v3.26.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues:        
Total revenues $ 125,427 $ 128,691 $ 372,095 $ 354,245
Cost of revenues:        
Total cost of revenues 35,793 38,013 117,557 107,734
Gross profit 89,634 90,678 254,538 246,511
Operating expenses:        
Sales and marketing 32,268 29,908 102,659 91,131
Research and development 24,061 22,602 71,825 71,096
General and administrative 35,905 38,173 113,179 115,220
(Gain) loss on digital assets (20,912,392) (3,890,847) 1,858,452 (12,032,356)
Total operating (income) expenses (20,820,158) (3,800,164) 2,146,115 (11,754,909)
Income (loss) from operations 20,909,792 3,890,842 (1,891,577) 12,001,420
Interest income 47,050 121 79,527 313
Interest expense (15,380) (19,011) (47,283) (54,206)
Gain on debt extinguishment 0 0 113,916 0
Other income (expense), net 821 (716) 4,151 (12,923)
Income (loss) before income taxes 20,942,283 3,871,236 (1,741,266) 11,934,604
Provision for (benefit from) income taxes 1,409,311 1,086,212 (511,940) 3,346,104
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 0 5,517 0
Net income (loss) attributable to common stockholders of Strategy $ 19,118,933 $ 2,645,126 $ (2,273,553) $ 8,390,460
Basic earnings (loss) per common share (in dollars per share) [1] $ 47.78 $ 9.30 $ (6.27) $ 30.83
Weighted average common shares outstanding - Basic (in shares) 400,148 284,376 362,441 272,143
Diluted earnings (loss) per common share (in dollars per share) [1] $ 44.75 $ 8.42 $ (6.27) $ 27.71
Weighted average common shares outstanding - Diluted (in shares) 428,049 315,393 362,441 303,986
Total product licenses and subscription services        
Revenues:        
Total revenues $ 72,419 $ 63,345 $ 203,324 $ 155,719
Cost of revenues:        
Total cost of revenues 20,362 20,226 68,019 52,694
Product licenses        
Revenues:        
Total revenues 3,829 17,373 12,997 31,820
Cost of revenues:        
Total cost of revenues 1,142 632 3,585 2,765
Subscription services        
Revenues:        
Total revenues 68,590 45,972 190,327 123,899
Cost of revenues:        
Total cost of revenues 19,220 19,594 64,434 49,929
Product support        
Revenues:        
Total revenues 37,681 51,118 122,116 155,728
Cost of revenues:        
Total cost of revenues 5,275 7,157 17,096 21,802
Other services        
Revenues:        
Total revenues 15,327 14,228 46,655 42,798
Cost of revenues:        
Total cost of revenues $ 10,156 $ 10,630 $ 32,442 $ 33,238
[1] Basic and fully diluted earnings (loss) per common share for class A and class B common stock are the same.