Strategy Reports $21B in Q3 Operating Income and Expands Bitcoin Holdings to 848,517 BTC

TL;DR:

• Strategy closed the third quarter of 2026 with a record operating income of $20.91 billion and net income attributable to common shareholders of $19.12 billion.
• The corporate treasury reached 848,517 BTC as of October 25, 2026, representing a 26% year-to-date increase.
• The company announced the transition to daily dividends for its STRC preferred stock series effective November 1, 2026.

Strategy reported its financial results for Q3 ending September 2026, a period in which it consolidated Bitcoin as the decisive pillar of its balance sheet after recording billions of dollars in unrealized digital asset gains.

The official report, released this Thursday, October 29, details that operating income reached $20.91 billion, driven almost entirely by a $20.91 billion digital asset accounting gain during the quarter. Furthermore, diluted earnings per share (EPS) stood at $44.75, a figure that significantly surpassed market expectations.

Strategy announces Q3 2026 results:
– $21 billion operating income, our largest quarter ever
– $21 billion capital raised YTD
– Returned $STRC to health
– 848,517 $BTC held, up 26% YTD https://t.co/tsqD7sQBHX

— Michael Saylor (@saylor) October 29, 2026

The traditional enterprise software licensing and services business posted revenues of $125.43 million for the quarter. Accounting data released by the firm indicates that the gross margin for the technology division reached 71%, generating an operating gross profit of $89.6 million, compared to $90.7 million logged in the same period of 2025.

According to the corporate breakdown as of October 25, 2026, the company’s treasury held 848,517 BTC. The aggregate acquisition cost of these assets totaled $64.02 billion, equating to an average purchase price of $75,446 per unit, against an aggregate market value of $68.9 billion at the cutoff date.

Throughout 2026, the entity allocated $14.33 billion exclusively to the purchase of digital currency, marking a net 26% expansion in accumulated holdings relative to the previous fiscal year.

Capital Expansion and Preferred Dividend Structure

In terms of financing, the company raised $21.23 billion through equity offerings throughout 2026, ranking among the largest equity issuers across U.S. markets for the fiscal year. Between July and September 2026, its at-the-market (ATM) share offering program generated net proceeds of $5.41 billion.

The market performance of the common stock (MSTR) recorded a 76% surge throughout Q3. Meanwhile, the price of Bitcoin posted a 43% appreciation across that same timeframe.

According to management remarks during the earnings call, the treasury framework operated at a net leverage ratio of 2.4% at the end of September 2026, a notable decline from the 8.4% recorded at the close of Q2. The debt-to-equity ratio reported on the balance sheet stood at 0.22.

Executive leadership also formalized adjustments across its digital credit vehicles and corporate fixed-income instruments. The STRC preferred stock series will officially shift to a daily dividend payment structure starting November 1, 2026.

Filings submitted to regulatory authorities specify that the other outstanding preferred share classes (STRF, STRK, and STRD) will transition to this daily dividend format beginning January 1, 2027. To date, cumulative dividend disbursements across these preferred shares total $1.48 billion.

On the corporate governance front, the company announced leadership shifts in its executive team. Current Chief Financial Officer Andrew Kang will step down on November 5, 2026, serving as a corporate advisor through year-end, after which Reza Virasteh will officially assume CFO responsibilities starting January 1, 2027.