Strategy reported $19.53 billion of third-quarter net income and diluted earnings of $44.75 per share. The scale is real under current fair-value accounting, but the result did not come from a comparable increase in operating revenue.
The company’s 29 October financial release records a $20.91 billion digital-asset gain and $20.91 billion of operating income. Revenue from the software business was $125.4 million, down 3% from a year earlier. Gross profit was $89.6 million. strategy.com
Net income attributable to common stockholders was $19.12 billion after $419.6 million in preferred dividends. Strategy held 848,517 BTC as of 25 October, up 26% during 2026, with an aggregate purchase cost of $64.02 billion and an average cost near $75,446 per bitcoin.
The company also disclosed that it sold approximately $431.8 million of Bitcoin during 2026 to help fund preferred dividends and STRC repurchases. It had repurchased about $2.04 billion of STRC at an average $97.39 per share and maintained $5.07 billion across its dollar reserve and cash balances, representing about 3.4 years of preferred-dividend and interest coverage under its framework.
Andrew Kang will step down as chief financial officer on 5 November and remain an adviser through year-end. Chief Executive Phong Le will serve as principal financial officer during the transition, with Reza Virasteh scheduled to become chief financial officer in January.
TOKEN RECON ASSESSMENT
The earnings headline is primarily a mark-to-market statement about Bitcoin, not a $19.5 billion operating cash inflow. The more consequential disclosures are the widening preferred-stock obligations, actual Bitcoin sales used for capital management and the CFO transition. The next quarter should be judged through reserve coverage, preferred repurchases, Bitcoin sales and cash generation, not diluted EPS alone.
Sources
Strategy, third-quarter 2026 financial results
