Lockheed Martin Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	5,017	5,336	6,920	5,732	6,315
Depreciation & Amortization	1,294	1,213	1,167	1,151	1,189
Other Amortization	393	346	263	253	175
Asset Writedown & Restructuring Costs	66	87	92	100	36
Stock-Based Compensation	304	277	265	238	227
Other Operating Activities	1,297	-124	-971	913	1,225
Change in Accounts Receivable	-1,833	-328	-492	-2,281	-1,019
Change in Inventory	-286	-478	-44	-107	564
Change in Accounts Payable	1,341	-93	151	1,274	-98
Change in Unearned Revenue	1,219	605	702	381	562
Change in Income Taxes	-255	131	-133	148	45
Operating Cash Flow	8,557	6,972	7,920	7,802	9,221
Operating Cash Flow Growth	22.73%	-11.97%	1.51%	-15.39%	12.68%
Capital Expenditures	-1,649	-1,685	-1,691	-1,670	-1,522
Other Investing Activities	-328	-107	-3	-119	361
Investing Cash Flow	-1,977	-1,792	-1,694	-1,789	-1,161
Long-Term Debt Issued	1,985	2,970	1,975	6,211	-
Total Debt Issued	1,985	2,970	1,975	6,211	-
Long-Term Debt Repaid	-642	-168	-115	-2,250	-500
Total Debt Repaid	-642	-168	-115	-2,250	-500
Net Debt Issued (Repaid)	1,343	2,802	1,860	3,961	-500
Repurchase of Common Stock	-3,000	-3,700	-6,000	-7,900	-4,087
Common Dividends Paid	-3,131	-3,059	-3,056	-3,016	-2,940
Other Financing Activities	-154	-182	-135	-115	-89
Financing Cash Flow	-4,942	-4,139	-7,331	-7,070	-7,616
Net Cash Flow	1,638	1,041	-1,105	-1,057	444
Free Cash Flow	6,908	5,287	6,229	6,132	7,699
Free Cash Flow Growth	30.66%	-15.12%	1.58%	-20.35%	19.98%
Free Cash Flow Margin	9.21%	7.44%	9.22%	9.29%	11.48%
Free Cash Flow Per Share	29.59	22.10	24.80	23.18	27.75
Cash Interest Paid	1,000	950	832	573	543
Cash Income Tax Paid	788	1,300	1,800	1,600	1,400
Levered Free Cash Flow	5,282	5,713	5,458	3,790	5,173
Unlevered Free Cash Flow	5,980	6,360	6,030	4,179	5,528
Change in Working Capital	186	-163	184	-585	54

Source: S&P Global Market Intelligence. Standard template. Financial Sources.