MicroStrategy Incorporated Q3 2026 Earnings Recap

Strategy shares fell 7.8% after earnings, despite record quarterly income, as the transcript highlights a potential concern for investors: Bitcoin per share was down 3.7% year to date. The company also raised $5.4 billion in capital during the quarter, while its reported earnings were heavily driven by a $20.9 billion fair value gain on Bitcoin.

Key Takeaways

• Q3 operating income was a record $20.9 billion, net income was $19.1 billion, and diluted EPS was $44.75; the company attributed the results to Bitcoin’s price appreciation and a fair value gain on its digital assets.
• Bitcoin rose from about $58,700 to $83,600 during the quarter. Strategy ended September with more than 847,600 Bitcoin, and reported 848,517 holdings in its opening remarks.
• Bitcoin per share was down 3.7% year to date, despite growing at an approximately 23% CAGR since the end of 2020.
• Strategy raised about $5.4 billion in capital in Q3, bringing year-to-date capital raises to $21.2 billion.
• At quarter-end, cash and short-term investments were just under $5.9 billion; preferred equity was $13.1 billion, and total equity was $68.5 billion, up 51% during the quarter.