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Basic and Diluted Loss per Common Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Computation of Basic and Diluted (Loss) Earnings per Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share (in thousands, except per share data) for the periods indicated:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
Numerator:
Net income (loss)		$	2,785,024			$	(340,174	)		$	8,588,500			$	(495,851	)
Dividends on preferred stock			(139,898	)			0				(198,040	)			0
Net income (loss) attributable to common stockholders of Strategy - Basic		$	2,645,126			$	(340,174	)		$	8,390,460			$	(495,851	)
Effect of dilutive shares on net income (loss):
Interest expense on 2027 Convertible Notes, net of tax			0				0				286				0
Interest expense on 2028 Convertible Notes, net of tax			1,871				0				5,626				0
Interest expense on 2029 Convertible Notes, net of tax			1,296				0				3,899				0
Interest expense on 2030A Convertible Notes, net of tax			1,592				0				4,786				0
Interest expense on 2030B Convertible Notes, net of tax			890				0				2,154				0
Interest expense on 2031 Convertible Notes, net of tax			1,378				0				4,145				0
Interest expense on 2032 Convertible Notes, net of tax			3,685				0				11,086				0
Dividends on STRK Stock			0				0				0				0
Net income (loss) - Diluted		$	2,655,838			$	(340,174	)		$	8,422,442			$	(495,851	)
Denominator:
Weighted average common shares of class A common stock			264,736				177,633				252,503				163,055
Weighted average common shares of class B common stock			19,640				19,640				19,640				19,640
Total weighted average shares of common stock outstanding - Basic			284,376				197,273				272,143				182,695
Effect of dilutive shares on weighted average common shares outstanding:
Stock options			3,419				0				3,704				0
Restricted stock units			655				0				769				0
Performance stock units			503				0				508				0
Employee stock purchase plan			0				0				2				0
Convertible preferred stock			0				0				0				0
2027 Convertible Notes			0				0				1,315				0
2028 Convertible Notes			5,513				0				5,513				0
2029 Convertible Notes			4,462				0				4,462				0
2030A Convertible Notes			5,342				0				5,342				0
2030B Convertible Notes			4,614				0				3,719				0
2031 Convertible Notes			2,594				0				2,594				0
2032 Convertible Notes			3,915				0				3,915				0
Total weighted average shares of common stock outstanding - Diluted			315,393				197,273				303,986				182,695
Income (loss) per share:
Basic income (loss) per share (1)		$	9.30			$	(1.72	)		$	30.83			$	(2.71	)
Diluted income (loss) per share (1)		$	8.42			$	(1.72	)		$	27.71			$	(2.71	)

(1) Basic and fully diluted earnings per common share for class A and class B common stock are the same.

Schedule of Weighted Average of Potential Class A Common Stock Excluded from Computation of Basic and Diluted (Loss) Earnings per Share

For the three and nine months ended September 30, 2025 and 2024, the following weighted average shares of potential class A common stock were excluded from the diluted earnings (loss) per common share calculation because their impact would have been anti-dilutive (in thousands).

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
Stock options			53				5,823				46				7,481
Restricted stock units			6				1,587				13				1,756
Performance stock units			0				606				0				576
Employee stock purchase plan			0				8				0				13
Convertible preferred stock			1,304				0				915				0
2025 Convertible Notes			0				0				0				6,664
2027 Convertible Notes			0				7,330				0				7,330
2028 Convertible Notes			0				719				0				240
2029 Convertible Notes			0				0				0				0
2030A Convertible Notes			0				5,342				0				4,031
2030B Convertible Notes			0				0				0				0
2031 Convertible Notes			0				2,594				0				1,863
2032 Convertible Notes			0				3,915				0				1,506
Total			1,363				27,924				974				31,460

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- References

No definition available.

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- Definition

Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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