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LOCKHEED MARTIN CORP
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| USD ($) $ in Millions | LTM | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Operating activities | ||||||||||||||||||
Net earnings | $ 6,513 | $ 5,017 | $ 5,336 | $ 6,920 | ||||||||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities | ||||||||||||||||||
Depreciation and amortization | 1,686 | 1,687 | 1,559 | 1,430 | ||||||||||||||
Depreciation and amortization of plant and equipment | - | - | - | - | ||||||||||||||
Amortization of purchased intangibles | - | - | - | - | ||||||||||||||
Stock-based compensation | 358 | 304 | 277 | 265 | ||||||||||||||
Equity method investment impairment | - | - | - | - | ||||||||||||||
Tax resolution related to former IS&GS business | - | - | - | - | ||||||||||||||
Excess tax benefits on stock-based compensation | - | - | - | - | ||||||||||||||
Deferred income taxes | 1,414 | 372 | (588) | (498) | ||||||||||||||
Pension settlement charge | 479 | 479 | 0 | 0 | ||||||||||||||
Impairment and other charges | 0 | 66 | 87 | - | ||||||||||||||
Reach-forward losses on select programs | 0 | 1,615 | - | - | ||||||||||||||
Classified programs losses | - | - | 1,965 | - | ||||||||||||||
Severance and other charges | - | - | - | 92 | ||||||||||||||
Severance charges | - | - | - | - | ||||||||||||||
Gain on property sale | - | - | - | - | ||||||||||||||
Gain on step acquisition of AWE | - | - | - | - | ||||||||||||||
Goodwill impairment charges | - | - | - | - | ||||||||||||||
Severance and other charges | - | - | - | - | ||||||||||||||
Reduction in tax expense from resolution of certain tax matters | - | - | - | - | ||||||||||||||
Net adjustments related to discontinued operations | - | - | - | - | ||||||||||||||
Net adjustments from planned sale of PAE | - | - | - | - | ||||||||||||||
Gain on sale of EIG, net of tax | - | - | - | - | ||||||||||||||
Voluntary executive separation and other charges (credits) | - | - | - | - | ||||||||||||||
Contributions related to our qualified defined benefit plans | - | - | - | - | ||||||||||||||
Changes in: | ||||||||||||||||||
Receivables, net | 748 | (1,550) | (219) | 373 | ||||||||||||||
Contract assets | (2,950) | (283) | (109) | (865) | ||||||||||||||
Inventories | (238) | (286) | (478) | (44) | ||||||||||||||
Accounts payable | 1,185 | 1,341 | (93) | 151 | ||||||||||||||
Contract liabilities | 2,385 | 1,219 | 605 | 702 | ||||||||||||||
Income taxes | (399) | (255) | 131 | (133) | ||||||||||||||
Customer advances and amounts in excess of costs incurred | - | - | - | - | ||||||||||||||
Qualified defined benefit pension plans | - | (415) | (992) | (378) | ||||||||||||||
Other, net | (495) | (754) | (509) | (95) | ||||||||||||||
Net cash provided by operating activities | 10,112 | 8,557 | 6,972 | 7,920 | ||||||||||||||
Investing activities | ||||||||||||||||||
Capital expenditures | (1,731) | (1,649) | (1,685) | (1,691) | ||||||||||||||
Acquisitions of businesses | - | - | - | - | ||||||||||||||
Capital expenditures | - | - | - | - | ||||||||||||||
Expenditures for capitalized internal-use software | - | - | - | - | ||||||||||||||
Net cash provided by (used for) short-term investment transactions | - | - | - | - | ||||||||||||||
Net proceeds from sale of EIG | - | - | - | - | ||||||||||||||
Acquisitions of businesses and investments in affiliates | - | - | - | - | ||||||||||||||
Other, net | (142) | (328) | (107) | (3) | ||||||||||||||
Net cash used for investing activities | (1,873) | (1,977) | (1,792) | (1,694) | ||||||||||||||
Financing activities | ||||||||||||||||||
Proceeds from issuance of commercial paper, net | - | - | - | - | ||||||||||||||
Repayment of commercial paper, net | - | - | - | - | ||||||||||||||
Issuance of long-term debt, net of related costs | 0 | 1,985 | 2,970 | 1,975 | ||||||||||||||
Repayments of long-term debt | (1,668) | (642) | (168) | (115) | ||||||||||||||
Repurchases of common stock | (750) | (3,000) | (3,700) | (6,000) | ||||||||||||||
Issuances of common stock and related amounts | - | - | - | - | ||||||||||||||
Excess tax benefits on stock-based compensation | - | - | - | - | ||||||||||||||
Dividends paid | (3,207) | (3,131) | (3,059) | (3,056) | ||||||||||||||
Special cash payment from divestiture of IS&GS business | - | - | - | - | ||||||||||||||
Proceeds from stock option exercises | - | - | - | - | ||||||||||||||
Proceeds from borrowings under revolving credit facilities | - | - | - | - | ||||||||||||||
Repayments of borrowings under revolving credit facilities | - | - | - | - | ||||||||||||||
Premium paid on debt exchange | - | - | - | - | ||||||||||||||
Other, net | (124) | (154) | (182) | (135) | ||||||||||||||
Net cash used for financing activities | (5,749) | (4,942) | (4,139) | (7,331) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | - | - | - | - | ||||||||||||||
Net change in cash and cash equivalents | $ 2,490 | $ 1,638 | $ 1,041 | $ (1,105) |