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Jun 30, 2025
MicroStrategy Q2 2025 Earnings Report
Strategy reported record net income driven by unrealized bitcoin gains.
Key Takeaways
The company achieved historic net income of $10 billion in Q2, with diluted EPS of $32.60, fueled by fair value gains from bitcoin holdings and aggressive capital raise activity.
Net income for the quarter reached $10,020,846,000 due to unrealized gains on digital assets.
Diluted EPS hit $32.60, the highest in company history.
Bitcoin holdings rose to 628,791 BTC with an average cost of $73,277.
Raised $10,500,000,000 in capital during the quarter via ATM and IPO programs.
Revenue by Segment
Forward Guidance
Strategy projects FY2025 earnings assuming a year-end BTC price of $150,000, targeting major growth in income and bitcoin-related KPIs.
Positive Outlook
- FY2025 Operating Income guided at $34 billion.
- FY2025 Net Income expected at $24 billion.
- FY2025 Diluted EPS forecasted at $80 per share.
- BTC Yield target increased to 30%.
- BTC $ Gain target raised to $20 billion.
Challenges Ahead
- Outlook heavily depends on bitcoin price staying near or above $150,000.
- Aggressive equity issuance strategy may dilute existing shareholders.
- Deferred tax liabilities significantly increased compared to last year.
- Negative operating cash flow during H1 2025.
- Earnings remain highly volatile due to fair value accounting for bitcoin.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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