Strategy Inc (MSTR)MSTRStrategy Inc

Cash Flow Statement

Operating, investing, and financing cash flow analysis

Quarterly Cash Flow Statement (USD)

Quarterly Report	TTM	03/31/2026	12/31/2025	09/30/2025	06/30/2025	03/31/2025	12/31/2024	09/30/2024	06/30/2024
Cash from Operations (CFO)	-50.863M	13.989M	-21.629M	-8.310M	-34.913M	-2.389M	-17.324M	-40.966M	-23.329M
Net Income	-12.357B	-12.543B	-12.620B	2.785B	10.021B	-4.217B	-670.810M	-340.174M	-102.559M
Depreciation & Amortization	27.727M	8.785M	5.629M	4.195M	9.118M	6.575M	5.129M	5.978M	3.651M
Stock-Based Compensation	11.679M	13.173M	10.325M	-27.561M	15.742M	11.819M	19.335M	19.377M	20.621M
Change in Accounts Receivable	559.281M	122.257M	205.748M	113.406M	117.870M	107.285M	181.203M	107.169M	106.434M
Change in Inventory	—	—	—	—	—	—	—	—	—
Change in Accounts Payable	—	—	—	—	—	—	—	—	—
Change in Working Capital	-42.695M	-3.685M	-28.353M	13.660M	-24.317M	10.657M	-28.959M	-25.462M	-14.020M
Cash from Investing	—	—	—	—	—	—	—	—	—
Capital Expenditures (CapEx)	4.575B	-952K	-3.095B	14.458B	-6.787B	-7.670B	-18.075B	-1.575B	-794.551M
Acquisitions	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash from Financing	—	—	—	—	—	—	—	—	—
Debt Repayment	—	—	—	—	—	—	—	—	—
Stock Repurchased (Buybacks)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividends Paid	-601.706M	-229.527M	-183.445M	-139.780M	-48.954M	-9.188M	0.00	0.00	0.00
Free Cash Flow (FCF)	4.524B	13.037M	-3.116B	14.449B	-6.822B	-7.673B	-18.093B	-1.616B	-817.880M
Net Change in Cash	2.147B	-94.098M	2.247B	4.068M	-10.126M	22.361M	-8.308M	-20.596M	-14.927M

Annual Cash Flow Statement (USD)

Annual Report	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018
Cash from Operations (CFO)	-67.241M	-53.032M	12.712M	3.211M	93.833M	53.619M	60.867M	10.627M
Net Income	-4.031B	-1.167B	429.121M	-1.470B	-535.480M	-7.524M	34.355M	22.501M
Depreciation & Amortization	25.517M	17.808M	14.527M	10.874M	11.358M	13.332M	8.594M	3.701M
Stock-Based Compensation	53.369M	77.124M	69.571M	63.619M	44.126M	11.153M	10.209M	14.636M
Change in Accounts Receivable	205.748M	181.203M	183.815M	189.280M	189.280M	197.461M	163.516M	171.359M
Change in Inventory	—	—	—	—	—	—	—	—
Change in Accounts Payable	—	—	—	—	—	—	—	—
Change in Working Capital	-55.193M	-42.707M	-21.055M	-36.609M	11.091M	-22.781M	4.890M	-24.002M
Cash from Investing	—	—	—	—	—	—	—	—
Capital Expenditures (CapEx)	-22.512B	-22.086B	-1.905B	-290.407M	-2.629B	-1.129B	-10.182M	-6.846M
Acquisitions	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash from Financing	—	—	—	—	—	—	—	—
Debt Repayment	—	—	—	—	—	—	—	—
Stock Repurchased (Buybacks)	0.00	0.00	0.00	0.00	0.00	-123.224M	-72.719M	-110.977M
Dividends Paid	-381.367M	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Free Cash Flow (FCF)	-22.580B	-22.139B	-1.893B	-287.196M	-2.535B	-1.075B	50.685M	3.781M
Net Change in Cash	2.263B	-8.776M	-2.195M	-13.566M	3.675M	-397.057M	347.030M	-310.396M

Values are displayed in USD. Negative numbers shown in red.

Values are displayed in USD. Negative numbers are shown in red.

About Strategy Inc

Strategy Inc, together with its subsidiaries, operates as a bitcoin treasury company in the United States, Europe, the Middle East, Africa, and internationally. It offers investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed income instruments. The company also provides AI-powered enterprise analytics software, including Strategy One, which provides non-technical users with the ability to directly access novel and actionable insights for decision-making. In addition, the company provides Strategy Mosaic, a universal intelligence layer that offers enterprises with consistent definitions and governance across data sources, regardless of where that data resides or which tools access it. The company was formerly known as MicroStrategy Incorporated and changed its name to Strategy Inc in August 2025. The company was incorporated in 1989 and is headquartered in Tysons Corner, Virginia.

Tysons Corner, VA

1,539 employees

www.strategy.com

Technology / Software - Application

Sector: Technology
Industry: Software - Application
CEO: Phong Le

View full financials