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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Total revenues $ 128,691 $ 116,071 $ 354,245 $ 342,759
Cost of revenues:        
Total cost of revenues 38,013 34,349 107,734 95,299
Gross profit 90,678 81,722 246,511 247,460
Operating expenses:        
Sales and marketing 29,908 35,414 91,131 103,116
Research and development 22,602 33,301 71,096 92,795
General and administrative 38,173 33,505 115,220 104,300
Unrealized gain on digital assets (3,890,847) 0 (12,032,356) 0
Digital asset impairment losses 0 412,084 0 783,807
Total operating expenses (3,800,164) 514,304 (11,754,909) 1,084,018
Income (loss) from operations 3,890,842 (432,582) 12,001,420 (836,558)
Interest expense, net [1] (18,890) (18,129) (53,893) (45,476)
Loss on debt extinguishment 0 (22,933) 0 (22,933)
Other (expense) income, net (716) (5,034) (12,923) (2,644)
Income (loss) before income taxes 3,871,236 (478,678) 11,934,604 (907,611)
Provision for (benefit from) income taxes [2] 1,086,212 (138,504) 3,346,104 (411,760)
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)
Basic earnings (loss) per common share [3] $ 9.3 $ (1.72) $ 30.83 $ (2.71)
Weighted average common shares outstanding - Basic 284,376 197,273 272,143 182,695
Diluted earnings (loss) per common share [3] $ 8.42 $ (1.72) $ 27.71 $ (2.71)
Weighted average common shares outstanding - Diluted 315,393 197,273 303,986 182,695
Total product licenses and subscription services        
Revenues:        
Total revenues $ 63,345 $ 38,887 $ 155,719 $ 108,157
Cost of revenues:        
Total cost of revenues 20,226 12,223 52,694 31,748
Product licenses        
Revenues:        
Total revenues 17,373 11,087 31,820 33,311
Cost of revenues:        
Total cost of revenues 632 769 2,765 2,130
Subscription services        
Revenues:        
Total revenues 45,972 27,800 123,899 74,846
Cost of revenues:        
Total cost of revenues 19,594 11,454 49,929 29,618
Product support        
Revenues:        
Total revenues 51,118 61,015 155,728 185,440
Cost of revenues:        
Total cost of revenues 7,157 8,572 21,802 25,312
Other services        
Revenues:        
Total revenues 14,228 16,169 42,798 49,162
Cost of revenues:        
Total cost of revenues $ 10,630 $ 13,554 $ 33,238 $ 38,239
[1] Interest expense, net is substantially related to interest expense on the Company’s long-term debt arrangements, the proceeds from which were primarily used to purchase bitcoin.
[2] Income tax effects allocated to the Corporate & Other category are related solely to transactions involving the Company’s bitcoin or debt, including unrealized gains or losses on digital assets, digital asset impairment losses, interest expenses, gains and losses on debt extinguishments, share-based compensation expense, corporate resources (including personnel costs), and other third-party expenses.
[3] Basic and fully diluted earnings per common share for class A and class B common stock are the same.