Strategy Inc (MSTR)

Strategy Cash Flow Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-12,174	-3,848	-1,167	429.12	-1,470	-535.48
Depreciation & Amortization	27.73	25.52	17.81	14.53	10.87	11.36
Stock-Based Compensation	54.72	53.37	77.12	69.57	63.82	44.13
Other Adjustments	-5,330	3,757	1,061	-480.84	1,435	562.74
Change in Receivables	11.07	20.41	6.34	11.69	-5.29	2.62
Changes in Accounts Payable	7.19	6.56	1.14	-0.63	-3.52	3.75
Changes in Accrued Expenses	-54.24	-46.52	-30.37	-13.34	-11.01	3.6
Changes in Unearned Revenue	-9.3	-7.97	1.05	2.36	14.84	14.71
Changes in Other Operating Activities	-24.24	-27.67	-20.22	-19.75	-29.83	-13.58
Operating Cash Flow	-50.86	-67.24	-53.03	12.71	3.21	93.83
Operating Cash Flow Growth	-	-	-	295.89%	-96.58%	75.00%
Capital Expenditures	-37.43	-45.21	-13.48	-2.94	-2.49	-2.71
Purchases of Investments	-22,057	-22,467	-22,073	-1,902	-287.92	-2,627
Proceeds from Sale of Investments	-	-	-	-	11.82	0
Investing Cash Flow	-22,094	-22,512	-22,086	-1,905	-278.59	-2,629
Long-Term Debt Issued	23	2,031	6,214	-	215.79	1,550
Long-Term Debt Repaid	-0.58	-0.71	-516.35	-160.55	-0.25	0
Net Long-Term Debt Issued (Repaid)	22.42	2,030	5,697	-160.55	215.55	1,550
Issuance of Common Stock	17,217	16,320	16,552	2,064	52.46	1,044
Net Common Stock Issued (Repurchased)	17,217	16,320	16,552	2,064	52.46	1,044
Issuance of Preferred Stock	7,769	7,036	-	-	-	-
Net Preferred Stock Issued (Repurchased)	7,769	7,036	-	-	-	-
Preferred Share Dividends Paid	-601.71	-381.37	-	-	-	-
Other Financing Activities	-119.59	-161.05	-116.37	-13.26	-2.82	-51.82
Financing Cash Flow	24,296	24,844	22,133	1,890	265.19	2,542
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-3.83	-0.54	-2.15	0.44	-3.55	-2.61
Net Cash Flow	2,147	2,263	-8.78	-2.2	-13.57	3.68
Free Cash Flow	-88.29	-112.45	-66.51	9.77	0.73	91.13
Free Cash Flow Growth	-	-	-	1248.14%	-99.20%	82.37%
FCF Margin	-18.00%	-23.56%	-14.35%	1.97%	0.15%	17.84%
Free Cash Flow Per Share	-0.28	-0.41	-0.35	0.06	0.01	0.91
Levered Free Cash Flow	-12,843	-2,295	4,487	248.8	-1,275	1,032
Unlevered Free Cash Flow	-12,216	-3,887	-1,162	376.69	-1,439	-500.63

Updated May 6, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q