OpenNashEarnings

Software · Nasdaq: MSTR

Strategy earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 4 Feb 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

Strategy reported third quarter 2026 operating income of $20.91 billion, net income of $19.53 billion and diluted earnings per common share of $44.75 on total revenues of $125.4 million.

Strategy's third quarter was driven almost entirely by bitcoin's price. A $20.91 billion gain on digital assets produced operating income of $20.91 billion and diluted EPS of $44.75, versus $8.42 a year earlier. The software business was small by comparison: revenues were $125.4 million, down 3%. Strategy held 848,517 bitcoin as of October 25, up 26% year to date. It also repurchased $2.04 billion of its STRC preferred stock and grew its USD Assets to $5.07 billion.

Read the Q3 2026 summary →

Quarters

KPI history

Revenue$125.4M−2.5% y/yQ3 2026
Q4 2024: $120.7M (worked out from the annual figure)Q4 ’24$120.7MQ1 2025: $111.1MQ1 ’25$111.1MQ2 2025: $114.5MQ2 ’25$114.5MQ3 2025: $128.7MQ3 ’25$128.7MQ4 2025: $123.0M (worked out from the annual figure)Q4 ’25$123.0MQ1 2026: $124.3MQ1 ’26$124.3MQ2 2026: $122.4MQ2 ’26$122.4MQ3 2026: $125.4MQ3 ’26$125.4M

Fourth quarter worked out from the annual figure.

Data
Q4 2024$120.7M *
Q1 2025$111.1M
Q2 2025$114.5M
Q3 2025$128.7M
Q4 2025$123.0M *
Q1 2026$124.3M
Q2 2026$122.4M
Q3 2026$125.4M
Diluted EPS (GAAP)$44.75+431.5% y/yQ3 2026
Q1 2025: -$16.49Q1 ’25-$16.49Q2 2025: $32.60Q2 ’25$32.60Q3 2025: $8.42Q3 ’25$8.42Q1 2026: -$38.25Q1 ’26-$38.25Q2 2026: -$24.45Q2 ’26-$24.45Q3 2026: $44.75Q3 ’26$44.75
Data
Q1 2025-$16.49
Q2 2025$32.60
Q3 2025$8.42
Q1 2026-$38.25
Q2 2026-$24.45
Q3 2026$44.75

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin16670.9%+13647.5 pts y/yQ3 2026
Q4 2024: -842.1%Q4 ’24-842.1%Q1 2025: -5331.4%Q1 ’25-5331.4%Q2 2025: 12256.3%Q2 ’2512256.3%Q3 2025: 3023.4%Q3 ’253023.4%Q4 2025: -14185.0%Q4 ’25-14185.0%Q1 2026: -11641.5%Q1 ’26-11641.5%Q2 2026: -6808.1%Q2 ’26-6808.1%Q3 2026: 16670.9%Q3 ’2616670.9%
Data
Q4 2024-842.1%
Q1 2025-5331.4%
Q2 202512256.3%
Q3 20253023.4%
Q4 2025-14185.0%
Q1 2026-11641.5%
Q2 2026-6808.1%
Q3 202616670.9%
Free cash flow$4.0MQ3 2026
Q4 2024: -$17.6MQ4 ’24-$17.6MQ1 2025: -$5.1MQ1 ’25-$5.1MQ2 2025: -$37.0MQ2 ’25-$37.0MQ3 2025: -$11.1MQ3 ’25-$11.1MQ4 2025: -$22.2MQ4 ’25-$22.2MQ1 2026: $13.0MQ1 ’26$13.0MQ2 2026: -$5.9MQ2 ’26-$5.9MQ3 2026: $4.0MQ3 ’26$4.0M
Data
Q4 2024-$17.6M
Q1 2025-$5.1M
Q2 2025-$37.0M
Q3 2025-$11.1M
Q4 2025-$22.2M
Q1 2026$13.0M
Q2 2026-$5.9M
Q3 2026$4.0M

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$120.7Md$111.1M$114.5M$128.7M$123.0Md$124.3M$122.4M$125.4M
Gross margin71.7%69.4%68.8%70.5%66.1%67.1%66.6%71.5%
Operating income-$1.0Bd-$5.9B$14.0B$3.9B-$17.4Bd-$14.5B-$8.3B$20.9B
Operating margin-842.1%-5331.4%12256.3%3023.4%-14185.0%-11641.5%-6808.1%16670.9%
Net income-$670.8M-$4.2B$10.0B$2.8B-$12.4Bd-$12.5B-$8.2B$19.5B
Diluted EPS—-$16.49$32.60$8.42—-$38.25-$24.45$44.75
Operating cash flow-$17.3Md-$2.4M-$34.9Md-$8.3Md-$21.6Md$14.0M-$4.1Md$4.4Md
Capital expenditure$284.0Kd$2.7M$2.1Md$2.8Md$584.0Kd$952.0K$1.8Md$462.0Kd
Free cash flow-$17.6M-$5.1M-$37.0M-$11.1M-$22.2M$13.0M-$5.9M$4.0M
R&D expense$25.7Md$24.4M$24.1M$22.6M$22.8Md$24.7M$23.1M$24.1M

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings