Lockheed Martin Corporation

LMTNYSEIndustrials● Active

$518.52

$-5.24(-1.00%)

Market Cap$119.6B

P/E Ratio—

52W High$692

52W Low$410.11

Avg Volume1.5M

Open$523.00

Beta0.11

Overview

Lockheed Martin Corporation (LMT) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

LMT · free cash flow · updated Jun 8, 2026

Core FCF metrics

LMT · FCF · TTM · margin & CAGR

Free cash flow was $6.91B for FY2025 (fiscal year ending 2025-12-31), up 30.7% year-over-year The FCF margin was 9.2%. Five-year CAGR stands at +1.5%.

FY2025 Free Cash Flow$6.91B▲ +30.7% YoY

Trailing 12M (TTM)$5.66Btrailing 4 quarters sum

FCF Margin9.2%$6.91B ÷ revenue

3-Year CAGR+4.0%FY2022 → FY2025

5-Year CAGR+1.5%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

LMT · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$8.56B(1.65B)$6.91B▲ +30.7%9.2%

FY2024$6.97B(1.69B)$5.29B▼ 15.1%7.4%

FY2023$7.92B(1.69B)$6.23B▲ +1.6%9.2%

FY2022$7.80B(1.67B)$6.13B▼ 20.4%9.3%

FY2021$9.22B(1.52B)$7.70B▲ +20.0%11.5%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

LMT · P/FCF · FCF yield · FCF per share

Lockheed Martin Corporation (LMT) trades at a FCF yield of 4.69% and a price-to-free-cash-flow ratio of 21.1x. FCF per share stands at $24.52, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

4.69%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$24.52

TTM FCF ÷ Shares Outstanding

Price / FCF

x21.1

Share Price ÷ FCF per Share

EV / FCF (TTM)

x24.6

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

LMT · cash flow statement · operating / investing / financing

For FY2025, Lockheed Martin Corporation generated $8.56B in operating cash flow and spent 1.65B in capital expenditures, yielding $6.91B in free cash flow.

Operating Activities

+$8.56B

Cash from core business operations

2025-12-31

Investing Activities

−$1.98B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$4.94B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($8.56B) − |CapEx| (1.65B) = FCF ($6.91B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Industrials)

LMT vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Lockheed Martin CorporationYOU

LMT

$6.91B+30.7%9.2%

67%

Space Exploration Technologies Corp.

SPCX

−$13.95B-159.0%-74.7%

Loss

Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Lockheed Martin Corporation (LMT) reported free cash flow of $6.91B for FY2025 (fiscal year ending 2025-12-31), up 30.7% year-over-year. The FCF margin was 9.2%.

Based on available data, Lockheed Martin Corporation has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $7.70B in FY2021. The 5-year CAGR stands at +1.5%.

Lockheed Martin Corporation's FCF yield is 4.69% and price-to-FCF ratio is 21.1x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

LMT free cash flow · 8 questions

Lockheed Martin Corporation free cash flow was $6.91B for FY2025, up 30.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $5.66B.

LMT free cash flowLMT FCFLMT FCF 2025LMT free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Lockheed Martin Corporation · Lockheed Martin Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026