MicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock · STRF · FY2026 Q1 · Calendar Q2 2026

STRF: Bitcoin accumulation and preferred-credit expansion remain central

Management’s Q1 2026 discussion supports continued execution of its Bitcoin accumulation and digital-credit strategy, but the thesis remains highly dependent on Bitcoin prices, funding conditions and investor demand for preferred securities.

Reported Session unavailableNASDAQTechnology $30.13B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $-38.25 Consensus $-0.86
EPS surprise -4337.4% Reported versus consensus
Reported revenue $124.3M Consensus $120.8M
Revenue surprise +2.9% Reported versus consensus

Market reaction

close-to-close (session unavailable)
Stock move -0.2% Event window
SPY move +0.8% Same window
Abnormal move -1.0% Stock minus SPY
Volume 0.9× Versus trailing sessions
Subsequent drift -4.8% Up to 20 sessions
STRFSPY benchmark

Ask FN2 about STRF FY2026 Q1

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Why did STRF fall 0.2% after missing EPS estimates in FY2026 Q1?What changed in STRF's guidance and outlook in FY2026 Q1?Give me the bull and bear case for STRF after FY2026 Q1 earnings.

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Transcript intelligence

What changed

Management highlighted 818,334 BTC, about 3.9% of total supply, and $11.7 billion raised in Q1. STRC demand and liquidity were emphasized, alongside a proposal to move dividends to a semimonthly schedule and plans to continue Bitcoin purchases and preferred issuance.

Guidance delta

Guidance sentiment was maintained. Management continued to emphasize Bitcoin-per-share growth, STRC issuance and digital-credit expansion; no separate quantitative guidance change was supplied in the analysis.

Key takeaways

  • The company reported a $14.5 billion Q1 operating loss driven largely by Bitcoin fair-value changes.
  • Management said Bitcoin holdings reached 818,334 BTC and described STRC as a highly liquid preferred security with an 11.5% yield.
  • The capital plan remains central: continue raising capital, accumulating Bitcoin and expanding digital-credit products.

Management priorities

  • Continue accumulating Bitcoin and increasing Bitcoin per share.
  • Scale STRC issuance and pursue digital-credit and digital-money initiatives.
  • Manage dividends, convertible debt and amplification while monitoring Bitcoin and funding conditions.

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Earnings History

Estimate Beat Miss Match
STRF EPS earnings history estimate and actual scatter chart 4 reported fiscal quarters and 4 future estimate-only quarters. Q4 '25 estimate $-0.08 Q4 '25 actual $-42.93, miss Q1 '26 estimate $-0.86 Q1 '26 actual $-38.25, miss Q2 '26 estimate $-2.19 Q2 '26 actual $-24.45, miss Q3 '26 estimate $20.19 Q3 '26 actual $44.75, beat Q4 '26 estimate $8.75 Q1 '27 estimate $3.25 Q2 '27 estimate $5.50 Q3 '27 estimate $2.51

Company context

Snapshot as of publication

This perpetual preferred equity, identified by the ticker STRF, offers a consistent annual dividend of 10% based on its $100 face value. These cash distributions are disbursed to investors every quarter. It serves as a high-yield vehicle designed for income-centric investors, providing an indirect association with MicroStrategy's substantial Bitcoin asset holdings.

Historical context

All STRF earnings
-0.8%FY2026 Q3 · Calendar Q4 2026-3.3%FY2026 Q2 · Calendar Q3 2026

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-11-01T18:10:40.683799+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-11-01. For educational purposes only; not investment advice.