Strategy Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-3,848	-1,167	429.12	-1,470	-535.48
Depreciation & Amortization	0.92	5.51	6.43	6.37	8.66
Other Amortization	50.01	27.64	16.91	13.19	9.9
Stock-Based Compensation	53.37	77.12	69.57	63.62	44.13
Provision & Write-off of Bad Debts	-	-	-	0.38	0.67
Other Operating Activities	3,732	1,045	-489.65	1,426	554.87
Change in Accounts Receivable	20.41	6.34	11.69	-5.29	2.62
Change in Accounts Payable	6.56	1.14	-0.63	-3.52	3.75
Change in Unearned Revenue	-7.97	1.05	2.36	14.84	14.71
Change in Other Net Operating Assets	-74.19	-50.59	-33.09	-42.64	-9.99
Operating Cash Flow	-67.24	-53.03	12.71	3.21	93.83
Operating Cash Flow Growth	-	-	295.89%	-96.58%	75.00%
Capital Expenditures	-45.21	-13.48	-2.94	-2.49	-2.71
Other Investing Activities	-22,467	-22,073	-1,902	-276.1	-2,627
Investing Cash Flow	-22,512	-22,086	-1,905	-278.59	-2,629
Long-Term Debt Issued	2,031	6,214	-	215.79	1,550
Long-Term Debt Repaid	-0.71	-516.35	-160.55	-0.25	-
Net Debt Issued (Repaid)	2,030	5,697	-160.55	215.55	1,550
Issuance of Common Stock	16,320	16,552	2,064	52.46	1,044
Repurchase of Common Stock	-	-2.17	-4.11	-2.08	-4.7
Preferred Dividends Paid	-381.37	-	-	-	-
Dividends Paid	-381.37	-	-	-	-
Other Financing Activities	-161.05	-114.2	-9.14	-0.74	-47.13
Financing Cash Flow	24,844	22,133	1,890	265.19	2,542
Foreign Exchange Rate Adjustments	-0.54	-2.15	0.44	-3.38	-2.61
Net Cash Flow	2,263	-8.78	-2.2	-13.57	3.68
Free Cash Flow	-112.45	-66.51	9.77	0.73	91.13
Free Cash Flow Growth	-	-	1248.14%	-99.20%	82.37%
Free Cash Flow Margin	-23.56%	-14.35%	1.97%	0.14%	17.84%
Free Cash Flow Per Share	-0.41	-0.34	0.06	0.01	0.91
Cash Interest Paid	46.53	44.57	41.23	43.45	20.42
Cash Income Tax Paid	13.13	1.06	30.32	21.97	7.01
Levered Free Cash Flow	-3,363	-1,061	-17.46	-761.01	-413.87
Unlevered Free Cash Flow	-3,348	-1,038	4.34	-736.49	-402.85
Change in Working Capital	-55.19	-42.06	-19.67	-36.61	11.09

Source: S&P Global Market Intelligence. Standard template. Financial Sources.