Q2 25 EPS
$32.60
BEAT +108,766.67%
Est. $-0.03
Q2 25 Revenue
$114.5M
BEAT +1.75%
Est. $112.5M
vs S&P Since Q2 25
-71.2%
TRAILING MARKET
MSTR -55.3% vs S&P +15.9%
Market Reaction
Did MSTR Beat Earnings? Q2 2025 Results
Strategy delivered a stunning Q2 2025, posting earnings per share of $32.60 against a consensus estimate of just -$0.03, a beat of more than 108,766%, as a $14.05 billion unrealized fair value gain on its bitcoin holdings reshaped the company's incom… Read more Strategy delivered a stunning Q2 2025, posting earnings per share of $32.60 against a consensus estimate of just -$0.03, a beat of more than 108,766%, as a $14.05 billion unrealized fair value gain on its bitcoin holdings reshaped the company's income statement under newly adopted ASU 2023-08 accounting standards. Revenue came in at $114.49 million, edging past the $112.52 million estimate by 1.75% and growing 2.7% year-over-year, though the software business remained a sideshow to the bitcoin treasury machine. The company held approximately 597,325 bitcoins as of June 30, with a market value of roughly $64.40 billion, and has since expanded that position to 628,791 bitcoins at a total cost of $46.07 billion, continuously fueled by aggressive capital raises across preferred stock offerings and ATM programs. Management issued ambitious FY2025 guidance assuming a $150,000 year-end bitcoin price, targeting net income of approximately $24 billion and diluted EPS of roughly $80.00, with investors likely watching next quarter's results closely to see whether bitcoin prices cooperate.
Key Takeaways
- • $14.0 billion unrealized gain on digital assets from fair value accounting under ASU 2023-08 drove record operating income
- • Bitcoin price appreciation to $107,752 at quarter end vs cost basis of $70,982 per bitcoin
- • Subscription services revenue grew 69.5% YoY, reflecting cloud transition momentum
- • Raised approximately $6.8 billion in net proceeds during Q2 through multiple capital markets programs
- • BTC Yield of 19.7% in Q2 and 25.0% YTD, reflecting accretive bitcoin accumulation
MSTR YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
MSTR Revenue by Segment
With YoY comparisons, source: SEC Filings
“In the second quarter and into July, Strategy delivered another period of exceptional execution and growth. We expanded our bitcoin holdings to 628,791 bitcoins, raised over $10 billion through our ATM programs and IPOs, and saw growing institutional and retail demand for our securities. STRC, our short duration, high yield credit instrument, which was our largest ever IPO, demonstrates how we amplify our bitcoin holdings through intelligent leverage. Our overall capital raising activities have resulted in our Bitcoin per Share increasing by 25% year-to-date and as a result we are raising our full year BTC Yield and BTC $ Gain KPI targets to 30% and $20 billion, respectively. These achievements underscore the scale of our Bitcoin treasury strategy and the strength of our capital markets platform. In this release, we are also publishing a capital markets framework, which provides a clear structure for how we intend to raise capital to increase our bitcoin balance sheet and grow long-term shareholder value.”
— Phong Le, Q2 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% |