Operating

MicroStrategy·Cash Flow Statement·18 metrics

Breakdown

Metric	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26	Q2 '26	Q3 '26	Q4 '26
Other working capital changes	$0	$0	$0	$0	$871K	$871K	$871K	$871K
Change in accounts payable	-$8.3M	—	-$1.4M	—	$6.7M	—	-$802K	—
Change in accounts receivable	-$27.6M	—	-$10.5M	—	-$24.3M	—	-$1.2M	—
Change in deferred revenue	$3.5M	—	$43.3M	—	$7M	—	$42M	—
Deferred income taxes	-$420M	—	-$1.7B	—	$3.3B	—	-$1.9B	—
Depreciation and amortization	$12.7M	—	$6.6M	—	$19.9M	—	$8.8M	—
Net cash from operating activities	-$35.7M	—	-$2.4M	—	-$45.6M	—	$14M	—
Net income	-$495.9M	-$670.8M	-$4.2B	$10B	$8.6B	—	-$12.5B	—
Amortization expense related to capitalized debt issuance costs	$10.2M	—	$6M	—	$18.9M	—	$6.5M	—
Digital asset impairment losses	$447.5M	$447.5M	$447.5M	$447.5M	$0	$0	$0	$0
Unrealized loss on digital assets	—	—	$5.9B	—	—	—	$14.5B	—
Increase (Decrease) in Deposit Assets	$6.7M	—	$1.5M	—	-$1.7M	—	-$428K	—
Accrued compensation and employee benefits	-$26.4M	—	-$30.4M	—	-$40.4M	—	-$38M	—
Operating lease liabilities and long-term liabilities	—	—	-$2.4M	—	—	—	-$2.8M	—
Increase (Decrease) in Prepaid Expense and Other Assets	-$4.9M	—	$7.8M	—	$19.1M	—	$6M	—
Operating lease right-of-use asset amortization	$6.2M	—	$2.2M	—	$6.8M	—	$1.5M	—
Other Noncash Income (Expense)	—	—	$0	—	—	—	-$492K	—
Stock-based compensation	$57.8M	—	$11.8M	—	$43M	—	$13.2M	—