Filing Flows › Strategy (MSTR) › Q3 2026 › vs Q2 2026
Strategy (MSTR) Q3 2026 vs Q2 2026 (quarter over quarter)
Strategy's revenue rose $3.1M (+2%) from $122M in Q2 2026 to $125M in Q3 2026. The biggest changes: Total product licenses and subscription services +$5.9M (+9%); Product support −$2.6M (-6%); Other services −$271K (-2%). Gross margin 71.5% against 66.6% (+4.8 pts).
Strategy, Q3 2026: revenue $125M (-2% year over year), net earnings $19.5B, operating cash flow $4.4M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 71.5% | 66.6% | +4.8 pts |
| Free cash flow margin | 3.2% | -4.8% | +8.0 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Subscription services | $68.6M | $62.9M | $5.7M | +9% |
| Product licenses | $3.8M | $3.7M | $162K | +4% |
| Total product licenses and subscription services | $72.4M | $66.5M | $5.9M | +9% |
| Product support | $37.7M | $40.2M | −$2.6M | -6% |
| Other services | $15.3M | $15.6M | −$271K | -2% |
| Revenue | $125M | $122M | $3.1M | +2% |
| Gross profit | $89.6M | $81.5M | $8.1M | +10% |
| Cost of revenue | $35.8M | $40.8M | −$5.0M | -12% |
| Other income, net | $32.5M | $113M | −$80.4M | -71% |
| Operating profit | $20.9B | −$8.3B | $29.2B | — |
| Pre-tax earnings | $20.9B | −$8.2B | $29.2B | — |
| Net earnings | $19.5B | −$8.2B | $27.8B | — |
| Income tax | $1.4B | $1.6M | $1.4B | 905× |
| Operating cash sources | $19.6B | −$8.2B | $27.8B | — |
| Depreciation & amortization | $11.2M | $12.4M | −$1.1M | -9% |
| Share-based compensation | $13.2M | $14.3M | −$1.1M | -8% |
| Working capital & other | $19.6B | −$8.2B | $27.7B | — |
| Operating cash flow | $4.4M | −$4.1M | $8.6M | — |
| Free cash flow (OCF − capex) | $4.0M | −$5.9M | $9.9M | — |
| Capital expenditures | $462K | $1.8M | −$1.3M | -74% |
Questions
How much did Strategy's revenue grow quarter over quarter in Q3 2026?
Strategy's revenue rose $3.1M (+2%) from $122M in Q2 2026 to $125M in Q3 2026.
What drove Strategy's revenue change in Q3 2026?
Total product licenses and subscription services +$5.9M (+9%); Product support −$2.6M (-6%); Other services −$271K (-2%).