v3.26.3
Basic and Diluted Earnings (Loss) per Common Share (Tables)
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings (Loss) per Share
The following table sets forth the computation of basic and diluted earnings (loss) per common share for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except per share data)2026202520262025
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 repurchases5,517 — 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 tax1,8821,871—5,626
Interest expense on 2029 Convertible Notes, net of tax6501,296—3,899
Interest expense on 2030A Convertible Notes, net of tax1,6021,592—4,786
Interest expense on 2030B Convertible Notes, net of tax893890—2,154
Interest expense on 2031 Convertible Notes, net of tax1,3871,378—4,145
Interest expense on 2032 Convertible Notes, net of tax3,7053,685—11,086
Dividends on STRK Stock28,041———
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 stock380,508264,736342,801252,503
 Weighted average common shares of class B common stock19,64019,64019,64019,640
Total weighted average shares of common stock outstanding 400,148284,376362,441272,143
Effect of dilutive shares on weighted average common shares outstanding:
Stock options2,074 3,419 — 3,704 
Restricted stock units157 655 — 769 
Performance stock units59 503 — 508 
Employee stock purchase plan— — — 2 
Convertible preferred stock1,402 — — — 
2027 Convertible Notes— — — 1,315 
2028 Convertible Notes5,513 5,513 — 5,513 
2029 Convertible Notes2,231 4,462 — 4,462 
2030A Convertible Notes5,342 5,342 — 5,342 
2030B Convertible Notes4,614 4,614 — 3,719 
2031 Convertible Notes2,594 2,594 — 2,594 
2032 Convertible Notes3,9153,915 —3,915 
Total weighted average shares of common stock outstanding - Diluted428,049315,393 362,441 303,986 
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 
(1)Basic and fully diluted earnings (loss) per common share for class A and class B common stock are the same.
Schedule of Weighted Average of Potential Class A Common Stock Excluded from Computation of Basic and Diluted (Loss) Earnings per Share
For the three and nine months ended September 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 September 30,Nine Months Ended September 30,
(in thousands)2026202520262025
Stock options190 53 3,253 46 
Restricted stock units442 6 734 13 
Performance stock units93 — 363 — 
Employee stock purchase plan10 — 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 — 
  Total735 1,363 31,118 974