Filing Flows › Strategy (MSTR) › Q2 2026
Strategy (MSTR) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 3, 2026
Strategy (MSTR) reported revenue of $122M for the second quarter 2026 (Q2 2026), +7% from a year earlier and -2% from the quarter before.
Strategy, Q2 2026: revenue $122M (+7% year over year), net loss $8.2B, operating cash flow −$4.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $122M | -2% | +7% |
| Operating profit | −$8.3B | — | -159% |
| Net earnings | −$8.2B | — | -182% |
| Operating cash flow | −$4.1M | -130% | — |
What changed
Revenue was $122.4M in Q2 2026, up 7% year over year and down 2% from the previous quarter. Subscription services was the largest line at 51% of revenue. Subscription services added $22.0M year over year (up 54%), 280% of the total change. Product licenses declined 49%.
Gross margin was 66.6%, down 2.1 points from Q2 2025. Operating costs exceeded revenue by $8,331.0M, an operating margin of -6808.1%. The quarter ended with a net loss of $8,219.6M, narrower than the previous quarter's $12,542.7M loss.
Operating cash flow was −$4.1M. Non-cash charges added back $12.4M of depreciation and amortization and $14.3M of share-based compensation. Working capital and other items added $8,188.9M. Capital expenditures of $1.8M exceeded it, leaving free cash flow of −$5.9M.
Questions
What was Strategy's revenue in the second quarter 2026?
Strategy (MSTR) reported revenue of $122M for the second quarter 2026 (Q2 2026), +7% from a year earlier and -2% from the quarter before.
Source: Strategy 10-Q on SEC EDGAR.