Cash Flow Statement
Quarterly Data
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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
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Lockheed Martin Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28).
The information presents a quarterly view of cash flow activity. Overall, operating activities demonstrate the most consistent positive cash flow contribution, while financing activities consistently represent a cash outflow. Investing activities generally show cash outflows, though with some quarterly variations.
- Net Earnings
- Net earnings exhibit considerable fluctuation. While generally strong in the earlier periods presented (2021-2023), a significant decrease is observed in late 2023 and early 2024. Earnings rebound somewhat in mid-2024, but then decline again in late 2024 and early 2025. This volatility impacts overall cash flow from operations.
- Operating Activities
- Net cash provided by operating activities is generally positive and substantial, ranging from approximately US$1.1 billion to US$4.3 billion across the observed period. A peak is seen in late 2021, followed by a generally decreasing trend through 2022. A significant increase is then observed in mid-2023, followed by a decline in late 2023 and early 2024, mirroring the earnings trend. A strong rebound occurs in late 2025.
- Adjustments to reconcile net earnings to net cash provided by operating activities show significant variability, particularly related to deferred income taxes and select program losses. Depreciation and amortization consistently contribute positively to cash flow, while stock-based compensation also provides a consistent, though smaller, positive adjustment.
- Changes in working capital components (receivables, contract assets/liabilities, inventories, and payables) demonstrate substantial quarterly swings, often offsetting or amplifying the impact of net earnings on operating cash flow. Specifically, large fluctuations in receivables and contract assets are noted.
- Investing Activities
- Net cash used for investing activities is consistently negative, indicating ongoing investment. Capital expenditures are the primary driver of this outflow, ranging from approximately US$0.3 billion to US$0.8 billion per quarter. Other investing activities contribute smaller, variable amounts. A notable increase in cash outflow from investing activities is observed in late 2024.
- Financing Activities
- Net cash provided by (used for) financing activities is predominantly negative, reflecting a pattern of returning capital to shareholders and managing debt. Repurchases of common stock and dividend payments are consistently significant cash outflows. Issuance and repayment of long-term debt, and proceeds from commercial paper, introduce variability. A large cash inflow from debt issuance is observed in mid-2022, while significant stock repurchases occur throughout the period, particularly in 2021 and 2023. A notable use of cash for debt repayment is seen in late 2025.
- Pension and Other Adjustments
- Pension settlement charges and impairment/other charges introduce significant, but infrequent, impacts on cash flow. A large pension settlement charge is observed in the third quarter of 2021, and a substantial pension benefit is seen in late 2025. Select program losses also contribute to variability, particularly in mid-2024 and early 2025.
In summary, the company generates substantial cash from operations, but consistently utilizes cash for investing and financing activities. The financing activities are heavily influenced by share repurchases and dividend payments. Fluctuations in net earnings and working capital components significantly impact operating cash flow, and occasional large adjustments related to pensions and program losses introduce further variability.