SuperworthLockheed Martin free cash flow LMT
Cash from operations less capital spending, by quarter and over the last twelve months, from 2008.
- Last 12 months, to Jun 28, 2026
- $8.7B
- Latest quarter, Q2 FY26
- $2.9B
- Fiscal year 2025
- $6.9B
- +31% on the year before
Lockheed Martin's free cash flow was $8.7B over the twelve months to Jun 28, 2026, up 162% on a year earlier.
In its latest quarter, Q2 FY26, it was $2.9B.
Over the five fiscal years to FY2025 it grew 1% a year on average.
Free cash flow over time
Fiscal year by fiscal year
| Fiscal year | Free cash flow | Change |
|---|---|---|
| FY2025 | $6.9B | +31% |
| FY2024 | $5.3B | −15% |
| FY2023 | $6.2B | +2% |
| FY2022 | $6.1B | −20% |
| FY2021 | $7.7B | +20% |
| FY2020 | $6.4B | +10% |
| FY2019 | $5.8B | +213% |
| FY2018 | $1.9B | −65% |
| FY2017 | $5.3B | +28% |
| FY2016 | $4.1B | −1% |
| FY2015 | $4.2B | +38% |
| FY2014 | $3B | −19% |
| FY2013 | $3.7B | +499% |
| FY2012 | $619M | −81% |
| FY2011 | $3.3B | +20% |
Each fiscal year is the twelve months to its fourth quarter.
Quarter by quarter
| Quarter | Ended | Free cash flow | On a year earlier | Last 12 months |
|---|---|---|---|---|
| Q2 FY26 | $2.9B | n/a | $8.7B | |
| Q1 FY26 | −$291M | −130% | $5.7B | |
| Q4 FY25 | $2.8B | +525% | $6.9B | |
| Q3 FY25 | $3.3B | +61% | $4.6B | |
| Q2 FY25 | −$150M | −110% | $3.3B | |
| Q1 FY25 | $955M | −24% | $5B | |
| Q4 FY24 | $441M | −73% | $5.3B | |
| Q3 FY24 | $2.1B | −18% | $6.5B | |
| Q2 FY24 | $1.5B | +95% | $7B | |
| Q1 FY24 | $1.3B | −1% | $6.2B | |
| Q4 FY23 | $1.7B | +34% | $6.2B | |
| Q3 FY23 | $2.5B | −7% | $5.8B |
Against its peers
Companies in Aerospace & Defense nearest Lockheed Martin's size, closest first, today.
| Company | Free cash flow yield |
|---|---|
| LMTLockheed Martin | n/m |
| BABoeing | −0.1% |
| GDGeneral Dynamics | 6.8% |
| NOCNorthrop Grumman | 4.7% |
| RTXRTX | n/m |
| HWMHowmet Aerospace | 2.4% |
| GEGE Aerospace | n/m |
| TDGTransDigm | 3.2% |
| HONAHoneywell Aerospace | n/m |
| LHXL3Harris Technologies | 5.9% |
| HEIHEICO | 2.5% |
| Peer median | 3.2% |
What the free cash flow tells you
Cash from operations minus capital spending. The cash the company could hand back or reinvest.
Seasonal and lumpy quarter to quarter. The TTM view is the one to trust.
More on Lockheed Martin
Valuation data, not investment advice. Prices as of . Reported figures come from the company's filings with the SEC.