Q1 25 EPS
$-16.49
MISS 70,672.53%
Est. $-0.02
Q1 25 Revenue
$111.1M
MISS 4.57%
Est. $116.4M
vs S&P Since Q1 25
-80.4%
TRAILING MARKET
MSTR -53.2% vs S&P +27.2%
Market Reaction
Did MSTR Beat Earnings? Q1 2025 Results
Strategy (formerly MicroStrategy) delivered a bruising first quarter, posting an EPS loss of $16.49 against a consensus estimate of just $0.02, a miss of more than 70,000%, as the company absorbed a $5.91 billion unrealized fair value loss on its bit… Read more Strategy (formerly MicroStrategy) delivered a bruising first quarter, posting an EPS loss of $16.49 against a consensus estimate of just $0.02, a miss of more than 70,000%, as the company absorbed a $5.91 billion unrealized fair value loss on its bitcoin holdings, the direct consequence of adopting the new ASU 2023-08 fair value accounting standard and bitcoin's slide to $82,445 by quarter-end. The resulting GAAP net loss totaled $4.22 billion. Revenue offered little relief, falling 3.6% year-over-year to $111.07 million and missing the $116.39 million consensus by 4.57%, with the legacy software segment dragged down by a 16.2% drop in product support revenue even as cloud subscription sales surged 61.6%. Shares dipped modestly in after-hours trading following the report. Looking ahead, CFO Andrew Kang flagged roughly $8.00 billion in anticipated Q2 fair value gains at current bitcoin prices near $97,300, and management raised its full-year BTC Yield target to 25% while unveiling a fresh $21.00 billion ATM equity offering to fund continued bitcoin accumulation, setting the stage for what investors will be watching closely when results arrive next quarter.
Key Takeaways
- • Subscription services revenue grew 61.6% YoY as customers transition from product licenses to cloud subscriptions
- • Record capital markets execution raised approximately $7.7 billion in Q1 net proceeds
- • Acquired 80,715 bitcoins in Q1 2025 at an average purchase price of $94,922 per bitcoin
- • Adoption of ASU 2023-08 fair value accounting resulted in $12.7 billion cumulative uplift to retained earnings
- • BTC Yield of 11.0% in Q1, 13.7% YTD through April 28, 2025
MSTR YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
MSTR Revenue by Segment
With YoY comparisons, source: SEC Filings
“We successfully executed our record $21 billion common stock ATM, adding 301,335 BTC to our balance sheet while simultaneously achieving a 50% increase in MSTR share price during the same period. In Q1, we also broadened our capital base with two of the most successful preferred stock IPOs in a decade. Our capital markets strategy continues to grow our Bitcoin holdings while delivering superior shareholder value. With over 70 public companies worldwide now adopting a Bitcoin treasury standard, we are proud to be at the forefront in pioneering this space.”
— Phong Le, Q1 2025 Earnings Press Release
MSTR Earnings Trends
MSTR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MSTR EPS Trend
Earnings per share: estimate vs actual
MSTR Revenue Trend
Quarterly revenue: estimate vs actual
MSTR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| Q4 25 MISS FY | $-15.66 | $-42.93 | -174.14% | $123.0M | +0.98% |
| FY Full Year | — | $-15.23 | — | $477.2M | — |
| Q3 25 MISS | $9.67 | $8.42 | -12.95% | $128.7M | +10.04% |
| Q2 25 BEAT | $-0.03 | $32.60 | +108,766.67% | $114.5M | +1.75% |
| Q1 25 MISS | $-0.02 | $-16.49 | -70,672.53% | $111.1M | -4.57% |