Income StatementBalance SheetCash FlowSegments
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MicroStrategy Cash Flow Statement

Operating, investing, and financing cash movements

MicroStrategy generated -$69.7M in operating cash flow over the trailing twelve months. After $14.0M in capital expenditures, free cash flow was -$83.7M. Free cash flow decreased 1.9% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating$14.0MNet Cash From Investing-$7.3BNet Cash From Financing$7.1BCapital Expenditures$952.0KDepreciation And Amortization$8.8MNet Change In Cash-$94.1M
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$65.7B
ROE-11.48%

Financing

MetricQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Proceeds from convertible debt$2.0B—$2.0B—$0.0—
Net cash from financing activities$7.7B—$19.5B—$7.1B—
Proceeds from issuance of preferred stock$1.3B—$5.9B—$2.1B—
Proceeds from issuance of common stock$4.4B—$11.9B—$5.3B—
Payments Of Debt Issuance Costs$14.1M———$0.0—
Payments of Ordinary Dividends, Preferred Stock and Preference Stock$9.2M—$197.9M—$229.5M—
Payments Of Stock Issuance Costs$7.1M—$20.3M———
Other, net-$141.0K———-$149.0K—
Proceeds from issuance of common stock relating to employee stock plans$2.7M———$3.0M—
Repayments of Convertible Debt$143.0K—$143.0K—$0.0—

Investing

MetricQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Capital expenditures$2.7M—$7.6M—$952.0K—
Net cash from investing activities-$7.7B—-$19.4B—-$7.3B—
Advance Deposits on Purchases of Property and Equipment$6.0M—$27.0M—$0.0—
Payment for Acquisition, Crypto Asset$7.7B———$7.3B—

Operating

MetricQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Change in accounts payable-$1.4M—$6.7M—-$802.0K—
Change in accounts receivable-$10.5M—-$24.3M—-$1.2M—
Change in deferred revenue$43.3M—$7.0M—$42.0M—
Other working capital changes$0.0$0.0$871.0K$871.0K$871.0K$871.0K
Deferred income taxes-$1.7B—$3.3B—-$1.9B—
Depreciation and amortization$6.6M—$19.9M—$8.8M—
Net cash from operating activities-$2.4M—-$45.6M—$14.0M—
Net income-$4.2B—$8.6B—-$12.5B—
Stock-based compensation$11.8M—$43.0M—$13.2M—
Change in Interest Payable$421.0K—$421.0K—$351.0K—
Amortization expense related to capitalized debt issuance costs$6.0M—$18.9M—$6.5M—
Digital asset impairment losses$447.5M$447.5M$0.0$0.0$0.0$0.0
Unrealized loss on digital assets$5.9B———$14.5B—
Increase (Decrease) in Deposit Assets$1.5M—-$1.7M—-$428.0K—
Accrued compensation and employee benefits-$30.4M—-$40.4M—-$38.0M—
Operating lease liabilities and long-term liabilities-$2.4M———-$2.8M—
Increase (Decrease) in Prepaid Expense and Other Assets$7.8M—$19.1M—$6.0M—
Operating lease right-of-use asset amortization$2.2M—$6.8M—$1.5M—
Other Noncash Income (Expense)$0.0———-$492.0K—

Free Cash Flow

MetricQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Free cash flow-$5.1M—-$53.2M—$13.0M—

Other

MetricQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Effect of exchange rate changes on cash$845.0K—$2.6M—-$2.4M—
Net increase (decrease) in cash$22.4M—$16.3M—-$94.1M—

Supplemental

MetricQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Interest paid$11.1M$11.1M$11.6M$11.6M$11.6M$11.6M
Income Taxes Paid, Net$264.8K$264.8K$3.3M$3.3M$3.3M$3.3M