MicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock (STRF) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 13.99M | -21.63M | -8.31M | -34.91M | -2.39M | -17.32M | -40.97M | -23.33M | 28.59M | 1.18M | -7.4M | -18.47M | 37.4M | -18.2M | -1.45M | -20.82M | 43.68M | 3.25M | 13.91M | 13.97M |
| Operating CF Margin % | 11.25% | -17.59% | -6.46% | -30.49% | -2.15% | -14.35% | -35.29% | -20.93% | 24.81% | 0.95% | -5.71% | -15.34% | 30.67% | -13.73% | -1.16% | -17.05% | 36.62% | 2.41% | 10.87% | 11.15% |
| Operating CF Growth % | 685.56% | -24.85% | 79.71% | -49.65% | -108.36% | -1563.18% | -453.82% | -26.29% | -23.56% | 106.51% | -408.73% | 11.27% | -14.39% | -660.46% | -110.45% | -249.01% | -30.34% | -87.18% | 683.28% | 648.35% |
| Net Income | -12.54B | -12.44B | -5.8B | 10.02B | -4.22B | -670.81M | -340.17M | -102.56M | -53.12M | 89.13M | -143.44M | 22.24M | 461.19M | -249.67M | -27.08M | -1.06B | -130.75M | -89.98M | -36.14M | -299.35M |
| Depreciation & Amortization | 8.79M | 7.9M | -15.69M | 9.12M | 6.58M | 5.13M | 5.98M | 3.65M | 3.05M | 5.12M | 2.74M | 3.23M | 3.43M | 3.96M | 2.15M | 2.08M | 2.69M | 2.72M | 2.64M | 3.21M |
| Stock-Based Compensation | 13.17M | 0 | -27.56M | 15.74M | 11.82M | 19.34M | 19.38M | 20.62M | 17.79M | 19.72M | 16.81M | 15.49M | 17.55M | 17.03M | 16.9M | 15.29M | 14.39M | 13.15M | 12.17M | 11.1M |
| Deferred Taxes | -1.93B | -5.02B | -2.25B | 3.98B | -1.73B | -355.81M | -141.9M | -116.97M | -161.17M | -143.31M | 104.58M | -70.57M | -460.16M | 40.97M | 14.06M | 133.55M | -57.45M | -63.3M | -24.1M | -120.62M |
| Other Non-Cash Items | 14.46B | 17.46B | 8.08B | -14.04B | 5.91B | 1.01B | 441.21M | 185.95M | 196.3M | 44.29M | 38.19M | 28.95M | -21.42M | 201.64M | 5.53M | 922.34M | 174.49M | 151.46M | 69.64M | 429.23M |
| Working Capital Changes | 0 | -28.35M | 13.66M | -24.32M | 10.66M | -28.96M | -25.46M | -14.02M | 25.73M | -13.76M | -26.28M | -17.82M | 36.8M | -32.12M | -13.01M | -31.78M | 40.31M | -10.81M | -10.3M | -9.6M |
| Change in Receivables | 1.21M | -3.92M | -14.96M | 4.42M | 10.54M | -21.69M | 7.3M | 7.88M | 12.19M | 3.68M | -11.11M | 7.5M | 10.24M | -10.88M | -3.69M | 1.1M | 8.18M | -8.02M | -563K | 4.42M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -802K | -148K | 3.25M | -1.82M | -1.43M | 9.46M | -154K | -6.16M | -2M | 7.37M | 1.4M | -13.63M | 4.23M | 5.36M | 1.34M | -8.18M | -2.04M | 4.36M | -1.85M | -4.31M |
| Cash from Investing | -7.25B | -3.09B | -4.96B | -6.79B | -7.67B | -18.08B | -1.58B | -794.55M | -1.64B | -1.21B | -163.13M | -347.64M | -179.77M | -45.26M | -6.31M | -10.88M | -216.14M | -591.88M | -420.4M | -530.13M |
| Capital Expenditures | -952K | -3.09B | 26.83M | -18.09M | -8.74M | -10.78M | -426K | -723K | -1.54M | -347K | -1.45M | -639K | -499K | -635K | -332K | -878K | -641K | -824K | -540K | -895K |
| CapEx % of Revenue | 0.77% | 2516.26% | 20.85% | 15.8% | 7.87% | 8.93% | 0.37% | 0.65% | 1.34% | 0.28% | 1.12% | 0.53% | 0.41% | 0.48% | 0.26% | 0.72% | 0.54% | 0.61% | 0.42% | 0.71% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -7.25B | 0 | -4.99B | -6.77B | -7.66B | -18.06B | -1.58B | -793.83M | -1.64B | -1.21B | -161.68M | -347M | -179.28M | -44.63M | -5.98M | -10M | -215.5M | -591.06M | -419.87M | -529.23M |
| Cash from Financing | 7.15B | 5.37B | 4.97B | 6.81B | 7.69B | 18.09B | 1.59B | 803.43M | 1.65B | 1.21B | 150.11M | 338.29M | 187.62M | 45.14M | 1.56M | 11.2M | 207.29M | 595.52M | 408.08M | 488.83M |
| Debt Issued (Net) | 0 | 9.73M | 4.86M | 15.86M | 2B | 3B | 494.19M | 799.82M | 1.4B | -131K | -128K | -259K | -160.03M | 89K | -121K | 11.1M | 204.69M | -54K | -1.52M | 500M |
| Equity Issued (Net) | 0 | 5.54B | -9.66B | 6.87B | 5.74B | 15.12B | 1.11B | 18.48M | 137.76M | 1.21B | 147.88M | 335.01M | 341.06M | 46.59M | 2.29M | 423K | 3.09M | 596.03M | 409.61M | 244K |
| Dividends Paid | -229.53M | -183.44M | -58.14M | -48.95M | -9.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 7.38B | 0 | 14.69B | -24.1M | -40.25M | -29.74M | -8.66M | -14.87M | 107.02M | 8.72M | 2.37M | 3.54M | 6.59M | -1.54M | -604K | -327K | -495K | -460K | 0 | -11.41M |
| Net Change in Cash | -94.1M | 2.25B | 4.07M | -10.13M | 22.36M | -8.31M | -20.6M | -14.93M | 35.05M | 1.8M | -21.18M | -28.41M | 45.6M | -16.1M | -8.57M | -23.4M | 34.51M | 6.31M | 520K | -26.13M |
| Free Cash Flow | 13.04M | -32.21M | 14.45B | -6.82B | -7.67B | -18.09B | -1.62B | -817.88M | -1.61B | -1.21B | -170.53M | -366.11M | -142.38M | -75.28M | -7.76M | -31.7M | -172.46M | -588.63M | -406.49M | -516.15M |
| FCF Margin % | 10.49% | -26.19% | 11227.97% | -5958.89% | -6908.31% | -14990.15% | -1392.65% | -733.91% | -1398.98% | -974.83% | -131.72% | -304.08% | -116.78% | -56.79% | -6.19% | -25.97% | -144.59% | -437.6% | -317.59% | -411.77% |
| FCF Growth % | 100.17% | 99.82% | 993.89% | -734.13% | -375.9% | -1390.94% | -847.9% | -123.39% | -1032.39% | -1512.07% | -2096.43% | -1055.04% | 17.44% | 87.21% | 98.09% | 93.86% | 83.16% | 13.07% | 3.95% | -16828.63% |
| FCF per Share | 0.04 | -0.11 | 47.53 | -22.89 | -29.92 | -81.64 | -8.19 | -4.58 | -9.38 | -6.60 | -1.20 | -2.27 | -0.98 | -0.66 | -0.07 | -0.28 | -1.53 | -5.51 | -4.07 | -5.30 |
| FCF Conversion (FCF/Net Income) | -0.00x | 0.00x | -0.00x | -0.00x | 0.00x | 0.03x | 0.12x | 0.23x | -0.54x | 0.01x | 0.05x | -0.83x | 0.08x | 0.07x | 0.05x | 0.02x | -0.33x | -0.04x | -0.38x | -0.05x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |