In Q4'25, MicroStrategy's (MSTR) operating expenses totaled approximately 91.3M USD, with R&D expenses at 22.8M USD and SG&A expenses at 68.5M USD, reflecting a modest quarter-over-quarter increase from Q3'25's 90.7M USD total driven primarily by stable SG&A costs. Over the period from Q1'23 to Q4'25, total operating expenses exhibited overall stability with a slight downward trend in recent quarters, fluctuating between 95M USD and 110M USD annually; R&D expenses declined from a peak of 33.3M USD in Q3'24 to 22.8M USD in Q4'25, indicating cost optimization efforts, while SG&A expenses remained consistently higher at around 68M-70M USD per quarter, underscoring its dominant share (roughly 75%) of total expenses throughout the timeframe.