Lockheed Martin Corporation (LMT) Cash Flow Statement
Where LMT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $8.56B +22.7% vs 2024
- Capital expenditures
- $1.65B 2.2% of revenue
- Free cash flow
- $6.91B 9.2% margin
- Returned to shareholders
- $6.13B 89% of free cash flow
- Change in cash
- $1.64B cash at year-end $4.12B
Drawn to scale: where the cash came from and how it was used. Hover for values.
LMT operating cash flow, capex and free cash flow
LMT cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $5.19B2016 | $8.56B2025 | +5.7%/yr | |
| Capital expenditures | $1.06B2016 | $1.65B2025 | +5.0%/yr | |
| Free cash flow | $4.13B2016 | $6.91B2025 | +5.9%/yr | |
| Free cash flow margin | 8.7%2016 | 9.2%2025 | +0.5 pts | |
| Operating cash flow / net income | 0.982016 | 1.712025 | +0.73 | |
| Stock-based compensation | $149.0M2016 | $304.0M2025 | +8.2%/yr | |
| Dividends paid | $2.05B2016 | $3.13B2025 | +4.8%/yr | |
| Share buybacks (net) | $2.10B2016 | $3.00B2025 | +4.1%/yr | |
| Capex / revenue | 2.2%2016 | 2.2%2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LMT cash flow by activity
LMT net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LMT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $5.02B | $5.34B | $6.92B | $5.73B | $6.32B | $6.83B | $6.23B | $5.05B | $2.00B | $5.30B |
| Depreciation & amortization | $1.69B | $1.56B | $1.43B | $1.40B | $1.36B | $1.29B | $1.19B | $1.16B | $1.20B | $1.22B |
| Stock-based compensation | $304.0M | $277.0M | $265.0M | $238.0M | $227.0M | $221.0M | $189.0M | $173.0M | $158.0M | $149.0M |
| Change in working capital | −$983.0M | −$1.66B | −$194.0M | −$585.0M | $54.0M | −$1.11B | −$742.0M | −$3.90B | −$197.0M | $132.0M |
| Other non-cash items | $2.53B | $1.46B | −$501.0M | $1.01B | $1.26B | $954.0M | $445.0M | $656.0M | $3.32B | −$1.61B |
| Cash from operating activities | $8.56B | $6.97B | $7.92B | $7.80B | $9.22B | $8.18B | $7.31B | $3.14B | $6.48B | $5.19B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.65B | −$1.69B | −$1.69B | −$1.67B | −$1.52B | −$1.77B | −$1.48B | −$1.28B | −$1.18B | −$1.06B |
| Investments (net) | — | −$1.79B | −$1.80B | −$1.79B | −$1.16B | −$2.01B | −$1.24B | −$1.07B | −$1.15B | −$985.0M |
| Acquisitions & other investing | −$328.0M | $1.69B | $1.80B | $1.67B | $1.52B | $1.77B | $1.48B | $1.28B | $1.18B | $1.06B |
| Cash from investing activities | −$1.98B | −$1.79B | −$1.69B | −$1.79B | −$1.16B | −$2.01B | −$1.24B | −$1.07B | −$1.15B | −$985.0M |
| Financing activities | ||||||||||
| Dividends paid | −$3.13B | −$3.06B | −$3.06B | −$3.02B | −$2.94B | −$2.76B | −$2.56B | −$2.35B | −$2.16B | −$2.05B |
| Share repurchases & issuance (net) | −$3.00B | −$3.70B | −$6.00B | −$7.90B | −$4.09B | −$1.10B | −$1.20B | −$1.49B | −$2.00B | −$2.10B |
| Net borrowing (repayment) | $1.34B | $2.80B | $1.86B | $3.96B | −$500.0M | −$519.0M | −$1.50B | −$150.0M | −$150.0M | −$952.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$154.0M | −$182.0M | −$135.0M | −$115.0M | −$89.0M | −$144.0M | −$72.0M | −$163.0M | $9.0M | $1.64B |
| Cash from financing activities | −$4.94B | −$4.14B | −$7.33B | −$7.07B | −$7.62B | −$4.53B | −$5.33B | −$4.15B | −$4.30B | −$3.46B |
| Summary | ||||||||||
| Net change in cash | $1.64B | $1.04B | −$1.10B | −$1.06B | $444.0M | $1.65B | $742.0M | −$2.09B | $1.02B | $747.0M |
| Cash at end of period | $4.12B | $2.48B | $1.44B | $2.55B | $3.60B | $3.16B | $1.51B | $772.0M | $2.86B | $1.84B |
| Free cash flow | $6.91B | $5.29B | $6.23B | $6.13B | $7.70B | $6.42B | $5.83B | $1.86B | $5.30B | $4.13B |
| Free cash flow margin | 9.2% | 7.4% | 9.2% | 9.3% | 11.5% | 9.8% | 9.7% | 3.5% | 10.6% | 8.7% |
| Capex / revenue | 2.2% | 2.4% | 2.5% | 2.5% | 2.3% | 2.7% | 2.5% | 2.4% | 2.4% | 2.2% |
| Operating cash flow / net income | 1.71 | 1.31 | 1.14 | 1.36 | 1.46 | 1.20 | 1.17 | 0.62 | 3.23 | 0.98 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.84B | $1.49B | $1.34B | $1.62B | $342.0M | $1.71B | $527.0M | $1.62B | $1.64B | $1.54B | $1.87B | $1.68B |
| Depreciation & amortization | $400.0M | $398.0M | $463.0M | $428.0M | $399.0M | $397.0M | $459.0M | $390.0M | $359.0M | $351.0M | $421.0M | $350.0M |
| Stock-based compensation | $97.0M | $83.0M | $89.0M | $74.0M | $81.0M | $60.0M | $48.0M | $75.0M | $93.0M | $61.0M | $44.0M | $75.0M |
| Change in working capital | $196.0M | −$1.45B | $544.0M | $2.50B | −$1.77B | $81.0M | $92.0M | $168.0M | −$236.0M | $59.0M | $119.0M | $662.0M |
| Other non-cash items | $706.0M | −$304.0M | $779.0M | −$894.0M | $1.15B | −$841.0M | −$103.0M | $182.0M | $19.0M | −$381.0M | −$85.0M | $120.0M |
| Cash from operating activities | $3.23B | $220.0M | $3.22B | $3.73B | $201.0M | $1.41B | $1.02B | $2.44B | $1.88B | $1.64B | $2.37B | $2.89B |
| Investing activities | ||||||||||||
| Capital expenditures | −$318.0M | −$511.0M | −$463.0M | −$381.0M | −$351.0M | −$454.0M | −$582.0M | −$355.0M | −$370.0M | −$378.0M | −$704.0M | −$364.0M |
| Investments (net) | — | — | — | −$319.0M | −$715.0M | −$430.0M | −$838.0M | −$210.0M | −$372.0M | −$372.0M | −$703.0M | −$398.0M |
| Acquisitions & other investing | −$31.0M | −$30.0M | −$50.0M | $381.0M | $351.0M | $454.0M | $582.0M | $355.0M | $370.0M | $378.0M | $704.0M | −$229.0M |
| Cash from investing activities | −$349.0M | −$541.0M | −$513.0M | −$319.0M | −$715.0M | −$430.0M | −$838.0M | −$210.0M | −$372.0M | −$372.0M | −$703.0M | −$991.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$796.0M | −$816.0M | −$799.0M | −$765.0M | −$771.0M | −$796.0M | −$778.0M | −$749.0M | −$752.0M | −$780.0M | −$767.0M | −$747.0M |
| Share repurchases & issuance (net) | $0 | $0 | −$750.0M | −$1.00B | −$500.0M | −$750.0M | −$1.00B | −$850.0M | −$850.0M | −$1.00B | −$3.00B | −$1.75B |
| Net borrowing (repayment) | −$168.0M | −$1.00B | −$500.0M | $536.0M | $1.31B | $0 | $990.0M | $0 | — | — | — | −$115.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$25.0M | −$90.0M | −$6.0M | −$3.0M | −$32.0M | −$113.0M | −$65.0M | −$1.0M | −$169.0M | $1.86B | −$4.0M | −$3.0M |
| Cash from financing activities | −$989.0M | −$1.91B | −$2.06B | −$1.23B | $4.0M | −$1.66B | −$853.0M | −$1.60B | −$1.77B | $85.0M | −$3.77B | −$2.62B |
| Summary | ||||||||||||
| Net change in cash | $1.90B | −$2.23B | $651.0M | $2.18B | −$510.0M | −$680.0M | −$668.0M | $628.0M | −$267.0M | $1.35B | −$2.11B | −$122.0M |
| Cash at end of period | $3.79B | $1.89B | $4.12B | $3.47B | $1.29B | $1.80B | $2.48B | $3.15B | $2.52B | $2.79B | $1.44B | $3.55B |
| Free cash flow | $2.92B | −$291.0M | $2.76B | $3.35B | −$150.0M | $955.0M | $441.0M | $2.08B | $1.51B | $1.26B | $1.66B | $2.53B |
| Free cash flow margin | 14.5% | −1.6% | 13.6% | 18.0% | −0.8% | 5.3% | 2.4% | 12.2% | 8.3% | 7.3% | 8.8% | 15.0% |
| Capex / revenue | 1.6% | 2.8% | 2.3% | 2.0% | 1.9% | 2.5% | 3.1% | 2.1% | 2.0% | 2.2% | 3.7% | 2.2% |
| Operating cash flow / net income | 1.76 | 0.15 | 2.40 | 2.30 | 0.59 | 0.82 | 1.94 | 1.50 | 1.14 | 1.06 | 1.27 | 1.72 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LMT cash generation
In fiscal 2025 (ended December 31, 2025), Lockheed Martin generated $8.6 billion of cash from operations (up 22.7%) and spent $1.6 billion on capital expenditures, leaving free cash flow of $6.9 billion, 9.2% of revenue. It returned $6.1 billion to shareholders through dividends ($3.1 billion) and net share buybacks ($3.0 billion). Cash and equivalents rose by $1.6 billion over the year.
Related: LMT income statement, LMT balance sheet, LMT dividend history. See the LMT stock overview for the latest quote and news.
LMT cash flow FAQ
What is Lockheed Martin's free cash flow?
Lockheed Martin's free cash flow was $6.9 billion in fiscal 2025: $8.6 billion of operating cash flow minus $1.6 billion of capital expenditures It was $5.3 billion a year earlier..
How much cash does Lockheed Martin generate from operations?
Lockheed Martin generated $8.6 billion of cash from operating activities in fiscal 2025, 1.71 times its net income of $5.0 billion.
How much does Lockheed Martin spend on capital expenditures?
Lockheed Martin spent $1.6 billion on capital expenditures in fiscal 2025, 2.2% of revenue, compared with $1.7 billion the year before.
How much stock does Lockheed Martin buy back?
Lockheed Martin spent $3.0 billion on net share repurchases in fiscal 2025.
How much does Lockheed Martin pay in dividends?
Lockheed Martin paid $3.1 billion in dividends in fiscal 2025, 45.3% of free cash flow.