Strategy (MSTR) Q3 2026 Earnings Review: Bitcoin gains lift profit as software sales slip
Earnings results
- EPS beat
Actual: $44.75 reported · Cons.: $20.19
- Revenue miss
Actual: $125.427M · Cons.: $127.76M
- Guidance
No revenue or earnings outlook provided.
What the company reported
Strategy reported a $19.5 billion quarterly profit driven by bitcoin valuation gains, making its financing costs and bitcoin exposure per share more revealing than the headline earnings jump. Bitcoin gains dominated reported operating income.
Q3 2026 earnings recap
Strategy reported a $19.5 billion quarterly profit driven by bitcoin valuation gains, making its financing costs and bitcoin exposure per share more revealing than the headline earnings jump.
- Reported profit per share of $44.75 exceeded the $20.19 forecast, while software revenue of $125.4 million missed the $127.8 million estimate.
- Digital-asset gains of $20.91 billion drove operating profit, so the earnings surge does not represent an equivalent inflow of cash from customers.
- Bitcoin holdings reached 848,517 by October 25, but the company’s bitcoin-per-diluted-share measure fell 3.7% this year, highlighting the cost of issuing more shares.
- Preferred-stock dividends consumed $419.6 million in the quarter, while the company estimated its October 25 cash and short-term investments could cover 3.4 years of preferred dividends and interest.
- Software sales fell 2.5% from a year earlier and management provided no revenue or earnings outlook, leaving bitcoin prices and financing terms central to valuation.
- The stock closed at $141.62 before the release and traded near $133.47 after close, putting recent support around $134–136 in focus for the next regular session.
Watch whether Strategy can expand bitcoin exposure per share while funding its obligations, as falling bitcoin prices, borrowing costs and dilution remain risks for common shareholders.
Financials, technicals and earnings
Charts through Oct 29, 2026.
Technical setup and risks
The regular close remains within the October trading range, but the after-close quote is near its lower edge; the next regular session tests support around $134–136.
AI-assisted earnings research with verified issuer results. Charts use the stated completed session. Educational information; investing involves risk.