Jun 2026 (Q2 FY26) — Jul 30, 2026
Strategy Inc Q2 FY26 — Bitcoin Holdings and Digital Credit Expansion
Read the full callStrategy (MSTR) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Strategy earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 122 | +6.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -6808.1 | −19064.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -8,220 | −182.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
3 of 5 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| STRC (Stretch) market price target range | $99 to $101 (par) | Jun 2025 | Stretch is now trading at about $89.50 | At Risk |
| Cumulative Bitcoin-per-share growth | double (2x) over 7 years, implying roughly 10% annualized BTC yield | Dec 2025 | our overall objective is to double the coin per share in 7 years through digital credit | On Track |
| Amplification (leverage-driven Bitcoin-per-share uplift) | 30% | Sep 2025 | Amplification, we're currently at about 34% amplification. | Achieved |
2 of Strategy Inc's 17 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 14 more targets are in the full ledger.
Claimed
- Bitcoin holdings increased 11% QoQ to 846,000 BTC in Q2 FY26.
- Net 83,901 Bitcoin acquired in Q2 FY26 at an average price of $75,500.
- USD reserve increased to $3.75 billion current quarter-to-date, providing over 2 years of dividend and interest coverage.
- Long-term debt reduced from $8.2 billion to $6.7 billion through a $1.5 billion repurchase at an 8% discount.
- Bitcoin per share increased 5% QoQ to 210,824 sats in Q2 FY26.
Qualified
- Q2 FY26 operating loss of $8.3 billion and net loss of $8.6 billion due to unrealized fair value loss on Bitcoin holdings.
- STRC (digital credit product) trading at approximately $89.50, below the target of $99-$100.
- Unrealized fair value loss of approximately $8.3 billion on Bitcoin holdings at Q2 end.
Price
$136.02 −0.59% · −$0.81
Performance −53.1% 1Y
1Y: $289.87 on 17 Oct 2025 → $136.02. High $301.91 (21 Oct 2025), low $82.31 (26 Jun 2026).
- Previous close
- $136.83
- 52-week range
- $82.31 – $301.91
- One year
- −54.14%
Overview
- Symbol
- MSTR
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
3 of 5 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| STRC (Stretch) market price target range | $99 to $101 (par) | Jun 2025 | Stretch is now trading at about $89.50 | At Risk |
| Cumulative Bitcoin-per-share growth | double (2x) over 7 years, implying roughly 10% annualized BTC yield | Dec 2025 | our overall objective is to double the coin per share in 7 years through digital credit | On Track |
| Amplification (leverage-driven Bitcoin-per-share uplift) | 30% | Sep 2025 | Amplification, we're currently at about 34% amplification. | Achieved |
Claimed
- Bitcoin holdings increased 11% QoQ to 846,000 BTC in Q2 FY26.
- Net 83,901 Bitcoin acquired in Q2 FY26 at an average price of $75,500.
- USD reserve increased to $3.75 billion current quarter-to-date, providing over 2 years of dividend and interest coverage.
- Long-term debt reduced from $8.2 billion to $6.7 billion through a $1.5 billion repurchase at an 8% discount.
- Bitcoin per share increased 5% QoQ to 210,824 sats in Q2 FY26.
Qualified
- Q2 FY26 operating loss of $8.3 billion and net loss of $8.6 billion due to unrealized fair value loss on Bitcoin holdings.
- STRC (digital credit product) trading at approximately $89.50, below the target of $99-$100.
- Unrealized fair value loss of approximately $8.3 billion on Bitcoin holdings at Q2 end.
The full ledger
Open Strategy Inc’s full ledger
A free account opens 5 company ledgers a month. All 17 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Strategy Inc Q1 FY26 — Strong Capital Raises and Bitcoin Accumulation
Read the full callDec 2025 (Q4 FY25) — Feb 5, 2026
Strategy Q4 FY25 — Bitcoin Accumulation and Digital Credit Expansion Highlighted
Read the full callEvery analysed call
Strategy earnings calls (MSTR)
Financials
What the filings say
Net profit, year on year: −182% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 116 | 121 | 111 | 114 | 129 | 123 | 124 | 122 |
| Operating profit | -433 | -1,016 | -5,921 | 14,032 | 3,891 | -17,446 | -14,470 | -8,331 |
| Operating margin | −372.7% | −842.1% | −5331.4% | 12256.3% | 3023.4% | −14185.0% | −11641.5% | −6808.1% |
| Interest | — | — | — | 18 | — | — | — | 16 |
| Profit before tax | -479 | -1,027 | -5,942 | 14,006 | 3,871 | -17,461 | -14,465 | -8,218 |
| Tax rate | 28.9% | 34.7% | 29.0% | 28.4% | 28.1% | 28.8% | 13.3% | −0.0% |
| Net profit | -340 | -671 | -4,217 | 10,021 | 2,785 | -12,437 | -12,543 | -8,220 |
| EPS ($ per share) | -1.72 | — | -16.49 | 36.23 | 9.30 | — | -38.25 | -24.45 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 549 | 583 | 576 | 41 | -1,428 | -999 | -2,167 | 6,322 |
| Total liabilities | 326 | 408 | 913 | 2,578 | 2,793 | 2,598 | 7,614 | 10,598 |
| Fixed assets | 52 | 50 | 43 | 37 | 32 | 29 | 26 | 29 |
| Investments | 466 | 109 | 0 | 0 | 0 | — | — | — |
| Total assets | 856 | 917 | 1,466 | 3,557 | 2,410 | 4,763 | 25,844 | 61,641 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 11 | 61 | 54 | 94 | 3 | 13 | -53 | -67 |
| Cash from investing | -209 | 354 | -1,019 | -2,629 | -279 | -1,905 | -22,086 | -22,512 |
| Cash from financing | -109 | -66 | 563 | 2,542 | 265 | 1,890 | 22,133 | 24,844 |
| Net cash flow | -310 | 347 | -397 | 4 | -14 | -2 | -9 | 2,263 |
| Capital expenditure | -7 | -10 | -4 | -3 | -2 | -3 | -3 | -8 |
| Free cash flow | 4 | 51 | 50 | 91 | 1 | 10 | -56 | -75 |
MSTR revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Software | — | — | — | — | — | — | — | 100% | — |
| Bitcoin | — | — | — | — | — | — | — | 0% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 56% ↑ 1 pt
- EMEA 35% ↑ 1 pt
- Other Regions 9% ↓ 2 pt
As MSTR cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
240 filings between Nov 10, 2025 and Oct 9, 2026.
Open market
decisions to buy or sellPurchases
$2.25M
10 purchases by 4 insiders
Sales
$36.14M
150 sales by 6 insiders
48% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 79
- Option exercise — converted options into shares
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Le Phong | $1.26M | $12.55M | Jun 22, 2026 |
| Patten Jarrod M | — | $11.41M | Oct 9, 2026 |
| Shao Wei-Ming | — | $6.46M | Nov 19, 2025 |
| Kang Andrew | — | $5.55M | Jun 9, 2026 |
| RICKERTSEN CARL J | $779.4K | — | Jan 12, 2026 |
| Dietze Jane A | $204.3K | — | Jan 20, 2026 |
| Montgomery Jeanine | — | $153.5K | Jun 9, 2026 |
| Chow Thomas C. | $10.0K | $14.7K | Sep 4, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 9, 2026 | Patten Jarrod M Director | Sale | 450 | $71.1K |
| Oct 9, 2026 | Patten Jarrod M Director | Sale | 450 | $69.5K |
| Oct 9, 2026 | Patten Jarrod M Director | Sale | 450 | $70.2K |
| Oct 9, 2026 | Patten Jarrod M Director | Option exercise | 1,350 | $24.6K |
| Oct 8, 2026 | Patten Jarrod M Director | Sale | 950 | $143.0K |
| Oct 8, 2026 | Patten Jarrod M Director | Option exercise | 1,400 | $25.5K |
| Oct 8, 2026 | Patten Jarrod M Director | Sale | 450 | $68.4K |
| Sep 22, 2026 | Patten Jarrod M Director | Option exercise | 475 | $8.7K |
| Sep 22, 2026 | Patten Jarrod M Director | Sale | 475 | $81.2K |
| Sep 21, 2026 | Patten Jarrod M Director | Sale | 475 | $79.3K |
| Sep 21, 2026 | Patten Jarrod M Director | Sale | 475 | $80.3K |
| Sep 21, 2026 | Patten Jarrod M Director | Option exercise | 1,425 | $26.0K |
| Sep 21, 2026 | Patten Jarrod M Director | Sale | 475 | $78.8K |
| Sep 4, 2026 | Chow Thomas C. EVP & General Counsel | Sale | 106 | $14.7K |
| Aug 27, 2026 | Patten Jarrod M Director | Option exercise | 1,850 | $33.7K |
| Aug 27, 2026 | Patten Jarrod M Director | Sale | 925 | $121.2K |
| Aug 27, 2026 | Patten Jarrod M Director | Sale | 925 | $119.3K |
| Aug 25, 2026 | Patten Jarrod M Director | Option exercise | 925 | $16.9K |
| Aug 25, 2026 | Patten Jarrod M Director | Option exercise | 925 | $16.9K |
| Aug 25, 2026 | Patten Jarrod M Director | Sale | 925 | $115.6K |
| Aug 25, 2026 | Patten Jarrod M Director | Option exercise | 925 | $16.9K |
| Aug 25, 2026 | Patten Jarrod M Director | Sale | 925 | $114.7K |
| Aug 25, 2026 | Patten Jarrod M Director | Sale | 925 | $117.5K |
| Aug 24, 2026 | Patten Jarrod M Director | Option exercise | 925 | $16.9K |
| Aug 24, 2026 | Patten Jarrod M Director | Sale | 925 | $113.2K |
| Aug 7, 2026 | Patten Jarrod M Director | Sale | 925 | $96.2K |
| Aug 7, 2026 | Patten Jarrod M Director | Sale | 925 | $95.0K |
| Aug 7, 2026 | Patten Jarrod M Director | Option exercise | 925 | $16.9K |
| Aug 7, 2026 | Patten Jarrod M Director | Option exercise | 1,950 | $35.6K |
| Aug 7, 2026 | Patten Jarrod M Director | Option exercise | 925 | $16.9K |
| Aug 7, 2026 | Patten Jarrod M Director | Sale | 1,950 | $197.9K |
| Jul 27, 2026 | Patten Jarrod M Director | Option exercise | 1,950 | $35.6K |
| Jul 27, 2026 | Patten Jarrod M Director | Sale | 1,950 | $192.0K |
| Jul 24, 2026 | Patten Jarrod M Director | Option exercise | 1,950 | $35.6K |
| Jul 24, 2026 | Patten Jarrod M Director | Sale | 1,950 | $180.3K |
| Jul 22, 2026 | Patten Jarrod M Director | Sale | 1,250 | $125.0K |
| Jul 22, 2026 | Patten Jarrod M Director | Option exercise | 1,250 | $22.8K |
| Jun 23, 2026 | Patten Jarrod M Director | Sale | 1,500 | $159.1K |
| Jun 23, 2026 | Patten Jarrod M Director | Option exercise | 1,500 | $27.4K |
| Jun 22, 2026 | Le Phong President & CEO | Purchase | 11,000 | $998.8K |
| Jun 17, 2026 | Patten Jarrod M Director | Sale | 1,500 | $182.0K |
| Jun 17, 2026 | Patten Jarrod M Director | Option exercise | 1,500 | $27.4K |
| Jun 16, 2026 | Chow Thomas C. EVP & General Counsel | Purchase | 100 | $9.3K |
| Jun 16, 2026 | Chow Thomas C. EVP & General Counsel | Purchase | 11 | $727 |
| Jun 15, 2026 | Patten Jarrod M Director | Sale | 1,500 | $201.0K |
| Jun 15, 2026 | Patten Jarrod M Director | Option exercise | 1,500 | $27.4K |
| Jun 9, 2026 | Le Phong President & CEO | Sale 10b5-1 plan | 2,888 | $356.3K |
| Jun 9, 2026 | Kang Andrew EVP & CFO | Sale 10b5-1 plan | 20 | $2.5K |
| Jun 9, 2026 | Kang Andrew EVP & CFO | Sale 10b5-1 plan | 910 | $113.1K |
| Jun 9, 2026 | Kang Andrew EVP & CFO | Sale 10b5-1 plan | 1,019 | $125.7K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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