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Strategy 8-K Report, Financial Results (Oct 29, 2026)

Reports
Earnings & Results·Leadership Changes·Regulation FD+1
Filing Date
Filed October 29, 2026
Period End
October 26, 2026
In the record · 2016–202610-K1110-Q338-K265

MSTR filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 265 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Nov ’21Nov ’21
  2. Leadership change8-K · Dec ’25Dec ’25

01—Abstract

Summary

Summary of the 8-K filed October 29, 2026. Cited figures are marked; the original filing is the authoritative source.

Strategy Inc (Nasdaq: MSTR) reported third-quarter 2026 results, with operating income of $20.91 billiona driven by a gain on digital assets, and net income of $19.53 billion, or $44.75 diluted EPS.

Total revenues for the quarter were $125.4 millionb, a 3% decrease year-over-year. As of October 25, 2026, the company held approximately 848,517 bitcoin with a market value of $68.90 billion against an original cost basis of $64.02 billion. Net income attributable to common stockholders was $19.12 billion after $419.6 million of preferred dividends.

The company also announced a leadership transition: CFO Andrew Kang will resign effective November 5, 2026, and remain as a non-executive advisor through December 31, 2026. CEO Phong Le will serve as principal financial officer from November 6 through December 31, 2026. Reza Virasteh becomes Executive Vice President & Chief Financial Officer and co-principal financial officer effective January 1, 2027, and Shelley Khanna becomes Chief Accounting Officer effective November 6, 2026.

Digital credit activity included $2.04 billionc of STRC repurchases year to date at an average price of $97.39 per share, and a $3.0 billion repurchase program with approximately $956.7 million remaining. The company also upgraded STRC to daily dividends starting November 1, 2026, and STRF, STRK and STRD to daily dividends starting January 1, 2027. Management expects preferred distributions to be treated as non-taxable return of capital for the foreseeable future.

02—Key points

Key Highlights

  1. Q3 2026 operating income of $20.91 billion, driven by a $20.91 billion gain on digital assets; Q3 2025 operating income was $3.89 billion.
  2. Q3 2026 net income of $19.53 billion; diluted EPS of $44.75 versus $8.42 in Q3 2025.
  3. Total revenues of $125.4 million for Q3 2026, a 3% decrease year-over-year, with gross margin of 71%.
  4. Holdings of approximately 848,517 bitcoin as of October 25, 2026, with a market value of $68.90 billion and an average cost of about $75,446 per bitcoin.
  5. Net proceeds of approximately $5.41 billion from ATM sales during Q3 2026, almost entirely from class A common stock (MSTR).
  6. Repurchased 20,980,508 STRC shares year to date for approximately $2.04 billion at an average price of $97.39; $956.7 million of the $3.0 billion program remains.
  7. CFO Andrew Kang resigns effective November 5, 2026; Reza Virasteh becomes CFO effective January 1, 2027, with Phong Le as co-principal financial officer.

03—Questions

Frequently Asked Questions

  1. Why did Strategy report such a large operating income despite declining revenues?

    The operating income reflects a $20.91 billion gain on digital assets, while total revenues were $125.4 million, down 3% year-over-year. The gain is a fair value adjustment on bitcoin holdings, not an operating business result.

  2. Who is replacing CFO Andrew Kang and when?

    Kang resigns effective November 5, 2026. CEO Phong Le serves as principal financial officer from November 6 through December 31, 2026. Reza Virasteh becomes Executive Vice President & Chief Financial Officer and co-principal financial officer effective January 1, 2027, and Shelley Khanna becomes Chief Accounting Officer effective November 6, 2026.

  3. What compensation will the new CFO receive?

    Virasteh's base salary increases to $500,000 and his annual discretionary cash bonus target to $400,000. He will also receive RSUs with a target value of $1,000,000 and an option with a Black-Scholes-based target value of $1,000,000, each vesting in equal annual 25% installments over four years.

  4. What is the status of the STRC repurchase program and dividend policy?

    The company repurchased STRC shares for approximately $2.04 billion year to date at an average price of $97.39, about a 2.6% discount to the $100 stated amount. STRC's dividend rate was held at 12.00%, and STRC moves to daily dividends starting November 1, 2026.

  5. Will Strategy's preferred dividends be taxable to shareholders?

    Strategy believes it will not have positive accumulated earnings and profits, so it expects preferred distributions to be treated as non-taxable return of capital for the foreseeable future, meaning ten years or more. The company notes this could change and advises shareholders to consult their own tax advisors.

04—Continue

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