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	35.68	26.28	23.17	18.95	19.55	21.54
Stock-Based Compensation	66.27	77.12	69.57	63.82	44.13	11.15
Other Adjustments	1,779	1,053	-490.13	1,427	554.55	51.23
Change in Receivables	0.58	5.69	10.31	-5.29	2.62	-0.77
Changes in Accounts Payable	6.06	1.14	-0.63	-3.52	3.75	9.17
Changes in Accrued Expenses	-44.07	-30.37	-13.34	-11.01	3.6	-6.56
Changes in Unearned Revenue	2.15	1.05	2.36	14.84	14.71	-20.32
Changes in Other Operating Activities	-32.79	-20.22	-19.75	-29.83	-13.58	-4.4
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	-5.54	-13.48	-2.94	-2.49	-2.71	-3.65
Purchases of Intangible Assets	-34,070	-22,073	-1,902	-287.92	-2,627	-1,125
Proceeds from Sale of Intangible Assets	-	0	0	11.82	0	0
Purchases of Investments	-	-	-	-	-	-9.93
Proceeds from Sale of Investments	-	-	-	-	-	119.89
Investing Cash Flow	-34,109	-22,086	-1,905	-278.59	-2,629	-1,019
Long-Term Debt Issued	-	6,214	0	215.79	1,550	650
Long-Term Debt Repaid	-0.56	-516.35	-160.55	-0.25	0	0
Net Long-Term Debt Issued (Repaid)	-0.56	5,697	-160.55	215.55	1,550	650
Issuance of Common Stock	25,942	16,552	2,064	52.46	1,044	51.08
Repurchase of Common Stock	-	-	-	-	-	-123.22
Net Common Stock Issued (Repurchased)	25,942	16,552	2,064	52.46	1,044	-72.14
Other Financing Activities	-104.13	-116.37	-13.25	-2.82	-51.82	-14.63
Financing Cash Flow	34,185	22,133	1,890	265.19	2,542	563.23
Effect of Exchange Rate Changes on Cash and Cash Equivalents	4.78	0.44	-2.2	-3.55	-2.61	4.78
Net Cash Flow	-16.67	-8.78	-2.19	-13.57	3.68	-397.06
Beginning Cash & Cash Equivalents	68.8	48.67	50.87	64.43	60.76	457.82
Ending Cash & Cash Equivalents	52.13	39.9	48.67	50.87	64.43	60.76
Free Cash Flow	-101.13	-66.51	9.77	0.73	91.13	49.97
Free Cash Flow Growth	-	-	1248.14%	-99.20%	82.37%	-1.42%
FCF Margin	-21.88%	-14.35%	1.97%	0.15%	17.84%	10.39%
Free Cash Flow Per Share	-0.40	-0.35	0.06	0.01	0.91	0.52
Levered Free Cash Flow	4,753	4,495	257.45	-1,267	1,040	638.26
Unlevered Free Cash Flow	-33,280	-1,103	2,268	-1,443	-471.79	-9.92

Updated Jul 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q