Q3 25 EPS
$8.42
MISS 12.95%
Est. $9.67
Q3 25 Revenue
$128.7M
BEAT +10.04%
Est. $116.9M
vs S&P Since Q3 25
-39.8%
TRAILING MARKET
MSTR -34.2% vs S&P +5.7%
Market Reaction
Did MSTR Beat Earnings? Q3 2025 Results
Strategy posted a split verdict in its Q3 2025 earnings, beating on revenue while falling short on the bottom line, though the headline numbers tell only a fraction of the story. The company reported earnings of $8.42 per diluted share, missing the $… Read more Strategy posted a split verdict in its Q3 2025 earnings, beating on revenue while falling short on the bottom line, though the headline numbers tell only a fraction of the story. The company reported earnings of $8.42 per diluted share, missing the $9.67 consensus estimate by 12.95%, even as revenue climbed 10.9% year-over-year to $128.69 million, topping the $116.95 million analyst estimate by 10.04%. The earnings picture was overwhelmingly shaped by the company's bitcoin treasury, where $3.89 billion in unrealized gains under the new ASU 2023-08 fair value accounting standard drove net income to $2.79 billion, a dramatic reversal from a $340.17 million net loss a year ago. Within the software business, subscription services surged 65.4% as the cloud transition gains momentum, though product support revenues continued to erode. Management reaffirmed full-year guidance of $80 diluted EPS and $24 billion in net income, contingent on bitcoin reaching $150,000 by year-end.
Key Takeaways
- • $3.9 billion unrealized gain on digital assets under ASU 2023-08 fair value accounting
- • Subscription services revenue grew 65.4% year-over-year driven by cloud transition
- • Raised approximately $5.1 billion in Q3 through multiple capital markets programs
- • Bitcoin holdings increased from 597,325 to 640,031 during Q3 2025
- • Total software revenue grew 10.9% year-over-year
MSTR YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
MSTR Revenue by Segment
With YoY comparisons, source: SEC Filings
“In the third quarter and into October, Strategy continued to strengthen its position as the world's leading Bitcoin Treasury Company. We increased our bitcoin holdings to 640,808 bitcoin and have raised $20 billion year-to-date through our robust capital markets platform. We remain fully aligned with our STRC guidance framework and have announced a 25 bps increase in the STRC dividend rate to 10.50% for November. We are also actively laying the groundwork for credit securities in international jurisdictions, positioning Strategy to become a dominant credit issuer globally. With this momentum, we are reaffirming our full year targets of $20 billion BTC $ Gain and 30% BTC Yield.”
— Phong Le, Q3 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% |