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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 Cf$8.8MNet Change In Cash-$94.1M
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$42.5B
ROE28.22%

Investing

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Capital expenditures——$952K———
Advance Deposits on Purchases of Property and Equipment——$0———
Payment for Acquisition, Crypto Asset——$7.3B———
Net cash from investing activities——-$7.3B———

Operating

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Change in accounts payable——-$802K———
Change in accounts receivable——-$1.2M———
Change in deferred revenue——$42M———
Other working capital changes$0$0$871K$871K$871K$871K
Deferred income taxes——-$1.9B———
Depreciation and amortization——$8.8M———
Net cash from operating activities——$14M———
Net income$2.8B-$9.8B-$12.5B———
Amortization expense related to capitalized debt issuance costs——$6.5M———
Digital asset impairment losses$447.5M$447.5M$0$0$0$0
Unrealized loss on digital assets——$14.5B———
Increase (Decrease) in Deposit Assets——-$428K———
Accrued compensation and employee benefits——-$38M———
Operating lease liabilities and long-term liabilities——-$2.8M———
Increase (Decrease) in Prepaid Expense and Other Assets——$6M———
Operating lease right-of-use asset amortization——$1.5M———
Other Noncash Income (Expense)——-$492K———
Stock-based compensation——$13.2M———

Financing

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Payments Of Debt Issuance Costs——$0———
Payments of Ordinary Dividends, Preferred Stock and Preference Stock——$229.5M———
Other, net——-$149K———
Proceeds from issuance of common stock relating to employee stock plans——$3M———
Repayments of Convertible Debt——$0———
Net cash from financing activities——$7.1B———
Proceeds from issuance of preferred stock——$2.1B———
Proceeds from issuance of common stock——$5.3B———

Free Cash Flow

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Free cash flow——$13M———

Other

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Effect of exchange rate changes on cash——-$2.4M———
Net increase (decrease) in cash——-$94.1M———

Supplemental

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '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