The earnings call reflects significant achievements in capital raising, Bitcoin accumulation, and financial performance, setting records in several areas. However, challenges remain in market education, risk management, and Bitcoin concentration concerns. While the highlights are impressive, the lowlights indicate areas that require careful management.

Company Guidance -

Q3 2025

In Strategy's 2025 Second Quarter Earnings Webinar, the company provided robust guidance for the year, emphasizing several key metrics. Andrew Kang, CFO of Strategy, highlighted an impressive $14 billion in GAAP operating income and $10 billion in net income for Q2, with a record EPS of $32.60 per share. Year-to-date, the company achieved $8.1 billion in GAAP operating income, $5.7 billion in net income, and an EPS of $19.43 per share. Strategy's Bitcoin holdings reached 628,791, accounting for 3% of all Bitcoin, with a market cap surpassing $112 billion. The company introduced a novel metric, Bitcoin per share (BPS), achieving a year-to-date BPS of $39,716 as of July 31. Strategy also reported a BTC Yield of 25% year-to-date, meeting its full-year target early, and a BTC $ Gain of $13.2 billion, close to its initial $15 billion target. The guidance included an ambitious outlook for the remainder of 2025, with an operating income target of $34 billion, net income of $24 billion, and an EPS projection of $80, based on a Bitcoin price assumption of $150,000.

Record-Breaking Bitcoin Holdings

Strategy now holds 628,791 Bitcoin, accounting for 3% of all Bitcoin, positioning it as the most dominant player in the Bitcoin Treasury Company space.

Capital Raising Success

Raised $18.3 billion in capital year-to-date, achieving 81% of last year's total capital in just 7 months.

Strong Financial Performance

Achieved a record $14 billion in GAAP operating income and $10 billion in net income for Q2, with a fully diluted EPS of $32.60 per share.

Bitcoin Per Share (BPS) Performance

Year-to-date Bitcoin per share is $39,716, showing significant growth potential.

Successful IPO Launches

Launched 4 preferred equity offerings, with STRC being the largest IPO in the U.S. so far this year.

Strategic Moves in Preferred Equity

The company plans to reduce exposure to senior convertible debt and focus on preferred equity for capital structure.

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

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MSTR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 04, 2025	2025 (Q3)	-0.10 / -	-1.72	―	―	―
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)
Nov 01, 2023	2023 (Q3)	0.03 / -1.01	-0.239	-322.18% (-0.77)
Aug 01, 2023	2023 (Q2)	-0.02 / 0.15	-9.401	101.62% (+9.55)

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
Jul 31, 2025	$401.86	$366.63	-8.77%
May 01, 2025	$381.60	$394.37	+3.35%
Feb 05, 2025	$336.70	$325.46	-3.34%
Oct 30, 2024	$247.31	$244.50	-1.14%

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.