← Filings of MSTR
Tables in the 10-Q of Strategy Inc
54 tables with numbers, filed Nov 2, 2026. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
Table 1 after “Securities registered pursuant to Section 12(b) of the Act:”
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| Title of Each Class | Trading Symbol | Name of Each Exchange on which Registered |
| 10.00% Series A Perpetual Strife Preferred Stock, $0.001 par value per share | STRF | The Nasdaq Global Select Market |
| Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share | STRC | The Nasdaq Global Select Market |
| 8.00% Series A Perpetual Strike Preferred Stock, $0.001 par value per share | STRK | The Nasdaq Global Select Market |
| 10.00% Series A Perpetual Stride Preferred Stock, $0.001 par value per share | STRD | The Nasdaq Global Select Market |
| Class A common stock, $0.001 par value per share | MSTR | The Nasdaq Global Select Market |
| | Page |
| PART I. | FINANCIAL INFORMATION | 1 |
| Item 1. | Financial Statements (unaudited) | 1 |
| Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025 | 1 |
| Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2026 and 2025 | 2 |
| Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2026 and 2025 | 3 |
| Consolidated Statements of Mezzanine Equity and Stockholders’ Equity for the Three and Nine Months Ended September 30, 2026 and 2025 | 4 |
| Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025 | 6 |
First 8 of 18 rows. The CSV has all of them.
Table 3 after “(in thousands, except per share data)”
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| September 30, 2026 | December 31, 2025 | |
| (unaudited) | | |
| Assets | | | |
| Current assets: | | | |
| Cash and cash equivalents | $2,501,456 | | $2,301,470 |
| Restricted cash | 1,671 | | 1,873 |
| Short-term investments | 3,404,457 | | — |
| Accounts receivable, net | 129,933 | | 205,748 |
First 8 of 43 rows. The CSV has all of them.
Table 4 after “(in thousands, except per share data)”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (unaudited) | (unaudited) | | (unaudited) | (unaudited) | |
| Revenues: | | | | | | |
| Product licenses | $3,829 | | $17,373 | | $12,997 | $31,820 |
| Subscription services | 68,590 | | 45,972 | | 190,327 | 123,899 |
| Total product licenses and subscription services | 72,419 | | 63,345 | | 203,324 | 155,719 |
| Product support | 37,681 | | 51,118 | | 122,116 | 155,728 |
First 8 of 39 rows. The CSV has all of them.
| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (unaudited) | (unaudited) | | (unaudited) | (unaudited) | |
| Net income (loss) | $19,532,972 | | $2,785,024 | | $(1,229,326) | $8,588,500 |
| Other comprehensive (loss) income, net of applicable taxes: | | | | | | |
| Foreign currency translation adjustment | (1,257) | | (93) | | (4,218) | 10,271 |
| Unrealized loss on short-term investments | (4,583) | | — | | (4,884) | — |
| Total other comprehensive (loss) income | (5,840) | | (93) | | (9,102) | 10,271 |
First 8 of 9 rows. The CSV has all of them.
| Mezzanine Equity | Stockholders' Equity | | | | | | | | | | | | | | | | | | | | |
| Perpetual Preferred Stock | Total Stockholders' Equity | | Class A Common Stock | | Class B Convertible Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Loss | | Retained Earnings (Accumulated Deficit) | | | | | | | | | | |
| Shares | Amount | | | Shares | | Amount | | Shares | | Amount | | | | | | | | | | | |
| Balance at June 30, 2026 | 153,529 | | $14,440,895 | | | $30,886,088 | | | 351,963 | | | $352 | | 19,640 | | $20 | | $46,092,908 | | $(8,433) | | $(15,198,759) |
| Net income | — | | — | | | 19,532,972 | | — | | | — | | — | | — | | — | | — | | 19,532,972 | |
| Other comprehensive loss | — | | — | | | (5,840) | | | — | | | — | | — | | — | | — | | (5,840) | | — |
| Preferred stock cash dividends declared | — | | — | | | (400,845) | | — | | | — | | — | | — | | — | | — | | (400,845) | |
| Issuance of class A common stock under stock incentive plans | — | | — | | | 3,265 | | 77 | | | — | | — | | — | | 3,265 | | — | | — | |
First 8 of 24 rows. The CSV has all of them.
| Mezzanine Equity | Stockholders' Equity | | | | | | | | | | | | | | | | | | | | | | | | | |
| Perpetual Preferred Stock | Total Stockholders' Equity | | Class A Common Stock | | Class B Convertible Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Loss | | Retained Earnings (Accumulated Deficit) | | | | | | | | | | | | | | | |
| Shares | Amount | | | Shares | | Amount | | Shares | | Amount | | | | | | | | | | | | | | | | |
| Balance at January 1, 2026 | 78,183 | | $6,919,514 | | | $44,123,458 | | | 292,422 | | | $292 | | | 19,640 | | | $20 | | | $37,806,554 | | | $(5,171) | | | $6,321,763 |
| Net loss | — | | — | | | (1,229,326) | | | — | | | — | | | — | | | — | | | — | | | — | | | (1,229,326) |
| Other comprehensive loss | — | | — | | | (9,102) | | | — | | | — | | | — | | | — | | | — | | | (9,102) | | | — |
| Preferred stock cash dividends declared | — | | — | | | (1,159,069) | | | — | | | — | | | — | | | — | | | — | | | — | | | (1,159,069) |
| Issuance of class A common stock under stock incentive plans | — | | — | | | 26,686 | | | 1,163 | | | 1 | | | — | | | — | | | 26,685 | | | — | | | — |
First 8 of 25 rows. The CSV has all of them.
| Nine Months Ended September 30, | | |
| 2026 | 2025 | |
| (unaudited) | (unaudited) | |
| Operating activities: | | | |
| Net (loss) income | $(1,229,326) | | $8,588,500 |
| Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | | | |
| Depreciation and amortization | 32,380 | | 19,888 |
| Reduction in carrying amount of right-of-use assets | 4,142 | | 6,796 |
First 8 of 52 rows. The CSV has all of them.
Table 9 after “The following table summarizes the Company’s digital asset holdings as of:”
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| (in thousands, except number of bitcoins) | September 30, 2026 | December 31, 2025 | |
| Approximate number of bitcoins held | 847,666 | | 672,500 |
| Digital asset cost basis | $63,945,036 | | $50,435,331 |
| Digital asset fair value | $70,824,007 | | $58,854,028 |
Table 10 after “The following table summarizes the Company’s digital asset purchases, digital asset sales, and (gain) loss on digital assets for the periods”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| (in thousands, except number of bitcoins) | 2026 | 2025 | | 2026 | 2025 | |
| Approximate number of bitcoins purchased | 7,218 | | 42,706 | | 182,113 | 192,561 |
| Digital asset purchases | $588,093 | | $4,952,080 | | $14,260,194 | $19,382,948 |
| Approximate number of bitcoins sold | 5,552 | | — | | 6,947 | — |
| Digital asset sales | $348,558 | | — | | $431,763 | — |
| (Gain) loss on digital assets | $(20,912,392) | | $(3,890,847) | | $1,858,452 | $(12,032,356) |
Table 11 after “Accounts receivable consisted of the following, as of:”
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| (in thousands) | September 30, 2026 | December 31, 2025 | |
| Billed and billable | $132,904 | | $209,094 |
| Less: allowance for credit losses | (2,971) | | (3,346) |
| Accounts receivable, net | $129,933 | | $205,748 |
Table 12 after “The net carrying value of the Company’s outstanding debt consisted of the following, as of:”
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| (in thousands) | September 30, 2026 | December 31, 2025 | |
| 2028 Convertible Notes | $1,005,909 | | $1,002,736 |
| 2029 Convertible Notes | 1,493,893 | | 2,982,316 |
| 2030A Convertible Notes | 792,092 | | 789,109 |
| 2030B Convertible Notes | 1,992,871 | | 1,989,115 |
| 2031 Convertible Notes | 598,707 | | 596,843 |
| 2032 Convertible Notes | 792,182 | | 790,113 |
| Other long-term secured debt | 39,760 | | 39,923 |
First 8 of 13 rows. The CSV has all of them.
Table 13 after “The following table summarizes the key terms of each of the Outstanding Convertible Notes (principal at inception, net proceeds, and issuanc”
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| 2028 Convertible Notes | 2029 Convertible Notes | 2030A Convertible Notes | 2030B Convertible Notes | 2031 Convertible Notes | 2032 Convertible Notes |
| Issuance Date | September 2024 | November 2024 | March 2024 | February 2025 | March 2024 | June 2024 |
| Maturity Date (1) | September 15, 2028 | December 1, 2029 | March 15, 2030 | March 1, 2030 | March 15, 2031 | June 15, 2032 |
| Principal at Inception | $1,010,000 | $3,000,000 | $800,000 | $2,000,000 | $603,750 | $800,000 |
| Stated Interest Rate (2) | 0.625% | 0.000% | 0.625% | 0.000% | 0.875% | 2.250% |
| Interest Payment Dates (3) | March 15 & September 15 | June 1 & December 1 | March 15 & September 15 | March 1 & September 1 | March 15 & September 15 | June 15 & December 15 |
| Net Proceeds | $997,375 | $2,974,250 | $782,000 | $1,984,852 | $592,567 | $786,000 |
| Issuance Costs (4) | $12,625 | $25,750 | $18,000 | $15,148 | $11,183 | $14,000 |
First 8 of 15 rows. The CSV has all of them.
Table 14 after “The following table presents the net carrying value and fair value of the Company’s Outstanding Convertible Notes as of September 30, 2026 a”
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| September 30, 2026 | | | | | | | |
| Outstanding Principal Amount | Unamortized Issuance Costs | | Net Carrying Value | | Fair Value | | |
| (in thousands) | | | Amount | | Leveling | | | |
| 2028 Convertible Notes | $1,010,000 | | $(4,091) | | | $1,005,909 | $1,204,940 | Level 2 |
| 2029 Convertible Notes | 1,500,000 | | (6,107) | | | 1,493,893 | 1,373,565 | Level 2 |
| 2030A Convertible Notes | 800,000 | | (7,908) | | | 792,092 | 1,042,888 | Level 2 |
| 2030B Convertible Notes | 2,000,000 | | (7,129) | | | 1,992,871 | 1,892,020 | Level 2 |
| 2031 Convertible Notes | 603,659 | | (4,952) | | | 598,707 | 662,812 | Level 2 |
First 8 of 10 rows. The CSV has all of them.
| December 31, 2025 | | | | | | | |
| Outstanding Principal Amount | Unamortized Issuance Costs | | Net Carrying Value | | Fair Value | | |
| (in thousands) | | | Amount | | Leveling | | | |
| 2028 Convertible Notes | $1,010,000 | | $(7,264) | | | $1,002,736 | $1,214,525 | Level 2 |
| 2029 Convertible Notes | 3,000,000 | | (17,684) | | | 2,982,316 | 2,468,832 | Level 2 |
| 2030A Convertible Notes | 800,000 | | (10,891) | | | 789,109 | 1,014,071 | Level 2 |
| 2030B Convertible Notes | 2,000,000 | | (10,885) | | | 1,989,115 | 1,728,262 | Level 2 |
| 2031 Convertible Notes | 603,659 | | (6,816) | | | 596,843 | 621,950 | Level 2 |
First 8 of 10 rows. The CSV has all of them.
Table 16 after “For the three months ended September 30, 2026 and 2025 interest expense related to the Convertible Notes was as follows:”
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| Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | | | | | | | | |
| (in thousands) | Contractual Interest Expense | Amortization of Issuance Costs | | Total | Contractual Interest Expense | Amortization of Issuance Costs | | Total | | |
| 2028 Convertible Notes | $1,578 | | $1,060 | | $2,638 | | $1,578 | | $1,049 | $2,627 |
| 2029 Convertible Notes | — | | 912 | | 912 | | — | | 1,820 | 1,820 |
| 2030A Convertible Notes | 1,250 | | 996 | | 2,246 | | 1,250 | | 986 | 2,236 |
| 2030B Convertible Notes | — | | 1,252 | | 1,252 | | — | | 1,250 | 1,250 |
| 2031 Convertible Notes | 1,321 | | 624 | | 1,945 | | 1,321 | | 615 | 1,936 |
| 2032 Convertible Notes | 4,500 | | 694 | | 5,194 | | 4,500 | | 676 | 5,176 |
First 8 of 9 rows. The CSV has all of them.
Table 17 after “For the nine months ended September 30, 2026 and 2025 interest expense related to the Convertible Notes was as follows:”
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| Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | | | | | | | | |
| (in thousands) | Contractual Interest Expense | Amortization of Issuance Costs | | Total | Contractual Interest Expense | Amortization of Issuance Costs | | Total | | |
| 2027 Convertible Notes | $— | | $— | | $— | | $— | | $401 | $401 |
| 2028 Convertible Notes | 4,734 | | 3,173 | | 7,907 | | 4,734 | | 3,140 | 7,874 |
| 2029 Convertible Notes | — | | 4,143 | | 4,143 | | — | | 5,457 | 5,457 |
| 2030A Convertible Notes | 3,750 | | 2,982 | | 6,732 | | 3,750 | | 2,949 | 6,699 |
| 2030B Convertible Notes | — | | 3,756 | | 3,756 | | — | | 3,012 | 3,012 |
| 2031 Convertible Notes | 3,962 | | 1,864 | | 5,826 | | 3,962 | | 1,840 | 5,802 |
First 8 of 10 rows. The CSV has all of them.
Table 18 after “The following table shows the maturities of the Company’s debt instruments outstanding as of September 30, 2026. The principal payments rela”
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| Payments due by period ending September 30, (in thousands) | 2028 Convertible Notes | 2029 Convertible Notes | | 2030A Convertible Notes | 2030B Convertible Notes | 2031 Convertible Notes | | 2032 Convertible Notes | Other long- term secured debt | Total | | | |
| 2027 | $1,010,000 | | $— | | $— | | $— | | $— | | $— | $39,894 | $1,049,894 |
| 2028 | — | | 1,500,000 | | 800,000 | | 2,000,000 | | 603,659 | | — | — | 4,903,659 |
| 2029 | — | | — | | — | | — | | — | | 800,000 | — | 800,000 |
| Total | $1,010,000 | | $1,500,000 | | $800,000 | | $2,000,000 | | $603,659 | | $800,000 | $39,894 | $6,753,553 |
Table 19 after “The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2026:”
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| (in thousands, except per share data and years) | Shares | Weighted Average Exercise Price Per Share | Aggregate Intrinsic Value | | Weighted Average Remaining Contractual Term (Years) | |
| Balance as of January 1, 2026 | 3,535 | $42.63 | | | | |
| Granted | 68 | $151.39 | | | | |
| Exercised | (473) | $46.71 | | $50,817 | | |
| Forfeited/Expired | (6) | $281.98 | | | | |
| Balance as of September 30, 2026 | 3,124 | $43.90 | | | | |
| Exercisable as of September 30, 2026 | 2,920 | $37.07 | | $341,243 | | 4.7 |
| Expected to vest as of September 30, 2026 | 204 | $141.70 | | $7,568 | | 8.1 |
First 8 of 9 rows. The CSV has all of them.
Table 20 after “Stock options outstanding as of September 30, 2026 are comprised of the following range of exercise prices per share:”
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| Stock Options Outstanding at September 30, 2026 | | | |
| (in thousands, except per share data and years)Range of Exercise Prices per Share | Shares | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Term (Years) | |
| $12.45 - $20.00 | 784 | $14.91 | | 3.1 |
| $20.01 - $30.00 | 832 | $24.29 | | 6.0 |
| $30.01 - $40.00 | 15 | $30.16 | | 6.7 |
| $40.01 - $50.00 | 790 | $41.29 | | 5.1 |
| $50.01 - $70.00 | 513 | $69.12 | | 4.4 |
| $70.01 - $220.00 | 140 | $156.98 | | 8.6 |
First 8 of 12 rows. The CSV has all of them.
Table 21 after “The following table summarizes the Company’s share-settled restricted stock unit activity for the periods indicated:”
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| Share-Settled Restricted Stock Units Outstanding | |
| (in thousands) | Units | Aggregate Intrinsic Value |
| Balance as of January 1, 2026 | 731 | |
| Granted | 306 | |
| Vested | (297) | $39,608 |
| Forfeited | (107) | |
| Balance as of September 30, 2026 | 633 | |
| Expected to vest as of September 30, 2026 | 633 | $96,951 |
Table 22 after “The following table summarizes the Company’s performance stock unit activity for the periods indicated:”
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| Share-Settled Performance Stock Units Outstanding | | |
| (in thousands) | Units | Aggregate Intrinsic Value | |
| Balance as of January 1, 2026 | 239 | | |
| Granted | 227 | | |
| Vested | (351) | | $45,386 |
| Forfeited | — | | |
| Balance as of September 30, 2026 | 115 | | |
| Expected to vest as of September 30, 2026 | 115 | $16,369 | |
Table 23 after “for each performance stock unit granted during the nine months ended September 30, 2026 and 2025, respectively, based on the following assum”
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| Nine Months Ended September 30, | | |
| 2026 | 2025 | |
| Expected term of awards in years | 3.0 | 3.0 | |
| Expected volatility | 87.2% | | 99.2% |
| Risk-free interest rate | 3.7% | | 3.9% |
| Expected dividend yield | 0.0% | 0.0% | |
Table 24 after “The following table provides a summary of STRC Stock repurchase activity under the Preferred Stock repurchase program as of the end of the r”
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| Period | Total Number of Shares Purchased | Average Price Paid Per Share (1) | | Total Number of Shares Purchased as Part of the Program | | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program (in millions) (2) | |
| July 1, 2026 through July 31, 2026 | 752,993 | | $87.88 | | | 752,993 | $933.8 |
| August 1, 2026 through August 31, 2026 | 5,977,209 | | $95.21 | | | 5,977,209 | $364.8 |
| September 1, 2026 through September 30, 2026 | 7,199,971 | | $98.21 | | | 7,199,971 | $657.6 |
| Total | 13,930,173 | | | | 13,930,173 | | |
| STRF Stock | STRC Stock | STRE Stock | STRK Stock | STRD Stock |
| Trading Symbol | STRF | STRC | STRE | STRK | STRD |
| Stock Exchange | NASDAQ | NASDAQ | Luxembourg Stock Exchange | NASDAQ | NASDAQ |
| Initial Issuance Date | March 25, 2025 | July 29, 2025 | November 13, 2025 | February 5, 2025 | June 10, 2025 |
| Initial Shares Issued | 8,500,000 | 28,011,111 | 7,750,000 | 7,300,000 | 11,764,700 |
| Initial Public Offering Price per share | $85.00 | $90.00 | €80.00 | $80.00 | $85.00 |
| Initial Net Proceeds (in thousands) | $710,873 | $2,473,800 | €608,734 | $563,226 | $979,486 |
| Initial Issuance Costs (in thousands) | $11,627 | $47,200 | €11,266 | $20,774 | $20,514 |
First 8 of 21 rows. The CSV has all of them.
Table 26 after “During the three and nine months ended September 30, 2026 and 2025, the Company paid the following dividends:”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| (in thousands) | 2026 | 2025 | | 2026 | 2025 | |
| STRF Stock | $32,099 | | $29,182 | | $96,298 | $54,704 |
| STRC Stock | 301,874 | | 45,751 | | 696,169 | 45,751 |
| STRE Stock (1) | 22,048 | | — | | 66,525 | — |
| STRK Stock | 28,041 | | 27,212 | | 84,124 | 59,831 |
| STRD Stock | 35,061 | | 37,636 | | 105,182 | 37,636 |
| Total Cash Dividends Paid | $419,123 | | $139,781 | | $1,048,298 | $197,922 |
| Three Months Ended September 30, | Nine Months Ended September 30, | | | | | | | |
| (in thousands, except per share data) | 2026 | 2025 | | 2026 | | 2025 | | | |
| Numerator - Basic and Diluted: | | | | | | | | | |
| Net income (loss) | $19,532,972 | | $2,785,024 | | | $(1,229,326) | | | $8,588,500 |
| Dividends on preferred stock | (419,556) | | (139,898) | | | (1,049,744) | | | (198,040) |
| Deemed contribution related to preferred stock repurchases | 5,517 | | — | | | 5,517 | | | — |
| Net income (loss) attributable to common stockholders of Strategy | $19,118,933 | | $2,645,126 | | | $(2,273,553) | | | $8,390,460 |
| Effect of dilutive shares on net earnings: | | | | | | | | | |
First 8 of 38 rows. The CSV has all of them.
Table 28 after “For the three and nine months ended September 30, 2026 and 2025, the following weighted average shares of potential class A common stock wer”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| (in thousands) | 2026 | 2025 | | 2026 | 2025 | |
| Stock options | 190 | | 53 | | 3,253 | 46 |
| Restricted stock units | 442 | | 6 | | 734 | 13 |
| Performance stock units | 93 | | — | | 363 | — |
| Employee stock purchase plan | 10 | | — | | 13 | — |
| Convertible preferred stock | — | | 1,304 | | 1,402 | 915 |
| 2028 Convertible Notes | — | | — | | 5,513 | — |
First 8 of 14 rows. The CSV has all of them.
| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Number of shares sold pursuant to at-the-market offerings: | | | | | | |
| STRF Stock ATMs | — | | 1,881,542 | | — | 3,448,292 |
| STRC Stock ATMs | — | | — | | 75,307,642 | — |
| STRK Stock ATMs | — | | 1,404,499 | | 38,796 | 6,305,866 |
| STRD Stock ATMs | — | | 557,441 | | — | 557,441 |
| Class A common stock ATMs | 50,297,872 | | 5,712,041 | | 108,753,378 | 32,562,256 |
First 8 of 16 rows. The CSV has all of them.
Table 30 after “The following tables present (for each of the Company's reportable operating segments and on a consolidated basis) the Company’s revenues an”
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| Three Months Ended September 30, 2026 | | | | |
| (in thousands) | Software | Bitcoin | | Total Consolidated | |
| Total revenues | $125,427 | | $— | | $125,427 |
| Significant expenses (1) | | | | | |
| Controllable | | | | | |
| Sales and marketing | (27,426) | | (133) | | (27,559) |
| Maintenance | (4,993) | | — | | (4,993) |
| Consulting | (10,982) | | — | | (10,982) |
First 8 of 21 rows. The CSV has all of them.
| Three Months Ended September 30, 2025 | | | | |
| (in thousands) | Software | Bitcoin | | Total Consolidated | |
| Total revenues | $128,691 | | $— | | $128,691 |
| Significant expenses (1) | | | | | |
| Controllable | | | | | |
| Sales and marketing | (24,656) | | (93) | | (24,749) |
| Maintenance | (6,971) | | — | | (6,971) |
| Consulting | (11,115) | | — | | (11,115) |
First 8 of 21 rows. The CSV has all of them.
| Nine Months Ended September 30, 2026 | | | | |
| (in thousands) | Software | Bitcoin | | Total Consolidated | |
| Total revenues | $372,095 | | $— | | $372,095 |
| Significant expenses (1) | | | | | |
| Controllable | | | | | |
| Sales and marketing | (87,989) | | (1,095) | | (89,084) |
| Maintenance | (16,563) | | — | | (16,563) |
| Consulting | (34,140) | | — | | (34,140) |
First 8 of 22 rows. The CSV has all of them.
| Nine Months Ended September 30, 2025 | | | | |
| (in thousands) | Software | Bitcoin | | Total Consolidated | |
| Total revenues | $354,245 | | $— | | $354,245 |
| Significant expenses (1) | | | | | |
| Controllable | | | | | |
| Sales and marketing | (74,540) | | (1,789) | | (76,329) |
| Maintenance | (20,705) | | — | | (20,705) |
| Consulting | (34,825) | | — | | (34,825) |
First 8 of 21 rows. The CSV has all of them.
Table 34 after “The following table presents total revenues and long-lived assets according to geographic region. Long-lived assets are comprised of right-o”
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| Geographic regions: (in thousands) | U.S. | EMEA | | Other Regions | Consolidated | |
| Total revenues | | | | | | |
| Three Months Ended September 30, 2026 | $71,295 | | $42,959 | | $11,173 | $125,427 |
| Three Months Ended September 30, 2025 | $74,571 | | $42,257 | | $11,863 | $128,691 |
| Nine Months Ended September 30, 2026 | $208,979 | | $129,647 | | $33,469 | $372,095 |
| Nine Months Ended September 30, 2025 | $203,346 | | $119,583 | | $31,316 | $354,245 |
| Long-lived assets | | | | | | |
| As of September 30, 2026 | $73,673 | | $3,650 | | $10,584 | $87,907 |
First 8 of 9 rows. The CSV has all of them.
Table 35 after “The following table presents a roll-forward of our bitcoin holdings, including additional information related to our bitcoin purchases, bitc”
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| | Digital Asset Original Cost Basis (in thousands) | Digital Asset Carrying Value (in thousands) | | Approximate Number of Bitcoins Held | Approximate Average Purchase or (Sale) Price Per Bitcoin | |
| Balance at January 1, 2025 (after adoption of ASU 2023-08) | | $27,968,248 | | $41,790,421 | | 447,470 | $62,503 |
| Digital asset purchases | (a) | 7,661,663 | | 7,661,663 | | 80,715 | 94,922 |
| Loss on digital assets | | — | | (5,906,005) | | — | — |
| Balance at March 31, 2025 | | $35,629,911 | | $43,546,079 | | 528,185 | $67,457 |
| Digital asset purchases | (b) | 6,769,205 | | 6,769,205 | | 69,140 | 97,906 |
| Gain on digital assets | | — | | 14,047,514 | | — | — |
| Balance at June 30, 2025 | | $42,399,116 | | $64,362,798 | | 597,325 | $70,982 |
First 8 of 23 rows. The CSV has all of them.
Table 36 after “The following table shows the approximate number of bitcoins held at the end of each respective period, as well as market value calculations”
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| Approximate Number of Bitcoins Held at End of Quarter | Lowest Market Price Per Bitcoin During Quarter (a) | | Market Value of Bitcoin Held at End of Quarter Using Lowest Market Price (in thousands) (b) | | Highest Market Price Per Bitcoin During Quarter (c) | Market Value of Bitcoin Held at End of Quarter Using Highest Market Price (in thousands) (d) | | Market Price Per Bitcoin at End of Quarter (e) | | Market Value of Bitcoin Held at End of Quarter Using Ending Market Price (in thousands) (f) | | | | |
| September 30, 2025 | 640,031 | $105,120 | | | $67,279,817 | | $124,533 | | | $79,704,922 | | $114,378 | | $73,205,725 | |
| December 31, 2025 | 672,500 | $80,525 | | | $54,152,829 | | $126,296 | | | $84,934,064 | | $87,515 | | $58,854,028 | |
| March 31, 2026 | 762,099 | $60,001 | | | $45,726,702 | | $97,964 | | | $74,657,977 | | $67,773 | | $51,649,675 | |
| June 30, 2026 | 846,000 | $58,000 | | | $49,068,002 | | $82,814 | | | $70,060,644 | | $58,714 | | $49,672,080 | |
| September 30, 2026 | 847,666 | | $57,718 | | | $48,925,202 | | $87,397 | | | $74,083,461 | | $83,552 | | $70,824,007 |
Table 37 after “As of October 25, 2026, our bitcoin is held with the following custodians:”
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| Custodian | Number of Bitcoin Custodied (1) | Bitcoin Custodied (%) | |
| Coinbase Custody Trust Company, LLC | 354,348 | | 42% |
| Anchorage Digital Bank N.A. | 326,554 | | 38% |
| Fidelity Digital Assets, NA (f/k/a Fidelity Digital Asset Services, LLC) | 167,615 | | 20% |
| Total | 848,517 | | 100% |
| (1) Amounts shown are rounded to the nearest bitcoin | | | |
Table 38 after “presented reflect only shares sold under our ATMs. For the three and nine months ended September 30, 2025, the amounts include shares sold u”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Number of shares sold: | | | | | | |
| STRF Stock | — | | 1,881,542 | | — | 11,948,292 |
| STRC Stock | — | | 28,011,111 | | 75,307,642 | 28,011,111 |
| STRK Stock | — | | 1,404,499 | | 38,796 | 13,605,866 |
| STRD Stock | — | | 557,441 | | — | 12,322,141 |
| Class A common stock | 50,297,872 | | 5,712,041 | | 108,753,378 | 32,562,256 |
First 8 of 16 rows. The CSV has all of them.
Table 39 after “The following table sets forth total shares sold and total net proceeds (net of sales commissions and expenses) received from shares sold un”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Number of shares sold pursuant to at-the-market offerings: | | | | | | |
| STRF Stock ATMs | — | | 1,881,542 | | — | 3,448,292 |
| STRC Stock ATMs | — | | — | | 75,307,642 | — |
| STRK Stock ATMs | — | | 1,404,499 | | 38,796 | 6,305,866 |
| STRD Stock ATMs | — | | 557,441 | | — | 557,441 |
| Class A common stock ATMs | 50,297,872 | | 5,712,041 | | 108,753,378 | 32,562,256 |
First 8 of 16 rows. The CSV has all of them.
Table 40 after “As of September 30, 2026, we had the following capacities available for issuance and sale under our ATM:”
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| (in millions) | Available for Issuance and Sale |
| STRF Stock | $1,619.3 |
| STRC Stock | $17,510.8 |
| STRK Stock | $2,100.0 |
| STRD Stock | $4,014.8 |
| Class A Common Stock | $18,844.3 |
Table 41 after “The following tables present our BTC Yield, BTC Gain, and BTC $ Gain for the three and nine months ended September 30, 2026 and 2025:”
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| | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | | | | | | | |
| 2026 | | 2025 | | Change | 2026 | | 2025 | | Change | | | | | |
| BTC Yield | | (11.9)% | | | 6.2% | | (18.1)% | | (1) | (3.7)% | | 25.9% | | (29.6)% | (1) |
| BTC Gain | | (79,710) | | | 27,847 | | NM | (2) | (25,085) | | 115,956 | | NM | (2) | |
| BTC $ Gain (in millions, except percentages) | | $(6,660) | | | $3,185 | | NM | (2) | $(2,096) | | $13,263 | | NM | (2) | |
Table 42 after “The table below presents the change in Assumed Diluted Shares Outstanding during the three- and nine-month periods ended September 30, 2026 ”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| (in thousands) | 2026 | 2025 | | 2026 | 2025 | |
| Assumed Diluted Shares Outstanding, beginning of period | 401,283 | | 314,216 | | 344,897 | 281,735 |
| Class A Common Stock Issuances | 50,298 | | 5,712 | | 108,753 | 32,562 |
| STRK Stock Issuances | — | | 140 | | 4 | 1,361 |
| Convertible Notes Issuances (Repurchases) | — | | — | | (2,231) | 4,614 |
| Equity Incentive Awards, net(1) | (4) | | (28) | | 154 | (232) |
| Assumed Diluted Shares Outstanding, end of period | 451,577 | | 320,040 | | 451,577 | 320,040 |
First 8 of 11 rows. The CSV has all of them.
Table 43 after “The following table sets forth our revenue and net income (loss) by reportable segment for the periods indicated:”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | | | | | |
| (in thousands) | 2026 | 2025 | | Change | 2026 | 2025 | | Change | | |
| Revenues | | | | | | | | | | |
| Software | $125,427 | | $128,691 | | $(3,264) | | $372,095 | | $354,245 | $17,850 |
| Bitcoin | — | | — | | — | | — | | — | — |
| Total revenues | $125,427 | | $128,691 | | $(3,264) | | $372,095 | | $354,245 | $17,850 |
| Net income (loss) | | | | | | | | | | |
| Software | $519,308 | | $34,174 | | $485,134 | | $33,591 | | $82,740 | $(49,149) |
First 8 of 10 rows. The CSV has all of them.
Table 44 after “The following table sets forth the results of operations of our Bitcoin segment for the periods indicated:”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | | | | | |
| (in thousands) | 2026 | 2025 | | Change | 2026 | 2025 | | Change | | |
| Total revenues | $— | | $— | | $— | | $— | | $— | $— |
| Significant expenses | | | | | | | | | | |
| Controllable | | | | | | | | | | |
| Sales and marketing | (133) | | (93) | | (40) | | (1,095) | | (1,789) | 694 |
| General and administrative | (8,439) | | (4,233) | | (4,206) | | (28,948) | | (16,361) | (12,587) |
| Total controllable expenses | (8,572) | | (4,326) | | (4,246) | | (30,043) | | (18,150) | (11,893) |
First 8 of 21 rows. The CSV has all of them.
Table 45 after “The following table sets forth the results of operations of our Software segment for the periods indicated:”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | | | | | |
| (in thousands) | 2026 | 2025 | | Change | 2026 | 2025 | | Change | | |
| Revenues: | | | | | | | | | | |
| Product licenses | $3,829 | | $17,373 | | $(13,544) | | $12,997 | | $31,820 | $(18,823) |
| Subscription services | 68,590 | | 45,972 | | 22,618 | | 190,327 | | 123,899 | 66,428 |
| Product support | 37,681 | | 51,118 | | (13,437) | | 122,116 | | 155,728 | (33,612) |
| Other services | 15,327 | | 14,228 | | 1,099 | | 46,655 | | 42,798 | 3,857 |
| Total revenues | 125,427 | | 128,691 | | (3,264) | | 372,095 | | 354,245 | 17,850 |
First 8 of 27 rows. The CSV has all of them.
Table 46 after “The Convertible Notes have scheduled maturity dates and become subject to holder put option rights as follows:”
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| Convertible Notes | Outstanding Principal Amount as of September 30, 2026 (in thousands) | Maturity Date | | Put Option Date (1) | |
| 2028 Convertible Notes | $1,010,000 | | September 15, 2028 | | September 15, 2027 |
| 2029 Convertible Notes | $1,500,000 | | December 1, 2029 | | June 1, 2028 |
| 2030A Convertible Notes | $800,000 | | March 15, 2030 | | September 15, 2028 |
| 2030B Convertible Notes | $2,000,000 | | March 1, 2030 | | March 1, 2028 |
| 2031 Convertible Notes | $603,659 | | March 15, 2031 | | September 15, 2028 |
| 2032 Convertible Notes | $800,000 | | June 15, 2032 | | June 15, 2029 |
Table 47 after “The following table sets forth the outstanding shares, notional values, and dividend rates for the Preferred Stock as of September 30, 2026:”
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| Preferred Stock | Shares Outstanding (in thousands) | Notional Value (in thousands) | | Dividend Rate | | | |
| STRF Stock | 12,840 | | $1,283,969 | | | 10.00% | |
| STRC Stock | 90,965 | $9,096,453 | | | 12.00% | | |
| STRE Stock | 7,750 | | € | 775,000 | | | 10.00% |
| STRK Stock | 14,021 | | $1,402,074 | | | 8.00% | |
| STRD Stock | 14,024 | | $1,402,422 | | | 10.00% | |
Table 48 after “The following table sets forth the aggregate cash dividends paid for the three and nine months ended September 30, 2026 and 2025:”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| (in thousands) | 2026 | 2025 | | 2026 | 2025 | |
| STRF Stock | $32,099 | | $29,182 | | $96,298 | $54,704 |
| STRC Stock | 301,874 | | 45,751 | | 696,169 | 45,751 |
| STRE Stock (1) | 22,048 | | — | | 66,525 | — |
| STRK Stock | 28,041 | | 27,212 | | 84,124 | 59,831 |
| STRD Stock | 35,061 | | 37,636 | | 105,182 | 37,636 |
| Total Cash Dividends Paid | $419,123 | | $139,781 | | $1,048,298 | $197,922 |
Table 49 after “The following table sets forth a summary of our cash flows (in thousands) and related percentage changes for the periods indicated:”
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| Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | % change (1) | |
| (in thousands) | (unaudited) | (unaudited) | | | |
| Net cash provided by (used in) operating activities | $14,267 | | $(45,612) | | NM |
| Net cash used in investing activities | (17,228,318) | | (19,417,576) | | (11.3)% |
| Net cash provided by financing activities | 17,418,053 | | 19,476,842 | | (10.6)% |
| Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | (4,218) | | 2,649 | | NM |
| Net increase in cash, cash equivalents, and restricted cash | 199,784 | | 16,303 | | NM |
First 8 of 10 rows. The CSV has all of them.
Table 50 after “The following table presents total bitcoin holdings, basic shares outstanding, Assumed Diluted Shares Outstanding, Bitcoin per basic shares ”
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| 2026 | 2025 | | | | | | | | | |
| 12/31/2025 | | 6/30/2026 | | 9/30/2026 | 12/31/2024 | | 6/30/2025 | 9/30/2025 | | |
| Total Bitcoin Holdings | 672,500 | | | 846,000 | | 847,666 | 447,470 | | | 597,325 | 640,031 |
| Shares Outstanding (in thousands) | | | | | | | | | | | |
| Class A Common Stock | 292,422 | | | 351,963 | | 402,338 | 226,138 | | | 261,318 | 267,468 |
| Class B Common Stock | 19,640 | | | 19,640 | | 19,640 | 19,640 | | | 19,640 | 19,640 |
| Basic Shares Outstanding | 312,062 | | | 371,603 | | 421,978 | 245,778 | | | 280,958 | 287,108 |
| 2027 Convertible Notes, convertible at $143.25 | — | | | — | | — | 7,330 | | | — | — |
First 8 of 21 rows. The CSV has all of them.
Table 51 after “A “Satoshi” or a “Sat” is one one-hundred-millionth of one bitcoin, currently the smallest indivisible unit of a bitcoin.”
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| | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | | | | | | | |
| 2026 | | 2025 | | Change | 2026 | | 2025 | | Change | | | | | |
| BTC Yield | | (11.9)% | | | 6.2% | | (18.1)% | | (1) | (3.7)% | | 25.9% | | (29.6)% | (1) |
| BTC Gain | | (79,710) | | | 27,847 | | NM | (2) | (25,085) | | 115,956 | | NM | (2) | |
| BTC $ Gain (in millions, except percentages) | | $(6,660) | | | $3,185 | | NM | (2) | $(2,096) | | $13,263 | | NM | (2) | |
Table 52 after “The following table shows the purchases of STRC Stock by or on behalf of the Company, or any “affiliated purchaser” (as defined in Rule 10b-”
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| Period | Total Number of Shares Purchased | Average Price Paid Per Share (1) | | Total Number of Shares Purchased as Part of the Program | | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program (in millions) (2) | |
| July 1, 2026 through July 31, 2026 | 752,993 | | $87.88 | | | 752,993 | $933.8 |
| August 1, 2026 through August 31, 2026 | 5,977,209 | | $95.21 | | | 5,977,209 | $364.8 |
| September 1, 2026 through September 30, 2026 | 7,199,971 | | $98.21 | | | 7,199,971 | $657.6 |
| Total | 13,930,173 | | | | 13,930,173 | | |
| Exhibit Number | Description |
| 3.1 | Second Restated Certificate of Incorporation of the registrant (incorporated herein by reference to Exhibit 3.1 to the registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2003 (File No. 000-24435)). |
| 3.2 | Certificate of Amendment to the registrant’s Second Restated Certificate of Incorporation (incorporated herein by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed with the SEC on January 23, 2025 (File No. 000-24435)). |
| 3.3 | Certificate of Amendment to the registrant’s Second Restated Certificate of Incorporation (incorporated herein by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed with the SEC on August 11, 2025 (File No. 001-42509)). |
| 3.4 | Second Amended and Restated By-Laws of the registrant (incorporated herein by reference to Exhibit 3.2 to the registrant’s Current Report on Form 8-K filed with the SEC on August 11, 2025 (File No. 001-42509)). |
| 3.5 | Amended and Restated Certificate of Designations of 10.00% Series A Perpetual Strife Preferred Stock (incorporated herein by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed with the SEC on October 29, 2026 (File No. 001-42509)). |
| 3.6 | Second Amended and Restated Certificate of Designations of Variable Rate Series A Perpetual Stretch Preferred Stock (incorporated herein by reference to Exhibit 3.2 to the registrant’s Current Report on Form 8-K filed with the SEC on October 29, 2026 (File No. 001-42509)). |
| 3.7 | Amended and Restated Certificate of Designations of 8.00% Series A Perpetual Strike Preferred Stock (incorporated herein by reference to Exhibit 3.3 to the registrant’s Current Report on Form 8-K filed with the SEC on October 29, 2026 (File No. 001-42509)). |
First 8 of 17 rows. The CSV has all of them.
| 4.8 | Indenture, dated as of September 19, 2024, by and between MicroStrategy Incorporated and U.S. Bank Trust Company, National Association, as trustee (incorporated herein by reference to Exhibit 4.1 to the registrant’s Current Report on Form 8-K filed with the SEC on September 20, 2024 (File No. 000-24435)). |
| 4.9 | Form of 0.625% Convertible Senior Note due 2028 (incorporated herein by reference to Exhibit 4.2 to the registrant’s Current Report on Form 8-K filed with the SEC on September 20, 2024 (File No. 000-24435)). |
| 4.10 | Indenture, dated as of November 21, 2024, by and between the registrant and U.S. Bank Trust Company, National Association, as trustee (incorporated herein by reference to Exhibit 4.1 to the registrant’s Current Report on Form 8-K filed with the SEC on November 21, 2024 (File No. 000-24435)). |
| 4.11 | Form of 0% Convertible Senior Note due 2029 (incorporated herein by reference to Exhibit 4.2 to the registrant’s Current Report on Form 8-K filed with the SEC on November 21, 2024 (File No. 000-24435)). |
| 4.12 | Indenture, dated as of February 21, 2025, by and between MicroStrategy Incorporated and U.S. Bank Trust Company, National Association, as trustee (incorporated herein by reference to Exhibit 4.1 to the registrant’s Current Report on Form 8-K filed with the SEC on February 24, 2025 (File No. 001-42509)). |
| 4.13 | Form of 0% Convertible Senior Notes due 2030 (incorporated herein by reference to Exhibit 4.2 to the registrant’s Current Report on Form 8-K filed with the SEC on February 24, 2025 (File No. 001-42509)). |
| 4.14 | Form of Certificate of 10.00% Series A Perpetual Strife Preferred Stock (incorporated herein by reference to Exhibit 4.1 to the registrant’s Current Report on Form 8-K filed with the SEC on October 29, 2026 (File No. 001-42509)). |
| 4.15 | Form of Certificate of Variable Rate Series A Perpetual Stretch Preferred Stock (incorporated herein by reference to Exhibit 4.2 to the registrant’s Current Report on Form 8-K filed with the SEC on October 29, 2026 (File No. 001-42509)). |
First 8 of 18 rows. The CSV has all of them.