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Strategy Inc 9% Perp Stretch PFD Registered Shs Series A (STRC) Q3 2026 Earnings Report
STRC Q3 2026 EPS Results
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STRC Q3 2026 Revenue Results
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Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- After Close
- Conference Call
- Thursday, October 29, 2026
STRC Upcoming Earnings
Strategy Inc 9% Perp Stretch PFD Registered Shs Series A's next earnings date is estimated for February 10, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
STRC 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, characterized by record earnings, a 76% increase in MSTR during the quarter, continued Bitcoin accumulation, a 51% increase in total equity, lower net leverage, stronger USD coverage, and significant digital credit and tokenization ambitions. The main negatives were the 3.7% year-to-date decline in Bitcoin per share, the prior Stretch dislocation, weakness in several preferred securities, European trading constraints, U.S. tokenization uncertainty, and the CFO transition. Highlights significantly outweighed the lowlights.
Company Guidance
Management said its objective still stands to double Bitcoin per share over the course of the next seven years and that MSTR has the potential to similarly outperform Bitcoin during the next year to two years; it expects a couple year bull run, believes higher digital credit sales will be able to turn on again soon, and said it could raise $10 billion, $20 billion, $30 billion through perpetual preferreds. If it raises $1 billion or $2 billion a month on Stretch, it will likely put some into the U.S. dollar reserve and use the remainder to buy Bitcoin, while keeping the Stretch dividend right around 12% and not really increasing it. Management said STRC will generally be expected to return to par within four months if it falls below par and out of its trading range, and that volatility could potentially approach and fall below 5%.
- Record Bitcoin Holdings and Institutional LeadershipStrategy held 848,517 Bitcoin at quarter-end and remained the largest institutional holder of Bitcoin in the world. The company said its holdings represent approximately 4% of all Bitcoin that will ever exist and have increased from approximately 38,000 Bitcoin since Q3 2020.
- Record Fair Value Gain and EarningsStrategy 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 operating income and net income figures in company history.
- Strong Bitcoin Price and MSTR Share PerformanceBitcoin increased from approximately $58,700 to approximately $83,600 during Q3, while Bitcoin increased 43% over the quarter and MSTR increased 76%. Strategy's market capitalization rose to $62 billion as of October 23rd.
- Continued Bitcoin AccumulationStrategy added a net 1,666 Bitcoin during Q3 and added 176,000 Bitcoin since the beginning of 2026. Management said the company added more than three times the Bitcoin added by the second-largest Bitcoin treasury company during the first three quarters.
- Expanded Treasury Assets and Balance SheetTreasury assets grew from approximately $54 billion at the end of Q1 to approximately $74 billion as of October 23rd, consisting of $68.9 billion of Bitcoin and $5.1 billion in USD assets. Strategy said this made it the seventh-largest treasury among S&P 500 companies when cash and Bitcoin are included.
- Significant Capital-Market AccessStrategy 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 and has maintained access to capital markets during both rising and falling Bitcoin cycles.
- Improved Credit Coverage and Lower LeverageStrategy reported approximately $5.9 billion of cash and short-term investments, including $5.8 billion of total USD assets, providing more than sufficient liquidity for interest and dividend payments, credit support, and general Bitcoin treasury needs. Net leverage declined to approximately 2.4%, from 8.4% in Q2, while USD assets provided 3.4 years of interest and dividend coverage.
- Large Equity Increase and Reserve CoverageCommon equity increased to $55.4 billion, and total equity increased to $68.5 billion, up $23.2 billion or 51% during the quarter. Strategy reported approximately $53.9 billion of net reserves after its Bitcoin, USD assets, convertible debt, and preferred stock, or approximately $67.3 billion net of out-of-the-money converts.
- Unencumbered Bitcoin and Stronger Position Than Prior Bull MarketManagement said Strategy now has approximately 848,500 Bitcoin, nearly seven times the 132,500 Bitcoin held during the prior bull market, with 0% of the current Bitcoin encumbered by debt or preferred stock. BTC coverage was described as 4.6x versus 0.9x in the prior market, net leverage was 2.4% versus 110%, and USD duration was 3.4 years versus zero.
- Bitcoin Per Share Growth Over TimeBitcoin per share grew from approximately 56,600 sats at the end of 2020 to over 187,700 sats as of October 23rd, representing a CAGR of approximately 23% over that period. Management's objective remains to double Bitcoin per share over the next seven years.
- Preferred Dividend Enhancement ApprovedShareholders approved moving preferred equity dividends to daily record and payment dates, with 99.3% of votes cast supporting the amendment. Daily dividends for Stretch begin with a November 1st record date and November 2nd payment date, while Strife, Strike, and Stride are scheduled to follow on January 1st and January 4th. Annual dividend amounts remain unchanged.
- Stretch Recovery and Repurchase ProgramStretch recovered from approximately $75 at the end-of-June dislocation to $99.99 at the close cited on the call, near par. Strategy repurchased approximately $2 billion of Stretch and had $957 million of remaining authorized capacity. Stretch had an approximately 12.1% effective yield, $160 million of trading liquidity, approximately 10% volatility, and $8.4 billion of notional outstanding.
- Growth in USD Support and Credit MetricsStrategy increased digital USD assets from $2.5 billion to approximately $5 billion, while USD duration rose nearly 7x from the May lows to three and a half years. 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 all instruments.
- Scaling Digital Credit EcosystemManagement said digital credit had grown to a $16 billion market in approximately 20 months, with six issuers. The company cited new or planned products from Strife, Metaplanet, BMNP, CHAD, MORE, and others, and said the ecosystem was beginning to expand across DeFi, stablecoins, tokenization, funds, ETPs, cash and yield accounts, and corporate treasuries.
- Strong Liquidity and Market ActivityStrategy described MSTR as among the most liquid stocks relative to its size, ranking number two in the S&P 500 for options open interest as a percentage of market capitalization and daily traded volume as a percentage of market capitalization. On a total-value basis, MSTR ranked number 17 in options open interest and number 18 in daily traded volume.
- Institutional and Regulatory Bitcoin MomentumMichael Saylor said Bitcoin ETF inflows totaled approximately $6.3 billion in Q3. Banking adoption was described as rising from 9% in December 2023 to 24% in December 2025 and 34% currently. Management also cited favorable guidance from the Treasury, SEC, and CFTC during the quarter.
- Bitcoin Treasury Company DemandManagement said Bitcoin treasury companies acquired 220,000 Bitcoin during 2026, equivalent to 165% of all Bitcoin mined during the year, or approximately 1.6 Bitcoin acquired for every Bitcoin created by miners.
- Planned Leadership TransitionPhong Le said he would step back into the CFO and Principal Financial Officer role through 2026. Beginning in January 2027, the CFO responsibilities will be split between the software and Bitcoin businesses, with Reza Virasteh overseeing the software business and Phong overseeing the Bitcoin business while continuing as CEO.
- Large Credit-Creation CapacityManagement said Strategy could create $10 billion, $20 billion, or $30 billion of digital credit with its existing capital structure without raising additional equity capital or relying on Bitcoin appreciation. The company expects digital credit issuance to be a primary method of acquiring additional Bitcoin.
- Positive Bitcoin and Digital Finance OutlookManagement expressed confidence that Bitcoin is entering a bull market, citing institutional demand, growing banking adoption, tokenization, the 2028 halving, and Bitcoin's approximately 67% share of total crypto market capitalization. The company expects digital capital, equity, credit, debt, currency, money, derivatives, and collateral applications to expand.
STRC Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 10, 2027 | 2026 (Q4) | ―- | ― | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | ―- | ― | ― | |
| Jul 30, 2026 | 2026 (Q2) | ―- | ― | ― | |
| May 05, 2026 | 2026 (Q1) | ―- | ― | ― | |
| Feb 05, 2026 | 2025 (Q4) | ―- | ― | ― | |
| Oct 30, 2025 | 2025 (Q3) | ―- | ― | ― | |
| Jul 31, 2025 | 2025 (Q2) | ―- | ― | ― | |
| May 01, 2025 | 2025 (Q1) | ―- | ― | ― | |
| Feb 05, 2025 | 2024 (Q4) | ―- | ― | ― | |
| Oct 30, 2024 | 2024 (Q3) | ―- | ― | ― |
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