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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
- Aggregate Accruals
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Lockheed Martin Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 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).
An analysis of the quarterly cash flow data reveals a company with volatile net earnings but strong, seasonally driven operating cash generation. While net earnings fluctuate, often dipping significantly in the second quarter of several years, the net cash provided by operating activities consistently exceeds net income on an annualized basis, indicating a high quality of earnings and significant non-cash adjustments.
- Operating Cash Flow Dynamics
- A strong seasonal pattern is evident, with cash inflows typically peaking in the September quarters. For instance, operating cash flows reached peaks of 3,133 million USD in September 2022, 2,891 million USD in September 2023, and 3,728 million USD in September 2025. This volatility is primarily driven by swings in working capital, specifically contract assets and receivables, which are characteristic of long-term government procurement cycles. Notable adjustments include significant pension settlement charges in September 2021 and June 2022, and reach-forward losses on select programs appearing in 2024 and 2025.
- Investing Activities and Capital Expenditure
- Capital expenditures remain relatively consistent, typically ranging between 300 million USD and 460 million USD per quarter, though a recurring spike is observed every December, with expenditures exceeding 600 million USD in December 2021, 2022, and 2023. The net cash used for investing activities remains negative throughout the period, reflecting a steady commitment to infrastructure and asset maintenance.
- Financing Strategy and Shareholder Returns
- The company maintains an aggressive shareholder return policy through consistent dividend payments and opportunistic stock repurchases. Dividends exhibit a steady upward trend, increasing from approximately 739 million USD per quarter in early 2021 to over 800 million USD by 2026. Stock repurchases are more volatile, with massive spikes such as 4,206 million USD in December 2022 and 3,000 million USD in December 2023. To fund these returns and manage liquidity, the company periodically issues long-term debt, as seen in the significant issuances in June 2022, December 2022, and September 2025.
- Liquidity and Cash Position
- The net change in cash and cash equivalents fluctuates significantly due to the timing of large debt repayments and stock buybacks. While there are periods of significant cash depletion, the company leverages its strong operating cash flow and access to debt markets to maintain operational liquidity. The interplay between high operating cash inflows in late Q3 and aggressive financing outflows in Q4 creates a cyclical liquidity profile.