Basic and Diluted Earnings (Loss) per Common Share (Tables)

The following table sets forth the computation of basic and diluted earnings (loss) per common share for the periods indicated:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2026		2025		2026		2025
Numerator - Basic and Diluted:
Net (loss) income	$	(8,219,628)	$	10,020,846	$	(20,762,298)	$	5,803,476
Dividends on preferred stock	(400,661)		(49,110)		(630,188)		(58,347)
Net (loss) income attributable to common stockholders of Strategy	$	(8,620,289)	$	9,971,736	$	(21,392,486)	$	5,745,129
Effect of dilutive shares on net earnings:
Interest expense on 2027 Convertible Notes, net of tax	—		—		—		286
Interest expense on 2028 Convertible Notes, net of tax	—		1,887		—		3,755
Interest expense on 2029 Convertible Notes, net of tax	—		1,308		—		2,603
Interest expense on 2030A Convertible Notes, net of tax	—		1,606		—		3,194
Interest expense on 2030B Convertible Notes, net of tax	—		898		—		1,264
Interest expense on 2031 Convertible Notes, net of tax	—		1,390		—		2,767
Interest expense on 2032 Convertible Notes, net of tax	—		3,718		—		7,400
Dividends on STRK Stock	—		16,756		—		23,550
Net (loss) income - Diluted	$	(8,620,289)	$	9,999,300	$	(21,392,486)	$	5,789,949

Denominator - Basic and Diluted:
Weighted average common shares of class A common stock	332,894		255,604		323,635		246,270
Weighted average common shares of class B common stock	19,640		19,640		19,640		19,640
Total weighted average shares of common stock outstanding	352,534		275,244		343,275		265,910

Effect of dilutive shares on weighted average common shares outstanding:
Stock options	—		3,615		—		3,847
Restricted stock units	—		5		—		495
Performance stock units	—		494		—		511
Employee stock purchase plan	—		3		—		2
Convertible preferred stock	—		963		—		702
2027 Convertible Notes	—		—		—		1,439
2028 Convertible Notes	—		5,513		—		5,513
2029 Convertible Notes	—		4,462		—		4,462
2030A Convertible Notes	—		5,342		—		5,342
2030B Convertible Notes	—		4,614		—		3,307
2031 Convertible Notes	—		2,594		—		2,594
2032 Convertible Notes	—		3,915		—		3,915
Total weighted average shares of common stock outstanding - Diluted	352,534		306,764		343,275		298,039

(Loss) earnings per common share:
Basic (loss) earnings per common share (1)	$	(24.45)	$	36.23	$	(62.32)	$	21.61
Diluted (loss) earnings per common share (1)	$	(24.45)	$	32.60	$	(62.32)	$	19.43

(1)Basic and fully diluted (loss) earnings per common share for class A and class B common stock are the same.

For the three and six months ended June 30, 2026 and 2025, the following weighted average shares of potential class A common stock were excluded from the diluted earnings (loss) per common share calculation because their impact would have been anti-dilutive.



	Three Months Ended June 30,		Six Months Ended June 30,
(in thousands)	2026	2025	2026	2025
Stock options	3,255	50	3,305	46
Restricted stock units	808	877	777	8
Performance stock units	429	—	457	—
Employee stock purchase plan	24	—	20	—
Convertible preferred stock	1,402	—	1,402	—
2028 Convertible Notes	5,513	—	5,513	—
2029 Convertible Notes	3,432	—	3,947	—
2030A Convertible Notes	5,342	—	5,342	—
2030B Convertible Notes	4,614	—	4,614	—
2031 Convertible Notes	2,594	—	2,594	—
2032 Convertible Notes	3,915	—	3,915	—
Total	31,328	927	31,886	54