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Strategy (MSTR) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 2, 2026 · Strategy (MSTR) Q3 2026 earnings results →

Q3 2026 Revenue down 2% year over year to $125M

Strategy made $125M in Q3 2026 (-2% Y/Y): Total product licenses and subscription services $72.4M, Product support $37.7M, Other services $15.3M. Operating margin n/m, net earnings $19.5B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.

Revenue$125M
Year over year-2%
Operating marginn/m
Net earnings$19.5B
Operating cash flow$4.4M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $125.4M in Q3 2026, down 3% year over year and up 2% from the previous quarter. Subscription services was the largest line at 55% of revenue. Product licenses lost $13.5M year over year (down 78%), 415% of the total change.

Gross margin was 71.5%, up 1.0 points from Q3 2025. Operating profit was $20,909.8M, a 16670.9% margin (up 13647.5 points year over year). Net earnings were $19,533.0M, up 601% year over year. The effective tax rate was 6.7%.

Operating cash flow was $4.4M, 0% of net earnings. Non-cash charges added back $11.2M of depreciation and amortization and $13.2M of share-based compensation. Working capital and other items used $19,553.0M. Capital expenditures of $462K left free cash flow of $4.0M.

Quarterly history

Strategy revenue by quarterStrategy revenue by quarter$111MQ1 2025$114MQ2 2025$129MQ3 2025$123MQ4 2025$124MQ1 2026$122MQ2 2026$125MQ3 2026
Strategy net earnings by quarterStrategy net earnings by quarter−$4.2BQ1 2025$10.0BQ2 2025$2.8BQ3 2025−$12.4BQ4 2025−$12.5BQ1 2026−$8.2BQ2 2026$19.5BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 2, 2026$125M-2%n/m$19.5B$4.4M
Q2 202610-QAug 3, 2026$122M+7%n/m−$8.2B−$4.1M
Q1 202610-QMay 6, 2026$124M+12%n/m−$12.5B$14.0M
Q4 202510-KFeb 19, 2026$123M+2%n/m−$12.4B−$21.6M
Q3 202510-QNov 3, 2025$129M+11%n/m$2.8B−$8.3M
Q2 202510-QAug 5, 2025$114M+3%n/m$10.0B−$34.9M
Q1 202510-QMay 5, 2025$111M-4%n/m−$4.2B−$2.4M

Charts

Strategy: revenue growth, year over year and quarter over quarterStrategy: revenue growth, year over year and quarter over quarterY/YQ/Q-4%Q1 2025+3%+3%Q2 2025+11%+12%Q3 2025+2%-4%Q4 2025+12%+1%Q1 2026+7%-2%Q2 2026-2%+2%Q3 2026
Latest (Q3 2026): Y/Y -2%, Q/Q +2%.
Strategy: where the cash came from (+) and went (−), TTM to Q3 2026Strategy: where the cash came from (+) and went (−), TTM to Q3 2026Shares issued$26.8BOther investing−$20.3BOther financing−$2.6BCash drawn (+) / kept (−)−$2.4BNet borrowing (+) / repaid (−)−$1.4BExchange rates−$7.4MOperating cash flow−$7.4MCapital spending−$3.8M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Strategy: profit against cash, quarter by quarterStrategy: profit against cash, quarter by quarterNet incomeOperating cash flow−$671M−$17.3MQ4 2024−$4.2B−$2.4MQ1 2025$10.0B−$34.9MQ2 2025$2.8B−$8.3MQ3 2025−$12.4B−$21.6MQ4 2025−$12.5B$14.0MQ1 2026−$8.2B−$4.1MQ2 2026$19.5B$4.4MQ3 2026
Latest (Q3 2026): Net income $19.5B, Operating cash flow $4.4M.
Strategy: diluted shares by fiscal year (split-adjusted)Strategy: diluted shares by fiscal year (split-adjusted)97MFY2020100MFY2021113MFY2022166MFY2023193MFY2024278MFY2025
+186.7% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 10-for-1 split before FY2022.
Strategy: long-term debt falling due (FY2025)Strategy: long-term debt falling due (FY2025)$31.7M2026$1.0B2027$6.4B2028$800M2029
Cash $2.3B, short-term investments $0, long-term debt $8.2B at 2025-12-31.
Strategy in its industry: growth against margin (84 companies, SIC 6199)Strategy in its industry: growth against margin (84 companies, SIC 6199)revenue growth, year over year →↑ operating marginmedian +17%median -17%AXPBTGOGeneral Motors Financial Company, Inc.SOFICOINCRCLCHYMGDOTBKKTRHLDPGYUPSTLDIWDPWPOPRTCORZIRENDAVERIOTMARABURCPSSVELOPFIWLTHCLSKSNFCAHIVEWULFProsper Marketplace, IncHUTABTCMFINGPGIIONDBMNRBCGGEMIStartEngine Inc.NAKABTBTWYFIKEELCIFREXODGHIMGTESLNHTONXZSTKSBETFWDIMGLDBGDEDGXXATCHFLDVIPDFDVAGPUUPXIDRKAVXHSDTBTCSPWCMORBSSHFSOPNWTRONMVNCMinistry Partners Investment Company, LLCPAPLMWAIBNBXCDSUIGFGCEMPDTAOXGSMTHSCSMSTR (-2%, 100%)
Finance Services; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Crypto, stablecoins & miners money flowCrypto, stablecoins & miners · Bitcoin treasuries

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Strategy

Strategy is the world's first and largest Bitcoin Treasury Company. We pursue financial innovation strategies designed to generate value from our bitcoin holdings, including by developing and issuing novel fixed-income instruments that provide investors varying degrees of economic exposure to bitcoin. In addition, we are an industry leader in AI-powered enterprise analytics software, advancing our vision of Intelligence Everywhere™. We believe our combination of active bitcoin-focused capital management and a scaled operating software business positions us for long-term value creation across both digital asset and enterprise analytics markets.

In its own words, from its 10-K, filed Feb 19, 2026.

Strategy against its Finance Services peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -2% against the peers' median +17%.

CompanyQuarterRevenueY/YOp. margin
MSTR StrategyQ3 2026$125M-2%n/m
AXP American ExpressQ3 2026$20.1B+9%22.6%
BTGO Bitgo HoldingsQ2 FY27$4.3B+80%-0.4%
General Motors Financial CompanyQ3 2026$4.3B-0.6%15.3%
SOFI SoFi TechnologiesQ3 2026$1.4B+44%22.9%
COIN Coinbase GlobalQ3 2026$1.2B-35%5.1%
CRCL Circle Internet GroupQ3 2026$865M+17%24.1%
CHYM Chime FinancialQ3 2026$718M+32%4.8%
GDOT Green DOTQ2 2026$596M+18%-0.1%

Source: Strategy 10-Q on SEC EDGAR · CIK 1050446 · Finance Services

Guidance and outlook

Strategy: what its forward-looking statements are about (10-Q filed 2026-11-02)Strategy: what its forward-looking statements are about (10-Q filed 2026-11-02)Buybacks & dividends10Other7Demand7Financing5Costs2Legal & regulation1Supply chain1Margins1
34 statements; tone +0.06 (−1 all cautious, +1 all confident); 10 hedged.
Strategy: outlook statements against the filing beforeStrategy: outlook statements against the filing beforeConfident5Cautious3

13F: who owns MSTR and who is buying

Largest holders of MSTR (13F)Largest holders of MSTR (13F)Vanguard Group$3.7BCapital International Investors$3.0BClear Street LLC$2.4BBlackRock$1.7BVanguard Portfolio Management LLC$1.3BVanguard Capital Management LLC$1.3BInvesco$812MMorgan Stanley$811MState Street$654MGoldman Sachs Group$505M
Funds' net buying of MSTR by quarter (13F)Funds' net buying of MSTR by quarter (13F)$1.1B2024-09−$1.7B2024-12$5.0B2025-03$4.1B2025-06$1.9B2025-09$5.4B2025-12$2.6B2026-03$500M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MSTR

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：微策略（Strategy，MSTR）财报

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