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Lockheed Martin cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$3.0B in Q3 2026 · $8.4B over twelve months

Operating cash flow$3.4B
Capital spending−$439M
Free cash flow+$3.0B
Cash / net income1.9×
Cash conversion cycle10 days

Analysis

In Q3 2026, Lockheed Martin generated $3.4B of operating cash flow and spent $439M on capital projects, leaving free cash flow of $3.0B.

Over the twelve months to Sep 27, 2026, operating cash flow was $10.1B; the largest uses were dividends ($3.2B), other financing ($1.8B), capital spending ($1.7B); the cash balance rose by $2.5B.

Operating cash flow was $3.4B against net income of $1.8B — 1.9× profit, cash ran ahead of reported earnings. The largest differences: contract assets −$861M, deferred taxes +$576M, deferred revenue +$493M.

Its cash conversion cycle was 10 days (receivables 14 + inventory 21 − payables 25).

Free cash flow

Lockheed Martin: free cash flow by quarterLockheed Martin: free cash flow by quarter$441MQ4 2024$955MQ1 2025−$150MQ2 2025$3.3BQ3 2025$2.8BQ4 2025−$291MQ1 2026$2.9BQ2 2026$3.0BQ3 2026
Operating cash flow less capital spending.
Lockheed Martin: operating cash flow against capital spendingLockheed Martin: operating cash flow against capital spendingOperating cash flowCapital spending$1.0B$582MQ4 2024$1.4B$454MQ1 2025$201M$351MQ2 2025$3.7B$381MQ3 2025$3.2B$463MQ4 2025$220M$511MQ1 2026$3.2B$318MQ2 2026$3.4B$439MQ3 2026
Latest (Q3 2026): Operating cash flow $3.4B, Capital spending $439M.

Capital allocation, year by year

Lockheed Martin: where the cash came from (up) and went (down), by fiscal yearLockheed Martin: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksDividendsFY2021: Operating cash flow $9.2BFY2021: Net borrowing −$500MFY2021: Capital spending −$1.5BFY2021: Buybacks −$4.1BFY2021: Dividends −$2.9B$9.2BFY2021FY2022: Operating cash flow $7.8BFY2022: Net borrowing $4.0BFY2022: Capital spending −$1.7BFY2022: Buybacks −$7.9BFY2022: Dividends −$3.0B$11.8BFY2022FY2023: Operating cash flow $7.9BFY2023: Net borrowing $1.9BFY2023: Capital spending −$1.7BFY2023: Buybacks −$6.0BFY2023: Dividends −$3.1B$9.8BFY2023FY2024: Operating cash flow $7.0BFY2024: Net borrowing $2.8BFY2024: Capital spending −$1.7BFY2024: Buybacks −$3.7BFY2024: Dividends −$3.1B$9.8BFY2024FY2025: Operating cash flow $8.6BFY2025: Net borrowing $1.3BFY2025: Capital spending −$1.6BFY2025: Buybacks −$3.0BFY2025: Dividends −$3.1B$9.9BFY2025
Over these 5 years operating cash flow totalled $40.5B; the largest uses were buybacks ($24.7B) and dividends ($15.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$6.0B
Debt$21.7B
Net debt$15.7B

Lockheed Martin funds itself: free cash flow was $8.4B over the last twelve months, and $6.0B of cash and investments stands against $21.7B of debt.

Where the cash came from and went

Lockheed Martin: sources (+) and uses (−) of cash, Q3 2026Lockheed Martin: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$3.4BCash drawn (+) / kept (−)−$2.2BDividends−$796MCapital spending−$439MOther investing−$31.0MOther financing−$3.0M
Lockheed Martin: sources (+) and uses (−) of cash, TTM to Q3 2026Lockheed Martin: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$10.1BDividends−$3.2BCash drawn (+) / kept (−)−$2.5BOther financing−$1.8BCapital spending−$1.7BBuybacks−$750MOther investing−$142M

From profit to cash

Lockheed Martin: net income to operating cash flow, Q3 2026Lockheed Martin: net income to operating cash flow, Q3 2026Net income$1.8BDepreciation & amortization$425MStock-based pay$89.0MDeferred taxes$576MReceivables$260MInventory$424MPayables$79.0MDeferred revenue$493MContract assets−$861MIncome taxes payable−$287MOperating cash flow$3.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202614212510
Q2 202613222510
Q1 202615212314
Q4 202518191917
Q3 202517212117
Q2 202513192013
Q1 202511201714
Q4 202411171414

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$3.4B−$439M—−$796M—−$2.2B$3.0B
Q2 2026$3.2B−$318M—−$796M−$168M−$1.9B$2.9B
Q1 2026$220M−$511M—−$816M−$1.0B$2.2B−$291M
Q4 2025$3.2B−$463M−$750M−$799M−$500M−$651M$2.8B
Q3 2025$3.7B−$381M−$1.0B−$765M$2.0B−$2.2B$3.3B
Q2 2025$201M−$351M−$500M−$771M−$142M$510M−$150M
Q1 2025$1.4B−$454M−$750M−$796M—$680M$955M
Q4 2024$1.0B−$582M−$1.0B−$778M$990M$668M$441M

Lockheed Martin: income statement and cash flow

Lockheed Martin, Q3 2026: revenue $20.7B (+11% year over year), operating margin 11.8%. The chart follows the revenue to costs, profit and cash.

Lockheed Martin: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.