Q4 25 EPS
$-42.93
MISS 174.14%
Est. $-15.66
Q4 25 Revenue
$123.0M
BEAT +0.98%
Est. $121.8M
vs S&P Since Q4 25
+62.8%
BEATING MARKET
MSTR +67.1% vs S&P +4.3%
Full Year 2025 Results
FY 25 EPS
$-15.23
FY 25 Revenue
$477.2M
Market Reaction
Did MSTR Beat Earnings? Q4 2025 Results
Strategy Inc.'s Q4 2025 results tell two very different stories, a software business quietly gaining traction, and a bitcoin-driven accounting loss that overwhelmed everything else. The company posted a net loss of $12.44 billion, or $42.93 per dilut… Read more Strategy Inc.'s Q4 2025 results tell two very different stories, a software business quietly gaining traction, and a bitcoin-driven accounting loss that overwhelmed everything else. The company posted a net loss of $12.44 billion, or $42.93 per diluted share, missing the consensus estimate of $-15.66 by 174.14%, almost entirely because a $17.44 billion unrealized loss on its digital asset holdings, triggered by bitcoin's price decline during the quarter under the new ASU 2023-08 fair value standard, produced a staggering $17.45 billion operating loss. On the revenue side, the picture was more constructive: total Q4 revenue of $122.99 million edged past the $121.80 million consensus and rose 10.7% year-over-year, with subscription services surging 62.1% as the cloud transition accelerated. Strategy raised roughly $5.60 billion during the quarter alone, and with over $37 billion remaining across its ATM programs heading into 2026, the company shows no signs of slowing its bitcoin accumulation strategy.
Key Takeaways
- • 62.1% year-over-year growth in subscription services revenue reflecting cloud transition
- • Bitcoin treasury strategy with 713,502 BTC holdings as of February 1, 2026
- • $25.3 billion raised in FY2025 capital markets activity, largest U.S. equity issuer
- • 22.8% BTC Yield achieved in FY2025 within target range
- • $17.4 billion unrealized loss on digital assets in Q4 2025 under fair value accounting
MSTR YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
MSTR Revenue by Segment
With YoY comparisons, source: SEC Filings
“We raised $25.3 billion of capital in 2025 to advance our Bitcoin treasury strategy, making us the largest equity issuer among U.S. public companies for a second consecutive year. We increased our holdings to 713,502 bitcoins, including 41,002 bitcoins acquired in January 2026 alone. STRC (Stretch), our flagship Digital Credit instrument, has grown to $3.4 billion in size, supported by increasing liquidity and declining volatility. Our variable dividend rate mechanism for STRC, currently set at 11.25%, has helped maintain STRC price stability near the $100 stated amount despite a weaker bitcoin price environment. In 2026, we remain focused on expanding STRC to generate amplification and drive growth in Bitcoin Per Share (BPS) for MSTR common stock investors.”
— Phong Le, Q4 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% |