Short answer
MicroStrategy (MSTR) filed its Q3 2025 10-Q quarterly report on Nov 3, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $129M (up 10.9% year over year) with net income of $2.8B.
Q3 2025 key financials · XBRL
- Revenue
- $129M
- +10.9% YoY · +12.4% QoQ
- Net income
- $2.8B
- +918.7% YoY · −72.2% QoQ
- Operating margin
- 3023.4%
- Gross margin
- 70.5%
- EPS (diluted)
- $8.28
- +34.2% YoY · −76.9% QoQ
Source: XBRL data from the MicroStrategy (MSTR) Q3 2025 10-Q on SEC EDGAR. USD.
MicroStrategy Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Total bitcoin holdings grew to 640,031 BTC as of Sept 30, 2025, up from 252,220 BTC same quarter last year, nearly $6B increase in market value
- BTC Yield for Q3 2025 was 5.2% vs 5.1% YoY; nine months BTC Yield 25.9% vs 17.8% YoY, reflecting stronger bitcoin accumulation relative to shares
- Bitcoin Per Share (BPS) rose to 199,984 vs 107,306 YoY, indicating significant accretive capital deployment towards bitcoin holdings
- Assumed Diluted Shares Outstanding increased to 320 million from 235 million YoY, reflecting stock split and convertible instruments impact
- No direct revenue or operating margin disclosed; management highlights ACCRETIVE bitcoin acquisition strategy and risks from convertible debt and share dilution
Risk Factors
- No newly added risk factors this quarter, risks incorporated by reference from 8-K filed October 6, 2025
- Most materially updated risk: potential further downgrade from below investment grade Standard & Poor’s credit rating affecting funding access
- Most impactful regulatory risk: credit rating downgrades increasing cost and terms of obtaining funding, impacting financial condition
- Near-term operational risk: reduced access to credit and capital markets from credit rating actions impairing liquidity
- Financial risk: reliance on unsecured funding vulnerable to credit rating reductions by rating agencies
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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