Strategy Inc (BVMF:M2ST34)

Strategy Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-	-1,167	429.12	-1,470	-535.48
Depreciation & Amortization	-	5.51	6.43	6.37	8.66
Other Amortization	-	27.64	16.91	13.19	9.9
Stock-Based Compensation	-	77.12	69.57	63.62	44.13
Provision & Write-off of Bad Debts	-	0.72	0.8	0.38	0.67
Other Operating Activities	-	1,045	-489.06	1,426	554.87
Change in Accounts Receivable	-	5.69	10.31	-5.29	2.62
Change in Accounts Payable	-	1.14	-0.63	-3.52	3.75
Change in Unearned Revenue	-	1.05	2.36	14.84	14.71
Change in Other Net Operating Assets	-	-50.59	-33.09	-42.64	-9.99
Operating Cash Flow	-	-53.03	12.71	3.21	93.83
Operating Cash Flow Growth	-	-	295.89%	-96.58%	75.00%
Capital Expenditures	-	-13.48	-2.94	-2.49	-2.71
Sale (Purchase) of Intangibles	-	-	-	-	-2,627
Other Investing Activities	-	-22,073	-1,902	-276.1	-
Investing Cash Flow	-	-22,086	-1,905	-278.59	-2,629
Long-Term Debt Issued	-	6,214	-	215.79	1,550
Long-Term Debt Repaid	-	-516.35	-160.55	-0.25	-
Net Debt Issued (Repaid)	-	5,697	-160.55	215.55	1,550
Issuance of Common Stock	-	16,552	2,064	52.46	1,044
Repurchase of Common Stock	-	-2.17	-4.11	-2.08	-4.7
Other Financing Activities	-	-114.2	-9.14	-0.74	-47.13
Financing Cash Flow	-	22,133	1,890	265.19	2,542
Foreign Exchange Rate Adjustments	-	-2.15	0.44	-3.38	-2.61
Net Cash Flow	-	-8.78	-2.2	-13.57	3.68
Free Cash Flow	-	-66.51	9.77	0.73	91.13
Free Cash Flow Growth	-	-	1248.14%	-99.20%	82.37%
Free Cash Flow Margin	-	-14.35%	1.97%	0.14%	17.84%
Free Cash Flow Per Share	-	-0.34	0.06	0.01	0.91
Cash Interest Paid	-	44.57	41.23	43.45	20.42
Cash Income Tax Paid	-	1.06	30.32	21.97	7.01
Levered Free Cash Flow	-	-1,061	-17.46	-761.01	-3,040
Unlevered Free Cash Flow	-	-1,038	4.34	-736.49	-3,029
Change in Working Capital	-	-42.71	-21.06	-36.61	11.09

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