Strategy MSTR

Strategy reported $19.53 billion net income for Q3 2026.

Form: 10-Q
Filed: Nov 2, 2026, 5:23 pm ET
Importance: Notable
Accession: 0001050446-26-000060

Revenue: $125.43 million for the three months ended Sep 30, 2026
Net income: $19.53 billion for the three months ended Sep 30, 2026
Diluted EPS: $44.75 for the three months ended Sep 30, 2026
Cash and equivalents: $2.5 billion at Sep 30, 2026

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For the quarter ended September 30, 2026, Strategy Inc reported: Revenue $125.4 million.
Net income $19.5 billion.
Gross margin 71.5%.
Operating margin 16670.9%.
Net margin 15573.2%.
Revenue change from a year earlier -2.5%.

From the filing

Item 1.

Financial Statements (unaudited)

Consolidated Balance Sheets as of Se p t ember 30, 2026 and December 31, 2025

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2026 and 2025

Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2026 and 2025

Consolidated Statements of Mezzanine Equity and Stockholders' Equity for the Three and Nine Months Ended September 30, 2026 and 2025

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025

Notes to Consolidated Financial Statements

Item 1. Financial Statements

STRATEGY INC CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

September 30,

2026 December 31,

2025 (unaudited)

Assets

Current assets:

Cash and cash equivalents $ 2,501,456 $ 2,301,470 Restricted cash 1,671 1,873

Short-term investments 3,404,457 —

Accounts receivable, net 129,933 205,748

Prepaid expenses and other current assets 70,096 55,046

Total current assets 6,107,613 2,564,137 Digital assets 70,824,007 58,854,028 Property and equipment, net 27,223 28,858 Right-of-use assets 60,684 46,975 Deposits and other assets 126,875 142,577 Deferred tax assets 5,147 4,507 Total assets $ 77,151,549 $ 61,641,082

Liabilities, Mezzanine Equity and Stockholders' Equity

Current liabilities:

Current portion of long-term debt, net $ 1,045,669 $ 31,313

Accounts payable, accrued expenses, and operating lease liabilities 79,298 50,335

Accrued compensation and employee benefits 37,265 69,986

Accrued interest 5,970 5,619 Preferred dividends payable 136,447 27,121

Deferred revenue and advance payments 206,722 272,118

Total current liabilities 1,511,371 456,492 Long-term debt, net 5,669,745 8,158,842

Deferred revenue and advance payments 2,706 5,451

Operating lease liabilities 60,813 46,135 Other long-term liabilities 5,031 4,736 Deferred tax liabilities 1,404,407 1,926,454 Total liabilities 8,654,073 10,598,110

Commitments and Contingencies

Mezzanine Equity

Series A Perpetual Preferred Stock, $ 0.001 par value; 411,023 and 442,361 shares authorized; 139,599 and 78,183 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively; redemption value and liquidation preference of $ 14,109,839 and $ 8,032,324 at September 30, 2026 and December 31, 2025, respectively 13,056,250 6,919,514

Stockholders' Equity

Preferred stock undesignated, $ 0.001 par value; 593,977 and 562,639 shares authorized, no shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively

— —

Class A common stock, $ 0.001 par

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