EarningsQ3 2026 Earnings Report
IT:1MSTR Q3 2026 EPS Results
Actual EPS€39.94
Consensus EPS€18.02
Beat/MissBeat by +€21.91
One Year Ago EPS€7.51
IT:1MSTR Q3 2026 Revenue Results
Actual Revenue€111.93M
Expected Revenue€114.02M
Beat/MissMissed by -€2.08M
YoY Revenue Growth-2.54%
Earnings Announcement Details
QuarterQ3 2026
Date10/29/2026
TimeAfter Close
Conference CallThursday, October 29, 2026
IT:1MSTR Upcoming Earnings
Strategy's next earnings date is estimated for February 10, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
IT:1MSTR Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly optimistic, emphasizing record Q3 earnings, substantial Bitcoin accumulation, improved liquidity and credit coverage, strong capital-market access, recovery of STRC toward par, and long-term growth opportunities in Bitcoin and digital credit. The main negatives were the 3.7% year-to-date decline in Bitcoin per share, the prior STRC dislocation, weaker trading levels for several preferred instruments, the CFO transition, and unresolved U.S. tokenization and regulatory standards. Highlights significantly outweighed the lowlights.Company Guidance
Record Bitcoin Holdings and Institutional Scale
Strategy held 848,517 Bitcoin at quarter-end, representing approximately 4% of all Bitcoin that will ever exist. The company said it remains the largest institutional Bitcoin holder in the world, and its Bitcoin holdings grew from approximately 38,000 since Q3 2020.
Record Fair Value Gain and Earnings
Strategy recorded a $20.9 billion fair value gain on digital assets in Q3, record operating income of $20.9 billion, net income of $19.1 billion, and diluted earnings per share of $44.75. Management said these were the highest quarterly operating income and net income figures in company history.
Bitcoin and MSTR Share Price Outperformance
Bitcoin increased 43% during Q3 while MSTR increased 76%. The company said MSTR outperformed Bitcoin during the quarter and that its share price increased 76% during the period.
Expansion of Treasury Assets and Equity
Treasury assets grew from approximately $54 billion at the end of Q1 to approximately $74 billion as of October 23. Total equity increased by $23.2 billion, or 51%, during Q3 to $68.5 billion, while common equity reached $55.4 billion.
Continued Bitcoin Accumulation
Strategy added a net 1,666 Bitcoin during Q3 and added 176,000 Bitcoin year to date. Management also stated that Bitcoin holdings increased 33% from the Bitcoin all-time high despite Bitcoin's price falling 35% from approximately $124,000 to $81,200.
Significant Capital Markets Access
Strategy raised approximately $5.4 billion of total capital during Q3 and $21.2 billion year to date. Management said the company was the fourth-largest issuer of capital in the U.S. year to date, following $22.6 billion raised in 2024 and $25.3 billion in 2025.
Strengthened Liquidity and Credit Metrics
Cash and short-term investments increased to just under $5.9 billion, including $5.8 billion of total USD assets at quarter-end. As of October 23, the company reported approximately $74 billion of treasury assets, $6.7 billion of convertible debt, $13.3 billion of preferred stock at notional amounts, net leverage of approximately 2.4%, NAV of 1.15x, and USD assets providing 3.4 years of interest and dividend coverage.
Unencumbered Bitcoin Reserve and Improved Balance Sheet
Management said approximately 848,500 Bitcoin is now held with 0% encumbered by debt or preferred securities, compared with 132,500 Bitcoin in the previous bull market, of which 37% was encumbered. BTC coverage was described as 4.6x in the current period versus 0.9x in the previous market, while net leverage was 2.4% versus 110% previously.
Bitcoin per Share Long-Term Growth
Bitcoin per share grew from approximately 56,600 sats at the end of 2020 to over 187,700 sats as of October 23, representing a CAGR of approximately 23% over that period. Management reaffirmed its objective to double Bitcoin per share over the next seven years.
STRC Recovery and Preferred Dividend Enhancements
STRC recovered from approximately $75 at the end of June to $99.99 at the time of the call, near its $100 par value. The company increased USD assets, repurchased approximately $2 billion of STRC, retained $957 million of repurchase capacity, and moved STRC to daily dividend accruals and payments beginning with a November 1 record date and November 2 payment date.
Shareholder Approval of Daily Dividends
The proposal to move preferred equity dividends to daily record and payment dates received 99.3% approval of votes cast. Strife, Strike, and Stride were scheduled to follow with a January 1 record date and January 4 payment date, while annual dividend amounts remain unchanged.
Growing Digital Credit Platform
Management said the digital credit ecosystem had reached six issuers and a $16 billion market approximately 22 months after launch. Strategy reported STRC at a 12.1% effective yield, $160 million of trading liquidity, approximately 10% volatility, and $8.4 billion of notional value backed by $5.1 billion of USD assets and $69 billion of Bitcoin reserves.
Improved USD Coverage Metrics
USD assets supporting digital credit increased from approximately $2.5 billion to approximately $5 billion. USD duration rose nearly 7x from the May lows to approximately three and a half years, while USD strength increased from 6% to 40%. Management also stated that the company had paid 40 dividends over the prior two years and intended to continue paying dividends across its instruments.
Digital Credit Growth Potential and Capital Capacity
Management said Strategy could create $10 billion, $20 billion, or $30 billion of digital credit using its existing capital structure without raising additional equity capital or relying on Bitcoin appreciation. The company described digital credit as a mechanism for funding Bitcoin purchases and increasing Bitcoin per share.
Strong Trading Liquidity and Market Interest
MSTR was described as one of the most liquid stocks relative to its size, ranking number two in the S&P 500 universe for options open interest and daily traded volume as a percentage of market capitalization. On an absolute basis, it ranked number 17 for options open interest and number 18 for daily traded volume.
Positive Institutional and Banking Adoption Trends
Michael Saylor stated that banking adoption of Bitcoin-related activities increased from 9% in December 2023 to 24% in December 2025 and 34% currently. He also cited approximately $6.3 billion of Bitcoin ETF inflows in Q3 and said institutional adoption had increased from approximately 3%-4% to approximately 12%.
Bitcoin Market Dominance and Supply Dynamics
Bitcoin was described as representing approximately 67% of the market capitalization of crypto capital assets. Management stated that current Bitcoin production is approximately 450 Bitcoin per day, or about $37 million per day at the cited price, and that production is expected to fall to approximately $18 million per day after the anticipated 2028 halving.
Digital Credit Ecosystem Expansion
Management cited new or planned digital credit products from Strife, Metaplanet, BMNP, CHAD, MORE, and other issuers. Bitcoin treasury companies were said to have acquired approximately 220,000 Bitcoin this year, equivalent to 165% of all Bitcoin mined during the year.
Planned Finance Leadership Transition
Phong Le said he would step back into the CFO and Principal Financial Officer role during 2026. Starting in January 2027, the CFO responsibilities are planned to be split between the software and Bitcoin businesses, with Reza Virasteh overseeing the software business and Phong continuing to oversee the Bitcoin business while remaining CEO.
IT:1MSTR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed