Q2 26 EPS
$-24.45
MISS 895.30%
Est. $3.07
Q2 26 Revenue
$122.4M
MISS 1.70%
Est. $124.5M
vs S&P Since Q2 26
-1.2%
TRAILING MARKET
MSTR +2.9% vs S&P +4.1%
Market Reaction
Did MSTR Beat Earnings? Q2 2026 Results
Strategy Inc. Posted a deeply disappointing second quarter for fiscal 2026, with earnings coming in at a loss of $24.45 per diluted share, missing the consensus estimate of $3.07 by 895.30%, as an $8.32 billion unrealized loss on digital assets drove… Read more Strategy Inc. Posted a deeply disappointing second quarter for fiscal 2026, with earnings coming in at a loss of $24.45 per diluted share, missing the consensus estimate of $3.07 by 895.30%, as an $8.32 billion unrealized loss on digital assets drove a total net loss of $8.22 billion for the period. The culprit was a sharp decline in bitcoin prices during the quarter, a stark reversal from the year-ago period when a $14.05 billion unrealized gain on digital assets powered $10.02 billion in net income. Revenue of $122.37 million fell just short of the $124.48 million consensus by 1.70%, though it did grow 6.9% year-over-year, supported by subscription services surging to $62.86 million from $40.82 million a year earlier. Looking ahead, the company has set a BTC Yield target with 4.5% achieved year-to-date, grown its USD Reserve to $3.75 billion covering more than two years of obligations, and raised its STRC preferred dividend rate to 12.00% annualized to stabilize trading near par.
Key Takeaways
- • Subscription services revenue grew 54% year-over-year from $40.8M to $62.9M
- • Bitcoin holdings grew 11% during Q2 to 846,000 bitcoin
- • Unrealized loss on digital assets of $8.32 billion drove the operating loss
- • Bitcoin price decline impacted digital asset carrying value from $51.6B to $49.7B during Q2
- • ATM offerings raised $8.41 billion in aggregate gross proceeds during Q2
MSTR Forward Guidance & Outlook
Strategy has set a BTC Yield target and achieved 4.5% year-to-date in 2026. The company increased the STRC dividend rate to 12.00% and will maintain it until STRC demonstrates sustained healthy trading near $100 per share. The company intends to be a regular and disciplined purchaser of STRC while it trades below $100. The USD Reserve has been grown to $3.75 billion, covering over 2.1 years of preferred dividend and interest obligations. Strategy expects distributions on its preferred equity instruments to be treated as non-taxable return of capital for the foreseeable future (ten years or more). The company has board authorization to sell up to $1.25 billion of bitcoin to fund the USD Reserve and has a $1.0 billion MSTR repurchase program available when management believes shares trade below intrinsic value.
MSTR YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
MSTR Revenue by Segment
With YoY comparisons, source: SEC Filings
“In the second quarter of 2026, Strategy strengthened its balance sheet while navigating a meaningful bitcoin price decline. We grew our bitcoin holdings by 11% to 846,000 bitcoin, reduced our convertible debt by 18% to $6.7 billion, increased our USD Reserve by 12% to $2.4 billion, and grew Bitcoin Per Share by 5%. Our objective is for STRC to trade over time at $99 to $100. If STRC trades below $100, we intend to repurchase STRC shares in a regular and disciplined manner, scaling our repurchases according to market price and liquidity. These repurchases are an attractive use of capital that reduces our future preferred dividend requirements at a discount while allowing independent market demand to establish a healthy and sustainable market.”
— Phong Le, Q2 2026 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $3.07 | $-24.45 | -895.30% | $122.4M | -1.70% |
| 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% |