Strategy Inc Q3 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Strategy Q3 2026 Earnings Summary

Overview: Strategy reported exceptional Q3 2026 results driven by Bitcoin appreciation and capital management. The company holds 848,517 BTC (4% of total supply), up from ~38,000 BTC in Q3 2020. Record fair value gains and income highlight resilience entering a potential bull market, with a strengthened balance sheet versus prior cycles.

Key Financial Highlights (Q3 2026)

  • Operating income: $20.9 billion (record high; vs. prior quarters' historical norms)
  • Net income: $19.1 billion (record; highest in company history)
  • Diluted EPS: $44.75
  • Fair value gain on Bitcoin: ~$21 billion (Bitcoin price rose from ~$58,700 to ~$83,600 during quarter)
  • Capital raised: $5.4 billion in Q3; $21.2 billion YTD (vs. $22.6B in 2024, $25.3B in 2025)
  • Market cap: $62 billion (as of Oct 23); MSTR share price +76% in Q3 (outperforming Bitcoin's +43%)

Bitcoin Holdings & Performance

  • Ending holdings: 848,517 BTC (~$71B value at quarter-end; treasury assets ~$74B as of Oct 23, including $5.1B USD)
  • Net addition in Q3: 1,666 BTC; YTD net additions ~176,000–200,000 BTC
  • Bitcoin per share: >187,700 sats (as of Oct 23); CAGR ~23% since end-2020 (from ~56,600 sats); YTD -3.7%
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CJ Jain: Good afternoon, everyone, and thank you for joining us for Strategy's third quarter 2026 earnings webinar. I'm CJ, Head of Investor Relations at Strategy. Joining us today are Andrew Kang, Chief Financial Officer, Phong Le, President and Chief Executive Officer, and Michael Saylor, Founder and Executive Chairman. Thank you for joining us for Strategy's third quarter 2026. We'll begin with approximately 60 minutes of prepared remarks, starting with Andrew, followed by Phong and Michael. We'll then move to a 30-minute live Q&A. Before we begin, I'll briefly cover our safe harbor statement. Some of the information we provide in this presentation regarding our future expectations, plans, and prospects may constitute forward-looking statements. Actual results may differ materially from these forward-looking statements due to various important factors, including fluctuations in the price of Bitcoin and the risk factors discussed under the caption "Risk Factors" in Strategy's quarterly report on Form 10-Q filed with the SEC on August 3rd, 2026, and the risks described in other filings that Strategy may make with the SEC. Except as required by law, we assume no obligation to update these forward-looking statements, which speak only as of today. With that, I will turn the call over to Andrew Kang, CFO of Strategy. Andrew Kang: Thank you, CJ. Q3 was an exceptionally strong quarter across all parts of our business. We now hold 848,517 Bitcoin and recorded a record $21 billion f
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