MicroStrategy Announces Q4 2025 Earnings Report, Expects Revenue of $119–122 Million

MicroStrategy (MSTR) is set to release its Q4 2025 earnings report after the U.S. stock market closes on February 5, 2026. Analysts expect the company to report revenue between $119 million and $122 million, a slight decline or flat performance year over year. The stock has been trading at a discount to its net asset value (NAV), which includes a large Bitcoin holding valued at approximately $54.53 billion.

The company's financial performance is heavily influenced by Bitcoin price movements, as its stock price has dropped significantly in recent months. Bitcoin has seen a notable decline, briefly falling below $75,000 over the weekend, which has affected the valuation of MicroStrategy's digital assets. This volatility is expected to impact the company's earnings report, especially under fair-value accounting.

MicroStrategy has continued its aggressive Bitcoin accumulation strategy, recently acquiring 855 additional Bitcoin for approximately $75.3 million. The company has accumulated a total of 713,502 Bitcoin, with an average price of $76,052 per coin. This strategy is supported by capital raises through preferred equity offerings and common stock sales.

Why the Move Happened

MicroStrategy's decision to expand its Bitcoin holdings is part of a broader strategy to provide investors with exposure to Bitcoin through its equity and fixed-income instruments. The company has raised nearly $50 billion in equity and debt over the last five years to finance its Bitcoin acquisitions. This strategy aims to increase the amount of Bitcoin per share over time, which CEO Michael Saylor refers to as "Bitcoin yield".

The company has faced challenges in its core software segment, where product support and other services revenues have declined sharply. This has increased the company's reliance on Bitcoin-related performance to maintain results. As a result, MicroStrategy's financial performance is closely tied to the price of Bitcoin, which has led to significant earnings volatility.

How Markets Responded

The company's stock is currently trading at a forward 12-month price-to-sales ratio of 86.73X, significantly higher than the industry average. This valuation suggests that investors are paying a premium for the company's exposure to Bitcoin, despite the risks associated with its business model and earnings volatility.

What Analysts Are Watching

Analysts are closely monitoring MicroStrategy's ability to maintain its Bitcoin accumulation strategy amid the challenges posed by the current market conditions. The company's first-ever S&P credit rating and potential inclusion in major indices have strengthened its access to institutional capital, but these benefits may be offset by the risks of Bitcoin price volatility and ongoing equity issuance according to market analysis.

Investors are also watching the company's liquidity position, as it has set aside a $2.19 billion cash reserve to meet its annual obligations of $689 million in dividends and interest. This defensive strategy highlights the company's liquidity concerns and the need for continued capital raises.

The company's earnings report will provide further insight into its financial health and the effectiveness of its Bitcoin strategy. Analysts are expecting a significant earnings surprise, with the potential for both gains and losses depending on the price of Bitcoin and the company's ability to manage its capital structure.

Overall, MicroStrategy's Q4 2025 earnings report will be a key event for investors and analysts, as it will shed light on the company's performance and the viability of its long-term strategy.