Q3 25 EPS
$8.42
MISS 12.95%
Est. $9.67
Q3 25 Revenue
$128.7M
BEAT +10.04%
Est. $116.9M
vs S&P Since Q3 25
-76.0%
TRAILING MARKET
MSTR -68.3% vs S&P +7.7%
Market Reaction
Did MSTR Beat Earnings? Q3 2025 Results
Strategy posted a sharp swing to profitability in Q3 2025, delivering earnings of $8.42 per diluted share against a consensus estimate of $0.00, as a $3.89 billion unrealized gain on its bitcoin holdings under the newly adopted ASU 2023-08 fair value… Read more Strategy posted a sharp swing to profitability in Q3 2025, delivering earnings of $8.42 per diluted share against a consensus estimate of $0.00, as a $3.89 billion unrealized gain on its bitcoin holdings under the newly adopted ASU 2023-08 fair value accounting standard transformed what was a $340.17 million net loss a year ago into net income of $2.79 billion. Revenue grew 10.9% year over year to $128.69 million, anchored by a 65.4% jump in subscription services to $45.97 million as the company's cloud migration continued, though product support revenue slipped 16.2% to $51.12 million. The bitcoin accumulation engine ran at full speed during the quarter, with Strategy purchasing 42,706 bitcoin at an average of roughly $115,959 each, funded by approximately $5.10 billion in capital markets proceeds; total holdings stood at 640,808 bitcoin as of late October, with a market value near $70.90 billion. Looking ahead, management reaffirmed full-year guidance of approximately $80 in diluted EPS and $24.00 billion in net income, both contingent on bitcoin reaching $150,000 by year-end.
Key Takeaways
- • Unrealized gain on digital assets of $3.9 billion in Q3 2025 driven by bitcoin price appreciation under fair value accounting (ASU 2023-08)
- • Subscription services revenue grew 65.4% year-over-year as customers shift from product licenses to cloud subscriptions
- • Aggressive capital markets activity raising approximately $5.1 billion in Q3 net proceeds to fund bitcoin acquisitions
- • Total revenues increased 10.9% year-over-year to $128.7 million
MSTR YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
MSTR Revenue by Segment
With YoY comparisons, source: SEC Filings
“In the third quarter and into October, Strategy continued to strengthen its position as the world's leading Bitcoin Treasury Company. We increased our bitcoin holdings to 640,808 bitcoin and have raised $20 billion year-to-date through our robust capital markets platform. We remain fully aligned with our STRC guidance framework and have announced a 25 bps increase in the STRC dividend rate to 10.50% for November. We are also actively laying the groundwork for credit securities in international jurisdictions, positioning Strategy to become a dominant credit issuer globally. With this momentum, we are reaffirming our full year targets of $20 billion BTC $ Gain and 30% BTC Yield.”
— Phong Le, Q3 2025 Earnings Press Release
MSTR Earnings Trends
MSTR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MSTR EPS Trend
Earnings per share: estimate vs actual
MSTR Revenue Trend
Quarterly revenue: estimate vs actual
MSTR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $-18.98 | $-38.25 | -101.50% | $124.3M | -0.61% |
| Q4 25 MISS FY | $-20.99 | $-42.93 | -104.53% | $123.0M | +3.82% |
| FY Full Year | — | $-15.23 | — | $477.2M | — |
| Q3 25 MISS | $9.67 | $8.42 | -12.95% | $128.7M | +10.04% |
| Q2 25 BEAT | $-0.03 | $32.60 | +108,766.67% | $114.5M | +1.75% |
| Q1 25 MISS | $-0.02 | $-16.49 | -70,672.53% | $111.1M | -4.57% |