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Lockheed Martin LMT Free cash flow

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Other financials

Income statement

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Revenue$18.0B+0.3%
Gross profit$2.1B-10.5%
Operating income$2.1B-13.0%
Net income$1.5B-13.1%
EPS (diluted)$6.44-11.5%

Balance sheet

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Cash & equivalents$1.9B+5.0%
Total debt$20.7B+1.9%
Total equity$7.5B+12.1%
Total assets$59.2B+4.5%

Cash flow

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Operating cash flow$220.0M-84.4%
CapEx$511.0M+12.6%

Valuation

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Market cap$116.44B+5.6%
Enterprise value$135.24B+5.0%
P/E24.3×+4.3×
P/S1.6×0.0×

Profitability

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Gross margin9.8%-0.3pp
Operating margin9.9%-0.4pp
Net margin6.4%-1.3pp
FCF margin7.7%+0.8pp

Returns & leverage

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Return on equity67.6%-14.9pp
Debt / equity2.8×-0.3×
Current ratio1.1×+0.1×

Where this comes from

Calculated from Lockheed Martin’s reported figures.

$220.0Mnet cash from operating−$511.0Mcapital expenditures=-$291M

The official record: Lockheed Martin’s 10-Q, filed April 23, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Lockheed Martin's free cash flow?
Lockheed Martin (LMT) reported free cash flow of -$291M in Q1 2026.
How has Lockheed Martin's free cash flow changed year-over-year?
Lockheed Martin's free cash flow decreased by 130.5% year-over-year, from $955M to -$291M.
What is the long-term trend for Lockheed Martin's free cash flow?
Over 4 years (2021 to 2025), Lockheed Martin's free cash flow has grown at a -2.1% compound annual growth rate (CAGR), from $7.7B to $7.06B.
What does free cash flow mean?
Free cash flow represents the cash generated by a company after accounting for cash outflows to support operations and maintain or expand its capital asset base. It serves as a critical indicator of a company's ability to fund organic growth, pay down debt, or return capital to shareholders without relying on external financing.