Strategy Posts $19.5B Q3 Net Income, $44.75 EPS; CFO Kang to Step Down Nov 5
MSTR sits 72% above its 52-week low of $81.81.
Summary
Strategy reported $19.53 billion of Q3 net income ($44.75 diluted EPS) on a $20.91 billion bitcoin mark-up, with revenue down 3% to $125.4 million. CFO Andrew Kang resigns effective November 5, 2026, and the CEO will cover finance until Reza Virasteh becomes CFO on January 1, 2027.
Updates
· The Block — Strategy's STRC preferred executed $2.04 billion of repurchases, and holders approved daily dividend accrual with 99.3% of votes; STRC's first record date is Nov. 1, payment Nov. 2.
Key Events · Earnings and Guidance · MSTR
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Q3 Profit Driven by Bitcoin Mark-Up
Operating income of $20.91 billion and net income of $19.53 billion ($44.75 diluted EPS) came almost entirely from a $20.91 billion gain on digital assets, versus a $3.89 billion gain a year earlier.
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Software Revenue Slips 3%
Total revenues were $125.4 million versus $128.7 million in Q3 2025, with gross profit of $89.6 million at a 71% margin.
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Bitcoin Holdings and Negative BTC Yield
As of October 25, 2026, the company held 848,517 bitcoin worth $68.90 billion at $81,200 per coin against a $64.02 billion cost basis; BTC Yield was (3.7)% year to date, meaning share issuance outran per-share bitcoin growth.
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ATM Sales and USD Reserve Build
Strategy raised $5.41 billion of ATM net proceeds in Q3 2026 and $58.7 million from October 1 to October 23, 2026, growing the USD Reserve to $4.83 billion plus $242.4 million of USD Cash — about 3.4 years of dividend and interest coverage.
Analysis · MSTR · Crypto Assets
A $20.91 billion digital-asset gain flips Q2's $8.2 billion loss into a $19.53 billion quarterly profit, but that swing is mark-to-market on bitcoin, not operating cash flow — the software business actually shrank 3% to $125.4 million in revenue. More durable is the balance-sheet work: $5.41 billion of ATM equity sold in Q3, a $4.83 billion USD Reserve covering roughly 3.4 years of preferred dividends and interest, and $2.04 billion of STRC bought back below its $100 stated amount. Against that, BTC Yield is negative 3.7% year to date — share issuance has outrun bitcoin accumulation — and the CFO exits November 5, leaving the CEO running finance until Reza Virasteh takes over January 1, 2027.
How filings like this one have moved
In the 30 days to Oct 29, 2026, 38.8% of the 970 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.46%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, MSTR was trading at $140.62 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $59.8B. The 52-week trading range was $81.81 to $286.18. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.