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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Lockheed Martin Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).
- Net Earnings
- The net earnings exhibit significant volatility across quarters, ranging from as high as 2,049 million USD to lows near 309 million USD. Several abrupt decreases and recoveries suggest episodic impacts on profitability, possibly due to one-time charges or operational variances.
- Depreciation and Amortization
- This expense item shows a gradual upward trend over the periods, reflecting steady capital investments and asset base growth or changes in amortization policies, peaking towards the later quarters at around 400+ million USD.
- Stock-based Compensation
- The values for stock-based compensation vary moderately but do not show a clear directional trend, fluctuating between approximately 38 million USD and 93 million USD, indicative of changing equity incentive costs.
- Deferred Income Taxes
- Deferred income taxes show erratic fluctuations, with both positive and negative values reaching extremes such as -761 million USD and +632 million USD. This signals complex tax timing differences and possibly tax position adjustments.
- Special Charges and Impairments
- The data includes episodic large non-recurring charges such as a pension settlement charge exceeding 1,600 million USD in some quarters and select program losses with spikes over 1,700 million USD. These irregular costs likely significantly influenced reported earnings in those periods.
- Working Capital Components
- Receivables, contract assets, inventories, accounts payable, and contract liabilities exhibit high variability and some extreme swings. For instance, accounts payable swings from large positive to substantial negative values, reflecting fluctuating vendor payables or timing shifts. Contract assets show sharp positive and negative changes, suggesting variability in project billing and recognition.
- Income Taxes and Changes in Working Capital
- Income tax payments and benefits oscillate widely with large negative and positive outliers, aligning with changes in taxable income or tax settlement effects. Changes in assets and liabilities also vary extensively, contributing to operating cash flow volatility.
- Operating Cash Flow
- Net cash provided by operating activities remains mostly positive and substantial, indicating healthy cash generation despite earnings volatility. Peaks and troughs suggest sensitivity to working capital movements and non-cash adjustments.
- Capital Expenditures and Investing Activities
- Capital expenditures remain consistently negative with some spikes, supporting ongoing investment in property and equipment. Net cash used for investing activities mirrors this pattern, occasionally increasing due to acquisitions or other investing transactions.
- Financing Activities
- Financing cash flows reflect active debt management with issuances and repayments fluctuating, alongside significant share repurchases and steady dividend payments. The company has maintained substantial stock buybacks and dividends, indicating a focus on shareholder returns despite cash flow variations.
- Cash Balances
- The net change in cash and cash equivalents demonstrates periods of increase and decrease, with notable cash inflows and outflows, culminating in sizeable swings that highlight the impact of operational performance, investing needs, and financing transactions on liquidity.