Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the respective period. Net income (loss) attributable to common stockholders is computed by deducting the Preferred Stock dividends declared related to the current financial reporting period. On repurchase of preferred stock, any excess of the net carrying amount of the preferred stock in the Company’s Consolidated Balance Sheet over the fair value of the consideration transferred to the holders of the preferred stock is accounted for as a deemed contribution from preferred stockholders. This amount is included in the determination of net income (loss) attributable to common stockholders in the calculation of earnings per share.

The Company has two classes of common stock: class A common stock and class B common stock. Holders of class A common stock generally have the same rights, including rights to dividends, as holders of class B common stock, except that holders of class A common stock have one vote per share while holders of class B common stock have ten votes per share. Each share of class B common stock is convertible at any time, at the option of the holder, into one share of class A common stock. As such, basic and fully diluted earnings (loss) per common share for class A common stock and for class B common stock are the same. The Company has never declared or paid any cash dividends on either class A or class B common stock.

As of September 30, 2026, the Company had five series of Preferred Stock outstanding: STRF Stock, STRC Stock, STRE Stock, STRK Stock, and STRD Stock. Only STRK Stock is convertible into the Company’s class A common stock and, therefore, is the only series of Preferred Stock that impacts diluted earnings (loss) per common share. Each share of the STRK Stock is convertible at any time, at the option of the holder, into 0.1 shares of class A common stock. Refer to Note 10, Redeemable Preferred Stock, for additional information on the dividend, voting, and other rights of the Company's outstanding Preferred Stock.

The impact from potential shares of common stock issuable on the diluted earnings (loss) per common share calculation is included when dilutive. Potential shares of class A common stock issuable upon the exercise of outstanding stock options, the vesting of restricted stock units and performance stock units considered probable of achievement, and in connection with the 2021 ESPP are computed using the treasury stock method. Potential shares of class A common stock issuable upon conversion of the Convertible Notes and upon conversion of the STRK Stock are computed using the if-converted method. In computing diluted earnings (loss) per common share, the Company first calculates the earnings per incremental share (“EPIS”) for each class of potential shares of common stock and ranks the classes from the most dilutive (i.e., lowest EPIS) to the least dilutive (i.e., highest EPIS). Basic earnings per common share is then adjusted for the effect of each class of shares, in sequence and cumulatively, until a particular class no longer produces further dilution.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share data)	2026		2025		2026		2025
Numerator - Basic and Diluted:
Net income (loss)	$	19,532,972	$	2,785,024	$	(1,229,326)	$	8,588,500
Dividends on preferred stock	(419,556)		(139,898)		(1,049,744)		(198,040)
Deemed contribution related to preferred stock repurchases	5,517		—		5,517		—
Net income (loss) attributable to common stockholders of Strategy	$	19,118,933	$	2,645,126	$	(2,273,553)	$	8,390,460
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	1,882		1,871		—		5,626
Interest expense on 2029 Convertible Notes, net of tax	650		1,296		—		3,899
Interest expense on 2030A Convertible Notes, net of tax	1,602		1,592		—		4,786
Interest expense on 2030B Convertible Notes, net of tax	893		890		—		2,154
Interest expense on 2031 Convertible Notes, net of tax	1,387		1,378		—		4,145
Interest expense on 2032 Convertible Notes, net of tax	3,705		3,685		—		11,086
Dividends on STRK Stock	28,041		—		—		—
Net income (loss) - Diluted	$	19,157,093	$	2,655,838	$	(2,273,553)	$	8,422,442

Denominator - Basic and Diluted:
Weighted average common shares of class A common stock	380,508		264,736		342,801		252,503
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	400,148		284,376		362,441		272,143

Effect of dilutive shares on weighted average common shares outstanding:
Stock options	2,074		3,419		—		3,704
Restricted stock units	157		655		—		769
Performance stock units	59		503		—		508
Employee stock purchase plan	—		—		—		2
Convertible preferred stock	1,402		—		—		—
2027 Convertible Notes	—		—		—		1,315
2028 Convertible Notes	5,513		5,513		—		5,513
2029 Convertible Notes	2,231		4,462		—		4,462
2030A Convertible Notes	5,342		5,342		—		5,342
2030B Convertible Notes	4,614		4,614		—		3,719
2031 Convertible Notes	2,594		2,594		—		2,594
2032 Convertible Notes	3,915		3,915		—		3,915
Total weighted average shares of common stock outstanding - Diluted	428,049		315,393		362,441		303,986

Earnings (loss) per common share:
Basic earnings (loss) per common share (1)	$	47.78	$	9.30	$	(6.27)	$	30.83
Diluted earnings (loss) per common share (1)	$	44.75	$	8.42	$	(6.27)	$	27.71



	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2026	2025	2026	2025
Stock options	190	53	3,253	46
Restricted stock units	442	6	734	13
Performance stock units	93	—	363	—
Employee stock purchase plan	10	—	13	—
Convertible preferred stock	—	1,304	1,402	915
2028 Convertible Notes	—	—	5,513	—
2029 Convertible Notes	—	—	3,375	—
2030A Convertible Notes	—	—	5,342	—
2030B Convertible Notes	—	—	4,614	—
2031 Convertible Notes	—	—	2,594	—
2032 Convertible Notes	—	—	3,915	—
Total	735	1,363	31,118	974