Strategy announced record third-quarter results on Thursday, October 29, 2026, alongside a planned change at the top of its finance organization. The company said operating income reached 20.91 billion U.S. dollars for the three months ended September 30, with the result matching a gain on digital assets. The figures were released in Strategy's third-quarter release.
Net income rose to 19.53 billion U.S. dollars from 2.79 billion U.S. dollars a year earlier. Diluted earnings per share increased to 44.75 U.S. dollars from 8.42 U.S. dollars. Net income attributable to common stockholders was 19.12 billion U.S. dollars after 419.6 million U.S. dollars of preferred-stock dividends, compared with 2.65 billion U.S. dollars and 139.9 million U.S. dollars, respectively, in the third quarter of 2025.
Bitcoin Gains Drove The Quarter
The scale of the earnings improvement came from Strategy's bitcoin holdings rather than a comparable expansion of its operating business. The company reported a 20.91 billion U.S. dollar gain on digital assets, compared with 3.89 billion U.S. dollars in the year-earlier quarter.
Strategy held 848,517 bitcoin as of October 25, 2026, up 26% since the start of the year. The holdings had an original cost basis of 64.02 billion U.S. dollars and a market value of 68.90 billion U.S. dollars, based on a bitcoin price of 81,200 U.S. dollars on October 23. The company also said it had raised 21.23 billion U.S. dollars of capital year to date.
The underlying revenue picture was less dynamic. Total revenue declined 3% to 125.4 million U.S. dollars from 128.7 million U.S. dollars, while gross profit slipped to 89.6 million U.S. dollars from 90.7 million U.S. dollars. Gross margin nevertheless increased to 71% from 70%.
Finance Leadership Changes
Strategy said Chief Financial Officer Andrew Kang would step down effective November 5, 2026, for personal reasons and remain with the company as an adviser through December 31. President and Chief Executive Officer Phong Le is to serve as principal financial officer and oversee the finance organization during the interim period.
Effective January 1, 2027, Reza Virasteh, currently executive vice president of operations, is scheduled to become executive vice president and chief financial officer. He will serve as co-principal financial officer alongside Le, who will retain responsibility for the financial management of Strategy's bitcoin strategy.
The transition comes as Strategy expands its capital-markets activity and preferred-stock structure. The company said it repurchased 20,980,508 STRC shares for approximately 2.04 billion U.S. dollars year to date and had about 956.7 million U.S. dollars of authorization remaining as of October 25.
What Investors Watch Next
For common shareholders, the quarter underscores the central investment risk and opportunity in Strategy: reported earnings can move sharply with bitcoin prices, while the software business and the claims of debt and preferred securities remain important to the common equity value. Strategy itself cautioned that its bitcoin-related KPIs are not substitutes for financial statements and do not predict the trading price of its securities.
Strategy stock traded at 110.73 euros on Lang & Schwarz at 14:19 CET on Tuesday, November 10, 2026.
Strategy stock facts
- Company: Strategy Inc.
- ISIN: US5949724083
- Ticker: MSTR
- Home exchange: Nasdaq
- Lang & Schwarz price: 110.73 euros at 14:19 CET on Tuesday, November 10, 2026
- Third-quarter period: Three months ended September 30, 2026
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