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Financials · NASDAQ: MSTR

Strategy: how the business works

Strategy, formerly MicroStrategy, holds 849,327 bitcoin bought mostly with money from selling its own shares, and runs an analytics software business with $477.2 million of FY2025 revenue.

By · Checked against filings: . Editorial policy. Corrections

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Strategy Inc · Tysons Corner, Virginia · Founded 1989

Updated for Q3 FY2026 · checked

Revenue, FY2025 (all from software)
$477.2M
Net loss to common stockholders, FY2025
−$4.23B
Bitcoin held, Nov 1, 2026
849,327
Employees, Dec 31, 2025
1,539
Michael Saylor's share of votes, Sep 15, 2026
32.9%

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Strategy in 5 points

  1. 1 · What it sells

    Strategy holds 849,327 bitcoin (Nov 1, 2026), bought mostly with money from selling shares and preferred stock, and sells analytics software that brought in $477.2 million of revenue in FY2025.

    More: what it sells

  2. 2 · Who pays it

    In FY2025, software customers paid for product support (42.8% of revenue), cloud subscriptions (36.8%), consulting and education (12.1%) and licenses (8.3%), while the bitcoin brings in no revenue (Cityfort calculation from the FY2025 10-K).

    More: who pays it

  3. 3 · What it keeps from $100

    In FY2025 the loss to common stockholders was $886.3 for every $100 of revenue, mostly from a $5.40 billion unrealized loss on bitcoin; leaving out that line, the operating loss was $8.6 per $100.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Strategy has reported two segments since Q2 FY2026, and in the first nine months of 2026 the Bitcoin segment had a net loss of $1.26 billion while the Software segment had net income of $33.6 million.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Strategy paid $1.05 billion of preferred dividends in the first nine months of 2026, while its software brought in $372.1 million of revenue.

    More: the one thing to watch

Sources: From Strategy's FY2025 10-K, Q3 FY2026 10-Q and 8-K filed Nov 2, 2026 · checked

See the full receipt and the management scorecard below

Sources (3)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Strategy's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Strategy · FY2025

Receipt for every $100

Where $100 of Strategy's money went in FY2025
Cost of revenue$31.3
Sales, research and administration$77.3
Unrealized loss on bitcoin$1132.3
Interest and other expense$17.1
Income tax benefit (reduced the loss)−$351.6
Preferred stock dividends$79.9
Loss to common stockholders (costs above money in)−$886.3
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the FY2025 10-K. Of every $100 of revenue in FY2025 ($477.2 million, all from software): each line = line ÷ $477.2 million × 100. The unrealized loss on bitcoin was $1,132.3 per $100, so the last line is a loss to common stockholders of $886.3. Leaving out the bitcoin line, the operating loss was $40.9 million, or $8.6 per $100. Stock-based pay ($53.4 million) sits inside the cost lines.

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Sources (1)
Next: The business in one line

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02The business in one line

What does Strategy do?

Strategy sells new shares and preferred stock and spends the money on bitcoin, so its profit moves with the bitcoin price; a smaller software business brings in all of its revenue, $477.2 million in FY2025.

  • Bitcoin was $70.82 billion of Strategy's $77.15 billion of total assets at Sep 30, 2026.
  • Since Jan 1, 2025 every change in the bitcoin price counts in profit: a $4.23 billion loss to common stockholders in FY2025, then $19.12 billion of income in Q3 FY2026.
Next: Who pays it

03Who pays it

Who pays Strategy?

  • Customers paying for support

    43%

    of revenue

    Companies that bought licenses and pay for technical support and updates.

  • Cloud subscribers

    37%

    of revenue

    Companies and government agencies paying for Strategy One in the cloud, typically on 36-month subscriptions.

  • Consulting and education clients

    12%

    of revenue

    Customers paying for help setting up analytics and for training.

  • License buyers

    8%

    of revenue

    Customers buying licenses to run the software on their own servers.

  • Customers paying for support43%
  • Cloud subscribers37%
  • Consulting and education clients12%
  • License buyers8%

How spread out the customers are

Shares are a Cityfort calculation from the FY2025 10-K. No customer was 10% or more of revenue in FY2023 to FY2025. Germany was 10% or more of FY2025 revenue; the 10-K does not give the amount.

Sources (1)
Next: Why it makes money

04Why it makes money

Why does Strategy make money?

Strategy's profit is driven by the bitcoin price, not by its software sales.

Bitcoin was 91.8% of total assets at Sep 30, 2026, and every price change counts in operating income. In the first nine months of 2026 the Bitcoin segment had a net loss of $1.26 billion and the Software segment net income of $33.6 million. Strategy said in its FY2025 10-K (Feb 19, 2026) that it expects to pay cash dividends on its preferred stock mainly with proceeds from selling class A shares in at-the-market offerings, and that its USD Reserve is meant to support those dividends and interest payments.

Bitcoin held at year-end

124,391672,500

FY2021 to FY2025

  1. Strategy sells class A shares and preferred stock
  2. It uses the money to buy bitcoin
  3. Bitcoin's price change each quarter counts as a gain or loss
  4. Preferred dividends and interest are due in cash
  5. New share sales and the dollar reserve pay them
  6. Software adds about $120 million of revenue a quarter

↺ Step 6 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2025; revenue by type

Which businesses make up Strategy?

  • Product support

    43%

    Support and updates for licensed software. Strategy reported one segment until Q2 FY2026, then two: Software and Bitcoin. These are revenue types, with no profit split.

    Revenue $204M

  • Subscription services

    37%

    Strategy One in the cloud. It rose from $43.1 million in FY2021 as customers moved from licenses to subscriptions.

    Revenue $176M

  • Other services

    12%

    Consulting and education.

    Revenue $57.7M

  • Product licenses

    8%

    Software licenses for customers' own servers, down from $101.8 million in FY2021.

    Revenue $39.7M

How the mix changed

  • Product support
  • Subscription services
  • Other services
  • Product licenses

Revenue by segment, FY2021 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearProduct supportSubscription servicesOther servicesProduct licenses
FY2021$281M$43.1M$84.7M$102M
FY2022$267M$60.7M$85.5M$86.5M
FY2023$264M$81.2M$75.8M$75.4M
FY2024$244M$107M$64.3M$48.6M
FY2025$204M$176M$57.7M$39.7M
Sources (3)
Next: How has it done

06The numbers · Consolidated · US$

How has Strategy done?

Revenue

$477MFY2025

Revenue, all from software, fell from $510.8 million in FY2021 to $463.5 million in FY2024, rose to $477.2 million in FY2025, and was $125.4 million in Q3 FY2026, down 3% from a year earlier.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$511M
FY2022$499M
FY2023$496M
FY2024$464M
FY2025$477M
Q4 FY2024$121M
Q1 FY2025$111M
Q2 FY2025$115M
Q3 FY2025$129M
Q4 FY2025$123M
Q1 FY2026$124M
Q2 FY2026$122M
Q3 FY2026$125M

Net profit

−$4.2BFY2025

Net income to common stockholders follows bitcoin: through FY2024 bitcoin was held at cost and only written down, but from Jan 1, 2025 every price change counts, giving a $4.23 billion FY2025 loss and $19.12 billion of Q3 FY2026 income (FY2021 EPS is adjusted for the August 2024 10-for-1 split, a Cityfort calculation from the FY2023 10-K).

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021−$536M−$5.34
FY2022−$1.5B−$12.98
FY2023$429M$2.64
FY2024−$1.2B−$6.06
FY2025−$4.2B−$15.23
Q4 FY2024−$671M−$3.03
Q1 FY2025−$4.2B−$16.49
Q2 FY2025$10.0B$32.60
Q3 FY2025$2.6B$8.42
Q4 FY2025−$12.6B−$42.93
Q1 FY2026−$12.8B−$38.25
Q2 FY2026−$8.6B−$24.45
Q3 FY2026$19.1B$44.75

Profit kept per $100 of revenue

−$886.3FY2025

EBITDA per $100 of revenue reflects the bitcoin line, not the software: the $5.40 billion unrealized loss on bitcoin in FY2025 was 11 times revenue, and stock-based pay was $11.2 per $100 of revenue.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY2021−104.8%−151.4%
FY2022−294.4%−253.3%
FY202386.5%−20.3%
FY2024−251.7%−396.0%
FY2025−886.3%−1,135.5%

Free cash flow

−$75.5MFY2025

Cash from operations was −$67.2 million in FY2025 and $14.3 million in the first nine months of 2026; bitcoin purchases ($22.47 billion in FY2025) are investing outflows outside free cash flow, which also leaves out $37.0 million of FY2025 advance deposits on property.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$93.8M$2.7M$91.1M
FY2022$3.2M$2.5M$0.7M
FY2023$12.7M$2.9M$9.8M
FY2024−$53M$3M−$56M
FY2025−$67.2M$8.2M−$75.5M
See all yearly numbers
Strategy annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Net income, total (US$)Operating cashCapexFree cash
FY2021$511M−$773M−$536M−$5.34–$93.8M$2.7M$91.1M
FY2022$499M−$1.3B−$1.5B−$12.98–$3.2M$2.5M$0.7M
FY2023$496M−$101M$429M$2.64–$12.7M$2.9M$9.8M
FY2024$464M−$1.8B−$1.2B−$6.06–−$53M$3M−$56M
FY2025$477M−$5.4B−$4.2B−$15.23−$3.8B−$67.2M$8.2M−$75.5M

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; Strategy's fiscal year is the calendar year, so Q3 FY2026 is July to September 2026). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: The loss to common stockholders ($4,229.5 million) is larger than the total net loss ($3,848.2 million) because $381.4 million of dividends on preferred stock come before common stockholders.

Download Strategy's yearly and quarterly numbers (CSV, with source ids)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (15)
Next: What they said, and what happened

07Who runs it

Who runs Strategy, and did they deliver?

  • Michael J. Saylor

    Founder and Executive Chairman · since 1989

    Founded the company in November 1989 and was CEO until August 2022. His base salary has been $1 a year since 2014, at his request.

  • Phong Le

    President and Chief Executive Officer · since 2022

    CEO since August 2022. He was chief financial officer from August 2015 to November 2019 and again from April 2020 to May 2022. He is also principal financial officer from Nov 6 to Dec 31, 2026.

  • Andrew Kang

    Chief Financial Officer until Nov 5, 2026 · since 2022

    CFO since May 2022; resigned effective Nov 5, 2026. Reza Virasteh becomes CFO on Jan 1, 2027.

What they said, and what happened

1 partly delivered · 2 missed · 1 delivered

  1. Said on Feb 5, 2025

    Strategy set a FY2025 target BTC Yield, its own measure of bitcoin per share, of at least 15%.

    What happened

    It raised the target to 25% in May and 30% in July 2025, then cut it to 22% to 26% on Dec 1, 2025. FY2025 BTC Yield was 22.8%.

    Partly delivered

  2. Said on Feb 5, 2025

    Strategy set a FY2025 target BTC $ Gain, its own measure, of $10 billion.

    What happened

    Raised to $15 billion and then $20 billion, then cut to $8.4 to $12.8 billion on Dec 1, 2025. FY2025 BTC $ Gain was $8.9 billion.

    Missed

  3. Said on Jul 31, 2025

    Strategy said it expected FY2025 operating income of about $34 billion, net income of about $24 billion and EPS of about $80, assuming bitcoin at $150,000 at year-end.

    What happened

    Bitcoin ended 2025 at $87,515. Strategy reported a $5.44 billion operating loss, a $3.85 billion net loss and EPS of −$15.23.

    Missed

  4. Said on Dec 1, 2025

    Strategy said its new US dollar reserve would cover at least 12 months of dividends, with a goal of 24 months or more.

    What happened

    The reserve held $4.83 billion plus $242.4 million of other dollar cash on Oct 25, 2026, which the company says covers about 3.4 years of dividends and interest.

    Delivered
Sources (10)
Next: What could go wrong

08What could go wrong

What could go wrong for Strategy?

  • Other

    Profit swings with the bitcoin price

    Bitcoin was 91.8% of total assets at Sep 30, 2026. Price changes gave a $12.77 billion loss to common stockholders in Q1 FY2026 and $19.12 billion of income in Q3 FY2026.

    Watch The gain or loss on digital assets in each quarterly release.

  • Cash and liquidity

    Dividends and interest need cash the software does not produce

    Strategy paid $1.05 billion of preferred dividends in the first nine months of 2026, when cash from operations was $14.3 million. It pays them from share sales, its dollar reserve and, since Q2 FY2026, some bitcoin sales.

    Watch The USD Reserve balance and bitcoin sold, in each 8-K and 10-Q.

  • Debt

    Corporate credit rating below investment grade

    S&P Global Ratings gives Strategy a corporate credit rating of B-. If convertible note holders use their put rights, $1.05 billion of debt falls due in the 12 months to Sep 30, 2027 and $4.90 billion in the 12 months after.

    Watch Rating actions, note buybacks or conversions, and the 2027 and 2028 put dates.

  • Other

    Preferred stock ranks ahead of common shares

    The five preferred series carried a $14.11 billion liquidation preference at Sep 30, 2026, with dividends of 8% to 12% a year. Strategy's own KPIs leave out these prior claims.

    Watch Preferred liquidation preference and dividends paid in each 10-Q.

  • Execution

    Share sales add to the share count

    Diluted weighted shares were 192.5 million in FY2024 and 428.0 million in Q3 FY2026, and Strategy sold $13.66 billion of class A shares in the first nine months of 2026. BTC Yield, the company's per-share bitcoin measure, was −3.7% in 2026 through Oct 25.

    Watch Class A shares on each 10-Q cover and the BTC Yield the company reports.

  • Governance

    Founder controls a third of the votes

    Class B shares carry 10 votes each. Michael Saylor had 32.9% of the votes on Sep 15, 2026 with 4.8% of the class A shares counted as converted, and the 10-K says the business depends in large part on him.

    Watch The voting power column in each proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more.

  • Concentration

    Bitcoin held by three custodians

    Coinbase Custody, Anchorage Digital Bank and Fidelity Digital Assets held Strategy's bitcoin on Feb 13, 2026. The contracts exclude some losses, such as attacks not caused by a custodian's breach.

    Watch Custodian changes in the 10-K and any 8-K on a security incident.

  • Demand

    Software revenue is below its FY2021 level

    Revenue fell from $510.8 million in FY2021 to $477.2 million in FY2025, though FY2025 was up 3.0% from $463.5 million in FY2024. Revenue for the first nine months of 2026 rose 5.0% to $372.1 million from $354.2 million, while Q3 FY2026 revenue was down 2.5% from a year earlier. Full support for on-premises licenses ends on Dec 31, 2026.

    Watch Subscription and product support revenue in each quarterly release.

Sources (7)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Bitcoin holdings rose from 124,391 at the end of 2021 to 849,327 on Nov 1, 2026.
  • Strategy raised $13.66 billion from class A shares and $7.54 billion from preferred stock in the first nine months of 2026.
  • Debt fell to $6.72 billion at Sep 30, 2026 from $8.19 billion at Dec 31, 2025.
  • The company says its $5.07 billion of USD Assets covered 3.4 years of dividends and interest on Oct 25, 2026.
  • Subscription revenue rose from $43.1 million in FY2021 to $175.7 million in FY2025.

What critics point to

  • Bitcoin price falls produced a $4.23 billion loss to common stockholders in FY2025 and $12.77 billion in Q1 FY2026.
  • Preferred dividends paid in the first nine months of 2026 were $1.05 billion, against $372.1 million of revenue.
  • Preferred stock carried a $14.11 billion liquidation preference at Sep 30, 2026, ahead of common shares.
  • BTC Yield, the company's own per-share bitcoin measure, was −3.7% in 2026 through Oct 25.
  • S&P rates Strategy B-, and Michael Saylor had 32.9% of the votes on Sep 15, 2026.
Next: What to watch next

10What to watch next

What should you watch next at Strategy?

Next event

Q4 FY2026 results

Date not announced yet.

  • Paying for daily dividends

    STRC moved to daily dividends on Nov 1, 2026, and STRF, STRK and STRD follow on Jan 1, 2027. The USD Reserve held $4.79 billion on Nov 1, 2026.

  • Bitcoin's price and the quarterly gain or loss

    Q3 FY2026 had a $20.91 billion gain on bitcoin; Q1 FY2026 had a $14.46 billion loss.

  • Finance leadership

    Reza Virasteh becomes CFO on Jan 1, 2027, after Andrew Kang's resignation took effect on Nov 5, 2026.

Next: Key dates

11Key dates

What are the key dates for Strategy?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Strategy
EventDateSource
Full support ends for on-premises software licensesForm 10-K, fiscal year 2025 (ended Dec 31, 2025)
Reza Virasteh becomes EVP and Chief Financial OfficerForm 8-K, Items 2.02 and 5.02 (CFO transition), filed Oct 29, 2026
Daily dividends start on STRF, STRK and STRD preferred stockForm 8-K, Items 3.03, 5.03, 5.07 (special meeting, daily dividends), filed Oct 29, 2026; Q3 2026 earnings release (8-K Exhibit 99.1, Oct 29, 2026)
Holders can require repurchase of the 2028 convertible notes ($1.01 billion)Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)
Holders can require repurchase of the 2030B convertible notes ($2.0 billion)Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)
Holders can require repurchase of the 2029 convertible notes ($1.5 billion)Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)
Holders can require repurchase of the 2030A and 2031 convertible notes ($1.40 billion)Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)
Holders can require repurchase of the 2032 convertible notes ($800 million)Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)

Learn: What is an 8-K? A company's news report, with a real Adobe filing

Sources (5)
Next: Key facts

12Key facts

Key facts about Strategy

What does Strategy do?
Strategy Inc, called MicroStrategy until Aug 11, 2025, buys and holds bitcoin with money raised by selling shares, preferred stock and notes, and sells enterprise analytics software. Strategy held 849,327 bitcoin on Nov 1, 2026, and its software revenue was $477.2 million in FY2025.
How does Strategy make money, and what is its business model?
All of Strategy's revenue comes from software: $477.2 million in FY2025, of which product support was 42.8%, cloud subscriptions 36.8%, consulting and education 12.1% and licenses 8.3%. Strategy's bitcoin brings in no revenue; changes in the bitcoin price go into Strategy's operating income as gains or losses.
Is Strategy profitable?
Strategy's profit follows the bitcoin price. Strategy's loss to common stockholders was $4.23 billion in FY2025, after a $5.40 billion unrealized loss on bitcoin. In Q3 FY2026, Strategy's net income to common stockholders was $19.12 billion, including a $20.91 billion gain on bitcoin.
What is Strategy's revenue by segment?
Strategy has reported two segments, Software and Bitcoin, since Q2 FY2026. In the first nine months of 2026, Strategy's Software segment had $372.1 million of revenue and $33.6 million of net income, and the Bitcoin segment, which has no revenue, had a net loss of $1.26 billion.
How much bitcoin does Strategy own?
Strategy held 849,327 bitcoin on Nov 1, 2026, bought for $64.08 billion in total, an average of $75,451 per bitcoin. Strategy held 124,391 bitcoin at the end of 2021 and 672,500 at the end of 2025.
What is Strategy's preferred stock?
Strategy has five series of perpetual preferred stock, STRF, STRC, STRE, STRK and STRD, which it calls "digital credit". They carried a $14.11 billion liquidation preference at Sep 30, 2026, ahead of common shares, and Strategy paid $1.05 billion of preferred dividends in the first nine months of 2026.
Who are Strategy's customers?
Strategy's software customers are mostly large and mid-size companies and government agencies using its Strategy One analytics platform. No customer was 10% or more of Strategy's revenue in FY2023 to FY2025. In FY2025, 57.0% of Strategy's revenue came from the United States and 34.1% from Europe, the Middle East and Africa.
Who owns Strategy?
Founder Michael Saylor controls Strategy's 10-vote class B shares and had 32.9% of the votes on Sep 15, 2026, with 4.8% of the class A shares counted as converted. Strategy's directors and executive officers together had 33.2% of the votes and 5.4% of the shares. Capital International Investors reported 31.6 million class A shares at Mar 31, 2026, which Strategy's September 2026 proxy shows as 7.9% of class A.
Is Strategy the same company as MicroStrategy?
Yes. MicroStrategy Incorporated changed its name to Strategy Inc on Aug 11, 2025, and its class A shares still trade on Nasdaq as MSTR. Michael Saylor founded the company in November 1989.
Sources (8)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does Strategy sell?

Strategy is two businesses in one company. The larger one, by assets, buys and holds bitcoin, paid for by selling new common shares, preferred stock and notes to investors. The smaller one sells analytics software to companies and governments, and brings in all of the revenue.

  • Bitcoin holdings (849,327 bitcoin, Nov 1, 2026)

    Strategy buys bitcoin and holds it with three custodians. It calls bitcoin its primary treasury reserve asset. Bitcoin brings in no revenue; price changes count as gains or losses in operating income.

  • Preferred stock, or "digital credit" ($14.11B liquidation preference)

    Five series of perpetual preferred stock that pay dividends of 8% to 12% a year. Strategy sells them to raise money for bitcoin; four trade on Nasdaq and STRE on the Luxembourg Stock Exchange.

  • Product support ($204.2M in FY2025)

    Technical support and updates for customers who bought software licenses to run on their own computers.

  • Cloud subscriptions ($175.7M)

    Strategy One, an analytics platform with dashboards, reports and an AI assistant, run in the cloud. Subscriptions typically last 36 months and include standard support.

  • Consulting and education ($57.7M)

    Strategy consultants help customers set up analytics, and its education team runs paid and free training.

  • Software licenses ($39.7M)

    Licenses to run the software on the customer's own servers. Full support for these licenses ends on Dec 31, 2026.

What it does

  • Does: Raises money by selling class A shares and preferred stock through at-the-market programs, and uses it to buy bitcoin
  • Does: Pays cash dividends on its preferred stock: $1.05 billion in the first nine months of 2026
  • Does: Keeps a US dollar reserve for dividends and interest: $4.79 billion on Nov 1, 2026
  • Does: Sold 1,395 bitcoin in Q2 FY2026 and 5,552 in Q3 FY2026, partly to pay preferred dividends
  • Does: Buys bitcoin through trade execution partners affiliated with its custodians

What it does not do

  • Does not: Does not count bitcoin gains as revenue: they sit in operating income
  • Does not: Has never paid a dividend on its common stock
  • Does not: Is not registered as an investment company, so its shareholders do not get the protections a registered fund's investors have
Sources (3)
14How the money flows

14How the money flows · FY2025

How does money flow through Strategy?

Money in

  • Product support$204M
  • Cloud subscriptions$176M
  • Consulting and education$57.7M
  • Software licenses$39.7M

The company

Strategy

$477M came in

Money out

  • Cost of revenue$149M
  • Sales, research and administration$369M
  • Unrealized loss on bitcoin$5.4B
  • Interest and other expense$81.6M
  • Income tax benefit (reduced the loss)−$1.7B
  • Preferred stock dividends$381M
  • Net loss to common stockholders−$4.2B
  1. Software customers paid Strategy $477.2 million in FY2025, its only revenue.
  2. Cost of revenue took $149.4 million, and sales, research and administration $368.7 million, so costs exceeded revenue by $40.9 million before the bitcoin line.
  3. Bitcoin's price fell to $87,515 at year-end, giving a $5.40 billion unrealized loss on bitcoin and a $5.44 billion operating loss.
  4. After $81.6 million of interest and other expense and a $1.68 billion income tax benefit, the net loss was $3.85 billion.
  5. Preferred dividends of $381.4 million made the loss to common stockholders $4.23 billion.
Sources (1)
15What it needs to run

15What it needs to run

What does Strategy need to run?

  • Bitcoin custodians

    On Feb 13, 2026, Coinbase Custody held 40% of Strategy's bitcoin, Anchorage Digital Bank 37% and Fidelity Digital Assets 23%. None is a related party.

  • Investors who buy its securities

    Strategy funds bitcoin purchases by selling class A shares and preferred stock. It received $5.41 billion of net proceeds from selling class A shares in Q3 FY2026.

  • A US dollar reserve

    Set up on Dec 1, 2025 with $1.44 billion to pay preferred dividends and interest. It held $4.79 billion on Nov 1, 2026.

  • People

    1,539 employees at Dec 31, 2025: 448 in the US and 1,091 elsewhere. The 10-K says its success depends in large part on Executive Chairman Michael Saylor.

Sources (4)
16Where it sells

16Where it sells · FY2025

Where does Strategy sell?

  • United States57%
  • Europe, Middle East and Africa34%
  • Other regions9%
Sources (1)
17Competitors and what protects it

17Competitors and what protects it

Who does Strategy compete with?

Strategy's FY2025 10-K names IBM, Microsoft, Oracle, Salesforce and SAP as software competitors. For money to buy bitcoin, it says it competes with bitcoin exchange-traded products, miners, exchanges and other companies that hold bitcoin.

  • IBM

    NYSE: IBM

    A global software vendor that Strategy's FY2025 10-K names as a competitor in enterprise analytics.

  • Microsoft

    NASDAQ: MSFT

    Named in Strategy's FY2025 10-K as an enterprise analytics competitor. Microsoft is also one of Strategy's cloud hosting partners.

  • Oracle

    NYSE: ORCL

    A global software vendor that Strategy's FY2025 10-K names as a competitor in enterprise analytics.

  • Salesforce

    NYSE: CRM

    A global software vendor that Strategy's FY2025 10-K names as a competitor in enterprise analytics.

  • SAP

    A global software vendor that Strategy's FY2025 10-K names as a competitor in enterprise analytics.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Size of bitcoin holdings4 of 5

    Strategy held 849,327 bitcoin on Nov 1, 2026, and its 10-K says it is the largest corporate holder of bitcoin.

  • Access to investors' money4 of 5

    Strategy raised $16.27 billion from class A shares and $7.04 billion from preferred stock in FY2025, and five preferred series trade on exchanges.

  • Software customer base2 of 5

    Revenue fell from $510.8 million in FY2021 to $477.2 million in FY2025, and support revenue fell from $281.2 million to $204.2 million.

Weak spot

Results depend on the bitcoin price

Losses on bitcoin gave a $12.62 billion loss to common stockholders in Q4 FY2025 and $12.77 billion in Q1 FY2026.

Sources (5)
18Where growth could come from

18Where growth could come from

Where could Strategy's growth come from?

Strategy said on Oct 29, 2026 that its USD Assets, $5.07 billion on Oct 25, 2026, gave 3.4 years of coverage on preferred dividends and interest. The Q3 FY2026 earnings release gives no revenue or earnings guidance.
Management statement, Oct 29, 2026. Reported as a statement, not our forecast.

  • Buying more bitcoin

    Mixed

    849,327 bitcoin, Nov 1, 2026

    The company says holdings grew 26% in 2026 through Oct 25. Its own measure of bitcoin per diluted share, BTC Yield, was −3.7% over that period.

    Status: Mixed, partly on track.

  • Preferred stock ("digital credit")

    Mixed

    $7.54B raised, first nine months of 2026

    Strategy then bought back 20.98 million STRC shares for about $2.04 billion through Oct 25, 2026. Stockholders approved daily dividends on Oct 28, 2026.

    Status: Mixed, partly on track.

  • Cloud subscriptions

    Working

    $175.7M in FY2025, up from $106.8M

    Subscription revenue was $68.6 million in Q3 FY2026. Full support for on-premises licenses ends on Dec 31, 2026.

    Status: Working, on track against what the company said.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (5)
19The company's own measures (non-GAAP)

19The company's own measures · FY2025 and 2026 to date

What do Strategy's own measures show?

These are Strategy's own measures, shown next to the official (GAAP) number. Strategy says they are not financial performance, valuation or liquidity measures. They are never added to GAAP figures.

  • Official (GAAP): Unrealized loss on bitcoin, FY2025

    −5,403.5%

    Company's own measure: BTC Yield, FY2025

    22.8%

    The percentage change in bitcoin held per assumed diluted share over the year. Strategy says it is not a measure of return, income or performance, and it ignores debt and the preferred stock's prior claims.

  • Official (GAAP): Unrealized loss on bitcoin, FY2025

    −$5.4B

    Company's own measure: BTC $ Gain, FY2025

    $8.9B

    BTC Yield turned into bitcoin and multiplied by the year-end bitcoin price. Strategy says it is not a gain on bitcoin, realized or unrealized, and can be positive in a period of losses on bitcoin, as in FY2025.

  • Official (GAAP): Loss on bitcoin, first nine months of 2026 (Q3 FY2026 earnings release)

    −1,858.5%

    Company's own measure: BTC Yield, 2026 through Oct 25

    −3.7%

    Same definition. It was negative because assumed diluted shares grew faster than bitcoin holdings. The periods differ: the KPI runs to Oct 25 and the GAAP figure to Sep 30.

  • Official (GAAP): Loss on bitcoin, first nine months of 2026

    −$1.9B

    Company's own measure: BTC Gain, 2026 through Oct 25

    −24,947 bitcoin

    BTC Yield expressed in bitcoin: the yield times bitcoin held at the start of the year.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out

Sources (4)
20Financial strength and debt

20Financial strength · Sep 30, 2026

How much debt does Strategy have?

Strategy had $6.72 billion of debt at Sep 30, 2026 against $5.91 billion of cash and short-term investments, so net debt was $809.5 million (Cityfort calculation from the Q3 FY2026 10-Q); its bitcoin, worth $70.82 billion, is not counted as cash.
  • Total debt$6.7B
  • Cash and investments$5.9B
  • Net debt (debt minus cash)$810M
  • Net worth (shareholders' money)$55.4B
Debt to equity
0.12×
$ of debt for every $1 of shareholders' money
  • Debt principal was $6.75 billion at Sep 30, 2026, almost all convertible notes. If note holders use their put rights, the 10-Q shows $1.05 billion falling due in the 12 months to Sep 30, 2027 and $4.90 billion in the following 12 months.
  • Perpetual preferred stock is not debt and sits outside stockholders' equity. Its liquidation preference was $14.11 billion at Sep 30, 2026, with dividends of 8% to 12% a year.
  • Debt fell from $8.19 billion at Dec 31, 2025 after Strategy bought back $1.50 billion of 2029 notes for $1.38 billion on May 19, 2026.
  • Interest cover is left blank because operating income swings with the bitcoin price: it was a $14.47 billion loss in Q1 FY2026 and $20.91 billion of income in Q3 FY2026.
Sources (4)
21Who owns it

21Who owns it · ownership as of Sep 15, 2026

Who owns Strategy?

Michael Saylor controls the votes through class B shares, which carry 10 votes each against one for class A. On Sep 15, 2026 he had 32.9% of the votes, and 10 directors and executive officers together 33.2% of the votes and 5.4% of the shares. The five preferred series are not common stock and are not included here.
Officers and directors (as a group), shares
5.4%
Officers and directors (as a group), votes
33.2%

Shares vs votes by class

Strategy has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.

  • Class A common stock: share of all votes67.2%
  • Class B common stock: share of all votes32.8%

Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.

Share classes
Strategy share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Class A common stock (Shares on Oct 25, 2026 (Q3 FY2026 10-Q cover). Percentages are a Cityfort calculation from the Q3 FY2026 10-Q cover.)402.71Public and institutional investors; trades on Nasdaq as MSTR95.3%67.2%Yes
Class B common stock (Shares on Oct 25, 2026 (Q3 FY2026 10-Q cover). Percentages are a Cityfort calculation from the Q3 FY2026 10-Q cover.)19.610Almost all held by Michael Saylor through Alcantara LLC; each share can convert into one class A share4.7%32.8%No
Holders of 5% or more
Strategy holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Michael J. Saylor, Founder and Executive Chairman (% of class A, counting his class B as converted)4.8%32.9%Sep 15, 2026S1819,616,680 class B shares through Alcantara LLC, 99.9% of class B, plus 372,575 class A shares held by a charitable foundation, which he disclaims.
Capital International Investors (% of class A)7.9%5.3%May 14, 2026S18, S1931,642,100 class A shares at Mar 31, 2026, from its Schedule 13G/A, as listed in the September 2026 special meeting proxy.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Insider trades · Form 4 data as of Nov 6, 2026

What did Strategy's insiders report trading?

Strategy's insiders made 70 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.

They reported 10 purchases (20,787 shares) and 156 sales (262,325 shares) in the open market or privately (codes P and S).

72 of the 156 sales were on forms with the Rule 10b5-1 plan box checked.

The same filings report 81 other share transactions (M: 80, G: 1).

They also report 102 transactions in options, stock units or other derivatives.

Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.

P
a purchase in the open market or privately
S
a sale in the open market or privately
M
exercise or conversion of an option or other derivative, exempt under Rule 16b-3
G
a bona fide gift

Code meanings: General Instruction 8 of Form 4 (SEC).

The latest 25 of 247 transactions
Strategy's insider transactions reported on Form 4 in the 12 months to Nov 6, 2026, newest filing first
InsiderTrade dateCodeSharesPriceHeld after10b5-1 boxFiling
Patten Jarrod MDirectorNov 4, 2026M4,750 A$18.23633,156Not checkedForm 4, filed Nov 6, 2026
Patten Jarrod MDirectorNov 4, 2026S950 D$143.0032,206Not checkedForm 4, filed Nov 6, 2026
Patten Jarrod MDirectorNov 4, 2026S950 D$145.0031,256Not checkedForm 4, filed Nov 6, 2026
Patten Jarrod MDirectorNov 4, 2026S950 D$137.0030,306Not checkedForm 4, filed Nov 6, 2026
Patten Jarrod MDirectorNov 4, 2026S950 D$139.0029,356Not checkedForm 4, filed Nov 6, 2026
Patten Jarrod MDirectorNov 4, 2026S950 D$141.0028,406Not checkedForm 4, filed Nov 6, 2026
Patten Jarrod MDirectorNov 3, 2026M950 A$18.23629,356Not checkedForm 4, filed Nov 4, 2026
Patten Jarrod MDirectorNov 3, 2026S950 D$136.0428,406Not checkedForm 4, filed Nov 4, 2026
Patten Jarrod MDirectorOct 9, 2026M1,350 A$18.23629,756Not checkedForm 4, filed Oct 13, 2026
Patten Jarrod MDirectorOct 9, 2026S450 D$154.4729,306Not checkedForm 4, filed Oct 13, 2026
Patten Jarrod MDirectorOct 9, 2026S450 D$156.0028,856Not checkedForm 4, filed Oct 13, 2026
Patten Jarrod MDirectorOct 9, 2026S450 D$158.0028,406Not checkedForm 4, filed Oct 13, 2026
Patten Jarrod MDirectorOct 8, 2026M1,400 A$18.23629,806Not checkedForm 4, filed Oct 13, 2026
Patten Jarrod MDirectorOct 8, 2026S950 D$150.5428,856Not checkedForm 4, filed Oct 13, 2026
Patten Jarrod MDirectorOct 8, 2026S450 D$152.0028,406Not checkedForm 4, filed Oct 13, 2026
Patten Jarrod MDirectorSep 22, 2026M475 A$18.23628,881Not checkedForm 4, filed Sep 23, 2026
Patten Jarrod MDirectorSep 22, 2026S475 D$171.0028,406Not checkedForm 4, filed Sep 23, 2026
Patten Jarrod MDirectorSep 21, 2026M1,425 A$18.23629,831Not checkedForm 4, filed Sep 22, 2026
Patten Jarrod MDirectorSep 21, 2026S475 D$165.98429,356Not checkedForm 4, filed Sep 22, 2026
Patten Jarrod MDirectorSep 21, 2026S475 D$167.0028,881Not checkedForm 4, filed Sep 22, 2026
Patten Jarrod MDirectorSep 21, 2026S475 D$169.0028,406Not checkedForm 4, filed Sep 22, 2026
Chow Thomas C.EVP & General CounselSep 4, 2026S106 D$138.750Not checkedForm 4, filed Sep 8, 2026
Patten Jarrod MDirectorAug 27, 2026M1,850 A$18.23630,256Not checkedForm 4, filed Aug 31, 2026
Patten Jarrod MDirectorAug 27, 2026S925 D$129.0029,331Not checkedForm 4, filed Aug 31, 2026
Patten Jarrod MDirectorAug 27, 2026S925 D$131.0028,406Not checkedForm 4, filed Aug 31, 2026

Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Strategy's Form 4 filings on EDGAR.

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades

Sources (3)
22What it does with profit

22What it does with profit

What does Strategy do with its profit?

Strategy has never paid a dividend on its common stock. It paid $381.4 million of preferred dividends in FY2025 and $1.05 billion in the first nine months of 2026. On Nov 1, 2026, a $1.0 billion class A buyback authorization was unused and $748.6 million was left under the preferred authorization.

  • Buyback · May 19, 2026

    Bought back $1.50 billion of principal of its 2029 convertible notes.

    $1.4B

  • Buyback · Oct 25, 2026

    Bought back 20,980,508 STRC preferred shares ($2.10 billion of notional value) in 2026 through Oct 25, including some not yet settled.

    $2.0B

  • Money raised · Dec 31, 2024

    FY2024: class A share sales.

    $16.4B

  • Money raised · Dec 31, 2024

    FY2024: convertible notes.

    $6.2B

  • Money raised · Dec 31, 2025

    FY2025: class A share sales.

    $16.3B

  • Money raised · Dec 31, 2025

    FY2025: preferred stock sales (five new series).

    $7.0B

  • Money raised · Sep 30, 2026

    First nine months of 2026: class A share sales.

    $13.7B

  • Money raised · Sep 30, 2026

    First nine months of 2026: preferred stock sales.

    $7.5B

Sources (3)
23Governance signals

23Governance signals

What do Strategy's governance filings show?

Auditor
KPMG LLP, since 2013
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
From June 2021 Michael Saylor gave the directors and officers indemnity cover; Strategy paid him $157,000 to extend it in June 2024, and it ended in June 2025. Some directors, officers and 5% holders bought preferred stock in the 2025 offerings at the public offering price.
Credit rating
S&P Global Ratings (as stated in Strategy's Q3 FY2026 10-Q) B- (assigned Oct 27, 2025; affirmed in December 2025), below investment grade (not stated in the filings), Oct 27, 2025

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • other

    Founder voting control

    Class B shares carry 10 votes each against one for class A. Michael Saylor holds 99.9% of class B and had 32.9% of the votes on Sep 15, 2026.

  • other

    Finance team changes

    CFO Andrew Kang resigned effective Nov 5, 2026; CEO Phong Le is principal financial officer until Reza Virasteh becomes CFO on Jan 1, 2027. Chief Accounting Officer Jeanine Montgomery retired on Jun 30, 2026, and Shelley Khanna became Chief Accounting Officer on Nov 6, 2026.

  • disclosure

    Q2 FY2026 earnings release refiled

    Strategy refiled its Q2 FY2026 earnings release on an amended 8-K on Jul 31, 2026, a day after the original, to correctly present interest income (expense), net.

  • other

    Accounting change for bitcoin

    From Jan 1, 2025, Strategy measures bitcoin at fair value, adding $12.75 billion to retained earnings at the start. Earlier years record only impairment losses, so FY2021 to FY2024 profit is not comparable with later years.

  • other

    Class action over the STRK amendment

    A July 2025 purported class action alleged common stockholders were entitled to vote on a July 2025 change to STRK preferred terms. It was dismissed as moot; under a stipulation the court approved on Mar 27, 2026, Strategy agreed to pay $550,000 of the plaintiff's attorneys' fees and expenses and to seek stockholder ratification.

Sources (9)
24What the market paid

24What the market paid · price as of Nov 5, 2026

What did the market pay for Strategy on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Strategy's class A shares closed at $129.30 on Nasdaq. Market value of about $54.61 billion (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q3 FY2026 10-Q cover) = $129.30 × 422.35 million class A and class B shares (Oct 25, 2026); unlisted class B shares are valued at the class A price. P/E (price ÷ earnings per share) is left blank: diluted EPS for the four quarters to Sep 30, 2026 adds to a loss of $60.88 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases). Price to book is market value ÷ stockholders' equity: 0.99 on $55.44 billion at Sep 30, 2026; the preferred stock sits outside that equity. EV/EBITDA is left blank.

Share price
$129.30
Market value (market cap)
$54.6B
P/B
1×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 422.35 million ($129.30 × 422.35 million shares ≈ $54.6B). Source: Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026); Definitive proxy statement (DEF 14A), 2026 special meeting (ownership as of Sep 15, 2026)

Source: MSTR historical quotes, Nasdaq, Oct 20 to Nov 5, 2026 (close Nov 5, 2026: $129.30); Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026); Q4 and full-year 2025 earnings release (8-K Exhibit 99.1, Feb 5, 2026) and 3 more

Sources (10)
25How it got here

25How it got here

How did Strategy get here?

  1. 1989

    Milestone

    Founded

    Michael Saylor founded the company, then MicroStrategy, in November 1989 to sell business analytics software.

  2. 2020

    Business-model change

    First bitcoin purchase

    Strategy announced its first bitcoin purchase in August 2020, and in September its board made bitcoin a treasury reserve asset.

  3. 2021

    Business-model change

    Borrowing to buy bitcoin

    Strategy raised $1.05 billion of convertible notes, $500 million of secured notes and $1.0 billion from shares, and held 124,391 bitcoin at year-end.

  4. 2022

    Crisis

    Bitcoin price fall

    Bitcoin ended 2022 at $16,556. Impairment losses were $1.29 billion and the net loss $1.47 billion. Saylor handed the CEO role to Phong Le in August.

  5. 2024

    Milestone

    Larger share sales and a stock split

    Strategy raised $16.36 billion from class A shares and $6.21 billion from convertible notes, and bought 258,320 bitcoin. It split its shares 10-for-1 in August.

  6. 2025

    Business-model change

    Preferred stock, fair value and a new name

    Strategy began counting bitcoin at fair value, issued five preferred series, renamed itself Strategy on Aug 11 and set up a dollar reserve in December.

  7. 2026

    Milestone

    Bitcoin sales and two segments

    Strategy began reporting Software and Bitcoin segments, sold some bitcoin to help pay dividends, and bought back about $2.04 billion of STRC preferred.

Sources (7)

26Sources and changes

Where every number on this page comes from

Sources (25 documents)
  1. S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Feb 19, 2026
  2. S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Feb 18, 2025
  3. S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Feb 15, 2024
  4. S5Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026) · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Nov 2, 2026
  5. S6Form 10-Q, Q2 fiscal 2026 (quarter ended Jun 30, 2026) · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Aug 3, 2026
  6. S7Form 10-Q, Q1 fiscal 2026 (quarter ended Mar 31, 2026) · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2026
  7. S8Form 10-Q, Q3 fiscal 2025 (quarter ended Sep 30, 2025) · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2025
  8. S9Q3 2026 earnings release (8-K Exhibit 99.1, Oct 29, 2026) · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  9. S10Q2 2026 earnings release (8-K/A Exhibit 99.1, Jul 31, 2026; corrected version) · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2026
  10. S11Q1 2026 earnings release (8-K Exhibit 99.1, May 5, 2026) · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · May 5, 2026
  11. S12Q4 and full-year 2025 earnings release (8-K Exhibit 99.1, Feb 5, 2026) · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2026
  12. S13Q3 2025 earnings release (8-K Exhibit 99.1, Oct 30, 2025) · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2025
  13. S14Q2 2025 earnings release (8-K Exhibit 99.1, Jul 31, 2025) · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2025
  14. S15Q1 2025 earnings release (8-K Exhibit 99.1, May 1, 2025) · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2025
  15. S16Q4 and full-year 2024 earnings release (8-K Exhibit 99.1, Feb 5, 2025) · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2025
  16. S17Definitive proxy statement (DEF 14A), 2026 annual meeting · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Apr 28, 2026
  17. S18Definitive proxy statement (DEF 14A), 2026 special meeting (ownership as of Sep 15, 2026) · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Oct 5, 2026
  18. S19Schedule 13G/A, Capital International Investors (event Mar 31, 2026) · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · May 14, 2026
  19. S22Form 8-K, Items 2.02 and 5.02 (CFO transition), filed Oct 29, 2026 · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  20. S23Form 8-K, Items 3.03, 5.03, 5.07 (special meeting, daily dividends), filed Oct 29, 2026 · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  21. S24Form 8-K, Item 8.01 (ATM, bitcoin holdings, repurchases, USD Reserve), filed Nov 2, 2026 · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Nov 2, 2026
  22. S25Form 8-K, Items 5.02, 7.01, 8.01 (USD Reserve, FY2025 guidance update), filed Dec 1, 2025, with Exhibit 99.1 · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Dec 1, 2025
  23. S26Form 8-K, Item 5.02 (principal accounting officer), filed Jul 6, 2026 · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Jul 6, 2026
  24. S29Q2 2026 earnings release, original 8-K filed Jul 30, 2026 (exhibit replaced by 8-K/A) · Strategy Inc (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2026
  25. S30MSTR historical quotes, Nasdaq, Oct 20 to Nov 5, 2026 (close Nov 5, 2026: $129.30) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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