v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues:        
Total revenues $ 122,368 $ 114,488 $ 246,668 $ 225,554
Cost of revenues:        
Total cost of revenues 40,818 35,750 81,764 69,721
Gross profit 81,550 78,738 164,904 155,833
Operating expenses:        
Sales and marketing 34,119 33,691 70,391 61,223
Research and development 23,099 24,071 47,764 48,494
General and administrative 39,917 36,500 77,274 77,047
Unrealized loss (gain) on digital assets 8,315,365 (14,047,514) 22,770,844 (8,141,509)
Total operating expenses 8,412,500 (13,953,252) 22,966,273 (7,954,745)
(Loss) income from operations (8,330,950) 14,031,990 (22,801,369) 8,110,578
Interest income (expense), net (1,250) (17,897) 574 (35,003)
Gain on debt extinguishment 113,916 0 113,916 0
Other income (expense), net 214 (8,271) 3,330 (12,207)
(Loss) income before income taxes (8,218,070) 14,005,822 (22,683,549) 8,063,368
Provision for (benefit from) income taxes 1,558 3,984,976 (1,921,251) 2,259,892
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 attributable to common stockholders of Strategy - Basic $ (8,620,289) $ 9,971,736 $ (21,392,486) $ 5,745,129
Basic loss per common share (in dollars per share) [1] $ (24.45) $ 36.23 $ (62.32) $ 21.61
Weighted average common shares outstanding (in shares) 352,534 275,244 343,275 265,910
Diluted loss per common share (in dollars per share) [1] $ (24.45) $ 32.60 $ (62.32) $ 19.43
Weighted average common shares outstanding - Diluted (in shares) 352,534 306,764 343,275 298,039
Total product licenses and subscription services        
Revenues:        
Total revenues $ 66,525 $ 48,001 $ 130,905 $ 92,374
Cost of revenues:        
Total cost of revenues 23,990 17,075 47,657 32,468
Product licenses        
Revenues:        
Total revenues 3,667 7,177 9,168 14,447
Cost of revenues:        
Total cost of revenues 1,247 1,169 2,443 2,133
Subscription services        
Revenues:        
Total revenues 62,858 40,824 121,737 77,927
Cost of revenues:        
Total cost of revenues 22,743 15,906 45,214 30,335
Product support        
Revenues:        
Total revenues 40,245 52,081 84,435 104,610
Cost of revenues:        
Total cost of revenues 5,634 7,291 11,821 14,645
Other services        
Revenues:        
Total revenues 15,598 14,406 31,328 28,570
Cost of revenues:        
Total cost of revenues $ 11,194 $ 11,384 $ 22,286 $ 22,608
[1] Basic and fully diluted (loss) earnings per common share for class A and class B common stock are the same.