The forward-looking statements contained in this release are based on Merit management's current expectations and assumptions regarding future events or outcomes. If underlying expectations or assumptions prove inaccurate, or risks or uncertainties materialize, actual results will likely differ, and could differ materially, from Merit's expectations reflected in any forward-looking statements. Financial estimates are subject to change and are not intended to be relied upon as predictions of future operating ...

业绩总结 - Q3 2025净销售额为158,877百万美元，同比增长13%，外汇调整后增长12%[5] - Q3 2025运营收入为17,411百万美元，同比持平，外汇调整后下降1%[12] - Q3 2025净收入为15,328百万美元，同比增长38%，其中包括来自Anthropic, PBC的9,500百万美元的税前收益[20] - Q3 2025自由现金流为14,788百万美元，同比下降69%[36] - Q3 2025的TTM净销售额为620,128百万美元，同比增长11%[9] - Q3 2025的TTM运营收入为60,599百万美元，同比增长26%[17] - Q3 2025的TTM净收入为49,868百万美元，同比增长53%[21] 市场表现 - 北美市场Q3 2025净销售额为95,537百万美元，同比下降31%，运营收入为4,789百万美元[25] - 国际市场Q3 2025净销售额为35,888百万美元，同比增长14%，运营收入为1,301百万美元，同比下降8%[27] - AWS市场Q3 2025净销售额为33,006百万美元，同比增长20%，运营收入为11,434百万美元，同比增长9%[31]

业绩总结 - 2025年第三季度的营业收入为39亿美元，净收入为28亿美元，每股收益为8.42美元[15] - 2025年截至9个月的营业收入为120亿美元，净收入为86亿美元，每股收益为27.71美元[20] - 预计2025年运营收入为340亿美元，净收入为240亿美元，每股收益为80美元[145] 用户数据 - 截至2025年9月30日，公司持有比特币640,808个，占所有比特币总量的3.1%[11] - 截至2025年10月24日，全球比特币持有者超过3亿人[192] 比特币持有与市场表现 - 2025年第三季度，公司比特币持有的市场价值为732亿美元，较2024年9月30日增加了66亿美元[50] - 2025年第三季度，公司新增比特币42,706个，总持有量达到640,031个[54] - 2025年第三季度，数字资产价值增加了90亿美元[53] - 2025年第三季度的比特币每股收益（BPS）为67,730[26] - 2025年第三季度的比特币收益率（BTC Yield）为25.9%[36] - 预计2025年比特币收益率为30%，比特币价格年末目标为150,000美元，预计比特币收益为200亿美元[141] 资本与融资 - 2025年迄今为止，公司已筹集198亿美元资本，达到了2024年总额的88%[12] - 2025年通过六种不同的证券筹集了200亿美元[85] - 2025年，Strategy的可转换债券到期金额为82亿美元，2026年为52亿美元[90] 市场扩张与新产品 - Strategy计划在欧洲、加拿大等地扩展比特币支持的信用产品，目标国际投资者基础为4.1万亿美元（欧洲）和1.6万亿美元（加拿大）[108] - 截至2025年10月26日，全球已推出85个以上的比特币交易所交易基金（ETFs）[172] 信用评级与财务影响 - Strategy已获得标准普尔的'B-'发行人信用评级，这是主要信用评级机构首次对比特币财务公司发布评级[109] - 2025年，Strategy的比特币持有量将对其财务结果产生重大影响，因其收益对比特币市场价格变化极为敏感[147] 负面信息与税务处理 - 如果5日加权平均价格（VWAP）在月底低于95美元，Strategy将建议增加50个基点的股息率[155] - 预计未来十年或更长时间内，资本回报（ROC）处理将继续适用，导致税延迟红利[161] - 资本回报的税延迟处理源于公司的负税收益和利润（E&P）[161] - 资本回报的红利税率为0%，合格红利税率为20%-35%，普通收入税率为37%-55%[159] 市场价值与回报 - MSTR的市场价值为830亿美元，五年年化回报率为83%[199] - STRK、STRD、STRF和STRC的市场价值均为10亿美元，年化回报率分别为28%、16%、14%和8%[199] - 截至2025年10月24日，比特币市场总市值为2.3万亿美元[185] - 截至2025年10月24日，加密市场总市值为3.9万亿美元[190]

Axos Q4 Fiscal 2025 Earnings Supplement July 30, 2025 NYSE: AX Loan Growth by Category | | | | | | $ Millions | | | --- | --- | --- | --- | --- | --- | --- | | | | | | Q4 FY25 | Q3 FY25 | Inc (Mar) | | | Single Family Mortgage & | Jumbo Mortgage | $ | 3,786 $ | 3,697 $ | 89 | | | Warehouse | SF Warehouse Lending | | 609 | 498 | 111 | | | Multifamily & Commercial | Multifamily | | 1,729 | 2,059 | (330) | | | Mortgage | Small Balance Commercial | | 1,212 | 1,281 | (69) | | | Commercial Real Estate | CRE Speci ...

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