Q1 26 EPS
$N/A
Q1 26 Revenue
N/A
vs S&P Since Q1 26
+62.8%
BEATING MARKET
MSTR +67.1% vs S&P +4.3%
Market Reaction
Did MSTR Beat Earnings? Q1 2026 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 Forward Guidance & Outlook
Strategy targets continued expansion of STRC to generate amplification and drive growth in Bitcoin Per Share (BPS) for MSTR common stock investors in 2026. The company intends to maintain its USD Reserve at an amount sufficient to fund two to three years of preferred stock dividends and debt interest, subject to adjustment based on market conditions and liquidity needs. STRC dividend rates will be managed through a rules-based monthly framework tied to STRC's VWAP, with rate adjustments designed to maintain trading near the $100 stated amount. The company expects distributions on preferred equity instruments to continue to be treated as tax-deferred return of capital for the foreseeable future (ten years or more). Approximately $8.1 billion remained available under the Common Stock ATM Program and over $29 billion across preferred ATM programs as of February 1, 2026.
MSTR YoY Financials
Q1 2026 vs Q1 2025, 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, Q1 2026 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% |