What is MicroStrategy's business segments — custody fees?

MicroStrategy (MSTR) reported business segments — custody fees of $0 in Q1 2026.

What does business segments — custody fees mean?

This represents the fees paid to third-party custodians for the secure storage and management of digital assets held by the software business. It is a recurring operational cost associated with asset security.

MicroStrategy MSTR Business Segments — Custody Fees

Similar metrics at other companies

CCustody fees — Administration and other fiduciary fees

$565M+18.0%

AMPCustodial service fees — Contract Liabilities

$35M-5.4%

BKSub-custodian and clearing

$151M+15.3%

EVRInvestment Management — Execution, Clearing and Custody Fees

$487K+5.2%

UMBFCommercial Banking — Noninterest Expense Transfer Agent And Custodian Fees

$4.03M+9.9%

UMBFInstitutional Banking — Noninterest Expense Transfer Agent And Custodian Fees

$10.67M+0.2%

Other financials

Income statement

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Revenue$124.3M+11.9%

Gross profit$83.4M+8.1%

Operating income-$14.5B-144%

Net income-$12.5B-197%

EPS (diluted)-$38.25-132%

Balance sheet

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Cash & equivalents$2.2B+3,561%

Total debt$8.3B+0.8%

Total equity$36.7B+13.7%

Total assets$54.3B+23.6%

Cash flow

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Operating cash flow$14.0M+686%

CapEx$952.0K-65.2%

Free cash flow$13.0M+354%

Valuation

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Market cap$30.53B-70.4%

Enterprise value$36.58B-67.2%

P/S63.8×+40.3×

Profitability

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Gross margin72%-3.6pp

Operating margin518.9%—

Net margin1,663.1%+1,587pp

FCF margin-17.5%—

Returns & leverage

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Return on equity28.2%+20.4pp

Debt / equity0.2×0.0×

Current ratio6.1×+5.4×

Where this comes from

Reported directly by MicroStrategy in its filing.

Tagged under the XBRL concept us-gaap:CustodyFees.

The official record: MicroStrategy’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is MicroStrategy's business segments — custody fees?: MicroStrategy (MSTR) reported business segments — custody fees of $0 in Q1 2026.
What does business segments — custody fees mean?: This represents the fees paid to third-party custodians for the secure storage and management of digital assets held by the software business. It is a recurring operational cost associated with asset security.