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- **Financial Dominance**: Q3 2025 saw $3.9B operating income and $8.43 EPS, driven by Bitcoin fair value gains.
- **Bitcoin Yield Acceleration**: 26% YTD Bitcoin yield vs. 30% target, with $12.9B in dollar gains.
- **Market Leadership**: 3.1% of global Bitcoin supply, largest corporate Bitcoin holder, and $71B in digital assets.

**【CFO Financial Commentary】**
- **Record Financial Performance**: Q3 2025 reported $3.9 billion in operating income, $2.8 billion net income, and $8.43 EPS, marking the second consecutive quarter of significant GAAP profitability.
- **Bitcoin Yield Growth**: Year-to-date Bitcoin yield reached 26%, with $12.9 billion in dollar gains, surpassing the $20 billion full-year target.
- **Balance Sheet Strength**: Holds 640,808 Bitcoin ($71 billion) purchased at an average cost of $74,000, with 3.1% of all Bitcoin ever created.
- **Liquidity and Capital Structure**: $8.2 billion in convertible debt and $6.7 billion in preferred equity, with annual interest/dividend obligations of $689 million (1% of Bitcoin holdings).

Strategy Inc (MSTR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MSTR

MSTR fundamentals

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