Q4 25 EPS
$-42.93
MISS 104.53%
Est. $-20.99
Q4 25 Revenue
$123.0M
BEAT +3.82%
Est. $118.5M
vs S&P Since Q4 25
-25.8%
TRAILING MARKET
MSTR -19.5% vs S&P +6.3%
Full Year 2025 Results
FY 25 EPS
$-15.23
FY 25 Revenue
$477.2M
Market Reaction
Did MSTR Beat Earnings? Q4 2025 Results
Strategy posted a Q4 2025 loss of $42.93 per diluted share on revenue of $122.99 million, as a $17.44 billion unrealized loss on digital assets, reflecting the adoption of fair value accounting under ASU 2023-08 and declining bitcoin prices during th… Read more Strategy posted a Q4 2025 loss of $42.93 per diluted share on revenue of $122.99 million, as a $17.44 billion unrealized loss on digital assets, reflecting the adoption of fair value accounting under ASU 2023-08 and declining bitcoin prices during the quarter, drove a net loss of $12.44 billion, dwarfing the year-ago net loss of $670.81 million. The software business offered little offset, with total revenues rising just 1.9% year-over-year despite subscription services climbing 62.1% to $51.76 million, while product license revenue fell to $7.85 million from $15.26 million and gross margin compressed to 66.1% from 71.7%. On the capital markets front, Strategy raised approximately $25.30 billion across FY2025 through ATM programs and preferred stock offerings, and held 713,502 bitcoins with a market value of roughly $59.75 billion as of February 1, 2026. Looking ahead, management intends to expand its STRC preferred stock program in 2026 and maintain a USD Reserve covering two to three years of preferred dividends and debt interest, with distributions expected to qualify as tax-deferred return of capital for at least a decade.
Key Takeaways
- • Subscription services revenue grew 62.1% year-over-year as customers shift from product licenses to cloud subscriptions
- • Unrealized loss on digital assets of $17.4 billion in Q4 2025 due to bitcoin price decline under fair value accounting
- • Capital markets activity raised approximately $5.6 billion in Q4 2025 gross proceeds across common and preferred stock programs
- • BTC Yield of 22.8% achieved for full year 2025, within target range of 22.0%-26.0%
- • Product support revenue declined 16.9% year-over-year reflecting cloud migration trend
MSTR YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
MSTR Revenue by Segment
With YoY comparisons, source: SEC Filings
“We raised $25.3 billion of capital in 2025 to advance our Bitcoin treasury strategy, making us the largest equity issuer among U.S. public companies for a second consecutive year. We increased our holdings to 713,502 bitcoins, including 41,002 bitcoins acquired in January 2026 alone. STRC (Stretch), our flagship Digital Credit instrument, has grown to $3.4 billion in size, supported by increasing liquidity and declining volatility. Our variable dividend rate mechanism for STRC, currently set at 11.25%, has helped maintain STRC price stability near the $100 stated amount despite a weaker bitcoin price environment. In 2026, we remain focused on expanding STRC to generate amplification and drive growth in Bitcoin Per Share (BPS) for MSTR common stock investors.”
— Phong Le, Q4 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% |