LMT · Earnings call · 2026Q3T · Full report
Cash Flow and Capital Expenditures
LOCKHEED MARTIN CORP · 2026-10-22 · Importance 44 · Surprise 24 · Contradicted
Third-quarter cash from operations was $3.4 billion and free cash flow was $3.0 billion; year-to-date amounts were $6.9 billion and $5.6 billion, respectively. Higher customer receipts on F-35 in Aeronautics, MFC, and Space improved working capital in the quarter. Through the first nine months, Lockheed Martin invested $1.3 billion in capital expenditures and $1.6 billion in independent research and development, with the largest share directed to munitions capacity.
Key facts
- Lockheed Martin generated $3.4 billion in cash from operations and $3 billion in free cash flow in Q3 2026; year-to-date amounts were $6.9 billion and $5.6 billion, respectively.
- Lockheed Martin generated $3 billion of free cash flow in Q3 2026 and ended the quarter with a record $292 billion backlog.
- Lockheed Martin invested $1.3 billion in capital expenditures and $1.6 billion in independent research and development year to date in 2026.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +9.0% | Lockheed Martin generated $3.4 billion in cash from operations and $3 billion in free cash flow in Q3 2026; year-to-date amounts were $6.9… |