Thomson Reuters | 50.52 Bn | 46.49 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 35.79 Mn |
| 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 |
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();