Filing Flows › Strategy (MSTR) › Q3 2026 › vs Q3 2025
Strategy (MSTR) Q3 2026 vs Q3 2025 (year over year)
Strategy's revenue fell $3.3M (-3%) from $129M in Q3 2025 to $125M in Q3 2026. The biggest changes: Product support −$13.4M (-26%); Total product licenses and subscription services +$9.1M (+14%); Other services +$1.1M (+8%). Gross margin 71.5% against 70.5% (+1.0 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 71.5% | 70.5% | +1.0 pts |
| Free cash flow margin | 3.2% | -8.6% | +11.8 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Subscription services | $68.6M | $46.0M | $22.6M | +49% |
| Product licenses | $3.8M | $17.4M | −$13.5M | -78% |
| Total product licenses and subscription services | $72.4M | $63.3M | $9.1M | +14% |
| Product support | $37.7M | $51.1M | −$13.4M | -26% |
| Other services | $15.3M | $14.2M | $1.1M | +8% |
| Revenue | $125M | $129M | −$3.3M | -3% |
| Gross profit | $89.6M | $90.7M | −$1.0M | -1% |
| Cost of revenue | $35.8M | $38.0M | −$2.2M | -6% |
| Other income, net | $32.5M | −$19.6M | $52.1M | — |
| Operating profit | $20.9B | $3.9B | $17.0B | +437% |
| Operating gains, net of costs | $20.8B | $3.8B | $17.0B | +448% |
| Pre-tax earnings | $20.9B | $3.9B | $17.1B | +441% |
| Net earnings | $19.5B | $2.8B | $16.7B | +601% |
| Income tax | $1.4B | $1.1B | $323M | +30% |
| Operating cash sources | $19.6B | $2.8B | $16.8B | +597% |
| Depreciation & amortization | $11.2M | $4.2M | $7.0M | +168% |
| Share-based compensation | $13.2M | $15.5M | −$2.3M | -15% |
| Working capital & other | $19.6B | $2.8B | $16.7B | +595% |
| Operating cash flow | $4.4M | −$8.3M | $12.7M | — |
| Free cash flow (OCF − capex) | $4.0M | −$11.1M | $15.1M | — |
| Capital expenditures | $462K | $2.8M | −$2.3M | -83% |
Questions
How much did Strategy's revenue grow year over year in Q3 2026?
Strategy's revenue fell $3.3M (-3%) from $129M in Q3 2025 to $125M in Q3 2026.
What drove Strategy's revenue change in Q3 2026?
Product support −$13.4M (-26%); Total product licenses and subscription services +$9.1M (+14%); Other services +$1.1M (+8%).