Strategy Inc (MSTR)

Strategy Cash Flow Statement

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

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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

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

SEC Filings: 10-K · 10-Q