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Sep 30, 2025
MicroStrategy Q3 2025 Earnings Report
Strategy reported strong Q3 2025 results with a significant profit turnaround driven by gains from digital assets and increased Bitcoin holdings.
Key Takeaways
Strategy Inc delivered a strong third quarter with $2.8 billion in net income, bolstered by unrealized gains on its Bitcoin treasury. EPS reached $8.42, reversing a loss from the prior year. Revenue rose to $128.7 million, led by growth in subscription services.
Achieved $2.8 billion in net income for Q3 2025, compared to a net loss in Q3 2024
Diluted EPS reached $8.42, a major improvement year-over-year
Bitcoin holdings grew to 640808 BTC with a market value of $70.9 billion
Achieved 26% BTC yield year-to-date and $12.9 billion in BTC $ gain
Revenue by Segment
Forward Guidance
Strategy reaffirmed its FY2025 targets, projecting $24 billion in net income and a 30% BTC yield, assuming year-end BTC price reaches $150,000.
Positive Outlook
- FY2025 net income projected at $24 billion
- BTC Yield target reaffirmed at 30%
- EPS forecasted at $80 for FY2025
- BTC $ Gain target reaffirmed at $20 billion
- Operating income target set at $34 billion
Challenges Ahead
- Earnings highly sensitive to bitcoin price volatility
- Significant exposure to unrealized BTC fair value swings
- Complex capital structure due to multiple preferred instruments
- Deferred tax liabilities surged from BTC gains
- Uncertainty over sustainability of high dividend rates
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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