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	1,687	1,559	1,430	1,404	1,364
Stock-Based Compensation	304	277	265	238	227
Other Adjustments	2,532	1,464	-361	813	1,518
Change in Receivables	-1,833	-328	-492	-2,281	-1,019
Changes in Inventories	-286	-478	-44	-107	564
Changes in Accounts Payable	1,341	-93	151	1,274	-98
Changes in Income Taxes Payable	-255	131	-133	148	45
Changes in Unearned Revenue	1,219	605	702	381	562
Changes in Other Operating Activities	-1,169	-1,501	-518	200	-257
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	-
Long-Term Debt Repaid	-642	-168	-115	-2,250	-500
Net Long-Term 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
Net Common Stock Issued (Repurchased)	-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%
FCF Margin	9.20%	7.44%	9.22%	9.29%	11.48%
Free Cash Flow Per Share	29.58	22.10	24.80	23.17	27.75
Levered Free Cash Flow	7,248	6,676	8,677	11,323	6,473
Unlevered Free Cash Flow	7,438	4,554	7,167	8,793	8,289

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.