As of Q4'25, MicroStrategy's gross margin stands at 66.1%, while the operating margin has sharply declined to -141.8% and the net profit margin is at -102.6%. These figures highlight a significant deterioration in profitability in the most recent quarter. From Q1'23 to Q4'25, the gross margin has shown a gradual downward trend, falling from 77.1% to 66.1%. Operating and net profit margins have exhibited extreme volatility, with both metrics turning deeply negative in late 2024 and 2025, despite brief spikes into positive territory in Q2'25 and Q3'25. This pattern suggests increasing operational challenges and substantial swings in net results over the observed period.