Live: Strategy (MSTR) Q2 Earnings are ‘Most Important Event’ in Company History
Key Points
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Strategy reports earnings after the bell today.
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CEO Michael Saylor has called tonight’s earnings ‘the most important event in the history of Strategy.’
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We’ll be posting live news and analysis right after earnings hit tonight. All you have to do is simply leave this live blog open, and updates will post automatically.
Live Updates
Management commentary
MSTR’s CEO Phong Le struck a very bullish tone on the company’s Q2 results, noting “In the second quarter and into July, Strategy delivered another period of exceptional execution and growth.” He highlighted that bitcoin holdings swelled to 628,791 BTC, the firm raised over $10 billion via ATM programs and IPOs, and demand from both institutions and retail investors is on the rise. Investors will be watching closely as management paints a confident near-term outlook.
Earnings out, stock moving higher
MicroStrategy just unveiled Q2 2025 earnings, delivering an EPS of $32.60 versus a -$0.12 estimate—a blowout beat. The firm posted a record $10 billion net income, driven by a $14 billion unrealized gain on its bitcoin holdings. Shares were trading at $405.57 at filing—more updates on the way.
MicroStrategy posted a modest 2.7% revenue increase to $114.5 M in Q2 25 while gross profit slipped 2.2%. Most notably, the company swung to a $14.03 B operating income (vs. a $200.3 M loss) and a $10.02 B net profit (vs. a $102.6 M loss) year-over-year, reflecting a dramatic turnaround.
| Metric | Q2 25 | Q2 2024 | Change |
|---|---|---|---|
| Revenue | $114.50 M | $111.44 M | +2.74% |
| Gross Profit | $78.73 M | $80.51 M | −2.21% |
| Operating Income | $14.03 B | −$200.27 M | +7106.40% |
| Net Income | $10.02 B | −$102.56 M | +9869.99% |
| Cash And Equivalents | $50.10 M | $66.92 M | −25.14% |
| Total Assets | $64.77 B | $7.05 B | +818.37% |
| Total Liabilities | $14.40 B | $4.22 B | +241.43% |
| Shareholders Equity | $47.48 B | $2.83 B | +1574.79% |
Source: ex99/0001050446/0000950170-25-100916/mstr-ex99_1.htm – Today 4:15 PM
Read more: https://www.sec.gov/Archives/edgar/data/1050446/000095017025100916/0000950170-25-100916.txt
We are Almost to the Closing Bell
We are just 15 minutes from the closing bell and Strategy shares are up 2.3% on the day.
As a reminder, we’ll be posting live earnings analysis shortly after Strategy releases its earnings. Simply stay on this page and new updates will automatically post.
What I will be watching tonight
With MicroStrategy’s value now overwhelmingly tied to Bitcoin, investors will look beyond traditional financials. Here’s what analysts will focus on tonight:
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BTC $ Gain Trajectory — The company had already logged $5.8B in BTC $ Gain through April. Any signal that it’s pacing ahead of the $15B full-year goal will likely move the stock.
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BTC Yield Update — Management raised its 2025 BTC Yield target from 15% to 25% last quarter. Progress toward that number will be interpreted as a proxy for treasury execution.
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Capital Deployment Signals — After raising over $21 billion through equity offerings and adding 301,000+ BTC to the balance sheet, clarity on future issuance or strategic shifts could impact sentiment.
Traditional revenue and software metrics have faded in importance. This is a Bitcoin macro call — amplified by leverage and execution.
How MSTR Stock Performed After Recent Earnings
Despite consistent EPS beats, MicroStrategy’s stock reaction has been mixed — with strength in recent quarters but muted follow-through. The market remains focused on BTC mark-to-market volatility and commentary around capital structure.
| Quarter | EPS Surprise | 1-Day Move | 7-Day Move | 14-Day Move |
|---|---|---|---|---|
| Q1 2025 | +21.33% | +3.4% | +5.2% | +8.7% |
| Q4 2024 | +18.75% | +2.1% | +4.6% | +6.9% |
| Q3 2024 | +11.52% | –1.6% | –0.8% | +0.2% |
| Q2 2024 | +7.80% | +0.9% | +1.1% | +3.3% |
Saylor Calls Earnings 'The Most Event in the History of Strategy'
Expectations for Strategy’s earnings tonight just went up.
Michael Saylor just posted on X that tonight’s earnings ‘will be the most important event in the history of Strategy.’
This will be the most important event in the history of @Strategy. If you are interested in $BTC or $MSTR, you should join. pic.twitter.com/1WkpjdIp3R
— Michael Saylor (@saylor) July 31, 2025
You’ll be able to tune into the company’s earnings call on YouTube starting at 5 p.m. today. We’ll also embed the YouTube video in this live blog in a later update.
We are entering the peak period of the ‘crypto earnings season.’ Robinhood (Nasdaq: HOOD) announced excellent earnings last night – although the stock is flat today after a massive run up headed into earnings – and now Coinbase and Strategy (Nasdaq: MSTR | MSTR Price Prediction) report tonight.
Strategy is up 35% so far this year amidst a strong rally in the price of Bitcoin. Can that rally continue? We’ll be posting live news and analysis right after earnings hit tonight. All you have to do is simply leave this live blog open, and updates will post automatically.
With that said, let’s look back at what Strategy reported back in Q1.
MSTR | MicroStrategy Q1’25 Earnings Highlights:
Here’s what MicroStrategy reported last quarter. Of course, figures like revenue and net income have become far less important as the company is now mostly an asset play on the value of Bitcoin.
- Adj. EPS: $(16.49) ❌
- Revenue: $111.1M [✅]; DOWN -3.6% YoY
- Adj. Gross Margin: 69.4% [✅]; DOWN -460 bps YoY
- Net Income: $(4.2)B ❌
- Cash and Cash Equivalents: $60.3M; UP +58.2% YoY
- Digital Assets: $43.5B; UP +82.5% YoY
Outlook:
- BTC Yield Target: Increased from 15% to 25% [✅]
- The increase reflects strong momentum in the market and effective execution of treasury operations.
- Management is optimistic about achieving the new target based on current market conditions.
- BTC $ Gain Target: Increased from $10B to $15B [✅]
- This adjustment is based on the year-to-date performance, achieving $5.8 billion in BTC $ Gain as of April 28, 2025.
Q1 Segment Performance:
- Software Business Revenue: $111.1M [✅]; DOWN -3.6% YoY
- Subscription Services Revenue: $37.1M [✅]; UP +61.6% YoY
- Product Licenses and Subscription Services Revenue: $44.4M [✅]; UP +23.6% YoY
- Product Support Revenue: $52.5M [✅]; DOWN -16.2% YoY
- Other Services Revenue: $14.2M [✅]; DOWN -15.0% YoY
Other Key Q1 Metrics:
- Adj. Operating Income: $(5.9)B [✅]; DOWN -2,800% YoY
- Operating Expenses: $6.0B [✅]; UP +1,976.1% YoY
- Free Cash Flow: $(2.4)M; DOWN -108.4% YoY
- Digital Asset Impairment Losses: $5.9B; Reflects the first reporting period applying fair value accounting.
CEO Commentary:
- Phong Le: “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. 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.”
CFO Commentary:
- Andrew Kang: “We are thrilled to report a strong start to the year with a year-to-date ‘BTC Yield’ of 13.7%, achieving over 90% of our 2025 target in just the first four months of the year. Our year-to-date ‘BTC $ Gain’ of $5.8 billion also meets 58% of our annual target, demonstrating the effectiveness of our Bitcoin strategy. With the strong momentum in the market and our successful execution of our treasury operations thus far this year, we are increasing our 2025 ‘BTC Yield’ target to 25% and our 2025 ‘BTC $ Gain’ target to $15 billion.”
Strategic Updates:
- Adoption of fair value accounting for Bitcoin holdings resulted in a significant $12.7 billion uplift in the beginning balance of retained earnings.
- Successful execution of two preferred stock IPOs, enhancing capital base and supporting Bitcoin acquisition strategy.
Eric Bleeker has been investing for more than 20 years. He began his career working at Microsoft before joining Motley Fool, one of the largest publishers of financial research. In his 15 years at Motley Fool Eric served as the General Manager for Fool.com and led coverage in the Technology & Telecom sector. In addition, he was a featured columnist and has hosted dozens of investing seminars attended by more than a million total investors. Eric has more than 1,000 financial bylines to his name and has been featured in The Wall Street Journal, CNBC, Fox Business, and many other leading publications. He is currently focused on artificial intelligence investing and is a CFA Charterholoder.
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