What to expect on Strategy’s Q3 earnings call today
At 5pm today in Virginia, Strategy (formerly MicroStrategy) founder Michael Saylor will present his company’s earnings as of the third quarter (Q3) 2025 and beyond any unexpected surprises, investors are looking for answers to several questions.
First, they would appreciate an update on the company’s re-application for its common stock (MSTR) to join the S&P 500 index and benefit from that index’s multi-trillion dollar passive flows.
On September 5, the committee overseeing the S&P 500 index declined to add Strategy, despite the company qualifying on all technical metrics.
If Strategy maintains S&P’s qualification criteria, the committee’s next quarterly meeting could bring better news for investors.
On a related topic, investors will also be interested in the company’s response to S&P analysts’ recent Junk rating, and will be hoping that the company remedies the deficiencies identified.
They will also be anxiously awaiting news of plans for STRC-like offerings in foreign markets.
Saylor has repeatedly forecasted additional, quasi-stable preferred share offerings denominated in foreign currencies that would pay annualized dividend rates near STRC’s 10.25%.
Next, analysts will be looking for any plans for additional types of preferred shares beyond the company’s STRK, STRF, STRD, and STRC. News anchors at Bloomberg and CNBC have asked Saylor if he plans additional offerings, but he’s declined to specify.
Read more: MSTR outperformed bitcoin on just 22 days in the past year
Still waiting, all year, for better Strategy earnings
Strategy investors will also be looking for some idea as to how management plans to reverse its relentless decline in multiple-to-Net Asset Value (mNAV) which peaked above 3.2x in November 2024.
The company’s most important metric — a term that its own shareholders coined — has more than halved to under 1.35x.
Investors will also be looking for updates about the company’s actual earnings and any contributions from initiatives like Strategy Orange, HyperIntelligence, or other cost savings. Although Strategy’s legacy software business doesn’t earn much money, its cash flows are important to service payroll, dividends, and interest payments.
Finally, investors will be tuning into the Q&A session to learn about any plans for stock buybacks, deferred tax liabilities, voluntary debt retirements, leverage ratios, and other matters.
The call-in hour is normally lively on Strategy earnings days and is publicly accessible via Zoom.
The company typically publishes a press release and Securities and Exchange Commission filing in advance of its quarterly presentation.
It published Q2 earnings, for example, at 4:01pm ahead of its 5:00pm earnings call.
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