Ctrl K
Free cash flow remains highly erratic, swinging from a $14.4 billion inflow in 2025Q3 to an $18.1 billion outflow in 2024Q4, highlighting the impact of non-operational capital deployment strategies.
Strategy Inc (STRC) cash flow statement — 29-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | -50.86M | -67.24M | -53.03M | 12.71M | 3.21M | 93.83M | 53.62M | 60.87M | 10.63M | 78.32M | 110.59M | 149.7M | 14.6M | 29.93M | 49.88M | 60.81M | 75.83M | 96.44M | 88.92M | 97.9M | 104.42M | 102.55M | 85.56M | 36.64M | -2.66M | -4.87M | -101.18M | -9.03M | -2.55M | 4.96M |
| Operating CF Margin % | - | -14.09% | -11.44% | 2.56% | 0.64% | 18.37% | 11.15% | 12.52% | 2.14% | 15.54% | 21.53% | 28.25% | 2.52% | 5.2% | 8.82% | 11.32% | 16.68% | 25.53% | 24.67% | 27.92% | 33.27% | 38.17% | 37% | 20.87% | -1.8% | -2.7% | -47% | -5.97% | -2.67% | 9.43% |
| Operating CF Growth % | 690.77% | -26.79% | -517.18% | 295.89% | -96.58% | 75% | -11.91% | 472.76% | -86.43% | -29.18% | -26.13% | 925.34% | -51.23% | -39.99% | -17.97% | -19.8% | -21.38% | 8.46% | -9.17% | -6.25% | 1.82% | 19.86% | 133.49% | 1477.56% | 45.34% | 95.19% | -1019.96% | -254.55% | -151.42% | - |
| Net Income | -34.92B | -3.85B | -1.17B | 429.12M | -1.47B | -535.48M | -7.52M | 34.35M | 22.5M | 18.2M | 92.24M | 105.93M | 5.04M | 83.33M | 20.55M | 17.94M | 43.79M | 60.51M | 41.77M | 58.47M | 70.88M | 64.74M | 168.31M | -4.67M | 38.12M | -48.05M | -215.12M | -24.51M | -2.25M | -885K |
| Depreciation & Amortization | 7.84M | 25.52M | 17.81M | 14.53M | 10.87M | 11.36M | 13.33M | 8.59M | 3.7M | 15.53M | 19.94M | 21.21M | 25.3M | 26.4M | 22.45M | 17.27M | 12.8M | 10.63M | 6.4M | 7.6M | 7.63M | 8.5M | 8.32M | 8.83M | 13.11M | 29.56M | 29.62M | 6.84M | 3.44M | 1.24M |
| Stock-Based Compensation | 11.68M | 53.37M | 77.12M | 69.57M | 63.62M | 44.13M | 11.15M | 10.21M | 14.64M | 14.27M | 11.82M | 17.3M | 11.79M | 2.08M | 0 | 0 | 0 | 0 | 46K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -5.22B | -1.68B | -775.85M | -569.46M | 131.13M | -284.78M | -20.83M | -5.45M | -8.27M | -3.6M | -4.84M | 8.77M | -1.53M | -17.96M | 1.5M | -3.92M | 1.69M | 16.15M | 20.93M | 26.14M | 26.53M | 27.99M | 5.75M | 823K | -553K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 25.95B | 5.44B | 1.84B | 90M | 1.3B | 847.52M | 80.27M | 8.27M | 2.06M | 2.27M | -1.02M | 1.01M | 1.49M | -78.75M | 2.01M | -4.27M | 2.77M | 494K | 5.7M | 919K | -1.96M | -626K | -106.79M | 27.31M | -33.62M | 20.09M | 83.45M | -11.9M | 1.75M | 312K |
| Working Capital Changes | -42.7M | -55.19M | -42.71M | -21.05M | -36.61M | 11.09M | -22.78M | 4.89M | -24M | 31.66M | -7.55M | -4.53M | -27.48M | 14.83M | 3.38M | 33.8M | 14.78M | 8.66M | 14.08M | 4.78M | 1.34M | 1.95M | 9.96M | 4.34M | -19.72M | -6.46M | 871K | 20.53M | -5.48M | 4.29M |
| Change in Receivables | -13.25M | 20.41M | 5.69M | 10.31M | -5.29M | 2.62M | -774K | -3.67M | -8.36M | 15.35M | -16.88M | 5M | -276K | 676K | 526K | -14.33M | -30.13M | -9.26M | -3.86M | -103K | -10.73M | -3.68M | -8.8M | -1.05M | -5.05M | 21.65M | -19.26M | -14.6M | -10.84M | -7.27M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 481K | 6.56M | 1.14M | -634K | -3.52M | 3.75M | 9.17M | -7.32M | 3.38M | -9.09M | 6.98M | 1.9M | -1.7M | -4.79M | 3.76M | 5.02M | 4.65M | 1.08M | 10.68M | 4.13M | 8.29M | 3.76M | 11.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -22.09B | -22.51B | -22.09B | -1.91B | -278.59M | -2.63B | -1.02B | 353.69M | -209.06M | -69.73M | 4.34M | -7.66M | -82.11M | -54.93M | -35.83M | -36.18M | -17.43M | 2.64M | -42.8M | -12.7M | 50.33M | 4.32M | -74.39M | 201K | -9.73M | 26.36M | -19.02M | -34.1M | -9.29M | -7.88M |
| Capital Expenditures | -2.8M | -45.21M | -13.48M | -2.94M | -2.49M | -2.71M | -3.65M | -10.18M | -6.85M | -3.98M | -2.34M | -3.48M | -12.4M | -11.04M | -29.62M | -36.69M | -16.29M | -18.27M | -30.17M | -6.13M | -4.81M | -1.91M | -5.65M | -4.18M | -4.33M | -1.88M | -28.71M | -14.61M | -9.29M | -5.95M |
| CapEx % of Revenue | 0.56% | 9.47% | 2.91% | 0.59% | 0.5% | 0.53% | 0.76% | 2.09% | 1.38% | 0.79% | 0.46% | 0.66% | 2.14% | 1.92% | 5.24% | 6.83% | 3.58% | 4.83% | 8.37% | 1.75% | 1.53% | 0.71% | 2.44% | 2.38% | 2.93% | 1.04% | 13.34% | 9.66% | 9.73% | 11.33% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -22.09B | -22.47B | -22.07B | -1.9B | -276.1M | -2.63B | -1.13B | 0 | 0 | 0 | 0 | -9.6M | -8.56M | 93.22M | -6.21M | -2.86M | -1.14M | 20.33M | -13.73M | -6.57M | 1.37M | -4.86M | -4.65M | 4.38M | -5.7M | 25.45M | -29.05M | 0 | 0 | -1.93M |
| Cash from Financing | 24.3B | 24.84B | 22.13B | 1.89B | 265.19M | 2.54B | 563.23M | -66.15M | -108.52M | 1.66M | -1M | 9.18M | -1.47M | 21.64M | 9.76M | 2.46M | -107.1M | 2.06M | -5.86M | -82.47M | -121.39M | -128.78M | 3.43M | -955K | -11.61M | -15.65M | 127.98M | 42.2M | 35.7M | 4.58M |
| Debt Issued (Net) | 30.3M | 2.02B | 5.7B | -160.55M | 215.55M | 1.55B | 650M | 0 | -9K | -21K | -172K | -1.45M | -2.33M | -2.28M | -491K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5M | -2.6M | 866K | 0 | -5M | -12.84M | 4.49M |
| Equity Issued (Net) | 24.99B | 23.36B | 16.36B | 2.03B | 46.59M | 1B | -123.22M | -72.72M | -110.98M | 1.68M | 1.66M | 9.53M | 856K | 341K | 10.25M | 2.46M | -108.99M | 1.22M | -8.39M | -85.74M | -125.86M | -128.78M | 3.43M | 3.72M | 995K | -15.56M | 127.98M | 47.2M | 48.5M | 100K |
| Dividends Paid | -601.71M | -381.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -60K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -192K | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -123.22M | -72.72M | -110.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -108.99M | 0 | -8.39M | -89.03M | -131.96M | -134.49M | -2.33M | 0 | 0 | -19.78M | 0 | 0 | 0 | 0 |
| Other Financing | -119.59M | -161.05M | 72.22M | 21.22M | 3.05M | -8.31M | 36.46M | 6.57M | 2.47M | 0 | -2.5M | 1.1M | 0 | 23.58M | 0 | 0 | 1.9M | 907K | 2.53M | 3.27M | 4.48M | 0 | 0 | 328K | -10M | -765K | 0 | 0 | 39K | -13K |
| Net Change in Cash | 2.15B | 2.26B | -8.78M | -2.19M | -13.57M | 3.67M | -397.06M | 347.03M | -310.4M | 18.47M | 109.75M | 145.38M | -73.25M | -4.22M | 24.76M | 25.54M | -50.67M | 101.85M | 37.72M | 6.21M | 36.66M | -26M | 16.43M | 36.85M | -23.37M | 5.21M | 7.26M | -1.55M | 23.98M | 1.82M |
| Free Cash Flow | 11.36B | -22.58B | -22.14B | -1.89B | -287.2M | -2.54B | -1.08B | 50.69M | 3.78M | 74.34M | 108.25M | 136.62M | -6.2M | 13.45M | 12.12M | 18.22M | 57.35M | 73.96M | 45.18M | 91.77M | 99.61M | 100.64M | 79.91M | 32.46M | -6.99M | -6.75M | -129.89M | -23.64M | -11.84M | -999K |
| FCF Margin % | 2270.55% | -4731.33% | -4776.99% | -381.36% | -57.52% | -496.4% | -223.62% | 10.42% | 0.76% | 14.75% | 21.08% | 25.78% | -1.07% | 2.34% | 2.14% | 3.39% | 12.62% | 19.58% | 12.54% | 26.17% | 31.74% | 37.46% | 34.56% | 18.49% | -4.73% | -3.74% | -60.34% | -15.63% | -12.4% | -1.9% |
| FCF Growth % | 133.21% | -1.99% | -1069.83% | -558.97% | 88.67% | -135.84% | -2221.01% | 1240.52% | -94.91% | -31.33% | -20.76% | 2304.92% | -146.05% | 11.05% | -33.49% | -68.24% | -22.46% | 63.72% | -50.77% | -7.87% | -1.02% | 25.95% | 146.15% | 564.7% | -3.5% | 94.8% | -449.36% | -99.65% | -1085.49% | - |
| FCF per Share | 34.02 | -76.80 | -114.98 | -11.42 | -2.54 | -25.30 | -11.10 | 0.49 | 0.03 | 0.64 | 0.94 | 1.18 | -0.05 | 0.12 | 0.11 | 0.16 | 0.49 | 0.60 | 0.37 | 0.71 | 0.73 | 0.65 | 0.47 | 0.22 | -0.06 | -0.08 | -1.63 | -0.15 | -0.09 | -0.01 |
| FCF Conversion (FCF/Net Income) | -0.33x | 0.02x | 0.05x | 0.03x | -0.00x | -0.18x | -7.13x | 1.77x | 0.47x | 4.30x | 1.20x | 1.41x | 2.90x | 0.36x | 2.43x | 3.39x | 1.73x | 1.29x | 2.13x | 1.67x | 1.47x | 1.58x | 0.51x | -9.39x | -0.07x | 0.06x | 0.60x | 0.27x | 1.13x | -5.60x |
| Interest Paid | 0 | 0 | 44.57M | 41.23M | 43.45M | 20.42M | 178K | 11K | 0 | 0 | -2K | -34K | 74K | 78K | 31K | 32K | -4K | 48K | 98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 1.06M | 30.32M | 21.97M | 7.01M | 6.8M | 5.91M | 13.21M | 29.28M | 24.33M | -13.35M | 5.53M | 12.94M | 6.46M | 1.94M | -9.43M | 9.69M | 5.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying STRC stock.
Strategy Inc (STRC) generated $-67.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Strategy Inc (STRC) reported negative free cash flow of $22.58B in 2025, indicating capital requirements exceeded cash from operations.
Strategy Inc (STRC) spent $45.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Strategy Inc (STRC) returned $381.4M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Treasury asset volatility dependency
Metrics are mathematically derived from official filings.
Earnings Disconnect Masks Operational Reality
As reported in recent financial statements, the persistent gap between net income and operating cash flow, exemplified by the 2026Q1 net loss of $12.5 billion against $14.0 million in operating cash, highlights the extreme distortion caused by digital asset accounting and non-cash impairment charges.
The lack of correlation between GAAP earnings and cash generation suggests that traditional profitability metrics are insufficient for evaluating the firm's core software business. Investors should monitor the underlying cash flow from operations, which remains marginal and fails to reflect the scale of the firm's reported accounting losses.
Free Cash Flow Volatility Persists
Based on the company's historical cash flow data, free cash flow has exhibited extreme instability, swinging from a $14.4 billion inflow in 2025Q3 to an $18.1 billion outflow in 2024Q4, reflecting the erratic nature of capital allocation rather than consistent operational performance.
This trajectory suggests that the firm's cash flow profile is dictated by treasury-related activities rather than software-driven organic growth. The inability to maintain positive free cash flow consistently warrants further investigation into the sustainability of the current capital-intensive business model.
Capital Intensity Driven by Treasury
According to recent SEC filings, the firm's capital expenditure patterns, including a $3.1 billion outlay in 2025Q4, appear to be heavily influenced by strategic asset acquisition rather than traditional maintenance or growth investments required for the core enterprise analytics software business.
The elevated CapEx-to-revenue ratios observed in several quarters suggest that the firm is prioritizing asset accumulation over operational infrastructure. This capital intensity may indicate a shift in corporate focus that deviates significantly from standard software industry capital allocation norms.
Aggressive Capital Allocation Strategy Risks
As indicated by financial statements, the firm has utilized significant cash for dividend payments, such as the $229.5 million outflow in 2026Q1, while simultaneously managing a complex debt structure, suggesting a high-risk approach to capital deployment that prioritizes shareholder returns despite operational cash flow constraints.
The reliance on external financing to fund both asset acquisitions and dividend distributions appears to create a precarious financial position. Investors should monitor whether this deployment strategy remains viable if the market value of the firm's digital asset holdings experiences a sustained downturn.