Free cash flow remains highly erratic, swinging from a $14.4 billion inflow in 2025Q3 to an $18.1 billion outflow in 2024Q4, reflecting a capital allocation strategy that prioritizes treasury expansion over consistent operational reinvestment.
| 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 | -12.36B | -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 | 10.11M | 39.47M | 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 | 1.35M | 0 | 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 | 25.96B | 5.48B | 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 | -39.01M | -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 | -3.09B | -22.51B | -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 | 629.39% | 4717.24% | 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 | -19.01B | 0 | -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) | 30.45M | 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) | 2.74B | 23.21B | 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 | -520.07M | -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 | 22.04B | 0 | 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 | 7.61B | -104.24M | -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 % | 1551.17% | -21.84% | -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 % | 126.98% | 99.53% | -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 | 22.78 | -0.35 | -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) | -0.62x | 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 |
Digital asset price volatility
As reported in recent financial statements, the persistent divergence between net income and operating cash flow, highlighted by the $12.5 billion net loss in 2026Q1 against positive $14 million in operating cash, suggests that traditional earnings metrics are largely decoupled from the firm's actual cash-generating capacity.
The extreme gap between net income and operating cash flow is primarily driven by non-cash impairment charges on digital assets rather than operational inefficiency. Investors should monitor this disconnect, as it implies that the income statement fails to reflect the underlying liquidity of the software business.
Based on the provided cash flow data, free cash flow trajectory remains highly erratic, swinging from a $14.4 billion inflow in 2025Q3 to an $18.1 billion outflow in 2024Q4, indicating that capital allocation decisions frequently overwhelm the core software business's ability to generate consistent free cash.
The volatility in free cash flow appears to be a function of aggressive capital deployment rather than operational performance. This suggests that the company's cash flow profile is increasingly sensitive to treasury-related transactions, which may obscure the sustainability of the legacy software operations.
According to quarterly filings, the company maintains a low capital intensity, with CapEx/Revenue ratios frequently below 1% as seen in 2026Q1, suggesting that the core software business requires minimal reinvestment to maintain its existing infrastructure despite the firm's broader pivot toward digital asset accumulation.
The low level of capital expenditure confirms that the software business is not the primary driver of cash outflows. This capital-light model allows the firm to redirect nearly all available liquidity toward its digital asset treasury strategy, which warrants further investigation into long-term product competitiveness.
As indicated by the cash flow statements, the company has shifted toward significant capital outflows for dividends and treasury activities, with $229.5 million paid out in 2026Q1, signaling a departure from traditional software reinvestment toward a strategy focused on shareholder returns and asset-heavy balance sheet expansion.
The scale of these outflows relative to operating cash flow suggests that the company is prioritizing capital distribution and asset acquisition over organic growth. Investors should monitor whether this deployment strategy remains sustainable if the core software business faces further margin compression or revenue stagnation.
Quick answers to the most common questions about buying STRK stock.
MicroStrategy Incorporated (STRK) generated $-67.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MicroStrategy Incorporated (STRK) reported negative free cash flow of $104.2M in 2025, indicating capital requirements exceeded cash from operations.
MicroStrategy Incorporated (STRK) spent $22.51B 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, MicroStrategy Incorporated (STRK) returned $381.4M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.