Filing Flows › Strategy (MSTR) › Q1 2026
Strategy (MSTR) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Strategy (MSTR) reported revenue of $124M for the first quarter 2026 (Q1 2026), +12% from a year earlier and +1% from the quarter before.
Strategy, Q1 2026: revenue $124M (+12% year over year), net loss $12.5B, operating cash flow $14.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $124M | +1% | +12% |
| Operating profit | −$14.5B | — | — |
| Net earnings | −$12.5B | — | — |
| Operating cash flow | $14.0M | — | — |
| Free cash flow | $13.0M | — | — |
What changed
Revenue was $124.3M in Q1 2026, up 12% year over year and up 1% from the previous quarter. Subscription services was the largest line at 47% of revenue. Subscription services added $21.8M year over year (up 59%), 165% of the total change. Product licenses declined 24%.
Gross margin was 67.1%, down 2.4 points from Q1 2025. Operating costs exceeded revenue by $14,470.4M, an operating margin of -11641.5%. Operating expenses grew 143% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+145%). The quarter ended with a net loss of $12,542.7M, wider than the previous quarter's $12,436.7M loss.
Operating cash flow was $14.0M. Non-cash charges added back $8.8M of depreciation and amortization and $13.2M of share-based compensation. Working capital and other items added $12,534.7M. Capital expenditures of $1.0M left free cash flow of $13.0M.
Questions
What was Strategy's revenue in the first quarter 2026?
Strategy (MSTR) reported revenue of $124M for the first quarter 2026 (Q1 2026), +12% from a year earlier and +1% from the quarter before.
Source: Strategy 10-Q on SEC EDGAR.