Strategy (MSTR) Earnings Dates, Call Summary & Reports

Compare

20,374 Followers

Earnings Data

Report Date

May 04, 2026

After Close (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

-14.96

Last Year’s EPS

-16.49

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 11 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 05, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented a mix of significant strategic progress and near-term accounting-driven pain. Positives include large capital raises (> $25B in 2025), continued disciplined Bitcoin accumulation (713,502 BTC; +~225,000 BTC in 2025), adoption of fair-value accounting, the first S&P credit rating for a Bitcoin treasury company (B-), establishment of a $2.25B USD reserve (≈30 months dividend coverage), and strong early traction for the Stretch digital credit product (11.25% dividend, high liquidity, low single-digit volatility target). Negatives center on material quarter-end mark-to-market losses (Q4 operating loss $17.4B, net loss $12.6B), sensitivity to Bitcoin price and leverage dynamics (net debt ≈ $6B; convertible maturities through 2027–2032), and the need to season new credit products. Weighing the balance, management emphasized durable balance-sheet enhancements and long-term strategy execution despite short-term volatility and accounting losses.

Company Guidance

The company reiterated disciplined, long‑term guidance anchored on growing Bitcoin per share and strengthening the balance sheet: it finished 2025 with 713,502 BTC (≈3.4% of eventual supply) at $54B cost (avg buy ~$76k), added ~225,000 BTC in 2025 (32,470 BTC in Q4 for ~$3.1B), delivered a 22.8% BTC yield (vs. 22–26% target) equating to 101,873 BTC and an $8.9B BTC dollar gain, and raised >$25B of capital (including $6.9B of preferreds across five IPOs) while establishing a $2.25B USD cash reserve (≈30 months / >2.5 years dividend coverage) and maintaining $2.3B cash, $58.9B digital assets (up from $23.9B), $8.2B long‑term debt, $1.9B deferred tax liability and $51.1B total equity; Q4 operating loss was $17.4B (net loss $12.6B) and FY operating loss $5.4B (net loss $4.2B), total interest/dividend obligations are $888M (including $35M interest on converts at ~42 bps), and management plans no new convertible issuance while focusing on scaling digital credit (e.g., Stretch: $2.5B issue, 11.25% dividend / 18% tax‑equivalent, ~7% vol, ~$118M/day liquidity, 5.6x collateral) and targeted scenarios to amplify BTC/share 1.4x–2.5x over seven years (5%–14% annual BTC‑yield scenarios).

Largest Corporate Bitcoin Holder

Ended 2025 with 713,502 Bitcoin on the balance sheet (~3.4% of all Bitcoin that will ever exist), continuing quarterly accumulation and reinforcing position as the world’s largest corporate Bitcoin holder.

Significant Capital Raises and Capital Structure Diversification

Raised over $25 billion of total capital during 2025 (and an additional $3.9 billion year-to-date 2026 within one month), added $6.9 billion of preferred equity through five IPOs, and increased total equity to $51.1 billion from $22.8 billion year-over-year.

Marked-to-Market Accounting and Transparency

Adopted fair value accounting for Bitcoin in 2025, marking Bitcoin holdings to market each quarter to provide greater investor transparency.

Favorable Tax and Index Outcomes

Treasury/IRS guidance confirmed unrealized Bitcoin gains are not subject to additional corporate alternative minimum tax; MSCI decided not to exclude digital asset treasury companies from its global indices.

First Credit Rating for a Bitcoin Treasury Company

Received an S&P issuer credit rating (B- with stable outlook), establishing a public credit profile and supporting institutional recognition and access to broader investor audiences.

U.S. Dollar Cash Reserve Established

Established a $2.25 billion USD cash reserve in Q4 that provides over 2.5 years (≈30 months) of dividend/interest coverage versus $888 million of annual interest and dividend obligations (35M interest on converts; ~713M cumulative preferreds; ~140M noncumulative preferreds).

Strong Bitcoin Accumulation and BTC KPI Performance

Added ~225,000 Bitcoin in 2025 (incl. 32,470 BTC in Q4 for ~$3.1 billion); delivered a BTC yield of 22.8% for the year (target range 22%–26%), total BTC gain of 101,873 BTC and BTC dollar gain of $8.9 billion (beat the lower end of KPI ranges).

Balance Sheet Growth in Digital Assets and Capital

Digital assets rose from $23.9 billion (end-2024) to $58.9 billion (end-2025) driven by fair-value increases and 2025 additions; long-term debt reported at $8.2 billion and common equity rose to $44.2 billion through ATM activity.

Launch and Early Success of 'Stretch' Digital Credit Instrument

Stretch: listed, paying an 11.25% dividend (tax-equivalent ~18%), reported ~7% volatility (recently down to ~6%), strong liquidity (example: ~$118M/day average traded over last 30 days noted), over-collateralized (~5.6x after senior instruments) and positioned as flagship digital credit product.

Software Business Stabilization and Cloud Growth

Software revenue recovered to $477 million annual revenue in 2025 with overall revenue growth of 3% year-over-year and cloud revenue up 65% YoY, demonstrating execution in the legacy operating business.

Strategy (MSTR) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

MSTR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 04, 2026	2026 (Q1)	-14.96 / -	-16.49	―	―	―
Feb 05, 2026	2025 (Q4)	-0.08 / -42.93	-3.03	-1316.83% (-39.90)
Oct 30, 2025	2025 (Q3)	-0.10 / 8.42	-1.72	589.53% (+10.14)
Jul 31, 2025	2025 (Q2)	-0.10 / 32.60	-0.574	5779.44% (+33.17)
May 01, 2025	2025 (Q1)	-2.44 / -16.49	-0.309	-5236.57% (-16.18)
Feb 05, 2025	2024 (Q4)	-0.09 / -3.03	0.496	-710.89% (-3.53)
Oct 30, 2024	2024 (Q3)	-0.12 / -1.72	-1.009	-70.47% (-0.71)
Aug 01, 2024	2024 (Q2)	-0.09 / -0.57	0.152	-477.63% (-0.73)
Apr 29, 2024	2024 (Q1)	-0.05 / -0.31	3.179	-109.72% (-3.49)
Feb 06, 2024	2023 (Q4)	-0.06 / 0.50	-2.193	122.62% (+2.69)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MSTR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 05, 2026	$106.99	$134.93	+26.11%
Oct 30, 2025	$254.57	$269.51	+5.87%
Jul 31, 2025	$401.86	$366.63	-8.77%
May 01, 2025	$381.60	$394.37	+3.35%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.