Strategy Inc

NasdaqGS-MSTR

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	2,785	10,020.8	-4,217.4	-670.8	-340.2	-102.6
Net Income
Depreciation & Amortization	6.5	11.4	8.8	7.4	8.1	5.7
Depreciation and Amortization
Reduction in Carrying Amount of Right-of-Use Assets
Stock Based Compensation	15.5	15.7	11.8	19.3	19.4	20.6
Share-Based Compensation Expense
Other Adjustments	-2,802.1	-10,058.6	4,183.7	667.4	296.6	67
Credit Losses and Sales Allowances
Unrealized Net Loss on Foreign Currency Forward Contracts
Unrealized Net Gain on Foreign Currency Forward Contracts
Non-Cash Restructuring Costs and Adjustments
Net Realized Loss on Short-Term Investments
Net Realized Gain on Short-Term Investments
Deferred Taxes
Release of Liabilities for Unrecognized Tax Benefits
Reclassification of Foreign Currency Translation Adjustment from Other Comprehensive Income
Unrealized Gain on Digital Assets
Digital Asset Impairment Losses
Gain on Partial Lease Termination
Amortization of Issuance Costs on Long-Term Debt
Loss on Debt Extinguishment
Changes in Trade Receivables	9.4	4.4	10.5	-21.9	7.6	7.9
Accounts Receivable
Changes in Accounts Payable	10	-1.8	-1.4	9.5	-0.2	-6.2
Accounts Payable and Accrued Expenses
Changes in Accrued Expenses	-11.9	1.8	-30	-8.4	-7.5	-10.5
Accrued Compensation and Employee Benefits
Accrued Restructuring Costs
Accrued Interest
Changes in Unearned Revenue	-19.1	-17.2	43.3	-2.4	-21.5	-16.6
Deferred Revenue and Advance Payments
Changes in Other Operating Activities	-1.6	-11.6	-11.8	-5.9	-3.6	11.3
Prepaid Expenses and Other Current Assets
Deposits and Other Assets
Operating Lease Liabilities
Other Long-Term Liabilities
Cash from Operating Activities	-8.3	-34.9	-2.4	-17.3	-41	-23.3

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-7.8	-18.1	-8.7	-10.8	-5.7	-0.7
Advance Deposits on Purchases of Property and Equipment
Purchases of Property and Equipment
Purchases of Intangible Assets	-4,952.1	-6,769.2	-7,661.7	-18,064.5	-1,575.1	-793.8
Purchases of Digital Assets
Capitalized Software Development Costs
Proceeds from Sale of Intangible Assets	—	—	—	—	—	—
Proceeds from Sale of Digital Assets
Purchases of Investments	—	—	—	—	—	—
Purchases of Short-Term Investments
Proceeds from Sale of Investments	—	—	—	—	—	—
Proceeds from Redemption of Short-Term Investments
Other Investing Activities	—	—	—	—	—	—
Change in Restricted Cash
Cash from Investing Activities	-4,959.9	-6,787.3	-7,670.4	-18,075.3	-1,575.5	-794.6

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Long-Term Debt	5	1,016	2,000	3,000	1,010	800
Proceeds from Convertible Senior Notes
Proceeds from Convertible Senior Notes Classified as Equity
Proceeds from Senior Secured Notes
Proceeds from Secured Term Loan, Net of Lender Fees
Proceeds from Other Long-Term Secured Debt, Net
Repayments of Long-Term Debt	-0.1	-0.2	-0.3	-0.4	-515.8	-0.2
Payments to Settle Conversions and Redemption of Convertible Senior Notes
Repayments of Secured Debt and Third-Party Extinguishment Costs
Principal Payments of Other Long-Term Secured Debt
Net Issuance / (Repayments) of Long-Term Debt	4.9	1,015.8	1,999.7	2,999.6	494.2	799.8
Issuance of Common Shares	2,219.9	5,270.4	4,419.2	15,144.4	1,115.1	88.4
Proceeds from Sale of Common Stock
Proceeds from Exercise of Stock Options
Proceeds from Sales Under Employee Stock Purchase Plan
Repurchases of Common Shares	—	—	—	—	—	—
Purchases of Treasury Stock
Net Issuance / (Repurchases) of Common Shares	2,219.9	5,270.4	4,419.2	15,144.4	1,115.1	88.4
Issuance of Preferred Shares	2,940.8	1,610.7	1,336.9	—	—	—
Proceeds from Sale of Preferred Stock
Net Issuance / (Repurchases) of Preferred Shares	2,940.8	1,610.7	1,336.9	—	—	—
Preferred Share Dividends Paid	-139.8	-49	-9.2	—	—	—
Dividends Paid on Preferred Stock
Other Financing Activities	-53.3	-36.6	-52.4	-56.5	-15.1	-15.2
Issuance Costs Paid for Convertible Senior Notes
Issuance Costs Paid for Senior Secured Notes
Issuance Costs Paid for Secured Term Loan, Excluding Lender Fees
Issuance Costs Paid for Other Long-Term Secured Debt
Issuance Costs Paid Related to Sale of Preferred Stock
Issuance Costs Paid Related to Sale of Common Stock
Payment of Withholding Tax on Vesting of Restricted Stock Units
Excess Tax Benefits from Share-Based Compensation Arrangements
Payments on Capital Lease Obligations and Other Financing Arrangements
Cash from Financing Activities	4,972.4	6,810.2	7,694.3	18,086.6	1,594.2	803.4

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	-16.1	-53	-11.1	-28.1	-46.6	-24.1
NOPAT	2,799.1	10,039.6	-4,202.4	-664.1	-307.4	-95.5
Levered Free Cash Flow	2,626.1	10,952.1	-2,228.1	2,318.1	123.7	680.3
Unlevered Free Cash Flow	2,775.3	10,004.1	-4,202.2	-674.8	-337.8	-112.5
Net Change in Cash	4.2	-12.1	21.5	-6.1	-22.2	-14.4