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Sentiment · FY2026 Q2
Strategy reported a $14.5 billion Q1 operating loss from Bitcoin fair value decline, with holdings growing to 818,334 BTC representing 3.9% of total supply as the STRC preferred program raised $8.5 billion in nine months becoming the largest preferred equity issuance globally. No GAAP financial guidance was provided; management reiterated the objective of doubling Bitcoin per share in seven years at approximately 10% annual BTC yield, while the capital strategy shifted from equity issuance toward digital credit instruments as Bitcoin sales emerged as a new strategic option for the first time.
Capital Allocation | Credit | Regulation Policy | Competitive Dynamics | Demand | Guidance Reliability | Innovation & R&D | M&A | |
|---|---|---|---|---|---|---|---|---|
| 2025Q2 | 2 | 2 | 2 | 2 | 1 | |||
| 2025Q3 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| 2025Q4 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | |
| 2026Q1 | 2 | 3 | 1 | 2 |
| '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|
| Capital Allocation | 2 | 2 | 3 | 2 |
| Credit | 2 | 2 | 3 | |
| Regulation Policy | 2 | 1 | 1 | 1 |
| Competitive Dynamics | 2 | 1 | 1 | |
| Demand | 2 | 1 | 1 | |
| Guidance Reliability | 1 | 1 | 1 | |
| Innovation & R&D | 1 | 2 | ||
| M&A | 1 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Lance Vitanza | TD Cowen | 6 (50%) |
| Mark Palmer | Benchmark | 5 (0%) |
| Brian Dobson | Clear Street |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $121M | -3.0% | $-3.03 | -706.0% | 71.7% | -842.1% | -555.8% | $-18.09B |
| FY2025 Q1 | $111M | -3.6% | $-16.49 | -5219.4% | 69.4% | -5331.4% | -3797.2% | $-7.67B |
| FY2025 Q2 | $114M | +2.7% | $32.60 |
| Ramsey El-Assal | Cantor Fitzgerald | 3 (0%) |
| Peter Christiansen | Citigroup | 2 (0%) |
| Andrew Harte | BTIG | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| TD Cowen | 1 | 6 (50%) |
| Benchmark | 1 | 5 (0%) |
| Clear Street | 1 | 4 (0%) |
| Cantor Fitzgerald | 1 | 3 (0%) |
| BTIG | 1 | 2 (0%) |
| Citigroup | 1 | 2 (0%) |
| +5819.3% |
| 68.8% |
| 12256.3% |
| 8752.7% |
| $-6.82B |
| FY2025 Q3 | $129M | +10.9% | $8.42 | +589.5% | 70.5% | 3023.4% | 2164.1% | $14.45B |
| FY2025 Q4 | $123M | +1.9% | $-42.93 | -1316.8% | 66.1% | -14185.0% | -10112.1% | $-3.12B |
| FY2026 Q1 | $124M | +11.9% | $-38.25 | -132.0% | 67.1% | -11641.5% | -10090.6% | $13M |
| FY2026 Q2 | $122M | +6.9% | $-24.45 | -175.0% | 66.6% | -6808.1% | -6717.1% | $7M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What MSTR and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“BlackRock’s is a $14 billion credit ETF, and STRC is the number two holding.”
STRC is the number two holding in BlackRock's $14 billion credit ETF, a read-through on the composition of BlackRock's credit ETF and its exposure to Strategy's digital-credit product.
“You can also see Schwab is a big distribution channel—23% of STRC is held in Schwab accounts.”
Schwab is a major distribution channel for Strategy's STRC preferred, holding 23% of the instrument, a positive brokerage-flow read-through for Charles Schwab.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MSTR MicroStrategy Inc. | 7 | +11.9% | |
| ADSK Autodesk | 10 | +19.8% | |
| AI C3.ai, Inc. | 1 | -46.1% | |
| APP Applovin Corp | 9 | +59.0% | |
| CDNS Cadence Design Systems | 9 | +18.7% | |
| CHYM Chime Financial, Inc. Class A Common Stock | 10 | +24.8% | |
| CRM Salesforce, Inc. | 9 | +12.1% | |
| DDOG Datadog | 10 | +32.1% | |
| FICO Fair Isaac | 9 | +38.7% | |
| FIG Figma, Inc. | 9 | +46.1% | |
| INTU Intuit | 9 | +17.4% | |
| NOW ServiceNow | 7 | +22.1% | |
| PTC PTC Inc. | 9 | +21.7% | |
| SHOP Shopify | 8 | +34.3% | |
| SNOW Snowflake Inc. | 9 | +30.1% | |
| SOUN SoundHound AI, Inc. | 8 | +51.7% | |
| TEAM Atlassian | 7 | +31.7% | |
| TTD The Trade Desk, Inc. | 8 | +11.8% | |
| TYL Tyler Technologies | 8 | +8.6% | |
| U Unity Software Inc. | 9 | +16.8% | |
| UBER Uber | 8 | +14.5% | |
| WDAY Workday, Inc. | 7 | +14.5% |