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:	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	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	397)	459)	390)	359)	351)	421)	350)	334)	325)	439)	293)	343)	329)	365)	329)	334)	336)	363)	319)	307)	301)
Stock-based compensation	60)	48)	75)	93)	61)	44)	75)	89)	57)	43)	61)	80)	54)	38)	62)	80)	47)	39)	67)	73)	42)
Deferred income taxes	(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 severance charges	—)	—)	—)	87)	—)	92)	—)	—)	—)	100)	—)	—)	—)	—)	—)	—)	36)	27)	—)	—)	—)
Classified programs losses	—)	1,965)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Receivables, net	327)	(210)	789)	(673)	(125)	273)	1,022)	(844)	(78)	(21)	917)	(874)	(564)	304)	344)	(397)	(236)	502)	355)	57)	(555)
Contract assets	(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	(125)	(376)	(137)	181)	(146)	180)	186)	(27)	(383)	25)	318)	(287)	(163)	(78)	216)	137)	289)	(252)	228)	18)	80)
Accounts payable	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	(420)	744)	(130)	436)	(445)	1,254)	(248)	(152)	(152)	429)	(18)	175)	(205)	592)	136)	124)	(290)	191)	(127)	276)	151)
Income taxes	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	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	111)	(990)	(1)	—)	(1)	(95)	(94)	(95)	(94)	(90)	(91)	(115)	(116)	(67)	(67)	(67)	(66)	(1,067)	(53)	(38)	(39)
Other, net	(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	(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	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	(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	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	(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	—)	—)	—)	(168)	—)	—)	(115)	—)	—)	—)	—)	(2,250)	—)	—)	(500)	—)	—)	(500)	—)	(1,150)	—)
Repurchases of common stock	(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	(796)	(778)	(749)	(752)	(780)	(767)	(747)	(758)	(784)	(766)	(739)	(744)	(767)	(762)	(718)	(721)	(739)	(728)	(672)	(671)	(693)
Other, net	(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	(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	(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 financial data reveals several notable trends across the periods under review. Net earnings exhibited significant volatility, with peaks and troughs demonstrating fluctuations in profitability. Notable declines occurred in specific quarters, whereas other periods saw rebounds approaching or exceeding previous highs. This pattern suggests episodic challenges and recoveries affecting earnings performance.

Depreciation and amortization expenses remained relatively stable with minor variations, generally aligned with the scale of asset utilization and capital investment activities. Stock-based compensation demonstrated variability, often increasing or decreasing sharply, indicating possible changes in employee compensation structure or equity incentive programs during some quarters.

Deferred income taxes showed substantial fluctuations, oscillating between positive and negative values, reflecting timing differences in tax recognition and possible tax planning strategies. Impairment and severance charges appeared intermittently, with one instance showing a significant pension settlement charge, indicating extraordinary costs impacting financial outcomes during certain periods.

Receivables and contract assets fluctuated widely with both significant positive and negative changes, implying dynamic operational activities and billing cycles. Inventories likewise showed sharp changes, alternating between buildup and drawdowns, possibly reflecting adjustments in production or supply chain factors. Accounts payable had notable swings, sometimes sharply negative, suggesting varied payment schedules and liquidity management efforts.

Contract liabilities moved inconsistently, with both increases and decreases reflecting changes in customer advances or deferred revenue recognition. Income taxes payable also varied considerably, aligning with taxable income fluctuations. Changes in assets and liabilities contributed sporadically to cash flows, indicating operational shifts affecting working capital.

Qualified defined benefit pension plans showed mostly steady negative values, hinting at ongoing pension obligations, with an outlier period of a large negative balance indicating a material pension event. The other adjustment categories displayed erratic behavior consistent with episodic financial and operational adjustments.

Net cash provided by operating activities maintained a generally positive trend, despite periodic decreases. The overall pattern suggests steady operational cash generation capability. Capital expenditures, while somewhat variable, tended to reflect ongoing investments in property and equipment, with periodic increases possibly linked to expansion or modernization initiatives.

Investing activities primarily reflected outflows, with occasional acquisitions and other investments contributing to variations in cash used. Financing activities showed considerable outflows, particularly from consistent stock repurchases and dividend payments, signaling a strong focus on returning capital to shareholders. Debt issuance and repayments varied, evidencing active management of the debt portfolio, including refinancing efforts.

Cash and cash equivalents experienced fluctuating net changes, correlating with the combined impacts of operating, investing, and financing cash flows. Periods of increase indicate effective liquidity management, whereas decreases correspond to significant outflows or operational setbacks.

Profitability and Earnings: Net earnings showed notable volatility with significant peaks and dips, indicating variable profitability over time.
Non-Cash Expenses: Depreciation and amortization remained relatively stable, while stock-based compensation displayed marked fluctuations.
Tax Items: Deferred income taxes varied sharply, affecting periodic tax expense recognition; income taxes payable also followed a variable course.
Extraordinary Charges: Impairment and severance charges appeared sporadically, including a notable pension settlement charge impacting specific quarters.
Working Capital Components: Receivables, contract assets, inventories, and accounts payable exhibited high volatility, reflective of changing operational cycles and liquidity dynamics.
Cash Flows from Operations: Generally positive, but with intermittent reductions, indicating ongoing but fluctuating cash generation capabilities.
Capital Expenditures and Investments: Capital expenditures showed variability but sustained investment trends; investing activities involved both outflows and occasional acquisition-related uses.
Financing Activities: Substantial cash outflows driven by stock repurchases and dividend payments, alongside variable debt issuances and repayments.
Cash Position Dynamics: Net changes in cash and equivalents varied, corresponding to the interplay of operational performance and capital management decisions.

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Lockheed Martin Corp. (NYSE:LMT)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data