MSTR Nasdaq NASDAQ-100Russell 1000 Earnings call
MicroStrategy
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 5 May 2026
Net loss narrowed on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
1 · Numbers
Loss narrowed
Net income vs Q1 2026
Outlook given
Net income -8.22B vs -12.54B
Revenue −1.6%
2 · How management spoke
Typical
Less upbeat than 51% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Key theme
As of the end of Q2, MicroStrategy's balance sheet and liquidity position is strong, its portfolio credit performance remains stable.
Read between the lines
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Guidance
MicroStrategy expects its third quarter interest expense to be broadly stable or up slightly compared to the second quarter, reflecting the benefit of its reduced leverage following the record level...
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Guidance
MicroStrategy expects a quarterly dividend from the RIA of approximately two to two and a half million per quarter.
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Figure
For the first half of 2026, MicroStrategy delivered record originations of $2.74 billion, an increase of 35.6% year-over-year, and record...
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Fading
MicroStrategy's market cap is now $62 billion, and Stretch SDRC has grown to $8.5 billion outstanding, showing strong market bit and investor demand…
Source quote
“Our market cap is now $62 billion, and Stretch SDRC has grown to $8.5 billion outstanding, showing strong market bit and investor demand... That keeps the Strategy in a clear leadership position as the largest corporate Bitcoin holder in the world. So far, in 2026, we raised about $11.7 billion of capital, giving us more...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“For the first half of 2026, we delivered record originations of $2.74 billion, an increase of 35.6% year-over-year, and record fundings of $1.35 billion, an increase of 8.5% year-over-year.”
“Q2 was another exceptional quarter for Hercules Capital, building on the record-setting momentum established over the past several quarters and establishing new high water marks to begin the first half...”
“The increase in operating expenses were largely driven by increased variable compensation tied to record originations, as well as higher excise tax reserves on increased investment income.”
Numbers
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 122.4M | 124.3M | −1.6% | 114.5M | +6.9% |
| Gross profit | 81.5M | 83.4M | −2.2% | 78.7M | +3.6% |
| Operating income | -8.33B | -14.47B | Loss narrowed | 14.03B | Turned loss |
| Net income | -8.22B | -12.54B | Loss narrowed | 10.02B | Turned loss |
| EPS | -24.45 | -38.25 | Loss narrowed | 32.60 | Turned loss |
Topics
Most discussed now
- Being able to support MicroStrategy's portfolio companies as they scale and expand their businesses is an important part of its...
- New Robust portfolio originations and elevated portfolio prepayment activity in Q2 provided for strong top-line financial results while…
- In the second quarter of 2026, Hercules delivered another strong quarter of record operating performance, strong originations, and stable…
- The vast majority of MicroStrategy's originations are true proprietary originations that its investment teams source and originate through…
- Solid contributions from both the BDC and MicroStrategy's wholly owned RIA managed private credit fund business continues to provide...
Faded since Q1 2026
- Dropped Create various yield coins in different currencies
- Dropped It's a publicly traded preferred stock based on a 100-year old tax law, 100-year-old securities law trading on the NASDAQ...
- Dropped Many of you are shareholders of MicroStrategy's common MSTR and its perpetual preferred stretch.
- Fading The issue is, how do I convince people to put AUM or put capital into my stable coin.