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Strategy
Strategy (MSTR) investor relations material
Strategy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Ended 2025 with 713,502 Bitcoin, representing 3.4% of all Bitcoin ever to exist, and raised $25.3B in capital, reinforcing position as the largest corporate holder.
Adopted fair value accounting for Bitcoin holdings, aligning carrying value with market value each quarter, and received the first S&P credit rating for a Bitcoin treasury company.
Launched five digital credit instruments in 2025, including STRC, which scaled to $3.4B with high liquidity and stable pricing.
Established a $2.25B USD Reserve in Q4, providing over 2.5 years of dividend and interest coverage.
Achieved MSCI index inclusion and robust access to capital markets, becoming the largest US equity issuer in 2025.
Financial highlights
Q4 2025: Operating loss of $17.4B and net loss of $12.4B, driven by a $17.4B unrealized loss on digital assets under fair value accounting.
Full year 2025: Operating loss of $5.4B and net loss of $4.2B, within target guidance based on year-end Bitcoin price.
BTC Yield for 2025 was 22.8%, with a BTC gain of 101,873 and BTC dollar gain of $8.9B.
Digital assets increased from $23.9B (2024) to $58.9B (2025); cash and equivalents at $2.3B at year-end.
Annual revenue from operating business was $477M in 2025, with Q4 revenues at $123M and subscription services up 62% YoY.
Outlook and guidance
Focus on systematically increasing Bitcoin per share and compounding shareholder value over the long term.
Projected to double or more Bitcoin per share in 7 years, targeting 5%-14% annual BTC Yield depending on digital credit sales and market conditions.
Return of capital (ROC) distributions on preferred equity expected to continue for at least ten years.
No plans to issue new convertible debt; focus on strategic liability management and reducing leverage.
Assess the effectiveness of capital deployment for BTC
Explain STRC dividend stability mechanism
Confirm ROC dividend treatment duration
How is STRC dividend rate adjusted?
What drives BPS growth to double in 7 years?
How is balance sheet resilient to BTC price drops?
What is the long-term vision for Stretch's market position?
How does Strategy balance BTC per share vs credit risk?
How do regulatory shifts impact capital raising?
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Merger vote includes new non-voting stock class with limited conversion and no voting rights.
Next Strategy earnings date
Q1 202630 Apr, 2026
Strategy
Next Strategy earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
MicroStrategy Incorporated provides enterprise analytics software and services worldwide. The company offers MicroStrategy Analytics Platform platform that offers data discovery, mobile analytics, visual data mining, and predictive analytic capabilities; MicroStrategy AWS Edition for stateless deployment of MicroStrategy Analytics Platform on the Amazon Web Services marketplace; cloud platform; and MicroStrategy Library Services that include various APIs to connect modern application development frameworks, such as Python, R, Java, and JavaScript with the MicroStrategy Analytics Platform. The company was incorporated in 1989 and is headquartered in Tysons Corner, Virginia.
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