Strategy Inc (MSTR)

Strategy Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	4,792	-1,167	429.12	-1,470	-535.48	-7.52
Depreciation & Amortization	14.5	5.51	6.43	6.37	8.66	13.33
Other Amortization	33.68	27.64	16.91	13.19	9.9	1.54
Asset Writedown & Restructuring Costs	-	-	-	-	-	8.21
Loss (Gain) From Sale of Investments	-	-	-	-	-	-0.09
Stock-Based Compensation	66.27	77.12	69.57	63.62	44.13	11.15
Provision & Write-off of Bad Debts	0.72	0.72	0.8	0.38	0.67	1.55
Other Operating Activities	-4,935	1,045	-489.06	1,426	554.87	48.23
Change in Accounts Receivable	0.58	5.69	10.31	-5.29	2.62	-0.77
Change in Accounts Payable	6.06	1.14	-0.63	-3.52	3.75	9.17
Change in Unearned Revenue	2.15	1.05	2.36	14.84	14.71	-20.22
Change in Other Net Operating Assets	-76.86	-50.59	-33.09	-42.64	-9.99	-10.96
Operating Cash Flow	-95.59	-53.03	12.71	3.21	93.83	53.62
Operating Cash Flow Growth	-	-	295.89%	-96.58%	75.00%	-11.91%
Capital Expenditures	-38.04	-13.48	-2.94	-2.49	-2.71	-3.65
Sale (Purchase) of Intangibles	-	-	-	-	-2,627	-1,125
Investment in Securities	-	-	-	-	-	109.96
Other Investing Activities	-34,070	-22,073	-1,902	-276.1	-	-
Investing Cash Flow	-34,109	-22,086	-1,905	-278.59	-2,629	-1,019
Long-Term Debt Issued	-	6,214	-	215.79	1,550	496.47
Long-Term Debt Repaid	-	-516.35	-160.55	-0.25	-	-
Net Debt Issued (Repaid)	5,510	5,697	-160.55	215.55	1,550	496.47
Issuance of Common Stock	25,947	16,552	2,064	52.46	1,044	204.61
Repurchase of Common Stock	-	-2.17	-4.11	-2.08	-4.7	-123.22
Other Financing Activities	-160.5	-114.2	-9.14	-0.74	-47.13	-14.63
Financing Cash Flow	34,185	22,133	1,890	265.19	2,542	563.23
Foreign Exchange Rate Adjustments	2.18	-2.15	0.44	-3.38	-2.61	4.78
Net Cash Flow	-16.67	-8.78	-2.2	-13.57	3.68	-397.06
Free Cash Flow	-133.63	-66.51	9.77	0.73	91.13	49.97
Free Cash Flow Growth	-	-	1248.14%	-99.20%	82.37%	-1.42%
Free Cash Flow Margin	-28.90%	-14.35%	1.97%	0.14%	17.84%	10.39%
Free Cash Flow Per Share	-0.53	-0.34	0.06	0.01	0.91	0.52
Cash Interest Paid	44.57	44.57	41.23	43.45	20.42	0.18
Cash Income Tax Paid	1.06	1.06	30.32	21.97	7.01	6.8
Levered Free Cash Flow	4,188	-1,061	-17.46	-761.01	-3,040	-1,120
Unlevered Free Cash Flow	4,210	-1,038	4.34	-736.49	-3,029	-1,122
Change in Working Capital	-68.08	-42.71	-21.06	-36.61	11.09	-22.78

Updated Jul 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q