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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Lockheed Martin Corp. pages available for free this week:
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Lockheed Martin Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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 pattern of significant volatility in operating cash flows, contrasted by a highly consistent and disciplined approach to shareholder returns. While net earnings generally remain robust, the transition from net income to net cash provided by operating activities is frequently impacted by large swings in working capital and non-recurring charges.
- Operating Performance and Cash Flow Volatility
- Net earnings exhibit periodic fluctuations, with notable contractions observed in June 2022, December 2024, and June 2025. These dips correlate with the emergence of select program losses and impairment charges, particularly a substantial program loss of 1,717 million dollars in December 2024. Net cash provided by operating activities shows extreme variance, peaking at 4,268 million dollars in December 2021 and reaching a low of 201 million dollars in June 2025, reflecting the cyclical nature of government contract payments and project milestones.
- Working Capital Management
- Cash flow is heavily influenced by volatility in contract assets and receivables. Large outflows related to contract assets are frequently offset by subsequent inflows, suggesting a timing-based mismatch between revenue recognition and cash collection. For instance, a substantial decrease in contract assets of 2,884 million dollars in March 2026 follows periods of significant asset accumulation, indicating the liquidation of accrued contract balances.
- Investment and Capital Expenditures
- Capital expenditures remain a consistent cash outflow, generally ranging between 260 million and 700 million dollars per quarter. There is a discernible trend toward higher capital intensity in the later periods, with expenditures exceeding 500 million dollars in the final three quarters of the analyzed period, suggesting an increase in infrastructure or technology investments.
- Shareholder Returns and Financing Strategy
- The company maintains a rigorous commitment to returning capital to shareholders. Dividends are paid with high stability, showing a gradual quarterly increase from 739 million dollars in March 2021 to 816 million dollars by March 2026. Stock repurchases are more aggressive and opportunistic, with significant spikes such as the 4,206 million dollar buyback in December 2022. To sustain these returns amidst operating volatility, the company periodically utilizes the debt market, with major issuances of long-term debt observed in June 2022, December 2022, and September 2025.
- Non-Recurring Adjustments
- Significant non-cash adjustments have impacted the reconciliation of net earnings to operating cash. Pension settlement charges were prominent in September 2021 and June 2022, while more recent periods have been characterized by program losses and substantial fluctuations in deferred income taxes, which periodically distort the relationship between reported earnings and actual cash generation.