Strategy FY2026 Q3: $19.53 billion net income is a bitcoin mark
Strategy’s FY2026 third quarter looks spectacular only because of bitcoin accounting: net income was $19.53 billion and diluted EPS $44.75, both driven by a $20.91 billion digital-asset gain. Read the software line separately: revenue was $125.4 million, down 3.0% year over year, with a 71.5% gross margin. The real question is whether the capital structure and bitcoin holdings can keep producing these marks without leaning on asset sales or new shares.
1 · Expected vs. Actual
Free preview belowDiluted GAAP EPS was $44.75, far above the $24.50 consensus estimate. But the profit is not from software: operating income of $20.91 billion includes a $20.91 billion gain on digital assets. Net income was $19.53 billion, and preferred dividends took $419.6 million of that before common holders.
Revenue was $125.4 million, down 3.0% from $128.7 million a year earlier. The mix is still software-led: product licenses and subscription services brought in $72.4 million, product support $37.7 million and other services $15.3 million. Gross margin improved to 71.5%.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
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