Strategy Inc
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 19, 2026
MSTR$125.59-2.6%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities: | |||
| Net income (loss) | $(3,848,152) | $(1,166,661) | $429,121 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 25,517 | 17,808 | 14,527 |
| Reduction in carrying amount of right-of-use assets | 9,068 | 8,475 | 8,643 |
| Deferred taxes | (1,684,220) | (775,851) | (569,455) |
| Share-based compensation expense | 53,369 | 77,124 | 69,571 |
| Unrealized loss on digital assets | 5,403,476 | — | — |
| Digital asset impairment losses | — | 1,789,862 | 115,851 |
| Amortization of issuance costs on long-term debt | 25,410 | 15,336 | 8,808 |
| Other | 3,484 | — | — |
| Loss (gain) on debt extinguishment | — | 22,933 | (44,686) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 20,406 | 6,337 | 11,694 |
| Prepaid expenses and other current assets | (28,892) | 3,804 | (11,358) |
| Deposits and other assets | 10,980 | (10,668) | (632) |
| Accounts payable and accrued expenses | 6,561 | 1,141 | (634) |
| Accrued compensation and employee benefits | (46,593) | (34,563) | (12,000) |
| Accrued interest | 70 | 4,193 | (1,336) |
| Deferred revenue and advance payments | (7,966) | 1,049 | 2,362 |
| Operating lease liabilities | (10,662) | (10,510) | (10,218) |
| Other long-term liabilities | 903 | (2,841) | 2,454 |
| Net cash provided by (used in) operating activities | (67,241) | (53,032) | 12,712 |
| Investing activities: | |||
| Purchases of digital assets | (22,467,083) | (22,072,759) | (1,902,299) |
| Advance deposits on purchases of property and equipment | (37,000) | (10,500) | — |
| Purchases of property and equipment | (8,212) | (2,978) | (2,938) |
| Net cash used in investing activities | (22,512,295) | (22,086,237) | (1,905,237) |
| Financing activities: | |||
| Proceeds from convertible senior notes | 2,000,000 | 6,213,750 | — |
| Issuance costs paid for convertible senior notes | (15,178) | (81,033) | — |
| Payments to settle conversions and redemption of convertible senior notes | (143) | (398) | — |
| Repayments of secured debt and third-party extinguishment costs | — | (515,414) | (160,033) |
| Proceeds from other long-term secured debt, net of lender fees | 31,000 | — | — |
| Principal payments of other long-term secured debt | (569) | (539) | (513) |
| Proceeds from sale of preferred stock under public offerings | 7,036,110 | — | — |
| Issuance costs paid related to sale of preferred stock under public offerings | (120,802) | — | — |
| Dividends paid on preferred stock | (381,367) | — | — |
| Proceeds from sale of common stock under public offerings | 16,271,959 | 16,363,023 | 2,029,214 |
| Issuance costs paid related to sale of common stock under public offerings | (25,072) | (33,166) | (9,141) |
| Proceeds from exercise of stock options | 42,154 | 184,287 | 30,518 |
| Proceeds from sales under employee stock purchase plan | 5,435 | 4,304 | 3,955 |
| Payment of withholding tax on vesting of restricted stock units | — | (2,173) | (4,114) |
| Net cash provided by financing activities | 24,843,527 | 22,132,641 | 1,889,886 |
| Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | (544) | (2,148) | 444 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 2,263,447 | (8,776) | (2,195) |
| Cash, cash equivalents, and restricted cash, beginning of period | 39,897 | 48,673 | 50,868 |
| Cash, cash equivalents, and restricted cash, end of period | $2,303,344 | $39,897 | $48,673 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid during the year for interest | $46,525 | $44,571 | $41,229 |
| Cash paid during the year for income taxes, net of tax refunds | $13,132 | $1,059 | $30,318 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.