Filing Flows › Strategy (MSTR) › Q3 2025
Strategy (MSTR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 3, 2025
Strategy (MSTR) reported revenue of $129M for the third quarter 2025 (Q3 2025), +11% from a year earlier and +12% from the quarter before.
Strategy, Q3 2025: revenue $129M (+11% year over year), net earnings $2.8B, operating cash flow −$8.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $129M | +12% | +11% |
| Gross profit | $90.7M | +15% | +11% |
| Operating profit | $3.9B | -72% | — |
| Net earnings | $2.8B | -72% | — |
| Operating cash flow | −$8.3M | — | — |
What changed
Revenue was $128.7M in Q3 2025, up 11% year over year and up 12% from the previous quarter. Maintenance was the largest line at 40% of revenue. Subscription and Circulation added $18.2M year over year (up 65%), 144% of the total change. Maintenance declined 16%.
Gross margin was 70.5%, up 0.1 points from a year earlier. Operating profit was $3,890.8M, a 3023.4% margin (up 3396.1 points year over year). Net earnings were $2,785.0M. The effective tax rate was 28.1%.
Operating cash flow was −$8.3M. Non-cash charges added back $4.2M of depreciation and amortization and $15.5M of share-based compensation. Working capital and other items used $2,813.0M. Capital expenditures of $2.8M exceeded it, leaving free cash flow of −$11.1M.
Questions
What was Strategy's revenue in the third quarter 2025?
Strategy (MSTR) reported revenue of $129M for the third quarter 2025 (Q3 2025), +11% from a year earlier and +12% from the quarter before.
Source: Strategy 10-Q on SEC EDGAR.