LOCKHEED MARTIN CORPORATION (LMT) FY2025 Annual Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2025-01-01 to 2025-12-31

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LOCKHEED MARTIN CORPORATION cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Orange marks positive customer-advance and deferred-revenue changes that add to operating cash in the reconciliation. These are net changes, not gross customer receipts. Negative changes are neutral reconciliation adjustments; they do not by themselves identify cash payments. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net earnings → Net cash from operating activities: $5,017,000,000.00Depreciation and amortization → Operating adjustments reconciliation: $1,687,000,000.00Reach-forward losses on select programs → Operating adjustments reconciliation: $1,615,000,000.00Accounts payable → Operating adjustments reconciliation: $1,341,000,000.00Contract liabilities → Operating adjustments reconciliation: $1,219,000,000.00Pension settlement charge → Operating adjustments reconciliation: $479,000,000.00Deferred income taxes → Operating adjustments reconciliation: $372,000,000.00Stock-based compensation → Operating adjustments reconciliation: $304,000,000.00Impairment and other charges → Operating adjustments reconciliation: $66,000,000.00Operating adjustments reconciliation → Net cash from operating activities: $3,540,000,000.00Operating adjustments reconciliation → Receivables, net: $1,550,000,000.00Operating adjustments reconciliation → Other, net: $754,000,000.00Operating adjustments reconciliation → Qualified defined benefit pension plans: $415,000,000.00Operating adjustments reconciliation → Inventories: $286,000,000.00Operating adjustments reconciliation → Contract assets: $283,000,000.00Operating adjustments reconciliation → Income taxes: $255,000,000.00investing reconciliation → Capital expenditures: $1,649,000,000.00investing reconciliation → Other, net: $328,000,000.00Net cash used in financing activities → financing reconciliation: $4,942,000,000.00Issuance of long-term debt, net of related costs → financing reconciliation: $1,985,000,000.00financing reconciliation → Dividends paid: $3,131,000,000.00financing reconciliation → Repurchases of common stock: $3,000,000,000.00financing reconciliation → Repayments of long-term debt: $642,000,000.00financing reconciliation → Other, net: $154,000,000.00Net cash used in investing activities → investing reconciliation: $1,977,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $2,483,000,000.00Net cash from operating activities → Cash sources and uses: $8,557,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $4,121,000,000.00Cash sources and uses → Net cash used in investing activities: $1,977,000,000.00Cash sources and uses → Net cash used in financing activities: $4,942,000,000.00Net earnings: $5,017,000,000.00Net earnings+$5.02 BDepreciation and amortization: $1,687,000,000.00D&A and accretion+$1.69 BStock-based compensation: $304,000,000.00Stock-based compensation+$304.00 MDeferred income taxes: $372,000,000.00Deferred income taxes+$372.00 MPension settlement charge: $479,000,000.00Pension settlement charge+$479.00 MImpairment and other charges: $66,000,000.00Restructuring & impairment+$66.00 MReach-forward losses on select programs: $1,615,000,000.00Reach-forward program losses+$1.62 BReceivables, net: -$1,550,000,000.00Receivables, net−$1.55 BContract assets: -$283,000,000.00Contract assets−$283.00 MInventories: -$286,000,000.00Inventories−$286.00 MAccounts payable: $1,341,000,000.00Accounts payable+$1.34 BContract liabilities: $1,219,000,000.00Deferred revenue+$1.22 BIncome taxes: -$255,000,000.00Income taxes payable−$255.00 MQualified defined benefit pension plans: -$415,000,000.00Pension & retiree obligations−$415.00 MOther, net: -$754,000,000.00Other working capital, net−$754.00 MNet cash from operating activities: $8,557,000,000.00Operating cash+$8.56 BOperating adjustments reconciliation: $7,083,000,000.00Repayments of long-term debt: -$642,000,000.00Debt repaid−$642.00 MDividends paid: -$3,131,000,000.00Common dividends paid−$3.13 BRepurchases of common stock: -$3,000,000,000.00Common stock repurchases−$3.00 BOther, net: -$154,000,000.00Other financing, net−$154.00 MIssuance of long-term debt, net of related costs: $1,985,000,000.00Debt issued+$1.99 BNet cash used in financing activities: -$4,942,000,000.00. Cash required to fund net payments.Financing cash−$4.94 Bfinancing reconciliation: $6,927,000,000.00Other, net: -$328,000,000.00Other investing, net−$328.00 MCapital expenditures: -$1,649,000,000.00Capital expenditures−$1.65 BNet cash used in investing activities: -$1,977,000,000.00. Cash required to fund net payments.Investing cash−$1.98 Binvesting reconciliation: $1,977,000,000.00Cash sources and uses: $11,040,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $2,483,000,000.00Beginning cash$2.48 BEnding cash: Cash, cash equivalents, and restricted cash: $4,121,000,000.00Ending cash$4.12 BCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flow$6.91 BOperating cash − cash spent on productive assetsCash flow / Net income1.71×Operating cash flow ÷ net incomeNet cash change+$1.64 BEnding cash − beginning cash
Chart details

LOCKHEED MARTIN CORPORATION cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025

Cash flows for Jan 1, 2025 through Dec 31, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2024. Ending cash: Dec 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2024
2,483,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
8,557,000,000 US dollars. Net cash provided.
Net earnings
5,017,000,000 US dollars
Depreciation and amortization
1,687,000,000 US dollars
Stock-based compensation
304,000,000 US dollars
Deferred income taxes
372,000,000 US dollars
Pension settlement charge
479,000,000 US dollars
Impairment and other charges
66,000,000 US dollars
Reach-forward losses on select programs
1,615,000,000 US dollars
Receivables, net
negative 1,550,000,000 US dollars
Contract assets
negative 283,000,000 US dollars
Inventories
negative 286,000,000 US dollars
Accounts payable
1,341,000,000 US dollars
Contract liabilities
1,219,000,000 US dollars
Income taxes
negative 255,000,000 US dollars
Qualified defined benefit pension plans
negative 415,000,000 US dollars
Other, net
negative 754,000,000 US dollars
Investing activities
negative 1,977,000,000 US dollars. Net cash used.
Other, net
negative 328,000,000 US dollars
Capital expenditures
negative 1,649,000,000 US dollars
Financing activities
negative 4,942,000,000 US dollars. Net cash used.
Repayments of long-term debt
negative 642,000,000 US dollars
Dividends paid
negative 3,131,000,000 US dollars
Repurchases of common stock
negative 3,000,000,000 US dollars
Other, net
negative 154,000,000 US dollars
Issuance of long-term debt, net of related costs
1,985,000,000 US dollars
Operating adjustment reconciliation
7,083,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
6,927,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
1,977,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
0 US dollars
Ending cash on Dec 31, 2025
4,121,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
11,040,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
1,638,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
1.71×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
8,557,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
cash spent on productive assets
1,649,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
6,908,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $3.54B after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash spent on productive assets equals free cash flow: 8,557,000,000 US dollars minus 1,649,000,000 US dollars equals 6,908,000,000 US dollars.
LOCKHEED MARTIN CORPORATION (LMT) FY2025 Annual Statement of Cash Flows Sankey chart
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