Strategy Inc
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-3.85B | $-1.17B | $429.1M | $-1.47B | $-535.5M | $-7.5M | $34.4M | $22.5M |
| Depreciation & Amortization | $25.5M | $17.8M | $14.5M | $10.9M | $11.4M | $13.3M | $8.6M | $3.7M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $53.4M | $77.1M | $69.6M | $63.6M | $44.1M | $11.2M | $10.2M | $14.6M |
| Net Cash from Operating Activities | $-67.2M | $-53.0M | $12.7M | $3.2M | $93.8M | $53.6M | $60.9M | $10.6M |
| Investing Activities | ||||||||
| Capital Expenditures | $8.2M | $3.0M | $2.9M | $2.5M | $2.7M | $3.7M | $10.2M | $6.8M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-22.51B | $-22.09B | $-1.91B | $-278.6M | $-2.63B | $-1.02B | $353.7M | $-209.1M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | — | $0 | $0 | $123.2M | $72.7M | $111.0M |
| Net Cash from Financing Activities | $24.84B | $22.13B | $1.89B | $265.2M | $2.54B | $563.2M | $-66.2M | $-108.5M |
| Net Change in Cash | $2.26B | $-8.8M | $-2.2M | $-13.6M | $3.7M | $-397.1M | $347.0M | $-310.4M |
| Free Cash Flow | $-75.5M | $-56.0M | $9.8M | $725.0K | $91.1M | $50.0M | $50.7M | $3.8M |