In Q4'25, MicroStrategy's (MSTR) Operating Cash Flow stood at -21.6M USD, reflecting continued negative cash generation from core operations, while Free Cash Flow was even weaker at -32.2M USD, impacted by substantial capital expenditures. Over the period from Q1'23 to Q4'25, both Operating and Free Cash Flow exhibited high volatility with a predominant downward trend, starting with positive values of 37.4M USD and 37.0M USD in Q1'23 before shifting to consistent negatives, particularly intensifying in 2024 and 2025 with quarterly lows reaching -41.4M USD for Free Cash Flow in Q3'24. Notable inflection points include brief recoveries in Q1'24 (28.6M USD Operating, 27.0M USD Free) amid broader declines, underscoring operational challenges and investment pressures in the cash flow profile.