该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
MicroStrategy (MSTR) reported a massive $3.85B net loss in FY2025, driven by a $5.44B operating loss largely attributable to unrealized losses on its Bitcoin holdings, even as core software revenue grew modestly by 3.0% to $477M.
营收
4.77亿美元
同比 +2.97%
每股收益（稀释）
-15.23美元
同比 -151.32%
毛利率
68.7%
同比 -3.4 个百分点
营业利润
-54.44亿美元
同比 -193.82%
SEC XBRL 原值
Strategy (MSTR) FY2025 营收 4.77亿美元，同比增长 3.0%。 营业利润率 -1140.8%，去年同期为 -399.8%。 经营活动现金流净流出 6724.1万美元。
近 4 个季度：1 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | -24.77 | -7.67 | 不及预期 -223.0% |
| 2026年3月 | -38.25 | -4.39 | 不及预期 -770.4% |
| 2025年12月本次财报 | -42.93 | 3.03 | 不及预期 -1517.9% |
| 2025年9月 | 8.42 | 8.31 | 超预期 +1.3% |
2025年12月 实际 EPS -42.93美元，分析师一致预期 3.03美元，不及预期 -1517.9%。
由 AI 基于本次 SEC 报告整理
MSTR's software revenue grew 3.0% YoY to $477.2M in FY2025 (from $463.5M in the prior year), indicating modest but stable demand for its enterprise analytics platform despite the company's strategic pivot toward Bitcoin accumulation.
来源: 10-K Income Statement (XBRL Financial Data)
Total assets surged 138.5% YoY to $61.64B (from $25.84B), with investing cash outflows of $22.51B reflecting continued aggressive Bitcoin purchases. Cash & equivalents also jumped from $38.1M to $2.30B, suggesting significant capital raises deployed into Bitcoin.
来源: 10-K Balance Sheet & Cash Flow Statement (XBRL Financial Data)
Operating loss widened nearly 194% YoY to -$5.44B (from -$1.85B), and net loss deepened 230% to -$3.85B (from -$1.17B), primarily reflecting fair-value or impairment charges on Bitcoin holdings under applicable accounting standards.
来源: 10-K Income Statement (XBRL Financial Data)
Gross margin declined from 72.1% to 68.7% as cost of revenue rose 15.4% YoY to $149.4M, outpacing the 3.0% revenue growth, indicating cost pressures in the software segment even as top-line growth remained modest.
来源: 10-K Income Statement (XBRL Financial Data)
Financing cash inflows reached $24.84B in FY2025 (up 12.2% YoY), reflecting large-scale equity and debt issuances used to fund Bitcoin acquisitions. Long-term debt grew 13.9% to $8.19B, while stockholders' equity rose 42.4% to $44.12B, indicating heavy reliance on capital markets.
来源: 10-K Cash Flow Statement & Balance Sheet (XBRL Financial Data)
由 AI 基于本次 SEC 报告整理 · 高 3 中 2 低 0
MSTR holds a substantial portion of its assets in Bitcoin, making its balance sheet and reported earnings highly sensitive to Bitcoin price fluctuations. The $5.44B operating loss in FY2025 reflects the magnitude of this exposure. A sustained decline in Bitcoin prices could severely impair asset values and trigger further large losses.
来源: 10-K Balance Sheet & Income Statement (XBRL Financial Data)
Long-term debt stands at $8.19B as of FY2025, funded largely through capital markets to finance Bitcoin purchases. With operating cash flow negative at -$67.2M and the core software business generating limited cash, the company's ability to service debt depends heavily on Bitcoin price appreciation and continued access to capital markets.
来源: 10-K Balance Sheet & Cash Flow Statement (XBRL Financial Data)
MSTR has raised $24.84B in financing activities in FY2025 alone, likely through equity and convertible note issuances. This ongoing dilution is reflected in a basic EPS of -$15.23 (vs. -$6.06 prior year), a 151% deterioration. Continued share issuances to fund Bitcoin purchases may further dilute existing shareholders.
来源: 10-K Income Statement & Cash Flow Statement (XBRL Financial Data)
The software segment grew only 3.0% YoY to $477.2M while R&D spending declined 20.8% to $93.9M, suggesting reduced investment in product development. Gross margin also compressed to 68.7% from 72.1%, raising concerns about the long-term competitiveness of the core business.
来源: 10-K Income Statement (XBRL Financial Data)
Changes in accounting standards (e.g., ASC 350 fair value treatment for Bitcoin) or new regulatory requirements could materially affect how MSTR reports its Bitcoin assets and associated gains/losses, creating earnings volatility and potential compliance costs. The company's unique business model as a Bitcoin treasury company faces an evolving and uncertain regulatory landscape.
来源: 10-K Balance Sheet (XBRL Financial Data)
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 4.77 亿美元 | 4.63 亿美元 | +2.97% |
营业成本 亿美元 | 1.49 亿美元 | 1.29 亿美元 | +15.41% |
毛利润 亿美元 | 3.28 亿美元 | 3.34 亿美元 | -1.85% |
营业利润 亿美元 | -54.44 亿美元 | -18.53 亿美元 | -193.82% |
净利润 亿美元 | -38.48 亿美元 | -11.67 亿美元 | -229.84% |
每股收益（基本） 美元 | -15.23 美元 | -6.06 美元 | -151.32% |
每股收益（稀释） 美元 | -15.23 美元 | -6.06 美元 | -151.32% |
研发费用 亿美元 | 0.94 亿美元 | 1.18 亿美元 | -20.78% |
答案基于本次 SEC 报告与本页数据