Strategy annual free cash flow
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2025
Strategy Free Cash Flow (FCF) History (MSTR)
Strategy reported −$75.5M in free cash flow for fiscal 2025, a decrease of $19.4M from the previous fiscal year, with a free cash flow margin of −15.81%.
View full Strategy company overviewStrategy free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | −$75.5M | −$19.4M | — | −15.81% |
| 2024 | 2024-12-31 | −$56.0M | −$65.8M | — | −12.09% |
| 2023 | 2023-12-31 | $9.8M | $9.0M | +1248.14% | +1.97% |
| 2022 | 2022-12-31 | $725,000 | −$90.4M | −99.20% | +0.15% |
| 2021 | 2021-12-31 | $91.1M | $41.2M | +82.37% | +17.84% |
| 2020 | 2020-12-31 | $50.0M | −$717,000 | −1.41% | +10.39% |
| 2019 | 2019-12-31 | $50.7M | $46.9M | +1240.52% | +10.42% |
| 2018 | 2018-12-31 | $3.8M | −$70.6M | −94.91% | +0.76% |
| 2017 | 2017-12-31 | $74.3M | −$33.9M | −31.33% | +14.75% |
| 2016 | 2016-12-31 | $108.3M | −$38.0M | −25.96% | +21.08% |
| 2015 | 2015-12-31 | $146.2M | $144.0M | +6546.14% | +27.59% |
| 2014 | 2014-12-31 | $2.2M | −$16.7M | −88.35% | +0.38% |
| 2013 | 2013-12-31 | $18.9M | −$1.4M | −6.77% | +3.28% |
| 2012 | 2012-12-31 | $20.3M | −$3.9M | −16.00% | +3.58% |
| 2011 | 2011-12-31 | $24.1M | −$35.4M | −59.48% | +4.49% |
| 2010 | 2010-12-31 | $59.5M | −$18.6M | −23.85% | +13.10% |
| 2009 | 2009-12-31 | $78.2M | — | — | +20.69% |
Strategy quarterly free cash flow
Q3.10
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Q3.22
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Q3.24
Q4.24
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Q2.25
Q3.25
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Q1.26
Q2.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | −$5.9M | $31.1M | — | −4.83% |
| Q1 2026 | 2026-03-31 | $13.0M | $18.2M | — | +10.49% |
| Q4 2025 | 2025-12-31 | −$22.2M | −$4.6M | — | −18.06% |
| Q3 2025 | 2025-09-30 | −$11.1M | $30.3M | — | −8.63% |
| Q2 2025 | 2025-06-30 | −$37.0M | −$13.0M | — | −32.32% |
| Q1 2025 | 2025-03-31 | −$5.1M | −$32.2M | — | −4.62% |
| Q4 2024 | 2024-12-31 | −$17.6M | −$18.4M | — | −14.59% |
| Q3 2024 | 2024-09-30 | −$41.4M | −$32.5M | — | −35.66% |
| Q2 2024 | 2024-06-30 | −$24.1M | −$4.9M | — | −21.58% |
| Q1 2024 | 2024-03-31 | $27.0M | −$9.9M | −26.71% | +23.46% |
| Q4 2023 | 2023-12-31 | $837,000 | $19.7M | — | +0.67% |
| Q3 2023 | 2023-09-30 | −$8.8M | −$7.1M | — | −6.84% |
| Q2 2023 | 2023-06-30 | −$19.1M | $2.6M | — | −15.87% |
| Q1 2023 | 2023-03-31 | $36.9M | −$6.1M | −14.27% | +30.27% |
| Q4 2022 | 2022-12-31 | −$18.8M | −$21.3M | — | −14.21% |
| Q3 2022 | 2022-09-30 | −$1.8M | −$15.2M | — | −1.42% |
| Q2 2022 | 2022-06-30 | −$21.7M | −$34.8M | — | −17.77% |
| Q1 2022 | 2022-03-31 | $43.0M | −$19.2M | −30.86% | +36.08% |
| Q4 2021 | 2021-12-31 | $2.4M | −$20.4M | −89.39% | +1.80% |
| Q3 2021 | 2021-09-30 | $13.4M | $11.6M | +652.87% | +10.45% |
| Q2 2021 | 2021-06-30 | $13.1M | $16.1M | — | +10.43% |
| Q1 2021 | 2021-03-31 | $62.3M | $33.8M | +119.15% | +50.65% |
| Q4 2020 | 2020-12-31 | $22.8M | $15.1M | +194.85% | +17.39% |
| Q3 2020 | 2020-09-30 | $1.8M | −$395,000 | −18.19% | +1.39% |
| Q2 2020 | 2020-06-30 | −$3.0M | −$23.4M | — | −2.76% |
| Q1 2020 | 2020-03-31 | $28.4M | $8.0M | +38.95% | +25.50% |
| Q4 2019 | 2019-12-31 | $7.7M | $22.8M | — | +5.80% |
| Q3 2019 | 2019-09-30 | $2.2M | $4.1M | — | +1.81% |
| Q2 2019 | 2019-06-30 | $20.3M | $17.1M | +523.47% | +17.26% |
| Q1 2019 | 2019-03-31 | $20.4M | $3.0M | +17.34% | +17.72% |
| Q4 2018 | 2018-12-31 | −$15.0M | −$42.3M | — | −11.38% |
| Q3 2018 | 2018-09-30 | −$1.9M | −$13.2M | — | −1.55% |
| Q2 2018 | 2018-06-30 | $3.3M | −$6.7M | −67.22% | +2.70% |
| Q1 2018 | 2018-03-31 | $17.4M | −$8.3M | −32.21% | +14.17% |
| Q4 2017 | 2017-12-31 | $27.3M | $11.6M | +73.29% | +20.05% |
| Q3 2017 | 2017-09-30 | $11.4M | −$15.5M | −57.73% | +9.01% |
| Q2 2017 | 2017-06-30 | $9.9M | −$5.0M | −33.61% | +8.34% |
| Q1 2017 | 2017-03-31 | $25.7M | −$24.9M | −49.24% | +21.03% |
| Q4 2016 | 2016-12-31 | $15.8M | −$10.3M | −39.61% | +11.26% |
| Q3 2016 | 2016-09-30 | $26.9M | −$4.4M | −14.21% | +20.68% |
| Q2 2016 | 2016-06-30 | $15.0M | −$19.5M | −56.54% | +12.16% |
| Q1 2016 | 2016-03-31 | $50.6M | −$3.7M | −6.77% | +42.54% |
| Q4 2015 | 2015-12-31 | $26.1M | $28.4M | — | +18.20% |
| Q3 2015 | 2015-09-30 | $31.3M | $37.0M | — | +24.17% |
| Q2 2015 | 2015-06-30 | $34.5M | $33.4M | +3085.58% | +25.93% |
| Q1 2015 | 2015-03-31 | $54.3M | $45.2M | +496.56% | +43.84% |
| Q4 2014 | 2014-12-31 | −$2.3M | −$16.6M | — | −1.52% |
| Q3 2014 | 2014-09-30 | −$5.7M | −$35.8M | — | −3.78% |
| Q2 2014 | 2014-06-30 | $1.1M | $11.0M | — | +0.76% |
| Q1 2014 | 2014-03-31 | $9.1M | $24.8M | — | +6.60% |
| Q4 2013 | 2013-12-31 | $14.3M | $8.4M | +140.29% | +8.63% |
| Q3 2013 | 2013-09-30 | $30.1M | $12.4M | +69.89% | +21.21% |
| Q2 2013 | 2013-06-30 | −$9.9M | $1.4M | — | −7.16% |
| Q1 2013 | 2013-03-31 | −$15.7M | −$23.5M | — | −12.03% |
| Q4 2012 | 2012-12-31 | $6.0M | −$14.9M | −71.45% | +3.82% |
| Q3 2012 | 2012-09-30 | $17.7M | $27.1M | — | +13.02% |
| Q2 2012 | 2012-06-30 | −$11.3M | −$82,000 | — | −8.35% |
| Q1 2012 | 2012-03-31 | $7.9M | −$16.0M | −66.98% | +5.70% |
| Q4 2011 | 2011-12-31 | $20.9M | — | — | +13.03% |
| Q3 2011 | 2011-09-30 | −$9.4M | −$26.5M | — | −6.64% |
| Q2 2011 | 2011-06-30 | −$11.2M | — | — | −8.12% |
| Q1 2011 | 2011-03-31 | $23.9M | — | — | +19.57% |
| Q3 2010 | 2010-09-30 | $17.0M | — | — | +14.88% |
Strategy free cash flow growth trends
Over the last five reported fiscal years, free cash flow declined from $50.0M to −$75.5M, a net decrease of $125.4M. Strategy's latest reported quarter, Q2 2026, generated −$5.9M in free cash flow, an increase of $31.1M year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Strategy source filings ↗Community posts
Strategy spends $139.3 million on preferred-share repurchases
Strategy ($MSTR) repurchased approximately 1.42 million STRC preferred shares for $139.3 million during its latest reporting period. The purchases were funded from its USD Cash balance. It reported no bitcoin purchases or sales, leaving hol ...
Strategy doubles preferred-securities buyback authorisation to $2 billion
Strategy’s ($MSTR) board increased its digital credit securities repurchase authorisation from $1 billion to $2 billion, including purchases already made. The programme covers preferred securities, not MSTR common shares. The accompanying w ...
