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Strategy cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$4.0M in Q3 2026 · −$11.1M over twelve months

Operating cash flow$4.4M
Capital spending−$462K
Free cash flow+$4.0M
Cash / net income0.0×

Analysis

In Q3 2026, Strategy generated $4.4M of operating cash flow and spent $462K on capital projects, leaving free cash flow of $4.0M. That is $15.1M more than in Q3 2025 (−$11.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$7.4M; the largest uses were other investing ($20.3B), other financing ($2.6B), net borrowing (+) / repaid (−) ($1.4B); besides operations, cash came from shares issued ($26.8B); the cash balance rose by $2.4B.

Operating cash flow was $4.4M against net income of $19.5B — 0.0× profit, less cash than reported earnings, worth checking against working capital. The largest differences: deferred taxes +$1.4B, deferred revenue −$18.7M, prepaid and other assets −$17.7M.

Free cash flow

Strategy: free cash flow by quarterStrategy: free cash flow by quarter−$17.6MQ4 2024−$5.1MQ1 2025−$37.0MQ2 2025−$11.1MQ3 2025−$22.2MQ4 2025$13.0MQ1 2026−$5.9MQ2 2026$4.0MQ3 2026
Operating cash flow less capital spending.
Strategy: operating cash flow against capital spendingStrategy: operating cash flow against capital spendingOperating cash flowCapital spending−$17.3M$284KQ4 2024−$2.4M$2.7MQ1 2025−$34.9M$2.1MQ2 2025−$8.3M$2.8MQ3 2025−$21.6M$584KQ4 2025$14.0M$952KQ1 2026−$4.1M$1.8MQ2 2026$4.4M$462KQ3 2026
Latest (Q3 2026): Operating cash flow $4.4M, Capital spending $462K.

Capital allocation, year by year

Strategy: where the cash came from (up) and went (down), by fiscal yearStrategy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow $93.8MFY2021: Net borrowing $500MFY2021: Shares issued $1.0BFY2021: Capital spending −$2.7M$1.6BFY2021FY2022: Operating cash flow $3.2MFY2022: Shares issued $48.0MFY2022: Capital spending −$2.5M$51.2MFY2022FY2023: Operating cash flow $12.7MFY2023: Net borrowing −$160MFY2023: Shares issued $2.1BFY2023: Capital spending −$2.9M$2.1BFY2023FY2024: Operating cash flow −$53.0MFY2024: Net borrowing −$515MFY2024: Shares issued $16.5BFY2024: Capital spending −$3.0M$16.5BFY2024FY2025: Operating cash flow −$67.2MFY2025: Net borrowing $31.0MFY2025: Shares issued $23.4BFY2025: Capital spending −$8.2M$23.4BFY2025
Over these 5 years operating cash flow totalled −$10.5M; the largest uses were net borrowing ($675M) and operating cash flow ($120M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.9B
Debt$6.7B
Net debt$810M
Due within a year$31.7M
Cash runwaymore than 10 years

Strategy is burning cash: its operations consume cash, a free cash flow of −$11.1M a year at the current rate against $5.9B of cash and investments: a runway of more than ten years at that rate; $31.7M of debt also comes due within a year, which the cash covers before any new financing.

Strategy: debt maturities by year (FY2025)Strategy: debt maturities by year (FY2025)$31.7MYear 1$1.0BYear 2$6.4BYear 3$800MYear 4
Principal due in each year as disclosed in the annual report, against $5.9B of cash and investments now.

Where the cash came from and went

Strategy: sources (+) and uses (−) of cash, Q3 2026Strategy: sources (+) and uses (−) of cash, Q3 2026Shares issued$5.4BOther investing−$2.9BOther financing−$1.8BCash drawn (+) / kept (−)−$789MOperating cash flow$4.4MExchange rates−$1.3MCapital spending−$462K
Strategy: sources (+) and uses (−) of cash, TTM to Q3 2026Strategy: sources (+) and uses (−) of cash, TTM to Q3 2026Shares issued$26.8BOther investing−$20.3BOther financing−$2.6BCash drawn (+) / kept (−)−$2.4BNet borrowing (+) / repaid (−)−$1.4BExchange rates−$7.4MOperating cash flow−$7.4MCapital spending−$3.8M

From profit to cash

Strategy: net income to operating cash flow, Q3 2026Strategy: net income to operating cash flow, Q3 2026Net income$19.5BDepreciation & amortization$11.2MStock-based pay$13.2MDeferred taxes$1.4BOther non-cash−$9.9MReceivables−$4.8MPayables$4.8MEmployee-related liabilities−$4.1MDeferred revenue−$18.7MPrepaid and other assets−$17.7MOperating cash flow$4.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$4.4M−$462K—$5.4B−$789M$4.0M
Q2 2026−$4.1M−$1.8M−$1.4B$8.4B$496M−$5.9M
Q1 2026$14.0M−$952K—$7.4B$94.1M$13.0M
Q4 2025−$21.6M−$584K$10.0M$5.6B−$2.2B−$22.2M
Q3 2025−$8.3M−$2.8M$5.0M$5.2B−$4.1M−$11.1M
Q2 2025−$34.9M−$2.1M$143K$6.9B$10.1M−$37.0M
Q1 2025−$2.4M−$2.7M$2.0B$5.8B−$22.4M−$5.1M
Q4 2024−$17.3M−$284K−$89K$15.1B$8.3M−$17.6M

Strategy: income statement and cash flow

Strategy, Q3 2026: revenue $125M (-2% year over year). The chart follows the revenue to costs, profit and cash.

Strategy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.