Every 10-Q that Strategy Inc (MSTR) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow MSTR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MSTR filings page.
Strategy Inc reported modest growth in its Software segment while results were dominated by bitcoin volatility. Total revenues reached $122.4 million for the quarter and $246.7 million for the first half of 2026, up from $225.6 million a year earlier, led by higher subscription services.
Despite this, the company posted a net loss of approximately $8.2 billion for the quarter and $20.8 billion for the first half, versus prior-year profits. The swing was driven primarily by an $8.3 billion quarterly and $22.8 billion year‑to‑date unrealized loss on bitcoin measured at fair value, plus rapidly rising preferred dividends of $630.2 million year‑to‑date.
At June 30, 2026, Strategy held about 846,000 bitcoins with a fair value of $49.7 billion versus a cost basis of $63.9 billion, and management notes that bitcoin represents the vast majority of assets. Long‑term debt, net, declined to $6.7 billion after repurchasing $1.5 billion principal of 2029 Convertible Notes at a discount, generating a $113.9 million gain. Mezzanine preferred equity increased to $14.4 billion, with an aggregate liquidation preference of roughly $15.5 billion, while stockholders’ equity fell to $30.9 billion and accumulated a deficit of $15.2 billion. Operating cash flow was slightly positive, aided by non‑cash digital asset losses and tax effects, and the company continued to raise substantial capital through at‑the‑market issuances of common and preferred stock.
Strategy Inc. reported a sharp bitcoin-driven loss for the quarter ended March 31, 2026. Total revenues from its software business rose to $124.3 million from $111.1 million a year earlier, led by higher subscription services.
The company recorded an unrealized loss on digital assets of $14.46 billion, driving a net loss of $12.54 billion and a net loss attributable to common stockholders of $12.77 billion, or $38.25 per share. Strategy held 762,099 bitcoins with a fair value of $51.65 billion and a cost basis of $57.69 billion, after purchasing 89,599 bitcoins for $7.25 billion during the quarter.
To fund its strategy, the company raised $5.29 billion through at-the-market sales of 33.47 million class A shares and $2.06 billion via new STRC preferred stock, while paying $229.5 million in preferred dividends. Long-term debt, primarily Convertible Senior Notes, stood near $8.17 billion.
Strategy Inc (MSTR) reported Q3 2025 results. Revenue was $128,691 thousand with gross profit of $90,678 thousand. A large unrealized gain on digital assets of $3,890,847 thousand drove operating income to $3,890,842 thousand and net income to $2,785,024 thousand. Basic EPS was $9.30 (diluted $8.42).
The company adopted ASU 2023-08, measuring bitcoin at fair value with changes recognized in earnings. A cumulative-effect adjustment increased retained earnings by $12,746,378 thousand on January 1, 2025. As of September 30, 2025, Strategy held approximately 640,031 bitcoins with a carrying value of $73,205,725 thousand and recorded deferred tax liabilities of $6,947,911 thousand.
Cash flow reflected ongoing bitcoin accumulation: operating cash used of $45,612 thousand, investing cash used of $19,417,576 thousand (including $19,382,948 thousand of digital asset purchases), and financing cash provided of $19,476,842 thousand (common and preferred stock issuances and $2,000,000 thousand of convertible notes). Mezzanine equity from issued preferred stock totaled $5,786,330 thousand; long‑term debt, net, was $8,173,587 thousand.