Strategy Inc
MSTR · Nasdaq
Next quarter
Reports Oct 29, 2026.
Consensus is $21.49 EPS for Sep 2026 across 3 estimates, ranging -$0.92 to $52.82.
MSTR Jun 2026
- 146.98%
- -4.56%
- $52.04
- -$24.45
- —
- $122.37M
Reported results
- $122.37M
- 66.64%
- -$8.33B
- -6808.11%
- -$8.22B
- -$24.45
Highlights
- Consolidated revenue was $122.368 million, compared with $114.488 million in the year-earlier quarter; all revenue came from the Software segment.
- Software segment net income was $3.709 million, versus $30.439 million a year earlier, while Software segment assets were $490.512 million at June 30, 2026.
- The Bitcoin segment recorded an $8.223 billion net loss, driven primarily by an $8.315 billion unrealized loss on digital assets, partly offset by a $113.916 million gain on debt extinguishment.
- The company held approximately 846,000 bitcoins at June 30, 2026, with a carrying value of $49.672 billion and an ending-market-price value of $49.672 billion.
- Second-quarter bitcoin purchases totaled approximately 75,279 bitcoins for $6.421 billion, funded with $5.46 billion from STRC Stock ATM proceeds and $0.96 billion from class A common stock ATM proceeds.
Analysis
No consensus figures are on file, so the quarter cannot be assessed against an analyst estimate. Revenue increased to $122.368 million from $114.488 million in the year-earlier quarter, but consolidated results swung to a $8.220 billion net loss from $10.021 billion of net income. The Software segment remained profitable at $3.709 million, although its result fell from $30.439 million. Higher cloud expense of $23.071 million versus $16.043 million was partly offset by lower maintenance, consulting, general and administrative, and share-based compensation costs. The Bitcoin segment drove the consolidated loss through an $8.315 billion unrealized digital-asset loss, compared with a $14.048 billion unrealized gain last year. The Bitcoin result also included $1.331 billion of net interest expense and $4.242 million of custody fees, partly offset by the $113.916 million debt-extinguishment gain. The filing does not provide operating margin figures.
Guidance
Management provided no formal revenue, earnings, margin, subscriber, unit, or capital-expenditure guidance in the supplied material. For the Bitcoin strategy, management said it plans to continue accumulating bitcoin over the long term but has not established a specific target amount. Future activity will depend on market conditions, financing opportunities, liquidity needs, and capital-structure considerations. Management also said it may raise additional capital, generate funds using bitcoin holdings, or periodically sell bitcoin for corporate purposes and financial obligations. Subsequent to quarter-end, the company sold approximately 2,225 bitcoins for approximately $135.2 million, but this was not presented as forward guidance.
What drove it
- Software revenue — Software revenue was $122.368 million, compared with $114.488 million in the second quarter of 2025.
- Software profitability — Software segment net income declined to $3.709 million from $30.439 million year over year.
- Bitcoin valuation — The Bitcoin segment reported an $8.315 billion unrealized loss on digital assets for the quarter.
- Bitcoin accumulation — The company purchased approximately 75,279 bitcoins during the quarter for $6.421 billion.
- Treasury scale — Bitcoin holdings totaled approximately 846,000 bitcoins at June 30, 2026, with a carrying value of $49.672 billion.
Watch items
- Bitcoin price movements remain a major earnings risk: the quarter included an $8.315 billion unrealized loss on digital assets, compared with a $14.048 billion unrealized gain in the year-earlier quarter.
- Software profitability weakened materially, with segment net income falling from $30.439 million to $3.709 million as cloud expense increased from $16.043 million to $23.071 million.
- The Bitcoin segment recorded $1.331 billion of net interest expense and maintains preferred-stock dividend and debt-interest obligations supported by its USD Reserve.
- The company sold approximately 2,225 bitcoins after quarter-end for approximately $135.2 million to support corporate purposes, indicating potential liquidity needs despite its stated long-term accumulation strategy.
