Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Lockheed Martin Corp., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Net Earnings
- Net earnings demonstrated a fluctuating trend with a peak in 2020 at 6,833 million USD, followed by a decline over the next two years to 5,732 million USD in 2022. A rebound occurred in 2023 reaching 6,920 million USD, but there was a notable decrease to 5,336 million USD in 2024.
- Depreciation and Amortization
- Depreciation and amortization expenses showed a consistent upward trend from 1,290 million USD in 2020 to 1,559 million USD in 2024, indicating increasing capital asset consumption or amortization of intangible assets over the period.
- Stock-based Compensation
- Stock-based compensation steadily increased from 221 million USD in 2020 to 277 million USD in 2024, reflecting higher equity incentives or increased employee compensation via stock.
- Impairment and Severance Charges
- These charges rose from 27 million USD in 2020 to a peak of 100 million USD in 2022 before slightly decreasing to 87 million USD in 2024, suggesting occasional restructuring or write-down costs fluctuating over the years.
- Classified Programs Losses
- This item appeared only in 2023 and 2024, escalating sharply from 45 million USD in 2023 to a significant 1,965 million USD in 2024, indicating substantial losses or write-offs in classified projects during these years.
- Receivables, Net
- Receivables exhibited high volatility with values swinging from 359 million USD in 2020 to large negative and positive values in subsequent years. By 2024, receivables again turned negative at -219 million USD, highlighting potential collection issues or adjustments.
- Contract Assets
- Contract assets showed a negative trend throughout the period, moving from -451 million USD in 2020 to -109 million USD in 2024, with the largest negative balance in 2022. This may reflect revenue recognition timing or billing practices associated with long-term contracts.
- Inventories
- Inventories saw a marked increase to 564 million USD in 2021, but then decreased drastically, reaching a negative balance of -478 million USD in 2024, which could signal inventory write-offs, usage, or reclassification over time.
- Accounts Payable
- Accounts payable displayed considerable fluctuation, starting with a negative balance of -372 million USD in 2020, swinging to a positive 1,274 million USD in 2022, and returning to negative -93 million USD by 2024, suggesting variability in payment cycles or supplier financing.
- Contract Liabilities
- Contract liabilities remained positive throughout and generally increased, rising from 491 million USD in 2020 to a peak at 702 million USD in 2023 before settling at 605 million USD in 2024, indicative of deferred revenue or advance payments from customers.
- Income Taxes
- Income taxes fluctuated between positive and negative figures, peaking at 148 million USD in 2022, but showing negative values in 2020 and 2023. The oscillation may correspond with changes in pre-tax profitability and tax strategy impacts.
- Qualified Defined Benefit Pension Plans
- The pension liability demonstrated reductions in charge magnitude in 2021-2023 compared to the sizeable negative 1,197 million USD in 2020, with an increase to -992 million USD in 2024, indicating varying pension funding or actuarial adjustments.
- Net Cash Provided by Operating Activities
- Operating cash flow peaked at 9,221 million USD in 2021 before declining to 6,972 million USD in 2024, reflecting changes in operating efficiency and working capital management over the period.
- Capital Expenditures
- Capital expenditures remained relatively stable, ranging from -1,766 million USD to -1,685 million USD, showing a consistent investment in property, plant, and equipment each year.
- Net Cash Used for Investing Activities
- Investing cash flows were consistently negative, with the most considerable outflow in 2024 at -1,792 million USD, indicating ongoing investment in capital assets or other investment activities.
- Issuance and Repayment of Long-Term Debt
- Issuance of long-term debt was notably large in 2022 at 6,211 million USD, followed by moderate issuances in 2023 and 2024. Repayments decreased sharply after 2022, suggesting a shift towards net debt raising to support financial needs.
- Repurchases of Common Stock
- Share repurchases declined significantly after peaking at -7,900 million USD in 2022, falling to -3,700 million USD in 2024, indicating a reduction in buyback activities over time.
- Dividends Paid
- Dividends paid remained relatively steady with a slight upward trend from -2,764 million USD in 2020 to -3,059 million USD in 2024, reflecting a commitment to dividend consistency.
- Net Cash Used for Financing Activities
- Financing activities generated substantial cash outflows, peaking at -7,616 million USD in 2021 and then decreasing to -4,139 million USD in 2024, driven by fluctuating debt management, share repurchases, and dividend payments.
- Net Change in Cash and Cash Equivalents
- Cash levels saw positive changes in 2020 and 2024 but experienced negative shifts in 2022 and 2023, with ending cash balances decreasing sharply in 2023 before rebounding in 2024 to 2,483 million USD.