Strategy 2026年季度报告

Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June30, 2026 Commission File Number 001-42509 Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. As of July24, 2026, the registrant had 364,585,501 and 19,640,250 shares of class A common stock and class B common stock outstanding, respectively. STRATEGY INC FORM 10-Q TABLE OF CONTENTS PART I.FINANCIAL INFORMATION1Item 1.Financial Statements (unaudited)1Consolidated Balance Sheets as of June 30, 2026 and December 31, 20251Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 20252Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2026 and20253Consolidated Statements of Mezzanine Equity and Stockholders’ Equity for the Three and Six Months EndedJune 30, 2026 and 20254Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 20256Notes to Consolidated Financial Statements7Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations33Item 3.Quantitative and Qualitative Disclosures About Market Risk61Item 4.Controls and Procedures62PART II.OTHER INFORMATION64Item 1.Legal Proceedings64Item 1A.Risk Factors64Item 2.Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities100Item 5.Other Information100Item 6.Exhibits102 PART I - FINANCIAL INFORMATION STRATEGY INCCONSOLIDATED BALANCE SHEETS(in thousands, except per share data) STRATEGY INCCONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME(in thousands) STRATEGY INCCONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands) STRATEGY INC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited)(1) Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying Consolidated Financial Statements of Strategy Inc (“Strategy,” or the “Company”) are unaudited. The Consolidated Financial Statements and Notes to Consolidated Financial Statements are presented as required by the rules andregulations of the United States Securities and Exchange Commission (“SEC”) for interim reporting and do not contain certaininformation included in the Company’s annual financial statements and notes. These financial statements should be read in conjunctionwith the Company’s audited financial statements and the notes thereto filed with the SEC in the Company’s Annual Report on Form10-K for the fiscal year ended December31, 2025. There have been no significant changes in the Company’s accounting policies sinceDecember31, 2025. Certain prior period amounts have been reclassified and aggregated to conform to the current period presentation. These changes didnot have a material impact on the Company’s Consolidated Financial Statements and no underlying accounting policies ormeasurement bases have changed. In the opinion of management, all adjustments necessary for a fair statement of financial position and results of operations have beenincluded. All such adjustments are of a normal recurring nature, unless otherwise disclosed. Interim results are not necessarilyindicative of results for a full year. The accompanying Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significantintercompany accounts and transactions have been eliminated in consolidation. (b) Digital Assets The Company initially records its bitcoin purchases at cost and any increases or decreases in fair value are recognized as incurred inthe Company's Consolidated Statements of Operations, and the fair value of the Company’s bitcoin is reflected within the Company'sConsolidated Balance Sheet each reporting period-end. The