Basic and Diluted Loss per Common Share (Tables)

6 Months Ended

Jun. 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						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Numerator:
Net income (loss)	$	10,020,846		$	(102,559	)	$	5,803,476		$	(155,677	)
Dividends on preferred stock		(49,110	)		0			(58,347	)		0
Net income (loss) attributable to common stockholders of Strategy - Basic	$	9,971,736		$	(102,559	)	$	5,745,129		$	(155,677	)
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		1,887			0			3,755			0
Interest expense on 2029 Convertible Notes, net of tax		1,308			0			2,603			0
Interest expense on 2030A Convertible Notes, net of tax		1,606			0			3,194			0
Interest expense on 2030B Convertible Notes, net of tax		898			0			1,264			0
Interest expense on 2031 Convertible Notes, net of tax		1,390			0			2,767			0
Interest expense on 2032 Convertible Notes, net of tax		3,718			0			7,400			0
Dividends on STRK Stock		16,756			0			23,550			0
Net income (loss) - Diluted	$	9,999,300		$	(102,559	)	$	5,789,949		$	(155,677	)
Denominator:
Weighted average common shares of class A common stock		255,604			158,967			246,270			155,686
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		275,244			178,607			265,910			175,326
Effect of dilutive shares on weighted average common shares outstanding:
Stock options		3,615			0			3,847			0
Restricted stock units		5			0			495			0
Performance stock units		494			0			511			0
Employee stock purchase plan		3			0			2			0
Convertible preferred stock		963			0			702			0
2027 Convertible Notes		0			0			1,439			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			3,307			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		306,764			178,607			298,039			175,326
Income (loss) per share:
Basic income (loss) per share (1)	$	36.23		$	(0.57	)	$	21.61		$	(0.89	)
Diluted income (loss) per share (1)	$	32.60		$	(0.57	)	$	19.43		$	(0.89	)

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 six months ended June 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				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Stock options		50		6,140		46		8,310
Restricted stock units		877		1,870		8		1,840
Performance stock units		0		610		0		560
Employee stock purchase plan		0		20		0		10
Convertible preferred stock		0		0		0		0
2025 Convertible Notes		0		3,660		0		10,000
2027 Convertible Notes		0		7,330		0		7,330
2028 Convertible Notes		0		0		0		0
2029 Convertible Notes		0		0		0		0
2030A Convertible Notes		0		5,340		0		3,380
2030B Convertible Notes		0		0		0		0
2031 Convertible Notes		0		2,590		0		1,500
2032 Convertible Notes		0		600		0		300
Total		927		28,160		54		33,230