MSTR
Strategy Inc
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Strategy Inc.
Strategy Inc. (formerly MicroStrategy Incorporated) provides enterprise analytics software and pursues a corporate Bitcoin-treasury strategy. Its software platform offers business intelligence, reporting, and AI-assisted analytics to organizations. The company also acquires and holds Bitcoin as a primary treasury reserve asset and has issued various equity and debt instruments related to that strategy.
Coverage
Strategy Joins Coverage With a Rule of 40 of 2.1, Scored on 0.9% of Its Balance Sheet.
Strategy's R40 card reads 2.1 for the June quarter. It is computed on a $122 million software business that holds $490.5 million of the company's $52.56 billion of assets, and it says nothing about the 843,775 bitcoin.
10-Q splits the company into two reportable segments
For the first time Strategy reports a Software segment and a Bitcoin segment rather than one software segment with the bitcoin held in Corporate & Other. Software carried $490.5 million of the $52.56 billion of total assets at 30 June 2026.
BTC Monetization Program and a $1.0 billion buyback
Strategy established a program to sell bitcoin - $218.4 million of sales year to date 2026 - and authorised a $1.0 billion repurchase of MSTR common stock, with no repurchases made as of the release. It also bought back $28.9 million notional of STRC at a 13% discount to par.
Convertible debt cut 18% to $6.71 billion
The company spent roughly $1.38 billion of cash retiring convertible notes at about an 8% discount to par, taking the aggregate principal outstanding from $8.21 billion to $6.71 billion and booking a $113.9 million gain on debt extinguishment in the quarter.
Q2 2026: revenue $122.4M, net loss $8.22bn on the bitcoin mark
Software revenue rose 6.9% year over year to $122.4 million and the Software segment earned $3.7 million; the consolidated $8.22 billion net loss is an $8.32 billion unrealised loss on 843,775 bitcoin. Diluted loss per share $24.45.
Where the revenue goes next
Latest: $122M (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $122M |
| 2023Q2 | $120M |
| 2023Q3 | $129M |
| 2023Q4 | $124M |
| 2024Q1 | $115M |
| 2024Q2 | $111M |
| 2024Q3 | $116M |
| 2024Q4 | $121M |
| 2025Q1 | $111M |
| 2025Q2 | $114M |
| 2025Q3 | $129M |
| 2025Q4 | $123M |
| 2026Q1 | $124M |
| 2026Q2 | $122M |
Latest: -$24.45 (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $3.18 |
| 2023Q2 | $0.15 |
| 2023Q3 | -$1.01 |
| 2023Q4 | $0.25 |
| 2024Q1 | -$0.31 |
| 2024Q2 | -$0.57 |
| 2024Q3 | -$1.72 |
| 2024Q4 | -$3.35 |
| 2025Q1 | -$16.49 |
| 2025Q2 | $32.60 |
| 2025Q3 | $8.42 |
| 2025Q4 | -$42.94 |
| 2026Q1 | -$38.25 |
| 2026Q2 | -$24.45 |
Latest: n/m (2026Q2)
| Period | Value |
|---|---|
| 2023Q4 | 24.6 |
| 2024Q1 | n/m |
| 2024Q2 | n/m |
| 2024Q3 | n/m |
| 2024Q4 | n/m |
| 2025Q1 | n/m |
| 2025Q2 | 36.6 |
| 2025Q3 | 15.2 |
| 2025Q4 | n/m |
| 2026Q1 | n/m |
| 2026Q2 | n/m |
Latest: -$6M (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $37M |
| 2023Q2 | -$19M |
| 2023Q3 | -$9M |
| 2023Q4 | $837,000.00 |
| 2024Q1 | $27M |
| 2024Q2 | -$24M |
| 2024Q3 | -$41M |
| 2024Q4 | -$18M |
| 2025Q1 | -$5M |
| 2025Q2 | -$37M |
| 2025Q3 | -$11M |
| 2025Q4 | -$22M |
| 2026Q1 | $13M |
| 2026Q2 | -$6M |
Latest: 384M (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | 146M |
| 2023Q2 | 161M |
| 2023Q3 | 142M |
| 2024Q1 | 172M |
| 2024Q2 | 179M |
| 2024Q3 | 197M |
| 2025Q1 | 256M |
| 2025Q2 | 307M |
| 2025Q3 | 315M |
| 2026Q1 | 334M |
| 2026Q2 | 384M |
Latest: -$115M (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $37M |
| 2023Q2 | $18M |
| 2023Q3 | $9M |
| 2023Q4 | $10M |
| 2024Q1 | $37M |
| 2024Q2 | $13M |
| 2024Q3 | -$29M |
| 2024Q4 | -$46M |
| 2025Q1 | -$51M |
| 2025Q2 | -$88M |
| 2025Q3 | -$99M |
| 2025Q4 | -$122M |
| 2026Q1 | -$109M |
| 2026Q2 | -$115M |
Latest earnings
Company History
Michael J. Saylor founds MicroStrategy in November 1989 and serves as Chairman and Chief Executive Officer for the next 33 years.
The company registers its common stock under Section 12(g) on 10 June 1998 and lists on Nasdaq, where the Class A shares still trade as MSTR.
The board adopts a policy of holding bitcoin as the primary treasury reserve asset. Everything that follows - the converts, the preferred stack, the ATM programmes - is a way of buying more of it.
A 10-for-1 stock split is distributed after the close on 7 August 2024 and the stock trades split-adjusted from 8 August; every per-share figure before it in this data set is restated on the post-split basis. The share count and the bitcoin stack both compound through the year.
MicroStrategy Incorporated begins doing business as Strategy in February 2025 and files the certificate of amendment changing its legal name to Strategy Inc on 11 August 2025. On 1 January 2025 it adopts ASU 2023-08, so bitcoin is carried at fair value through earnings rather than at impaired cost - the change that makes GAAP net income a bitcoin-price readout. Four perpetual preferred series - STRK, STRF, STRD and STRC - list on Nasdaq during the year.
Bitcoin holdings reach approximately 843,775 by 26 July, up 25% year to date, while the bitcoin price falls. In the June quarter the company retires 18% of its convertible principal at a discount, starts a BTC Monetization Program, authorises a $1.0 billion share buyback, and splits its reporting into Software and Bitcoin segments.
Key Players
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