Strategy (MSTR) Operating Expenses (2010 - 2026)
Strategy (MSTR) posted Operating Expenses of $14.6 billion for Q1 2026, down 16.96% sequentially from $17.5 billion in Q4 2025, and up 142.62% YoY from $6.0 billion in Q1 2025.
Strategy (MSTR) Operating Expenses (2010 - 2026) Analysis & Trends
Strategy has reported Operating Expenses for 17 years, with the latest figure at $14.6 billion in Q1 2026.
- Quarterly Operating Expenses rose 142.62% year-over-year to $14.6 billion in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $14.3 billion (up 81.44% YoY) and the FY2025 annual result came in at $5.8 billion, up 163.94% from the prior year.
- Operating Expenses eased to $14.6 billion in Q1 2026 per MSTR's latest filing, from $17.5 billion in the prior quarter.
- Over five years, Operating Expenses peaked at $17.5 billion in Q4 2025 and troughed at -$14.0 billion in Q2 2025.
- A 5-year average of $1.5 billion and a median of $280.8 million in 2024 frame the typical range for Operating Expenses.
- The widest YoY moves for Operating Expenses: up 1976.09% in 2025, down 5069.44% in 2025.
- Over 5 years, Operating Expenses stood at $299.5 million in 2022, then sank by 53.58% to $139.0 million in 2023, then surged by 693.21% to $1.1 billion in 2024, then jumped by 1489.11% to $17.5 billion in 2025, then decreased by 16.96% to $14.6 billion in 2026.
- According to Business Quant data, Operating Expenses over the past three periods registered $14.6 billion, $17.5 billion, and -$3.8 billion for Q1 2026, Q4 2025, and Q3 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 255.48 Bn | 234.41 Bn | 16.51 Bn | -16.33 Bn |
| 2 | Shopify | 198.95 Bn | 194.00 Bn | 1.71 Bn | 1.22 Bn |
| 3 | Salesforce | 160.70 Bn | 148.86 Bn | 8.56 Bn | 6.22 Bn |
| 4 | Uber Technologies | 154.94 Bn | 149.73 Bn | 6.38 Bn | 12.30 Bn |
| 5 | ServiceNow | 128.25 Bn | 123.58 Bn | 2.82 Bn | 2.66 Bn |
| 6 | Snowflake | 114.00 Bn | 111.05 Bn | 926.45 Mn | 1.25 Bn |
| 7 | Automatic Data Processing | 108.58 Bn | 104.35 Bn | 2.51 Bn | 4.34 Bn |
| 8 | Adobe | 105.34 Bn | 99.72 Bn | 5.90 Bn | 3.67 Bn |
| 9 | Intuit | 94.55 Bn | 87.77 Bn | 7.24 Bn | 4.54 Bn |
| 10 | Strategy | 32.75 Bn | 30.30 Bn | 81.55 Mn | 8.41 Bn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 8.41 Bn |
| Mar 31, 2026 | 14.55 Bn |
| Dec 31, 2025 | 17.53 Bn |
| Sep 30, 2025 | -3.80 Bn |
| Jun 30, 2025 | -13.95 Bn |
| Mar 31, 2025 | 6.00 Bn |
| Dec 31, 2024 | 1.10 Bn |
| Sep 30, 2024 | 514.30 Mn |
| Jun 30, 2024 | 280.78 Mn |
| Mar 31, 2024 | 288.93 Mn |
| Dec 31, 2023 | 139.05 Mn |
| Sep 30, 2023 | 128.05 Mn |
| Jun 30, 2023 | 119.99 Mn |
| Mar 31, 2023 | 114.28 Mn |
| Dec 31, 2022 | 299.55 Mn |
| Sep 30, 2022 | 93.92 Mn |
| Jun 30, 2022 | 1.01 Bn |
| Mar 31, 2022 | 263.56 Mn |
| Dec 31, 2021 | 247.98 Mn |
| Sep 30, 2021 | 155.34 Mn |