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MicroStrategy MSTR Operating margin

Operating margin at other companies

Salesforce logo
SalesforceCRM
20.4%+1.1pp
Oracle logo
OracleORCL
30.6%-0.4pp
Blackrock logo
BlackrockBLK
31.8%-4.3pp
Coinbase Global, Inc. logo
Coinbase Global, Inc.COIN
10.8%-21.6pp
Snowflake logo
SnowflakeSNOW
-26.1%-6.8pp
TD SYNNEX logo
TD SYNNEXSNX
2.5%+0.4pp

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+13.8%
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$41.39B-60.7%
Enterprise value$47.44B-40.9%
P/S86.5×+54.6×

Profitability

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Gross margin72%-3.6pp
Net margin1,663.1%+1,587pp

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

Calculated from MicroStrategy’s reported figures.

Based on trailing twelve months.

The official record: MicroStrategy’s 10-Q, filed November 3, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is MicroStrategy's operating margin?
MicroStrategy (MSTR) reported operating margin of 518.9% in Q3 2025.
What does operating margin mean?
The profit left from core operations for every dollar of sales, before interest and taxes.
How do you interpret operating margin?
Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.
How does operating margin compare across companies?
Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.