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.

Lockheed Martin Corp., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Jun 29, 2025	Mar 30, 2025	Dec 31, 2024	Sep 29, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 24, 2023	Jun 25, 2023	Mar 26, 2023	Dec 31, 2022	Sep 25, 2022	Jun 26, 2022	Mar 27, 2022	Dec 31, 2021	Sep 26, 2021	Jun 27, 2021	Mar 28, 2021	Dec 31, 2020	Sep 27, 2020	Jun 28, 2020	Mar 29, 2020
Net earnings	342)	1,712)	527)	1,623)	1,641)	1,545)	1,866)	1,684)	1,681)	1,689)	1,912)	1,778)	309)	1,733)	2,049)	614)	1,815)	1,837)	1,792)	1,698)	1,626)	1,717)
Depreciation and amortization	399)	397)	459)	390)	359)	351)	421)	350)	334)	325)	439)	293)	343)	329)	365)	329)	334)	336)	363)	319)	307)	301)
Stock-based compensation	81)	60)	48)	75)	93)	61)	44)	75)	89)	57)	43)	61)	80)	54)	38)	62)	80)	47)	39)	67)	73)	42)
Deferred income taxes	(527)	(34)	(414)	(29)	(68)	(77)	(103)	(161)	(117)	(117)	(217)	632)	(761)	(411)	52)	(259)	(39)	63)	—)	—)	—)	—)
Equity method investment impairment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	128)	—)
Tax resolution related to former IS&GS business	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	55)	—)	—)
Pension settlement charge	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,470)	—)	—)	1,665)	—)	—)	—)	—)	—)	—)
Impairment and other charges	66)	—)	—)	—)	87)	—)	92)	—)	—)	—)	100)	—)	—)	—)	—)	—)	—)	36)	27)	—)	—)	—)
Program losses	1,615)	—)	1,965)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Receivables, net	(1,282)	327)	(210)	789)	(673)	(125)	273)	1,022)	(844)	(78)	(21)	917)	(874)	(564)	304)	344)	(397)	(236)	502)	355)	57)	(555)
Contract assets	(458)	(1,720)	932)	(317)	143)	(867)	422)	(597)	181)	(871)	15)	(580)	377)	(1,551)	2,118)	(1,272)	(517)	(1,363)	843)	(567)	368)	(1,095)
Inventories	(336)	(125)	(376)	(137)	181)	(146)	180)	186)	(27)	(383)	25)	318)	(287)	(163)	(78)	216)	137)	289)	(252)	228)	18)	80)
Accounts payable	(180)	1,680)	(1,063)	(82)	(249)	1,301)	(1,580)	334)	180)	1,217)	(560)	312)	(307)	1,829)	(751)	(90)	(280)	1,023)	(619)	56)	(1,703)	1,894)
Contract liabilities	60)	(420)	744)	(130)	436)	(445)	1,254)	(248)	(152)	(152)	429)	(18)	175)	(205)	592)	136)	124)	(290)	191)	(127)	276)	151)
Income taxes	(88)	339)	65)	45)	(320)	341)	(52)	(35)	(460)	414)	35)	(952)	368)	697)	(10)	22)	(268)	301)	(77)	(415)	306)	167)
Changes in assets and liabilities	(2,284)	81)	92)	168)	(482)	59)	497)	662)	(1,122)	147)	(77)	(3)	(548)	43)	2,175)	(644)	(1,201)	(276)	588)	(470)	(678)	642)
Qualified defined benefit pension plans	112)	111)	(990)	(1)	—)	(1)	(95)	(94)	(95)	(94)	(90)	(91)	(115)	(116)	(67)	(67)	(67)	(66)	(1,067)	(53)	(38)	(39)
Other, net	397)	(918)	(664)	212)	246)	(303)	(357)	375)	330)	(443)	(182)	463)	553)	(222)	(344)	237)	346)	(229)	65)	264)	764)	(349)
Adjustments to reconcile net earnings to net cash provided by operating activities	(141)	(303)	496)	815)	235)	90)	499)	1,207)	(581)	(125)	16)	1,355)	1,022)	(323)	2,219)	1,323)	(547)	(89)	15)	182)	556)	597)
Net cash provided by operating activities	201)	1,409)	1,023)	2,438)	1,876)	1,635)	2,365)	2,891)	1,100)	1,564)	1,928)	3,133)	1,331)	1,410)	4,268)	1,937)	1,268)	1,748)	1,807)	1,880)	2,182)	2,314)
Capital expenditures	(351)	(454)	(582)	(355)	(370)	(378)	(704)	(364)	(329)	(294)	(693)	(405)	(304)	(268)	(607)	(316)	(318)	(281)	(722)	(408)	(343)	(293)
Acquisitions of businesses	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(282)	—)	—)	—)
Other, net	(364)	24)	(256)	145)	(2)	6)	1)	(34)	(5)	35)	(115)	7)	(28)	17)	65)	86)	98)	112)	11)	23)	6)	(2)
Net cash used for investing activities	(715)	(430)	(838)	(210)	(372)	(372)	(703)	(398)	(334)	(259)	(808)	(398)	(332)	(251)	(542)	(230)	(220)	(169)	(993)	(385)	(337)	(295)
Issuance of long-term debt, net of related costs	—)	—)	990)	—)	—)	1,980)	—)	—)	1,975)	—)	3,944)	—)	2,267)	—)	—)	—)	—)	—)	—)	—)	1,131)	—)
Repayments of long-term debt	(142)	—)	—)	—)	(168)	—)	—)	(115)	—)	—)	—)	—)	(2,250)	—)	—)	(500)	—)	—)	(500)	—)	(1,150)	—)
Proceeds from commercial paper, net	1,449)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Repurchases of common stock	(500)	(750)	(1,000)	(850)	(850)	(1,000)	(3,000)	(1,750)	(750)	(500)	(4,206)	(1,338)	(356)	(2,000)	(2,087)	(500)	(500)	(1,000)	—)	(85)	(259)	(756)
Dividends paid	(771)	(796)	(778)	(749)	(752)	(780)	(767)	(747)	(758)	(784)	(766)	(739)	(744)	(767)	(762)	(718)	(721)	(739)	(728)	(672)	(671)	(693)
Other, net	(32)	(113)	(65)	(1)	(1)	(115)	(4)	(3)	—)	(128)	25)	(3)	(24)	(113)	—)	(7)	(15)	(67)	(11)	(8)	(29)	(96)
Net cash provided by (used for) financing activities	4)	(1,659)	(853)	(1,600)	(1,771)	85)	(3,771)	(2,615)	467)	(1,412)	(1,003)	(2,080)	(1,107)	(2,880)	(2,849)	(1,725)	(1,236)	(1,806)	(1,239)	(765)	(978)	(1,545)
Net change in cash and cash equivalents	(510)	(680)	(668)	628)	(267)	1,348)	(2,109)	(122)	1,233)	(107)	117)	655)	(108)	(1,721)	877)	(18)	(188)	(227)	(425)	730)	867)	474)

The analyzed financial data displays a complex set of trends across various financial metrics over multiple quarters.

Net Earnings: Net earnings demonstrate significant volatility, with peaks notably in December 2021 (2,049 million USD) and December 2023 (1,866 million USD), contrasted by several quarters with substantially lower earnings, such as June 2022 (309 million USD) and March 2025 (527 million USD). This pattern suggests irregular influences affecting profitability on a quarterly basis.
Depreciation and Amortization: Depreciation and amortization expenses show a generally increasing trend over time, rising from approximately 301 million USD in March 2020 to around 459 million USD by December 2024, indicating rising capital investments or amortization of intangibles.
Stock-Based Compensation: Stock-based compensation fluctuates with some quarters spiking above 80 million USD, notably June 2023 (89 million USD) and June 2024 (93 million USD), reflecting variable employee compensation costs aligned perhaps with company performance or equity awards cycles.
Deferred Income Taxes: Deferred income taxes fluctuate between positive and negative values, with notable negative spikes such as June 2022 (-761 million USD) and March 2025 (-414 million USD), suggesting large periodic tax adjustments or timing differences in recognizing income and expenses for tax purposes.
Impairments and Charges: Several sizeable one-time charges appear, including a pension settlement charge of 1,665 million USD in September 2021 and program losses over 1,600 million USD appearing sporadically in 2024 and 2025. These charges contribute to earnings volatility and indicate operational challenges or restructuring costs.
Working Capital Components (Receivables, Contract Assets, Inventories, Accounts Payable, and Contract Liabilities): Working capital components exhibit significant volatility with large negative and positive swings. For example, accounts payable fluctuate dramatically, ranging from -1,703 million USD in June 2020 to 1,829 million USD in March 2022, while contract assets and liabilities also show erratic changes. This indicates fluctuations in operational cash flows and the timing of payments and billings.
Operating Cash Flow: Net cash provided by operating activities shows an overall positive trend with peaks such as December 2021 (4,268 million USD) and September 2022 (3,133 million USD), though some quarters show decline, including June 2021 (1,268 million USD) and March 2025 (1,023 million USD). This suggests the company maintains strong operational cash generation despite earnings volatility.
Investing Activities: Capital expenditures are consistently negative, indicating ongoing investments in property, plant, and equipment, with heightened activity during year-end quarters, such as December 2020 (-722 million USD) and December 2022 (-693 million USD). Acquisitions are minimal but present in December 2020 (-282 million USD). Overall, net cash used in investing activities remains a consistent outflow.
Financing Activities: Financing cash flow reveals significant common stock repurchases, often exceeding 1,000 million USD per quarter in several periods, peaking at -4,206 million USD in December 2022, reflecting an active capital return strategy. Dividends are steady, around -700 to -800 million USD each quarter. Debt issuance and repayment occur intermittently, with notable issuances in later periods, indicating active debt management. Net financing cash flow is generally negative but shows some positive inflows in specific quarters, such as June 2023 (467 million USD) and March 2024 (85 million USD).
Cash and Cash Equivalents: Cash balances experience variability, with increases in some quarters like June 2020 (867 million USD) and June 2023 (1,233 million USD), and decreases in others such as December 2024 (-668 million USD) and March 2025 (-680 million USD). This aligns with the patterns in operating, investing, and financing cash flows.
Additional Notes: Several non-recurring items affect net earnings and cash flows, including pension settlements and impairments, causing spikes in expenses and fluctuations in cash generation. The negative movements in receivables and contract assets at times suggest challenges in collections or revenue recognition timing, while fluctuations in accounts payable and contract liabilities indicate variable supplier payment terms or contract billing cycles.

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Lockheed Martin Corp. (NYSE:LMT)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data