Filing Flows › Strategy (MSTR) › Q3 2026
Strategy (MSTR) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 2, 2026
Strategy (MSTR) reported revenue of $125M for the third quarter 2026 (Q3 2026), -3% from a year earlier and +2% from the quarter before.
Strategy, Q3 2026: revenue $125M (-2% year over year), net earnings $19.5B, operating cash flow $4.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $125M | +2% | -3% |
| Gross profit | $89.6M | +10% | -1% |
| Operating profit | $20.9B | — | +437% |
| Net earnings | $19.5B | — | +601% |
| Operating cash flow | $4.4M | — | — |
| Free cash flow | $4.0M | — | — |
What changed
Revenue was $125.4M in Q3 2026, down 3% year over year and up 2% from the previous quarter. Subscription services was the largest line at 55% of revenue. Product licenses lost $13.5M year over year (down 78%), 415% of the total change.
Gross margin was 71.5%, up 1.0 points from Q3 2025. Operating profit was $20,909.8M, a 16670.9% margin (up 13647.5 points year over year). Net earnings were $19,533.0M, up 601% year over year. The effective tax rate was 6.7%.
Operating cash flow was $4.4M, 0% of net earnings. Non-cash charges added back $11.2M of depreciation and amortization and $13.2M of share-based compensation. Working capital and other items used $19,553.0M. Capital expenditures of $462K left free cash flow of $4.0M.
Questions
What was Strategy's revenue in the third quarter 2026?
Strategy (MSTR) reported revenue of $125M for the third quarter 2026 (Q3 2026), -3% from a year earlier and +2% from the quarter before.
Source: Strategy 10-Q on SEC EDGAR.