Strategy Q1 FY26: where the revenue came from and where it went
The whole income statement of Strategy for this quarter, as one diagram: what earned the revenue, and what it went on.
- Period
- Jan 1 – Mar 31, 2026
- Reported
- May 6, 2026
Revenue$0.12B
+12% year over year
Gross profit$0.08B
67% margin
Operating profit−$14.47B
−11642% margin
Net profit−$12.54B
−10091% margin
Net profit is larger than what operations earned, because the statement adds $1.93B below it, under Tax benefit and other.
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 0.12 | 100% | +12% |
| Subscription & circulation | 0.06 | 48% | +59% |
| Product support | 0.04 | 35% | |
| Service other | 0.02 | 13% | |
| License | 0.01 | 5% | −24% |
| Cost of revenue | −0.04 | 33% | |
| Gross profit | 0.08 | 67% margin | −2pp |
| Digital asset losses | −14.46 | 11658% | |
| R&D | −0.03 | 20% | −2pp |
| Sales & marketing | −0.04 | 29% | +4pp |
| G&A | −0.04 | 30% | −6pp |
| Operating profit | −14.47 | −11642% margin | −6310pp |
| Tax benefit and other | 1.93 | ||
| Net profit | −12.54 | −10091% margin | −6293pp |
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