Northrop Grumman (NOC) Financials

$579.19 +4.65 (+0.81%)

Closing price 09/16/2025 03:59 PM Eastern

Extended Trading

$578.91 -0.28 (-0.05%)

As of 05:16 AM Eastern

Annual Income Statements for Northrop Grumman

This table shows Northrop Grumman's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	2,069	1,990	2,043	2,869	3,229	2,248	3,189	7,005	4,896	2,056	4,174
Consolidated Net Income / (Loss)	2,069	1,990	2,043	2,869	3,229	2,248	3,189	7,005	4,896	2,056	4,174
Net Income / (Loss) Continuing Operations	2,069	1,990	2,043	2,869	3,229	2,248	3,189	7,005	4,896	2,056	4,174
Total Pre-Tax Income	2,937	2,790	2,681	4,229	3,742	2,548	3,728	8,938	5,836	2,346	5,016
Total Operating Income	3,196	3,076	3,277	3,218	3,780	3,969	4,065	5,651	3,601	2,537	4,370
Total Gross Profit	5,601	5,642	5,909	5,930	6,791	7,259	7,478	7,268	7,474	6,551	8,362
Total Revenue	23,979	23,526	24,706	26,004	30,095	33,841	36,799	35,667	36,602	39,290	41,033
Operating Revenue	23,979	23,526	24,706	26,004	30,095	33,841	36,799	35,667	36,602	39,290	41,033
Total Cost of Revenue	18,378	17,884	18,797	20,074	23,304	26,582	29,321	28,399	29,128	32,739	32,671
Operating Cost of Revenue	18,378	17,884	18,797	20,074	23,304	26,582	29,321	28,399	29,128	32,739	32,671
Total Operating Expenses	2,405	2,566	2,632	2,712	3,011	3,290	3,413	1,617	3,873	4,014	3,992
Selling, General & Admin Expense	2,405	2,566	2,632	2,712	3,011	3,290	3,413	3,597	3,873	4,014	3,992
Total Other Income / (Expense), net	-259	-286	-596	1,011	-38	-1,421	-337	3,268	2,235	-191	646
Interest Expense	282	301	301	360	562	528	1,627	556	506	967	621
Other Income / (Expense), net	23	15	-295	1,371	524	-893	1,290	3,824	2,741	776	1,267
Income Tax Expense	868	800	638	1,360	513	300	539	1,933	940	290	842
Basic Earnings per Share	$9.91	$10.51	$11.42	$16.45	$18.59	$13.28	$19.08	$43.70	$31.61	$13.57	$28.39
Weighted Average Basic Shares Outstanding	208.80M	189.40M	178.90M	174.40M	173.70M	169.30M	167.10M	160.30M	154.90M	151.50M	147M
Diluted Earnings per Share	$9.75	$10.39	$11.32	$16.34	$18.49	$13.22	$19.03	$43.54	$31.47	$13.53	$28.34
Weighted Average Diluted Shares Outstanding	212.10M	191.60M	180.50M	175.60M	174.60M	170M	167.60M	160.90M	155.60M	152M	147.30M
Weighted Average Basic & Diluted Shares Outstanding	208.80M	189.30M	182.60M	176.10M	-6.09B	167.64M	333.44M	312.20M	153.05M	150.04M	144.76M
Cash Dividends to Common per Share	$2.71	$3.10	$3.50	$3.90	$4.70	$5.16	$5.67	$6.16	$6.76	$7.34	$8.05

This table shows Northrop Grumman's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	2,080	842	812	937	-535	944	940	1,026	1,264	481	1,174
Consolidated Net Income / (Loss)	2,080	842	812	937	-535	944	940	1,026	1,264	481	1,174
Net Income / (Loss) Continuing Operations	2,080	842	812	937	-535	944	940	1,026	1,264	481	1,174
Total Pre-Tax Income	2,452	998	987	1,118	-757	1,131	1,146	1,188	1,551	578	1,427
Total Operating Income	906	947	967	1,016	-393	1,071	1,090	1,120	1,089	573	1,425
Total Gross Profit	1,824	1,985	2,040	2,041	485	2,133	2,191	2,106	1,932	1,580	2,210
Total Revenue	10,033	9,301	9,576	9,775	10,638	10,133	10,218	9,996	10,686	9,468	10,351
Operating Revenue	10,033	9,301	9,576	9,775	10,638	10,133	10,218	9,996	10,686	9,468	10,351
Total Cost of Revenue	8,209	7,316	7,536	7,734	10,153	8,000	8,027	7,890	8,754	7,888	8,141
Operating Cost of Revenue	8,209	7,316	7,536	7,734	10,153	8,000	8,027	7,890	8,754	7,888	8,141
Total Operating Expenses	918	1,038	1,073	1,025	878	1,062	1,101	986	843	1,007	785
Selling, General & Admin Expense	918	1,038	1,073	1,025	878	1,062	1,101	986	843	1,007	1,016
Restructuring Charge	-	-	-	-	-	-	0.00	-	-	-	-231
Total Other Income / (Expense), net	1,546	51	20	102	-364	60	56	68	462	5.00	2.00
Interest Expense	120	129	147	141	550	146	154	161	160	156	173
Other Income / (Expense), net	1,666	180	167	243	186	206	210	229	622	161	175
Income Tax Expense	372	156	175	181	-222	187	206	162	287	97	253
Basic Earnings per Share	$13.48	$5.52	$5.35	$6.20	($3.50)	$6.34	$6.37	$7.02	$8.66	$3.33	$8.17
Weighted Average Basic Shares Outstanding	154.90M	152.60M	151.70M	151.20M	151.50M	148.90M	147.50M	146.20M	147M	144.60M	143.70M
Diluted Earnings per Share	$13.42	$5.50	$5.34	$6.18	($3.49)	$6.32	$6.36	$7.00	$8.66	$3.32	$8.15
Weighted Average Diluted Shares Outstanding	155.60M	153.20M	152.20M	151.70M	152M	149.30M	147.70M	146.50M	147.30M	144.90M	144M
Weighted Average Basic & Diluted Shares Outstanding	153.05M	151.86M	151.30M	150.79M	150.04M	147.99M	146.25M	145.70M	144.76M	143.93M	143.18M
Cash Dividends to Common per Share	$1.73	$1.73	$1.87	$1.87	$1.87	$1.87	$2.06	$2.06	$2.06	$2.06	$2.31

This table details how cash moves in and out of Northrop Grumman's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-1,287	-1,544	222	8,684	5,668	666	2,662	-1,377	-953	532	1,244
Net Cash From Operating Activities	2,593	2,162	2,813	2,613	3,827	4,297	4,305	3,567	2,901	3,875	4,388
Net Cash From Continuing Operating Activities	2,593	2,162	2,813	2,613	3,827	4,823	4,305	3,567	2,901	3,875	4,388
Net Income / (Loss) Continuing Operations	2,069	1,990	2,043	2,869	3,229	2,248	3,189	7,005	4,896	2,056	4,174
Consolidated Net Income / (Loss)	2,069	1,990	2,043	2,869	3,229	2,248	3,189	7,005	4,896	2,056	4,174
Depreciation Expense	462	467	456	475	800	1,265	1,267	1,239	1,342	1,338	1,370
Non-Cash Adjustments To Reconcile Net Income	-16	-40	918	-485	712	1,691	-588	-5,461	-2,416	1,613	-848
Changes in Operating Assets and Liabilities, net	78	-255	-604	-246	-914	-381	437	784	-921	-1,132	-308
Net Cash From Investing Activities	-645	-431	-805	-889	-8,878	-1,207	-1,211	2,058	-1,241	-1,582	-1,749
Net Cash From Continuing Investing Activities	-645	-431	-805	-889	6,436	-1,207	-1,211	2,058	-1,241	-1,582	-1,749
Purchase of Property, Plant & Equipment	-561	-471	-920	-928	-1,249	-1,264	-1,420	-1,415	-1,435	-1,775	-1,767
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	0.00	0.00	197	0.00
Other Investing Activities, net	-84	40	115	39	28	57	209	73	194	-4.00	18
Net Cash From Financing Activities	-3,235	-3,275	-1,786	6,960	-4,595	-2,424	-432	-7,002	-2,613	-1,761	-1,395
Net Cash From Continuing Financing Activities	-3,235	-3,275	-1,786	6,960	-4,595	-2,424	-432	-7,002	-2,613	-1,761	-1,395
Repayment of Debt	123	96	-195	-111	-2,426	-506	-1,162	-2,280	-7.00	-1,088	-132
Repurchase of Common Equity	-2,668	-3,182	-1,547	-393	-1,263	-744	-490	-3,705	-1,504	-1,500	-2,514
Payment of Dividends	-563	-603	-640	-689	-821	-880	-953	-983	-1,052	-1,116	-1,186
Issuance of Debt	0.00	600	749	8,245	0.00	-229	2,239	0.00	0.00	1,995	2,495
Other Financing Activities, net	-127	-186	-153	-92	-85	-65	-66	-34	-50	-52	-58

This table details how cash moves in and out of Northrop Grumman's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	911	-82	889	-1,302	1,027	-48	211	54	1,027	-2,668	214
Net Cash From Operating Activities	2,251	-702	919	1,228	2,430	-706	1,425	1,091	2,578	-1,565	868
Net Cash From Continuing Operating Activities	2,251	-702	919	1,228	2,430	-706	1,425	1,091	2,578	-1,565	868
Net Income / (Loss) Continuing Operations	2,080	842	812	937	-535	944	940	1,026	1,264	481	1,174
Consolidated Net Income / (Loss)	2,080	842	812	937	-535	944	940	1,026	1,264	481	1,174
Depreciation Expense	382	298	323	317	400	299	326	331	414	337	350
Non-Cash Adjustments To Reconcile Net Income	-545	-344	323	-296	1,930	-893	-81	-561	687	-684	-594
Changes in Operating Assets and Liabilities, net	334	-1,498	-539	270	635	-1,056	240	295	213	-1,699	-62
Net Cash From Investing Activities	-578	-309	-303	-200	-770	-269	-321	-361	-798	-252	61
Net Cash From Continuing Investing Activities	-578	-309	-303	-200	-770	-269	-321	-361	-798	-252	61
Purchase of Property, Plant & Equipment	-632	-309	-304	-359	-803	-270	-320	-361	-816	-256	-231
Other Investing Activities, net	54	0.00	1.00	2.00	-7.00	1.00	-1.00	-	18	4.00	-41
Net Cash From Financing Activities	-762	929	273	-2,330	-633	927	-893	-676	-753	-851	-715
Net Cash From Continuing Financing Activities	-762	929	273	-2,330	-633	927	-893	-676	-753	-851	-715
Repayment of Debt	-3.00	-26	768	-1,826	-4.00	-40	-26	-54	-12	-1,505	-62
Repurchase of Common Equity	-493	-723	-208	-223	-346	-1,190	-562	-321	-441	-480	-411
Payment of Dividends	-266	-270	-284	-280	-282	-283	-303	-301	-299	-302	-332
Issuance of Debt	-	1,995	-	-	-	2,495	-	-	-	1,474	90

This table presents Northrop Grumman's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	26,572	24,424	25,614	35,128	37,653	41,089	44,469	42,579	43,755	46,544	49,359
Total Current Assets	7,780	6,334	6,856	16,587	9,680	10,685	15,344	12,426	12,488	13,706	14,274
Cash & Equivalents	3,863	2,319	2,541	11,225	1,579	2,245	4,907	3,530	2,577	3,109	4,353
Accounts Receivable	-	-	-	4,519	6,474	6,660	6,641	6,959	7,494	7,147	7,180
Inventories, net	742	807	816	398	654	783	759	811	978	1,109	1,455
Other Current Assets	369	367	200	445	973	997	1,402	1,126	1,439	2,341	1,286
Plant, Property, & Equipment, net	2,991	3,064	3,588	4,225	6,372	6,912	7,071	7,894	8,800	9,653	10,536
Total Noncurrent Assets	15,801	15,026	15,170	14,316	21,601	23,492	22,054	22,259	22,467	23,185	24,549
Goodwill	12,466	12,460	12,450	12,455	18,672	18,708	17,518	17,515	17,516	17,517	17,512
Intangible Assets	-	-	-	52	1,372	1,040	783	578	384	305	254
Noncurrent Deferred & Refundable Income Taxes	2,026	1,409	1,462	447	94	508	311	200	162	1,020	1,599
Employee Benefit Assets	-	-	-	-	-	-	-	-	-	1,331	2,184
Other Noncurrent Operating Assets	1,309	1,157	1,258	1,362	1,463	3,236	3,442	3,966	4,405	3,012	3,000
Total Liabilities & Shareholders' Equity	26,572	24,424	25,614	35,128	37,653	41,089	44,469	42,579	43,755	46,544	49,359
Total Liabilities	19,337	18,902	20,355	27,996	29,466	32,270	33,890	29,653	28,443	31,749	34,069
Total Current Liabilities	5,892	5,457	5,630	7,092	8,274	9,434	9,580	9,530	11,587	11,942	14,128
Accounts Payable	1,305	1,282	1,554	1,661	2,182	2,226	1,806	2,197	2,587	2,110	2,599
Current Deferred Revenue	1,713	1,537	1,471	1,761	1,917	2,237	2,517	3,026	3,609	4,193	4,070
Current Employee Benefit Liabilities	1,441	1,195	1,342	1,382	1,676	1,865	1,997	1,993	2,057	2,251	2,271
Other Current Liabilities	1,433	1,443	1,263	2,288	2,499	3,106	3,002	2,314	3,334	3,388	5,188
Total Noncurrent Liabilities	13,445	13,445	14,725	20,904	21,192	22,836	24,310	20,123	16,856	19,807	19,941
Long-Term Debt	5,925	6,386	7,058	14,399	13,883	12,770	14,261	12,777	11,805	13,786	14,692
Noncurrent Employee Benefit Liabilities	6,555	6,172	6,818	5,511	5,755	6,979	6,498	3,269	1,188	1,290	1,120
Other Noncurrent Operating Liabilities	965	887	849	994	1,446	3,087	3,551	3,587	3,863	4,731	4,129
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,235	5,522	5,259	7,132	8,187	8,819	10,579	12,926	15,312	14,795	15,290
Total Preferred & Common Equity	7,235	5,522	5,259	7,132	8,187	8,819	10,579	12,926	15,312	14,795	15,290
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	7,235	5,522	5,259	7,132	8,187	8,819	10,579	12,926	15,312	14,795	15,290
Common Stock	199	181	175	218	171	168	225	156	153	150	145
Retained Earnings	12,392	10,661	10,630	6,913	8,068	8,748	10,482	12,913	15,312	14,773	15,297
Accumulated Other Comprehensive Income / (Loss)	-5,356	-5,320	-5,546	1.00	-52	-97	-128	-143	-153	-128	-152

This table presents Northrop Grumman's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	43,755	44,244	45,609	44,896	46,544	47,818	47,670	48,289	49,359	48,468	49,451
Total Current Assets	12,488	12,810	13,869	13,150	13,706	14,796	14,267	14,332	14,274	13,267	14,026
Cash & Equivalents	2,577	2,495	3,384	2,082	3,109	3,061	3,272	3,326	4,353	1,685	1,899
Accounts Receivable	7,494	8,276	7,966	8,034	7,147	8,282	8,128	1,609	7,180	8,662	9,329
Inventories, net	978	1,115	1,287	1,355	1,109	1,370	1,504	1,646	1,455	1,578	1,553
Other Current Assets	1,439	924	1,232	1,679	2,341	2,083	1,363	7,751	1,286	1,342	1,245
Plant, Property, & Equipment, net	8,800	8,838	8,976	9,173	9,653	9,690	9,771	10,078	10,536	10,522	10,537
Total Noncurrent Assets	22,467	22,596	22,764	22,573	23,185	23,332	23,632	23,879	24,549	24,679	24,888
Goodwill	17,516	17,516	17,517	17,514	17,517	17,515	17,516	17,517	17,512	17,434	17,435
Intangible Assets	384	364	344	324	305	290	282	268	254	242	231
Noncurrent Deferred & Refundable Income Taxes	162	234	452	330	1,020	1,123	1,250	1,407	1,599	1,633	1,713
Employee Benefit Assets	-	-	-	-	1,331	-	-	-	2,184	2,285	2,393
Other Noncurrent Operating Assets	4,405	4,482	4,451	4,405	3,012	4,404	4,584	4,687	3,000	3,085	3,116
Total Liabilities & Shareholders' Equity	43,755	44,244	45,609	44,896	46,544	47,818	47,670	48,289	49,359	48,468	49,451
Total Liabilities	28,443	29,108	30,123	28,968	31,749	33,595	33,369	33,541	34,069	33,484	33,980
Total Current Liabilities	11,587	10,483	11,557	10,305	11,942	13,132	12,908	13,101	14,128	13,969	13,459
Accounts Payable	2,587	2,136	2,056	2,260	2,110	2,580	2,352	2,518	2,599	2,501	2,592
Current Deferred Revenue	3,609	3,211	3,397	3,458	4,193	3,530	3,292	3,157	4,070	3,710	3,997
Current Employee Benefit Liabilities	2,057	1,646	1,878	1,927	2,251	1,701	1,903	1,924	2,271	1,598	1,856
Other Current Liabilities	3,334	3,490	4,226	2,660	3,388	5,321	5,361	5,502	5,188	6,160	5,014
Total Noncurrent Liabilities	16,856	18,625	18,566	18,663	19,807	20,463	20,461	20,440	19,941	19,515	20,521
Long-Term Debt	11,805	13,770	13,796	13,793	13,786	14,742	14,706	14,689	14,692	14,167	15,160
Noncurrent Employee Benefit Liabilities	1,188	1,173	1,161	1,147	1,290	1,250	1,211	1,186	1,120	1,115	1,108
Other Noncurrent Operating Liabilities	3,863	3,682	3,609	3,723	4,731	4,471	4,544	4,565	4,129	4,233	4,253
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	15,312	15,136	15,486	15,928	14,795	14,223	14,301	14,748	15,290	14,984	15,471
Total Preferred & Common Equity	15,312	15,136	15,486	15,928	14,795	14,223	14,301	14,748	15,290	14,984	15,471
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	15,312	15,136	15,486	15,928	14,795	14,223	14,301	14,748	15,290	14,984	15,471
Common Stock	153	152	151	151	150	148	146	146	145	144	143
Retained Earnings	15,312	15,135	15,485	15,924	14,773	14,218	14,301	14,738	15,297	14,982	15,452
Accumulated Other Comprehensive Income / (Loss)	-153	-151	-150	-147	-128	-143	-146	-136	-152	-142	-124

This table displays calculated financial ratios and metrics derived from Northrop Grumman's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.77%	-1.89%	5.02%	5.25%	15.73%	12.45%	8.74%	-3.08%	2.62%	7.34%	4.44%
EBITDA Growth	1.83%	-3.34%	-3.37%	47.29%	0.79%	-14.95%	52.55%	61.79%	-28.28%	-39.47%	50.66%
EBIT Growth	3.17%	-3.98%	-3.53%	53.89%	-6.21%	-28.53%	74.09%	76.94%	-33.07%	-47.76%	70.15%
NOPAT Growth	5.74%	-2.55%	13.82%	-12.58%	49.41%	7.35%	-0.70%	27.37%	-31.79%	-26.40%	63.55%
Net Income Growth	5.99%	-3.82%	2.66%	40.43%	12.55%	-30.38%	41.86%	119.66%	-30.11%	-58.01%	103.02%
EPS Growth	16.77%	6.56%	8.95%	44.35%	13.16%	-28.50%	43.95%	128.80%	-27.72%	-57.01%	109.46%
Operating Cash Flow Growth	4.43%	-16.62%	30.11%	-7.11%	46.46%	12.28%	0.19%	-17.14%	-18.67%	33.57%	13.24%
Free Cash Flow Firm Growth	1,289.37%	-56.30%	21.46%	-28.44%	-518.79%	167.15%	-8.25%	-80.97%	-19.45%	97.46%	169.43%
Invested Capital Growth	-18.43%	3.14%	1.95%	5.42%	98.83%	-5.60%	-4.07%	19.49%	10.68%	3.80%	0.62%
Revenue Q/Q Growth	-0.20%	-1.73%	3.78%	-0.17%	5.63%	1.70%	4.22%	-4.22%	3.96%	1.56%	0.12%
EBITDA Q/Q Growth	-0.43%	-2.23%	-3.29%	38.97%	-20.62%	-17.31%	41.50%	21.94%	-9.62%	-37.25%	38.07%
EBIT Q/Q Growth	-0.19%	-2.49%	-3.65%	43.99%	-25.07%	-24.24%	56.72%	25.78%	-12.05%	-45.62%	51.57%
NOPAT Q/Q Growth	1.39%	-1.84%	7.24%	-18.41%	24.72%	8.34%	0.04%	-6.82%	7.03%	-31.07%	43.57%
Net Income Q/Q Growth	1.37%	-2.31%	-4.26%	29.47%	-17.08%	-25.39%	30.16%	51.46%	-11.40%	-55.98%	75.75%
EPS Q/Q Growth	3.83%	0.00%	-3.41%	29.58%	-16.79%	-25.31%	29.81%	52.99%	-10.37%	-55.55%	75.05%
Operating Cash Flow Q/Q Growth	12.40%	7.08%	-3.50%	3.00%	25.19%	2.07%	-16.68%	-4.29%	38.67%	4.84%	3.49%
Free Cash Flow Firm Q/Q Growth	2,930.55%	-50.34%	10.03%	-42.69%	16.66%	81.16%	-30.91%	-81.33%	158.32%	487.29%	-14.32%
Invested Capital Q/Q Growth	-25.13%	-11.39%	-11.54%	-4.94%	-5.85%	-13.76%	-5.96%	10.12%	1.91%	-7.84%	-1.85%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	23.36%	23.98%	23.92%	22.80%	22.57%	21.45%	20.32%	20.38%	20.42%	16.67%	20.38%
EBITDA Margin	15.35%	15.12%	13.92%	19.47%	16.96%	12.83%	18.00%	30.04%	20.99%	11.84%	17.08%
Operating Margin	13.33%	13.07%	13.26%	12.38%	12.56%	11.73%	11.05%	15.84%	9.84%	6.46%	10.65%
EBIT Margin	13.42%	13.14%	12.07%	17.65%	14.30%	9.09%	14.55%	26.57%	17.33%	8.43%	13.74%
Profit (Net Income) Margin	8.63%	8.46%	8.27%	11.03%	10.73%	6.64%	8.67%	19.64%	13.38%	5.23%	10.17%
Tax Burden Percent	70.45%	71.33%	76.20%	67.84%	86.29%	88.23%	85.54%	78.37%	83.89%	87.64%	83.21%
Interest Burden Percent	91.24%	90.26%	89.91%	92.16%	86.94%	82.83%	69.62%	94.33%	92.02%	70.81%	88.98%
Effective Tax Rate	29.55%	28.67%	23.80%	32.16%	13.71%	11.77%	14.46%	21.63%	16.11%	12.36%	16.79%
Return on Invested Capital (ROIC)	21.76%	23.23%	25.79%	21.74%	21.18%	17.58%	18.35%	21.75%	12.93%	8.89%	14.23%
ROIC Less NNEP Spread (ROIC-NNEP)	8.91%	16.58%	15.21%	39.58%	20.76%	6.60%	15.23%	51.66%	33.23%	7.21%	19.35%
Return on Net Nonoperating Assets (RNNOA)	1.42%	7.96%	12.11%	24.57%	20.97%	8.86%	14.53%	37.86%	21.74%	4.77%	13.52%
Return on Equity (ROE)	23.18%	31.20%	37.90%	46.31%	42.16%	26.44%	32.88%	59.60%	34.68%	13.66%	27.75%
Cash Return on Invested Capital (CROIC)	42.06%	20.14%	23.86%	16.46%	-44.96%	23.34%	22.51%	3.99%	2.80%	5.16%	13.62%
Operating Return on Assets (OROA)	12.16%	12.12%	11.92%	15.11%	11.83%	7.81%	12.52%	21.77%	14.69%	7.34%	11.76%
Return on Assets (ROA)	7.81%	7.80%	8.17%	9.45%	8.87%	5.71%	7.45%	16.09%	11.34%	4.55%	8.70%
Return on Common Equity (ROCE)	23.18%	31.20%	37.90%	46.31%	42.16%	26.44%	32.88%	59.60%	34.68%	13.66%	27.75%
Return on Equity Simple (ROE_SIMPLE)	0.00%	36.04%	38.85%	40.23%	39.44%	25.49%	30.14%	54.19%	31.97%	13.90%	27.30%
Net Operating Profit after Tax (NOPAT)	2,251	2,194	2,497	2,183	3,262	3,502	3,477	4,429	3,021	2,223	3,636
NOPAT Margin	9.39%	9.33%	10.11%	8.40%	10.84%	10.35%	9.45%	12.42%	8.25%	5.66%	8.86%
Net Nonoperating Expense Percent (NNEP)	12.85%	6.66%	10.58%	-17.84%	0.42%	10.98%	3.12%	-29.91%	-20.30%	1.68%	-5.12%
Return On Investment Capital (ROIC_SIMPLE)	17.11%	18.42%	20.27%	10.14%	14.78%	16.22%	14.00%	17.23%	11.14%	7.78%	12.13%
Cost of Revenue to Revenue	76.64%	76.02%	76.08%	77.20%	77.43%	78.55%	79.68%	79.62%	79.58%	83.33%	79.62%
SG&A Expenses to Revenue	10.03%	10.91%	10.65%	10.43%	10.01%	9.72%	9.27%	10.09%	10.58%	10.22%	9.73%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.03%	10.91%	10.65%	10.43%	10.01%	9.72%	9.27%	4.53%	10.58%	10.22%	9.73%
Earnings before Interest and Taxes (EBIT)	3,219	3,091	2,982	4,589	4,304	3,076	5,355	9,475	6,342	3,313	5,637
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,681	3,558	3,438	5,064	5,104	4,341	6,622	10,714	7,684	4,651	7,007
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.47	5.38	6.83	6.66	4.69	6.03	4.48	4.51	5.28	4.67	4.45
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.05	1.26	1.45	1.83	1.28	1.57	1.29	1.63	2.21	1.76	1.66
Price to Earnings (P/E)	12.12	14.92	17.58	16.55	11.89	23.65	14.86	8.32	16.52	33.62	16.31
Dividend Yield	2.18%	1.90%	1.72%	1.43%	2.13%	1.64%	1.99%	1.68%	1.29%	1.60%	1.72%
Earnings Yield	8.25%	6.70%	5.69%	6.04%	8.41%	4.23%	6.73%	12.02%	6.05%	2.97%	6.13%
Enterprise Value to Invested Capital (EV/IC)	2.92	3.52	4.14	4.92	2.47	3.29	3.06	3.04	3.67	3.13	3.06
Enterprise Value to Revenue (EV/Rev)	1.13	1.43	1.64	1.95	1.68	1.88	1.54	1.89	2.46	2.03	1.91
Enterprise Value to EBITDA (EV/EBITDA)	7.37	9.49	11.76	10.01	9.93	14.67	8.57	6.30	11.73	17.16	11.19
Enterprise Value to EBIT (EV/EBIT)	8.43	10.92	13.56	11.04	11.78	20.71	10.60	7.12	14.21	24.08	13.91
Enterprise Value to NOPAT (EV/NOPAT)	12.05	15.38	16.19	23.21	15.54	18.19	16.32	15.24	29.83	35.89	21.56
Enterprise Value to Operating Cash Flow (EV/OCF)	10.47	15.61	14.37	19.39	13.25	14.82	13.18	18.93	31.06	20.59	17.87
Enterprise Value to Free Cash Flow (EV/FCFF)	6.24	17.75	17.50	30.65	0.00	13.70	13.30	83.15	137.80	61.79	22.53
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.82	1.16	1.34	2.02	1.70	1.45	1.35	0.99	0.77	0.93	0.96
Long-Term Debt to Equity	0.82	1.16	1.34	2.02	1.70	1.45	1.35	0.99	0.77	0.93	0.96
Financial Leverage	0.16	0.48	0.80	0.62	1.01	1.34	0.95	0.73	0.65	0.66	0.70
Leverage Ratio	2.97	4.00	4.64	4.90	4.75	4.63	4.41	3.70	3.06	3.00	3.19
Compound Leverage Factor	2.71	3.61	4.17	4.52	4.13	3.84	3.07	3.49	2.81	2.12	2.84
Debt to Total Capital	45.02%	53.63%	57.30%	66.88%	62.90%	59.15%	57.41%	49.71%	43.53%	48.23%	49.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	45.02%	53.63%	57.30%	66.88%	62.90%	59.15%	57.41%	49.71%	43.53%	48.23%	49.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	54.98%	46.37%	42.70%	33.12%	37.10%	40.85%	42.59%	50.29%	56.47%	51.77%	51.00%
Debt to EBITDA	1.61	1.79	2.05	2.84	2.72	2.94	2.15	1.19	1.54	2.96	2.10
Net Debt to EBITDA	0.56	1.14	1.31	0.63	2.41	2.42	1.41	0.86	1.20	2.30	1.48
Long-Term Debt to EBITDA	1.61	1.79	2.05	2.84	2.72	2.94	2.15	1.19	1.54	2.96	2.10
Debt to NOPAT	2.63	2.91	2.83	6.60	4.26	3.65	4.10	2.88	3.91	6.20	4.04
Net Debt to NOPAT	0.92	1.85	1.81	1.45	3.77	3.01	2.69	2.09	3.05	4.80	2.84
Long-Term Debt to NOPAT	2.63	2.91	2.83	6.60	4.26	3.65	4.10	2.88	3.91	6.20	4.04
Altman Z-Score	2.82	2.98	3.05	2.79	2.30	2.39	2.55	3.26	3.54	2.88	2.84
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.32	1.16	1.22	2.34	1.17	1.13	1.60	1.30	1.08	1.15	1.01
Quick Ratio	1.13	0.95	1.04	2.22	0.97	0.94	1.21	1.10	0.87	0.86	0.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4,352	1,902	2,310	1,653	-6,923	4,649	4,265	812	654	1,291	3,479
Operating Cash Flow to CapEx	462.21%	459.02%	305.76%	281.57%	306.41%	339.95%	303.17%	252.08%	202.16%	218.31%	248.33%
Free Cash Flow to Firm to Interest Expense	15.43	6.32	7.68	4.59	-12.32	8.80	2.62	1.46	1.29	1.34	5.60
Operating Cash Flow to Interest Expense	9.20	7.18	9.35	7.26	6.81	8.14	2.65	6.42	5.73	4.01	7.07
Operating Cash Flow Less CapEx to Interest Expense	7.21	5.62	6.29	4.68	4.59	5.74	1.77	3.87	2.90	2.17	4.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.91	0.92	0.99	0.86	0.83	0.86	0.86	0.82	0.85	0.87	0.86
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	5.48	5.15	5.53	5.25	5.07	5.37	5.73
Inventory Turnover	25.53	23.09	23.16	33.07	44.30	37.00	38.03	36.18	32.56	31.37	25.48
Fixed Asset Turnover	8.27	7.77	7.43	6.66	5.68	5.10	5.26	4.77	4.39	4.26	4.06
Accounts Payable Turnover	14.51	13.83	13.26	12.49	12.13	12.06	14.54	14.19	12.18	13.94	13.88
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	66.66	70.83	65.96	69.59	72.06	68.01	63.72
Days Inventory Outstanding (DIO)	14.30	15.81	15.76	11.04	8.24	9.87	9.60	10.09	11.21	11.63	14.32
Days Payable Outstanding (DPO)	25.16	26.40	27.53	29.23	30.10	30.26	25.10	25.72	29.97	26.18	26.30
Cash Conversion Cycle (CCC)	-10.86	-10.59	-11.78	-18.19	44.81	50.43	50.47	53.95	53.30	53.46	51.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,297	9,589	9,776	10,306	20,491	19,344	18,556	22,173	24,540	25,472	25,629
Invested Capital Turnover	2.32	2.49	2.55	2.59	1.95	1.70	1.94	1.75	1.57	1.57	1.61
Increase / (Decrease) in Invested Capital	-2,101	292	187	530	10,185	-1,147	-788	3,617	2,367	932	157
Enterprise Value (EV)	27,141	33,752	40,436	50,668	50,696	63,700	56,738	67,507	90,119	79,792	78,407
Market Capitalization	25,079	29,685	35,919	47,494	38,392	53,175	47,384	58,260	80,891	69,115	68,068
Book Value per Share	$35.82	$30.28	$29.84	$40.97	$47.15	$52.33	$63.46	$81.53	$99.49	$98.11	$104.95
Tangible Book Value per Share	($25.90)	($38.04)	($40.80)	($30.88)	($68.29)	($64.85)	($46.32)	($32.59)	($16.81)	($20.07)	($16.99)
Total Capital	13,160	11,908	12,317	21,531	22,070	21,589	24,840	25,703	27,117	28,581	29,982
Total Debt	5,925	6,386	7,058	14,399	13,883	12,770	14,261	12,777	11,805	13,786	14,692
Total Long-Term Debt	5,925	6,386	7,058	14,399	13,883	12,770	14,261	12,777	11,805	13,786	14,692
Net Debt	2,062	4,067	4,517	3,174	12,304	10,525	9,354	9,247	9,228	10,677	10,339
Capital Expenditures (CapEx)	561	471	920	928	1,249	1,264	1,420	1,415	1,435	1,775	1,767
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,975	-1,442	-1,315	-1,730	-173	-994	857	-634	-1,676	-1,345	-4,207
Debt-free Net Working Capital (DFNWC)	1,888	877	1,226	9,495	1,406	1,251	5,764	2,896	901	1,764	146
Net Working Capital (NWC)	1,888	877	1,226	9,495	1,406	1,251	5,764	2,896	901	1,764	146
Net Nonoperating Expense (NNE)	182	204	454	-686	33	1,254	288	-2,576	-1,875	167	-538
Net Nonoperating Obligations (NNO)	2,062	4,067	4,517	3,174	12,304	10,525	7,977	9,247	9,228	10,677	10,339
Total Depreciation and Amortization (D&A)	462	467	456	475	800	1,265	1,267	1,239	1,342	1,338	1,370
Debt-free, Cash-free Net Working Capital to Revenue	-8.24%	-6.13%	-5.32%	-6.65%	-0.57%	-2.94%	2.33%	-1.78%	-4.58%	-3.42%	-10.25%
Debt-free Net Working Capital to Revenue	7.87%	3.73%	4.96%	36.51%	4.67%	3.70%	15.66%	8.12%	2.46%	4.49%	0.36%
Net Working Capital to Revenue	7.87%	3.73%	4.96%	36.51%	4.67%	3.70%	15.66%	8.12%	2.46%	4.49%	0.36%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$9.91	$10.51	$12.30	$11.55	$18.59	$13.28	$19.08	$43.70	$31.61	$13.57	$28.39
Adjusted Weighted Average Basic Shares Outstanding	208.80M	189.40M	178.90M	174.40M	173.70M	169.30M	167.10M	160.30M	154.90M	151.50M	147M
Adjusted Diluted Earnings per Share	$9.75	$10.39	$12.19	$11.47	$18.49	$13.22	$19.03	$43.54	$31.47	$13.53	$28.34
Adjusted Weighted Average Diluted Shares Outstanding	212.10M	191.60M	180.50M	175.60M	174.60M	170M	167.60M	160.90M	155.60M	152M	147.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	198.41M	180.94M	174.60M	174.09M	169.74M	167.64M	166.72M	156.10M	153.05M	150.04M	144.76M
Normalized Net Operating Profit after Tax (NOPAT)	2,251	2,194	2,497	2,183	3,262	3,502	3,477	2,877	3,021	2,223	3,636
Normalized NOPAT Margin	9.39%	9.33%	10.11%	8.40%	10.84%	10.35%	9.45%	8.07%	8.25%	5.66%	8.86%
Pre Tax Income Margin	12.25%	11.86%	10.85%	16.26%	12.43%	7.53%	10.13%	25.06%	15.94%	5.97%	12.22%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.41	10.27	9.91	12.75	7.66	5.83	3.29	17.04	12.53	3.43	9.08
NOPAT to Interest Expense	7.98	7.29	8.30	6.06	5.80	6.63	2.14	7.97	5.97	2.30	5.86
EBIT Less CapEx to Interest Expense	9.43	8.70	6.85	10.17	5.44	3.43	2.42	14.50	9.70	1.59	6.23
NOPAT Less CapEx to Interest Expense	5.99	5.72	5.24	3.49	3.58	4.24	1.26	5.42	3.13	0.46	3.01
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	27.21%	30.30%	31.33%	24.02%	25.43%	39.15%	29.88%	14.03%	21.49%	54.28%	28.41%
Augmented Payout Ratio	156.16%	190.20%	107.05%	37.71%	64.54%	72.24%	45.25%	66.92%	52.21%	127.24%	88.64%

This table displays calculated financial ratios and metrics derived from Northrop Grumman's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.14%	5.73%	8.81%	8.96%	6.03%	8.95%	6.70%	2.26%	0.45%	-6.56%	1.30%
EBITDA Growth	-21.69%	-9.81%	-9.56%	2.40%	-93.47%	10.60%	11.60%	6.60%	1,001.04%	-32.04%	19.93%
EBIT Growth	-25.25%	-11.75%	-11.48%	3.88%	-108.05%	13.31%	14.64%	7.15%	926.57%	-42.52%	23.08%
NOPAT Growth	27.85%	6.70%	1.37%	20.19%	-135.79%	11.88%	12.38%	13.59%	422.61%	-46.66%	31.13%
Net Income Growth	-23.25%	-11.83%	-14.16%	2.40%	-125.72%	12.11%	15.76%	9.50%	336.26%	-49.05%	24.89%
EPS Growth	-21.34%	-9.84%	-11.88%	4.92%	-126.01%	14.91%	19.10%	13.27%	348.14%	-47.47%	28.14%
Operating Cash Flow Growth	56.10%	-43.85%	566.50%	-8.02%	7.95%	-0.57%	55.06%	-11.16%	6.09%	-121.67%	-39.09%
Free Cash Flow Firm Growth	47.00%	51.01%	104.71%	16.32%	24.48%	183.69%	395.01%	192.16%	160.52%	-177.46%	-272.61%
Invested Capital Growth	10.68%	10.33%	2.30%	14.78%	3.80%	-1.92%	-0.63%	-5.53%	0.62%	6.03%	11.65%
Revenue Q/Q Growth	11.84%	-7.30%	2.96%	2.08%	8.83%	-4.75%	0.84%	-2.17%	6.90%	-11.40%	9.33%
EBITDA Q/Q Growth	91.94%	-51.76%	2.25%	8.17%	-87.75%	716.58%	3.17%	3.32%	26.49%	-49.60%	82.07%
EBIT Q/Q Growth	112.21%	-56.18%	0.62%	11.02%	-116.44%	716.91%	1.80%	3.77%	26.83%	-57.10%	117.98%
NOPAT Q/Q Growth	8.48%	3.96%	-0.43%	7.04%	-132.31%	424.94%	0.02%	8.19%	-8.25%	-46.27%	145.86%
Net Income Q/Q Growth	127.32%	-59.52%	-3.56%	15.39%	-157.10%	276.45%	-0.42%	9.15%	23.20%	-61.95%	144.07%
EPS Q/Q Growth	127.84%	-59.02%	-2.91%	15.73%	-156.47%	281.09%	0.63%	10.06%	23.71%	-61.66%	145.48%
Operating Cash Flow Q/Q Growth	68.61%	-131.19%	230.91%	33.62%	97.88%	-129.05%	301.84%	-23.44%	136.30%	-160.71%	155.46%
Free Cash Flow Firm Q/Q Growth	50.60%	-4.73%	112.76%	-1,367.87%	55.42%	216.06%	-24.54%	136.06%	-70.73%	-248.55%	-68.15%
Invested Capital Q/Q Growth	1.91%	7.62%	-1.94%	6.72%	-7.84%	1.70%	-0.65%	1.46%	-1.85%	7.17%	4.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	18.18%	21.34%	21.30%	20.88%	4.56%	21.05%	21.44%	21.07%	18.08%	16.69%	21.35%
EBITDA Margin	29.44%	15.32%	15.22%	16.12%	1.81%	15.55%	15.91%	16.81%	19.89%	11.31%	18.84%
Operating Margin	9.03%	10.18%	10.10%	10.39%	-3.69%	10.57%	10.67%	11.20%	10.19%	6.05%	13.77%
EBIT Margin	25.64%	12.12%	11.84%	12.88%	-1.95%	12.60%	12.72%	13.50%	16.01%	7.75%	15.46%
Profit (Net Income) Margin	20.73%	9.05%	8.48%	9.59%	-5.03%	9.32%	9.20%	10.26%	11.83%	5.08%	11.34%
Tax Burden Percent	84.83%	84.37%	82.27%	83.81%	70.67%	83.47%	82.02%	86.36%	81.50%	83.22%	82.27%
Interest Burden Percent	95.33%	88.55%	87.04%	88.80%	365.70%	88.57%	88.15%	88.07%	90.65%	78.75%	89.19%
Effective Tax Rate	15.17%	15.63%	17.73%	16.19%	0.00%	16.53%	17.98%	13.64%	18.50%	16.78%	17.73%
Return on Invested Capital (ROIC)	12.00%	12.66%	12.29%	13.03%	-4.06%	13.53%	13.82%	14.76%	13.34%	7.62%	16.84%
ROIC Less NNEP Spread (ROIC-NNEP)	26.20%	13.05%	12.44%	13.81%	-6.67%	13.97%	14.24%	15.27%	16.92%	7.65%	16.86%
Return on Net Nonoperating Assets (RNNOA)	17.14%	10.07%	9.42%	10.10%	-4.41%	10.92%	10.44%	11.48%	11.82%	6.33%	13.98%
Return on Equity (ROE)	29.15%	22.73%	21.71%	23.14%	-8.48%	24.45%	24.26%	26.24%	25.16%	13.95%	30.83%
Cash Return on Invested Capital (CROIC)	2.80%	2.37%	9.76%	-1.29%	5.16%	10.79%	9.98%	15.11%	13.62%	6.21%	1.84%
Operating Return on Assets (OROA)	21.74%	10.44%	10.25%	11.37%	-1.69%	10.98%	11.12%	11.87%	13.70%	6.50%	12.89%
Return on Assets (ROA)	17.58%	7.80%	7.34%	8.46%	-4.38%	8.12%	8.04%	9.03%	10.12%	4.26%	9.46%
Return on Common Equity (ROCE)	29.15%	22.73%	21.71%	23.14%	-8.48%	24.45%	24.26%	26.24%	25.16%	13.95%	30.83%
Return on Equity Simple (ROE_SIMPLE)	0.00%	31.60%	30.02%	29.33%	0.00%	15.17%	15.98%	16.10%	0.00%	24.77%	0.00%
Net Operating Profit after Tax (NOPAT)	769	799	796	852	-275	894	894	967	887	477	1,172
NOPAT Margin	7.66%	8.59%	8.31%	8.71%	-2.59%	8.82%	8.75%	9.68%	8.31%	5.04%	11.33%
Net Nonoperating Expense Percent (NNEP)	-14.20%	-0.39%	-0.15%	-0.78%	2.61%	-0.44%	-0.42%	-0.51%	-3.58%	-0.03%	-0.01%
Return On Investment Capital (ROIC_SIMPLE)	2.83%	2.76%	2.72%	2.87%	-0.96%	3.09%	3.08%	3.29%	2.96%	1.64%	3.83%
Cost of Revenue to Revenue	81.82%	78.66%	78.70%	79.12%	95.44%	78.95%	78.56%	78.93%	81.92%	83.31%	78.65%
SG&A Expenses to Revenue	9.15%	11.16%	11.21%	10.49%	8.25%	10.48%	10.78%	9.86%	7.89%	10.64%	9.82%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9.15%	11.16%	11.21%	10.49%	8.25%	10.48%	10.78%	9.86%	7.89%	10.64%	7.58%
Earnings before Interest and Taxes (EBIT)	2,572	1,127	1,134	1,259	-207	1,277	1,300	1,349	1,711	734	1,600
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,954	1,425	1,457	1,576	193	1,576	1,626	1,680	2,125	1,071	1,950
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.28	4.51	4.34	4.08	4.67	4.99	4.45	5.19	4.45	4.95	4.65
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.21	1.84	1.77	1.68	1.76	1.77	1.56	1.87	1.66	1.84	1.78
Price to Earnings (P/E)	16.52	14.28	14.46	13.90	33.62	32.88	27.87	32.24	16.31	19.97	18.24
Dividend Yield	1.29%	1.55%	1.60%	1.68%	1.60%	1.59%	1.78%	1.50%	1.72%	1.61%	1.70%
Earnings Yield	6.05%	7.00%	6.92%	7.19%	2.97%	3.04%	3.59%	3.10%	6.13%	5.01%	5.48%
Enterprise Value to Invested Capital (EV/IC)	3.67	3.01	3.00	2.77	3.13	3.19	2.92	3.37	3.06	3.15	2.97
Enterprise Value to Revenue (EV/Rev)	2.46	2.15	2.05	1.98	2.03	2.06	1.84	2.15	1.91	2.15	2.10
Enterprise Value to EBITDA (EV/EBITDA)	11.73	10.57	10.52	10.34	17.16	17.21	15.12	17.32	11.19	13.32	12.48
Enterprise Value to EBIT (EV/EBIT)	14.21	12.85	12.84	12.58	24.08	23.86	20.71	23.64	13.91	17.00	15.80
Enterprise Value to NOPAT (EV/NOPAT)	29.83	25.94	25.19	23.77	35.89	35.68	31.15	34.71	21.56	26.90	24.36
Enterprise Value to Operating Cash Flow (EV/OCF)	31.06	29.62	20.41	20.74	20.59	21.35	17.17	20.74	17.87	24.54	28.68
Enterprise Value to Free Cash Flow (EV/FCFF)	137.80	133.54	31.05	0.00	61.79	29.27	29.17	21.65	22.53	52.24	169.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.77	0.91	0.89	0.87	0.93	1.04	1.03	1.00	0.96	0.95	0.98
Long-Term Debt to Equity	0.77	0.91	0.89	0.87	0.93	1.04	1.03	1.00	0.96	0.95	0.98
Financial Leverage	0.65	0.77	0.76	0.73	0.66	0.78	0.73	0.75	0.70	0.83	0.83
Leverage Ratio	3.06	3.03	3.00	2.93	3.00	3.14	3.13	3.04	3.19	3.30	3.26
Compound Leverage Factor	2.91	2.68	2.61	2.61	10.97	2.78	2.76	2.68	2.89	2.60	2.91
Debt to Total Capital	43.53%	47.64%	47.11%	46.41%	48.23%	50.90%	50.70%	49.90%	49.00%	48.60%	49.49%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	43.53%	47.64%	47.11%	46.41%	48.23%	50.90%	50.70%	49.90%	49.00%	48.60%	49.49%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	56.47%	52.36%	52.89%	53.59%	51.77%	49.10%	49.30%	50.10%	51.00%	51.40%	50.51%
Debt to EBITDA	1.54	1.83	1.87	1.86	2.96	3.07	2.96	2.89	2.10	2.18	2.22
Net Debt to EBITDA	1.20	1.50	1.41	1.58	2.30	2.43	2.30	2.24	1.48	1.92	1.94
Long-Term Debt to EBITDA	1.54	1.83	1.87	1.86	2.96	3.07	2.96	2.89	2.10	2.18	2.22
Debt to NOPAT	3.91	4.49	4.48	4.28	6.20	6.36	6.10	5.80	4.04	4.40	4.33
Net Debt to NOPAT	3.05	3.67	3.38	3.63	4.80	5.04	4.74	4.49	2.84	3.88	3.79
Long-Term Debt to NOPAT	3.91	4.49	4.48	4.28	6.20	6.36	6.10	5.80	4.04	4.40	4.33
Altman Z-Score	3.25	2.87	2.79	2.87	2.63	2.65	2.54	2.77	2.58	2.63	2.65
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.08	1.22	1.20	1.28	1.15	1.13	1.11	1.09	1.01	0.95	1.04
Quick Ratio	0.87	1.03	0.98	0.98	0.86	0.86	0.88	0.38	0.82	0.74	0.83
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,598	-1,674	214	-2,707	-1,207	1,401	1,057	2,495	730	-1,085	-1,825
Operating Cash Flow to CapEx	356.17%	-227.18%	302.30%	342.06%	302.62%	-261.48%	445.31%	302.22%	315.93%	-611.33%	375.76%
Free Cash Flow to Firm to Interest Expense	-13.32	-12.98	1.45	-19.20	-2.19	9.60	6.86	15.50	4.57	-6.96	-10.55
Operating Cash Flow to Interest Expense	18.76	-5.44	6.25	8.71	4.42	-4.84	9.25	6.78	16.11	-10.03	5.02
Operating Cash Flow Less CapEx to Interest Expense	13.49	-7.84	4.18	6.16	2.96	-6.68	7.18	4.53	11.01	-11.67	3.68
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.85	0.86	0.87	0.88	0.87	0.87	0.87	0.88	0.86	0.84	0.83
Accounts Receivable Turnover	5.07	4.61	4.57	4.72	5.37	4.85	5.07	8.50	5.73	4.76	4.64
Inventory Turnover	32.56	30.23	27.52	26.28	31.37	26.90	24.30	22.71	25.48	22.09	21.38
Fixed Asset Turnover	4.39	4.40	4.43	4.42	4.26	4.33	4.35	4.26	4.06	3.99	3.99
Accounts Payable Turnover	12.18	14.10	14.55	13.40	13.94	14.17	15.39	14.26	13.88	12.82	13.22
Days Sales Outstanding (DSO)	72.06	79.22	79.80	77.37	68.01	75.32	72.05	42.94	63.72	76.60	78.66
Days Inventory Outstanding (DIO)	11.21	12.07	13.26	13.89	11.63	13.57	15.02	16.08	14.32	16.52	17.08
Days Payable Outstanding (DPO)	29.97	25.88	25.09	27.23	26.18	25.75	23.72	25.59	26.30	28.48	27.62
Cash Conversion Cycle (CCC)	53.30	65.41	67.97	64.03	53.46	63.13	63.35	33.42	51.74	64.65	68.12
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	24,540	26,411	25,898	27,639	25,472	25,904	25,735	26,111	25,629	27,466	28,732
Invested Capital Turnover	1.57	1.47	1.48	1.50	1.57	1.53	1.58	1.53	1.61	1.51	1.49
Increase / (Decrease) in Invested Capital	2,367	2,473	582	3,559	932	-507	-163	-1,528	157	1,562	2,997
Enterprise Value (EV)	90,119	79,595	77,620	76,659	79,792	82,639	75,140	87,923	78,407	86,598	85,222
Market Capitalization	80,891	68,320	67,208	64,948	69,115	70,958	63,706	76,560	68,068	74,116	71,961
Book Value per Share	$99.49	$98.89	$101.98	$105.27	$98.11	$95.52	$96.63	$100.84	$104.95	$103.51	$107.49
Tangible Book Value per Share	($16.81)	($17.93)	($15.64)	($12.62)	($20.07)	($24.06)	($23.63)	($20.77)	($16.99)	($18.60)	($15.25)
Total Capital	27,117	28,906	29,282	29,721	28,581	28,965	29,007	29,437	29,982	29,151	30,631
Total Debt	11,805	13,770	13,796	13,793	13,786	14,742	14,706	14,689	14,692	14,167	15,160
Total Long-Term Debt	11,805	13,770	13,796	13,793	13,786	14,742	14,706	14,689	14,692	14,167	15,160
Net Debt	9,228	11,275	10,412	11,711	10,677	11,681	11,434	11,363	10,339	12,482	13,261
Capital Expenditures (CapEx)	632	309	304	359	803	270	320	361	816	256	231
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,676	-168	-1,072	763	-1,345	-1,397	-1,913	-2,095	-4,207	-2,387	-1,332
Debt-free Net Working Capital (DFNWC)	901	2,327	2,312	2,845	1,764	1,664	1,359	1,231	146	-702	567
Net Working Capital (NWC)	901	2,327	2,312	2,845	1,764	1,664	1,359	1,231	146	-702	567
Net Nonoperating Expense (NNE)	-1,311	-43	-16	-85	260	-50	-46	-59	-377	-4.16	-1.65
Net Nonoperating Obligations (NNO)	9,228	11,275	10,412	11,711	10,677	11,681	11,434	11,363	10,339	12,482	13,261
Total Depreciation and Amortization (D&A)	382	298	323	317	400	299	326	331	414	337	350
Debt-free, Cash-free Net Working Capital to Revenue	-4.58%	-0.45%	-2.83%	1.97%	-3.42%	-3.48%	-4.69%	-5.11%	-10.25%	-5.91%	-3.29%
Debt-free Net Working Capital to Revenue	2.46%	6.27%	6.10%	7.35%	4.49%	4.15%	3.33%	3.00%	0.36%	-1.74%	1.40%
Net Working Capital to Revenue	2.46%	6.27%	6.10%	7.35%	4.49%	4.15%	3.33%	3.00%	0.36%	-1.74%	1.40%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$13.48	$5.52	$5.35	$6.20	($3.50)	$6.34	$6.37	$7.02	$8.66	$3.33	$8.17
Adjusted Weighted Average Basic Shares Outstanding	154.90M	152.60M	151.70M	151.20M	151.50M	148.90M	147.50M	146.20M	147M	144.60M	143.70M
Adjusted Diluted Earnings per Share	$13.42	$5.50	$5.34	$6.18	($3.49)	$6.32	$6.36	$7.00	$8.66	$3.32	$8.15
Adjusted Weighted Average Diluted Shares Outstanding	155.60M	153.20M	152.20M	151.70M	152M	149.30M	147.70M	146.50M	147.30M	144.90M	144M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	153.05M	151.86M	151.30M	150.79M	150.04M	147.99M	146.25M	145.70M	144.76M	143.93M	143.18M
Normalized Net Operating Profit after Tax (NOPAT)	769	799	796	852	-275	894	894	967	887	477	982
Normalized NOPAT Margin	7.66%	8.59%	8.31%	8.71%	-2.59%	8.82%	8.75%	9.68%	8.31%	5.04%	9.49%
Pre Tax Income Margin	24.44%	10.73%	10.31%	11.44%	-7.12%	11.16%	11.22%	11.88%	14.51%	6.10%	13.79%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	21.43	8.74	7.71	8.93	-0.38	8.75	8.44	8.38	10.69	4.71	9.25
NOPAT to Interest Expense	6.40	6.19	5.41	6.04	-0.50	6.12	5.81	6.01	5.55	3.06	6.78
EBIT Less CapEx to Interest Expense	16.17	6.34	5.65	6.38	-1.84	6.90	6.36	6.14	5.59	3.06	7.91
NOPAT Less CapEx to Interest Expense	1.14	3.80	3.34	3.49	-1.96	4.27	3.73	3.77	0.45	1.42	5.44
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	21.49%	22.39%	23.38%	23.55%	54.28%	52.32%	50.22%	49.22%	28.41%	32.47%	31.28%
Augmented Payout Ratio	52.21%	62.30%	61.99%	58.81%	127.24%	143.47%	151.75%	151.07%	88.64%	81.08%	73.18%

Key Financial Trends

Northrop Grumman (NYSE: NOC) has demonstrated stable financial performance with improving profitability and a strong balance sheet over the past several quarters and years.

Positive highlights include:

Consistent net income growth: NOC posted a consolidated net income of $1.174 billion in Q2 2025, up significantly from $481 million in Q1 2025 and $940 million in Q2 2024, reflecting improving operating performance.
Rising earnings per share (EPS): Basic EPS doubled from $3.33 in Q1 2025 to $8.17 in Q2 2025, illustrating strong profitability improvement within a short timeframe.
Strong operating cash flow: In Q2 2025, net cash from continuing operating activities was positive $868 million versus negative $1.565 billion in Q1 2025, signaling a recovery in cash flow generation.
Healthy total assets and equity: Total assets stood at nearly $49.5 billion in Q2 2025, with total equity of $15.47 billion, indicating solid capitalization.
Stable dividend policy: Quarterly cash dividends per share increased from $1.73 in early 2023 to $2.31 in Q2 2025, showcasing management’s commitment to returning capital to shareholders.
Goodwill and intangible assets remain substantial but stable, supporting the company’s valuation of acquired businesses and intellectual property.

Neutral observations:

Significant investments in property, plant, and equipment with quarterly capital expenditures around $230-$800 million, essential for sustaining long-term operations.
Moderate amounts of long-term debt near $15 billion, which is typical for a large defense contractor and manageable given the cash flow profile.
Accounts receivable and inventories have shown gradual increases, consistent with business growth but requiring monitoring for efficient working capital management.
Operating revenues near $10.35 billion in Q2 2025, showing steady top-line size with some fluctuations quarterly.

Potential concerns include:

Q1 2025 experienced a significant dip in net cash from operating activities (-$1.565 billion), raising a caution for quarterly volatility in cash flows.
On occasion, restructuring charges and sizable repurchases of common equity (up to $562 million in a quarter) have reduced cash reserves and added some expense volatility.
Interest expense has increased to around $173 million in Q2 2025, which could pressure net profitability if debt levels or rates rise further.

Overall, Northrop Grumman’s recent quarters show a rebound in profitability, improving earnings, and strong cash flows following a challenging period in early 2025. The firm maintains a solid asset base and equity cushion, alongside a reliable dividend policy. Investors should monitor cash flow trends closely, given some quarterly variability, and keep an eye on debt servicing costs as interest expenses evolve.

09/17/25 05:24 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Northrop Grumman's Financials

When does Northrop Grumman's financial year end?

According to the most recent income statement we have on file, Northrop Grumman's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Northrop Grumman's net income changed over the last 10 years?

Northrop Grumman's net income appears to be on an upward trend, with a most recent value of $4.17 billion in 2024, rising from $2.07 billion in 2014. The previous period was $2.06 billion in 2023. See where experts think Northrop Grumman is headed by visiting Northrop Grumman's forecast page.

What is Northrop Grumman's operating income?

Northrop Grumman's total operating income in 2024 was $4.37 billion, based on the following breakdown:

Total Gross Profit: $8.36 billion
Total Operating Expenses: $3.99 billion

How has Northrop Grumman's revenue changed over the last 10 years?

Over the last 10 years, Northrop Grumman's total revenue changed from $23.98 billion in 2014 to $41.03 billion in 2024, a change of 71.1%.

How much debt does Northrop Grumman have?

Northrop Grumman's total liabilities were at $34.07 billion at the end of 2024, a 7.3% increase from 2023, and a 76.2% increase since 2014.

How much cash does Northrop Grumman have?

In the past 10 years, Northrop Grumman's cash and equivalents has ranged from $1.58 billion in 2018 to $11.23 billion in 2017, and is currently $4.35 billion as of their latest financial filing in 2024.

How has Northrop Grumman's book value per share changed over the last 10 years?

Over the last 10 years, Northrop Grumman's book value per share changed from 35.82 in 2014 to 104.95 in 2024, a change of 193.0%.

Related Companies

This page (NYSE:NOC) was last updated on 9/17/2025 by MarketBeat.com Staff

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Northrop Grumman (NOC) Financials

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Northrop Grumman (NOC) Financials

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