Strategy Inc (MSTR) Earnings

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Dec 2026upcoming

Next quarter

Expected to report Feb 4, 2027 — estimated from last year’s reporting date.

Consensus is $24.90 EPS for Dec 2026 across 3 estimates, ranging -$0.88 to $44.59.

MSTR Sep 2026

Reported Oct 29, 2026 · after the close

: 108.14%
: -7.84%

: $21.50
: $44.75
: —
: $125.43M

Reported results

: $125.43M; from $128.69M
: 71.46%; from 70.46%
: $20.91B; from $3.89B
: 16670.89%; from 3023.40%
: $19.53B; from $2.79B
: $44.75; from $8.42

Highlights

Earnings: Diluted EPS of $44.75 beat the $21.50 consensus by 108%; net income was $19.53 billion, driven overwhelmingly by a $20.91 billion fair-value gain on bitcoin.
Bitcoin holdings: Holdings rose to 847,666 BTC at September 30, up 26% year to date; the company reported a negative 3.7% year-to-date BTC Yield as shares outstanding grew faster than bitcoin per share.
Digital credit: Strategy repurchased $2.04 billion of STRC shares, bringing the instrument close to its $100 stated value; USD assets were $5.07 billion as of October 25, equal to 3.4 years of preferred-dividend and interest coverage.
Capital raising: The company raised $5.41 billion net through MSTR ATM sales in Q3 and reported $21.23 billion of equity capital raised year to date.
Share performance: MSTR rose 76% in Q3, versus a 43% increase in bitcoin, according to management.
Software business: Revenue was $125.4 million, down 3% year over year but up from $122.4 million in Q2; gross profit was $89.6 million and gross margin was 71%.
Finance transition: CFO Andrew Kang will step down effective November 5; CEO Phong Le will assume the principal financial officer role during the transition, with Reza Virasteh becoming CFO in January 2027.

Analysis

Strategy’s September quarter was defined by the rebound in bitcoin’s fair value and the company’s effort to shore up its preferred-credit structure. Diluted EPS of $44.75 was more than double the $21.50 consensus and compared with $8.42 a year earlier and a $24.45 loss in Q2. Net income reached $19.53 billion, versus $2.79 billion in Q3 2025 and an $8.22 billion loss in Q2; the $20.91 billion digital-asset gain explains the swing, rather than a comparable change in the software operation. Revenue of $125.4 million fell 3% year over year, though it rose from $122.4 million in Q2.

Bitcoin holdings reached 847,666 at quarter-end, up 26% year to date, while BTC Yield was negative 3.7% year to date, reflecting dilution in bitcoin per share despite the larger coin balance. Management used capital-market access to strengthen liquidity and support STRC: Q3 MSTR ATM sales generated $5.41 billion net, and the company repurchased $2.04 billion of STRC shares. By October 25, USD assets stood at $5.07 billion, which management said covered 3.4 years of dividend and interest obligations. The quarter also saw MSTR shares gain 76%, outpacing bitcoin’s 43% rise, while the company announced a CFO transition.

Bitcoin-driven earnings

Fair-value gain: Operating income was $20.91 billion, compared with $3.89 billion in Q3 2025, because the quarter included a $20.91 billion gain on digital assets. The gain reflects bitcoin’s price appreciation and is not representative of software operating performance.
Net income and EPS: Net income was $19.53 billion and diluted EPS was $44.75, versus $2.79 billion and $8.42 a year earlier. Net income attributable to common stockholders was $19.12 billion after $419.6 million of preferred dividends.
Quarter-on-quarter reversal: Q2 FY2026 recorded an $8.22 billion net loss and diluted EPS of negative $24.45, as the digital-asset fair-value movement reversed from the prior quarter.

Bitcoin holdings and dilution

Holdings: Strategy held 847,666 BTC at September 30, with a carrying value of $70.82 billion and original cost basis of $63.95 billion. It added 7,218 BTC and sold 5,552 during Q3, for a net increase of 1,666.
Year-to-date accumulation: Holdings grew from 672,500 BTC at the start of 2026 to 848,517 by October 25, a 26% increase; management cited 176,000 BTC added year to date.
Bitcoin per share: Despite the increased coin balance, BTC Yield was negative 3.7% year to date, and management reported a negative $2.03 billion BTC $ Gain at a bitcoin price of $81,200. These company-defined measures reflect bitcoin per share and are distinct from reported fair-value gains and losses.

STRC and liquidity

Repurchases: Through October 25, the company had repurchased 20.98 million STRC shares for approximately $2.04 billion, at an average $97.39 per share against the $100 stated amount. About $956.7 million of the $3.0 billion authorization remained.
USD coverage: USD assets were $5.07 billion as of October 25, comprising a $4.83 billion reserve and $242.4 million of USD cash. Management said these assets represented 3.4 years of preferred dividend and debt interest coverage.
Dividend changes: STRC daily dividends begin November 1, 2026; STRF, STRK and STRD are scheduled to move to daily dividends January 1, 2027. Management said annual dividend amounts are unchanged.
Quarter-end liquidity: At September 30, cash and cash equivalents were $2.50 billion and short-term investments were $3.40 billion, compared with $1.71 billion and $736.1 million at June 30.

Capital markets and equity

MSTR issuance: At-the-market sales of MSTR generated $5.41 billion of net proceeds in Q3; a further $58.7 million was raised between October 1 and October 23. The company reported $21.23 billion of capital raised year to date.
Share-price performance: MSTR rose 76% in Q3, versus a 43% increase in bitcoin, according to management. The company said it reduced net leverage to 2.4%, from 8.4% in Q2.
Funding priorities: Management described digital credit as the primary intended route for future bitcoin accumulation, with equity issuance considered when MSTR trades above 1.0x mNAV. It said no MSTR repurchases had been made under the separate $1.0 billion authorization.

Software and leadership

Operating business: Revenue was $125.4 million, down from $128.7 million a year earlier and up from $122.4 million in Q2. Gross profit was $89.6 million, with a 71% gross margin, versus $90.7 million and 70% in Q3 2025.
Revenue mix: Product licenses and subscription services generated $72.4 million, including $68.6 million from subscription services; product support contributed $37.7 million and other services $15.3 million.
CFO transition: Andrew Kang is to step down November 5 and remain as an adviser through December 31. Phong Le will serve as principal financial officer during the transition; Reza Virasteh is scheduled to become CFO on January 1, 2027.

Strategy Inc

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