Strategy Inc (MSTR)
NASDAQ: MSTR · Real-Time Price · USD
97.74
+4.41 (4.73%)
At close: Jul 30, 2026, 4:00 PM EDT
97.75
+0.01 (0.01%)
After-hours: Jul 30, 2026, 7:59 PM EDT
Strategy Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Net Income | -12,173 | -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 | -16.93 | -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% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
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 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Long-Term Debt Issued | - | 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) | -0.58 | 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 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Foreign Exchange Rate Adjustments | -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
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
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 | -12,859 | -2,295 | 4,487 | 248.8 | -1,275 | 1,032 |
Unlevered Free Cash Flow | -12,208 | -3,887 | -1,162 | 376.69 | -1,439 | -500.63 |