Northrop Grumman Corporation (NOC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$6.82	$7.68	+12.6%	—	—	—
Q3 26	$6.06	$6.14	+1.3%	—	—	—
Q2 26	$6.96	$7.23	+3.9%	—	—	—
Q1 26	$6.8	$8.15	+19.9%	—	—	—
Q4 25	$6.26	$3.32	-47.0%	—	—	—
Q3 25	$6.35	$6.39	+0.6%	—	—	—
Q2 25	$6.07	$7	+15.3%	—	—	—
Q1 25	$5.93	$6.36	+7.3%	—	—	—
Q4 24	$5.78	$6.32	+9.3%	—	—	—
Q3 24	$5.8	$6.27	+8.1%	—	—	—
Q2 24	$5.8	$6.18	+6.6%	—	—	—
Q1 24	$5.32	$5.34	+0.4%	—	—	—
Q4 23	$5.09	$5.5	+8.1%	—	—	—
Q3 23	$6.57	$7.5	+14.2%	—	—	—
Q2 23	$6.11	$5.89	-3.6%	—	—	—
Q1 23	$6.1	$6.06	-0.7%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$29.1	—	—	$42B	—
FY24	—	$28.4	—	—	$41B	—
FY23	—	$13.6	—	—	$39.3B	—
FY22	—	$31.6	—	—	$36.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$24.7B	$26B	$30.1B	$33.8B	$36.8B	$35.7B	$36.6B	$39.3B	$41B	$42B
YoY change	+5.02%	+5.25%	+15.7%	+12.4%	+8.74%	-3.08%	+2.62%	+7.34%	+4.44%	+2.24%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	24.7B	26B	30.1B	33.8B	36.8B	35.7B	36.6B	39.3B	41B	42B
Cost of revenue	18.8B	20.1B	23.3B	26.6B	29.3B	28.4B	29.1B	32.7B	32.7B	33.6B
Gross profit	5.9B	5.9B	6.8B	7.3B	7.5B	7.3B	7.5B	6.6B	8.4B	8.3B
Gross margin	23.9%	22.8%	22.6%	21.5%	20.3%	20.4%	20.4%	16.7%	20.4%	19.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.6B	2.7B	3B	3.3B	3.4B	3.6B	3.9B	4B	4B	4B
Operating expenses	2.6B	2.7B	3B	3.3B	3.4B	3.6B	3.9B	4B	4B	4B
Operating income	3.3B	3.2B	3.8B	4B	4.1B	3.7B	3.6B	2.5B	4.4B	4.3B
Operating margin	13.3%	12.4%	12.6%	11.7%	11%	10.3%	9.84%	6.46%	10.6%	10.2%
Non-operating income, net	-295M	1.4B	524M	-893M	256M	5.8B	2.7B	354M	1.3B	1.5B
Pretax income	2.7B	4.2B	3.7B	2.5B	3.7B	8.9B	5.8B	2.3B	5B	5.1B
Income tax	638M	1.4B	513M	300M	539M	1.9B	940M	290M	842M	886M
Net income	2B	2.9B	3.2B	2.2B	3.2B	7B	4.9B	2.1B	4.2B	4.2B
Net margin	8.27%	11%	10.7%	6.64%	8.67%	19.6%	13.4%	5.23%	10.2%	9.97%
EBITDA	3.4B	5.1B	5.1B	4.3B	5.6B	8.8B	7.7B	4.2B	7B	7B
EPS	12.3	11.6	18.6	13.3	19.1	43.7	31.6	13.6	28.4	29.1
Diluted EPS	12.2	11.5	18.5	13.2	19	43.5	31.5	13.5	28.3	29.1

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	9.8B	10.6B	10.1B	10.2B	10B	10.7B	9.5B	10.4B	10.4B	11.7B	9.9B	10.9B
Cost of revenue	7.7B	10.2B	8B	8B	7.9B	8.8B	7.9B	8.1B	8.2B	9.4B	7.9B	8.8B
Gross profit	2B	485M	2.1B	2.2B	2.1B	1.9B	1.6B	2.2B	2.2B	2.3B	2B	2.1B
Gross margin	20.9%	4.56%	21.1%	21.4%	21.1%	18.1%	16.7%	21.4%	21.4%	19.6%	19.8%	19.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1B	878M	894M	934M	986M	843M	1B	1B	985M	1B	971M	1B
Operating expenses	1B	878M	894M	934M	986M	843M	1B	1B	985M	1B	971M	1B
Operating income	1B	-393M	1.2B	1.3B	1.1B	1.1B	573M	1.2B	1.2B	1.3B	989M	1.1B
Operating margin	10.4%	-3.69%	12.2%	12.3%	11.2%	10.2%	6.05%	11.5%	11.9%	10.9%	10%	10.1%
Non-operating income, net	243M	-236M	38M	43M	229M	622M	161M	406M	242M	644M	203M	233M
Pretax income	1.1B	-757M	1.1B	1.1B	1.2B	1.6B	578M	1.4B	1.3B	1.7B	1B	1.2B
Income tax	181M	-222M	187M	206M	162M	287M	97M	253M	223M	313M	155M	74M
Net income	937M	-535M	944M	940M	1B	1.3B	481M	1.2B	1.1B	1.4B	875M	1.1B
Net margin	9.59%	-5.03%	9.32%	9.2%	10.3%	11.8%	5.08%	11.3%	10.6%	12.2%	8.86%	10.1%
EBITDA	1.6B	-229M	1.6B	1.6B	1.7B	2.1B	1.1B	1.7B	1.9B	2.3B	1.6B	1.7B
EPS	6.2	—	6.34	6.37	7.02	—	3.33	8.17	7.69	—	6.16	7.7
Diluted EPS	6.18	—	6.32	6.36	7	—	3.32	8.15	7.67	—	6.14	7.68

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	41.6B	53.5B	42.5B	58.2B	50.9B	62B	84.5B	70.9B	69B	81.8B	71.9B
Enterprise value	46.1B	56.7B	55.4B	71.2B	62.4B	72.9B	96.6B	83.5B	81.1B	94.4B	87.3B
Shares outstanding	178.9M	174.4M	173.7M	169.3M	167.1M	160.3M	154.9M	151.5M	147M	143.5M	143.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	20.4	18.7	13.2	25.9	16	8.86	17.3	34.5	16.5	19.6	16.2
P/S	1.68	2.06	1.41	1.72	1.38	1.74	2.31	1.81	1.68	1.95	1.69
P/B	7.91	7.5	5.2	6.6	4.81	4.8	5.52	4.79	4.51	4.91	4.05
EV/EBITDA	13.4	11.2	10.8	16.4	11.2	8.33	12.6	19.7	11.6	13.5	12
EV/Sales	1.87	2.18	1.84	2.1	1.69	2.04	2.64	2.13	1.98	2.25	2.04
Earnings yield	4.91%	5.36%	7.59%	3.86%	6.26%	11.3%	5.79%	2.9%	6.05%	5.11%	6.17%
FCF yield	4.55%	3.15%	6.06%	5.21%	5.67%	3.47%	1.73%	2.96%	3.8%	4.04%	3.45%
PEG	—	—	—	—	—	—	—	—	—	—	-2.82

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	23.9%	22.8%	22.6%	21.5%	20.3%	20.4%	20.4%	16.7%	20.4%	19.8%	19.5%
Operating margin	13.3%	12.4%	12.6%	11.7%	11%	10.3%	9.84%	6.46%	10.6%	10.2%	11.6%
Net margin	8.27%	11%	10.7%	6.64%	8.67%	19.6%	13.4%	5.23%	10.2%	9.97%	10.5%
ROE	38.8%	40.2%	39.4%	25.5%	30.1%	54.2%	32%	13.9%	27.3%	25.1%	27%
ROA	7.98%	8.17%	8.58%	5.47%	7.17%	16.5%	11.2%	4.42%	8.46%	8.14%	7.15%
ROIC	25.5%	21.2%	15.5%	16.1%	15.8%	12.1%	11%	8.13%	13.3%	12.1%	12.3%
Return on tangible assets	286.1%	28.4%	-132.6%	141.1%	40.5%	109.6%	61.5%	18.9%	30.2%	25.3%	28.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.22	2.34	1.17	1.13	1.6	1.3	1.08	1.15	1.01	1.1	1.17
Quick ratio	1.07	2.28	1.09	1.05	1.52	1.22	0.99	1.05	0.91	1.01	1.06
Debt / equity	1.34	2.02	1.76	1.72	1.55	1.11	0.96	1.06	1.08	1.02	0.95
Debt / assets	0.28	0.41	0.38	0.37	0.37	0.34	0.34	0.34	0.33	0.33	0.32
Net debt / EBITDA	1.31	0.63	2.51	2.98	2.05	1.24	1.58	2.97	1.73	1.81	1.88
Interest coverage	9.91	12.7	7.66	5.83	7.29	17.1	12.5	5.3	9.08	8.62	8.98
Effective tax rate	23.8%	32.2%	13.7%	11.8%	14.5%	21.6%	16.1%	12.4%	16.8%	17.5%	14.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	138.1	149.1	173.3	199.9	220.2	222.5	236.3	259.3	279.1	292.4	301.1
EPS (basic)	12.3	11.6	18.6	13.3	19.1	43.7	31.6	13.6	28.4	29.1	29.1
EPS (diluted)	12.2	11.5	18.5	13.2	19	43.5	31.5	13.5	28.3	29.1	31.4
Book value per share	29.4	40.9	47.1	52.1	63.3	80.6	98.9	97.7	104	116.2	125.9
FCF per share	10.6	9.66	14.8	17.9	17.3	13.4	9.46	13.9	17.8	23	25.6
Cash per share	14.2	64.4	9.09	13.3	29.4	22	16.6	20.5	29.6	30.7	16.2
Capex per share	—	—	0	0	1.23	0.52	1	0	0	10.1	10.1

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	0%	0%	0.56%	0.24%	0.42%	0%	0%	3.46%	3.34%
Capex / operating cash flow	—	—	0%	0%	7.37%	0.96%	2.77%	0%	0%	30.5%	28.2%
Payout ratio	31.3%	24%	25.4%	39.1%	29.9%	14%	21.5%	54.3%	28.4%	30.9%	29.9%
Dividend yield	1.54%	1.29%	1.93%	1.51%	1.87%	1.58%	1.24%	1.57%	1.72%	1.58%	1.95%

Yield

1.95%

trailing twelve months

Frequency

Quarterly

Last dividend

$2.47

ex-dividend Aug 31, 2026

Payout ratio

30%

of earnings

Dividend growth

19 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 31, 2026	$2.47
Jun 1, 2026	$2.47
Feb 23, 2026	$2.31

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$9.8B	$10.6B	$10.1B	$10.2B	$10B	$10.7B	$9.5B	$10.4B	$10.4B	$11.7B	$9.9B	$10.9B
YoY change	+8.96%	+6.03%	+8.95%	+6.7%	+2.26%	+0.45%	-6.56%	+1.3%	+4.27%	+9.6%	+4.36%	+5.07%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2.5B	11.2B	1.6B	2.2B	4.9B	3.5B	2.6B	3.1B	4.4B	4.4B
Receivables	3.3B	1.1B	1.4B	1.3B	1.5B	1.5B	1.5B	1.5B	1.3B	1.4B
Inventory	816M	398M	654M	783M	759M	811M	978M	1.1B	1.5B	1.3B
Total current assets	6.9B	16.6B	9.7B	10.7B	15.3B	12.4B	12.5B	13.7B	14.3B	15.3B
Property, plant & equipment	1.8B	2.4B	4.2B	5.8B	5.8B	6.5B	7.3B	7.9B	8.3B	8.6B
Goodwill & intangibles	24.9B	25B	40.1B	39.5B	36.6B	36.2B	35.8B	35.6B	35.5B	34.9B
Total assets	25.6B	35.1B	37.7B	41.1B	44.5B	42.6B	43.8B	46.5B	49.4B	51.4B
Accounts payable	1.6B	1.7B	2.2B	2.2B	1.8B	2.2B	2.6B	2.1B	2.6B	3.2B
Short-term debt	—	—	517M	1.1B	742M	6M	1.1B	—	—	—
Total current liabilities	5.6B	7.1B	8.3B	9.4B	9.6B	9.5B	11.6B	11.9B	14.1B	13.9B
Long-term debt	7.1B	14.4B	13.9B	14.1B	15.6B	14.4B	13.6B	15.7B	16.5B	17B
Total liabilities	20.4B	28B	29.5B	32.3B	33.9B	29.7B	28.4B	31.7B	34.1B	34.7B
Shareholders' equity	5.3B	7.1B	8.2B	8.8B	10.6B	12.9B	15.3B	14.8B	15.3B	16.7B
Total debt	7.1B	14.4B	14.4B	15.2B	16.3B	14.4B	14.7B	15.7B	16.5B	17B
Net debt	4.5B	3.2B	12.8B	12.9B	11.4B	10.8B	12.1B	12.6B	12.1B	12.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.1B	—	—	—	—	—	—	—	2B	4.4B	2.1B	2.3B
Receivables	1.8B	—	—	—	—	—	—	—	2B	1.4B	1.8B	2.3B
Inventory	1.4B	—	—	—	—	—	—	—	1.6B	1.3B	1.4B	1.4B
Total current assets	13.2B	—	—	—	—	—	—	—	14.1B	15.3B	14.8B	15.6B
Property, plant & equipment	10.9B	—	—	—	—	—	—	—	12.3B	8.6B	12.2B	12.2B
Goodwill & intangibles	35.7B	—	—	—	—	—	—	—	35.3B	34.9B	34.9B	34.9B
Total assets	44.9B	—	—	—	—	—	—	—	49.3B	51.4B	50B	50.8B
Accounts payable	2.3B	—	—	—	—	—	—	—	2.8B	3.2B	2.7B	2.9B
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	10.3B	—	—	—	—	—	—	—	12.7B	13.9B	12.8B	13.3B
Long-term debt	15.5B	—	—	—	—	—	—	—	17B	17B	16.3B	16.3B
Total liabilities	29B	—	—	—	—	—	—	—	33.3B	34.7B	32.9B	32.9B
Shareholders' equity	15.9B	—	—	—	—	—	—	—	16B	16.7B	17.1B	17.9B
Total debt	15.5B	—	—	—	—	—	—	—	17B	17B	16.3B	16.3B
Net debt	13.4B	—	—	—	—	—	—	—	15B	12.6B	14.2B	14B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2B	2.9B	3.2B	2.2B	3.2B	7B	4.9B	2.1B	4.2B	4.2B
Depreciation & amortization	456M	475M	800M	1.3B	1.3B	1.2B	1.3B	1.3B	1.4B	1.5B
Stock-based compensation	93M	94M	86M	127M	90M	94M	99M	87M	101M	119M
Change in working capital	-635M	-982M	-834M	-434M	-1.1B	-100M	-323M	600M	-904M	-331M
Operating cash flow	1.8B	3.4B	3.5B	2.4B	2.8B	8.7B	5.6B	4.5B	4.1B	4.8B
Capital expenditure	—	—	0	0	205M	84M	155M	0	0	-1.4B
Investing cash flow	115M	39M	-7.6B	57M	209M	3.5B	194M	193M	18M	-1.2B
Dividends paid	-640M	-689M	-821M	-880M	-953M	-983M	-1.1B	-1.1B	-1.2B	-1.3B
Share repurchases	-1.5B	-393M	-1.3B	-744M	-490M	-3.7B	-1.5B	-1.5B	-2.5B	-1.6B
Financing cash flow	-1.8B	7B	-4.6B	-2.7B	-510M	-7B	-2.6B	-1.8B	-1.4B	-3.6B
Net change in cash	161M	10.4B	-8.7B	-229M	2.5B	5.2B	3.2B	2.9B	2.7B	50M
Free cash flow	1.9B	1.7B	2.6B	3B	2.9B	2.2B	1.5B	2.1B	2.6B	3.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	937M	-535M	944M	940M	1B	1.3B	481M	1.2B	1.1B	1.4B	875M	1.1B
Depreciation & amortization	317M	400M	299M	326M	331M	414M	337M	350M	379M	406M	372M	367M
Stock-based compensation	17M	23M	20M	26M	26M	29M	20M	20M	25M	54M	20M	29M
Change in working capital	473M	2B	-2B	-319M	-140M	1.5B	-2.8B	-1B	-401M	2.7B	-2.5B	-608M
Operating cash flow	1.7B	2.7B	-861M	836M	1.1B	3B	-2B	406M	1.6B	3.9B	-1.7B	1.3B
Capital expenditure	—	0	—	—	—	—	—	—	-301M	-662M	-167M	-302M
Investing cash flow	2M	33M	1M	—	—	0	4M	-41M	-300M	-664M	-168M	-303M
Dividends paid	-280M	-282M	-283M	-303M	-301M	-299M	-302M	-332M	-330M	-329M	-333M	-351M
Share repurchases	-223M	-346M	-1.2B	-562M	-321M	-441M	-480M	-411M	-277M	-456M	-68M	0
Financing cash flow	-512M	-633M	927M	-893M	-676M	-753M	-851M	-715M	-633M	-787M	-489M	-867M
Net change in cash	1.2B	2.1B	67M	-57M	407M	2.3B	-2.8B	-350M	624M	2.4B	-2.3B	110M
Free cash flow	869M	1.6B	-976M	1.1B	730M	1.8B	-1.8B	637M	1.3B	3.2B	-1.8B	978M

Date	Ratio
Mar 31, 2011	10000:9035
Jun 22, 2004	2:1
Sep 11, 1984	3:1

Northrop Grumman Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history