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Northrop Grumman (NOC) Financials

Northrop Grumman logo
$548.23 -1.29 (-0.23%)
Closing price 03:59 PM Eastern
Extended Trading
$549.78 +1.55 (+0.28%)
As of 07:28 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Northrop Grumman

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 1,990 2,043 2,869 3,229 2,248 3,189 7,005 4,896 2,056 4,174 4,182
Consolidated Net Income / (Loss)		 1,990 2,043 2,869 3,229 2,248 3,189 7,005 4,896 2,056 4,174 4,182
Net Income / (Loss) Continuing Operations		 1,990 2,043 2,869 3,229 2,248 3,189 7,005 4,896 2,056 4,174 4,182
Total Pre-Tax Income 		2,790 2,681 4,229 3,742 2,548 3,728 8,938 5,836 2,346 5,016 5,068
Total Operating Income		 3,076 3,277 3,218 3,780 3,969 4,065 5,651 3,601 2,537 4,370 4,511
Total Gross Profit		 5,642 5,909 5,930 6,791 7,259 7,478 7,268 7,474 6,551 8,362 8,313
Total Revenue		 23,526 24,706 26,004 30,095 33,841 36,799 35,667 36,602 39,290 41,033 41,954
Operating Revenue		 23,526 24,706 26,004 30,095 33,841 36,799 35,667 36,602 39,290 41,033 41,954
Total Cost of Revenue		 17,884 18,797 20,074 23,304 26,582 29,321 28,399 29,128 32,739 32,671 33,641
Operating Cost of Revenue		 17,884 18,797 20,074 23,304 26,582 29,321 28,399 29,128 32,739 32,671 33,641
Total Operating Expenses		 2,566 2,632 2,712 3,011 3,290 3,413 1,617 3,873 4,014 3,992 3,802
Selling, General & Admin Expense		 2,566 2,632 2,712 3,011 3,290 3,413 3,597 3,873 4,014 3,992 4,033
Restructuring Charge		 - - - - - - -1,980 - 0.00 0.00 -231
Total Other Income / (Expense), net		 -286 -596 1,011 -38 -1,421 -337 3,268 2,235 -191 646 557
Interest Expense		 301 301 360 562 528 1,627 556 506 545 621 665
Other Income / (Expense), net		 15 -295 1,371 524 -893 1,290 3,824 2,741 354 1,267 1,222
Income Tax Expense		 800 638 1,360 513 300 539 1,933 940 290 842 886
Basic Earnings per Share		 $10.51 $11.42 $16.45 $18.59 $13.28 $19.08 $43.70 $31.61 $13.57 $28.39 $29.14
Weighted Average Basic Shares Outstanding		 189.40M 178.90M 174.40M 173.70M 169.30M 167.10M 160.30M 154.90M 151.50M 147M 143.50M
Diluted Earnings per Share		 $10.39 $11.32 $16.34 $18.49 $13.22 $19.03 $43.54 $31.47 $13.53 $28.34 $29.08
Weighted Average Diluted Shares Outstanding		 191.60M 180.50M 175.60M 174.60M 170M 167.60M 160.90M 155.60M 152M 147.30M 143.80M
Weighted Average Basic & Diluted Shares Outstanding		 189.30M 182.60M 176.10M -6.09B 167.64M 333.44M 312.20M 153.05M 150.04M 144.76M 141.92M
Cash Dividends to Common per Share		 $3.10 $3.50 $3.90 $4.70 $5.16 $5.67 $6.16 $6.76 $7.34 $8.05 $8.99

Quarterly Income Statements for Northrop Grumman

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 937 -535 944 940 1,026 1,264 481 1,174 1,100 1,427 875
Consolidated Net Income / (Loss)		 937 -535 944 940 1,026 1,264 481 1,174 1,100 1,427 875
Net Income / (Loss) Continuing Operations		 937 -535 944 940 1,026 1,264 481 1,174 1,100 1,427 875
Total Pre-Tax Income 		1,118 -757 1,131 1,146 1,188 1,551 578 1,427 1,323 1,740 1,030
Total Operating Income		 1,016 -393 1,071 1,090 1,120 1,089 573 1,425 1,242 1,271 989
Total Gross Profit		 2,041 485 2,133 2,191 2,106 1,932 1,580 2,210 2,227 2,296 1,960
Total Revenue		 9,775 10,638 10,133 10,218 9,996 10,686 9,468 10,351 10,423 11,712 9,881
Operating Revenue		 9,775 10,638 10,133 10,218 9,996 10,686 9,468 10,351 10,423 11,712 9,881
Total Cost of Revenue		 7,734 10,153 8,000 8,027 7,890 8,754 7,888 8,141 8,196 9,416 7,921
Operating Cost of Revenue		 7,734 10,153 8,000 8,027 7,890 8,754 7,888 8,141 8,196 9,416 7,921
Total Operating Expenses		 1,025 878 1,062 1,101 986 843 1,007 785 985 1,025 971
Selling, General & Admin Expense		 1,025 878 1,062 1,101 986 843 1,007 1,016 985 1,025 971
Restructuring Charge		 - - - 0.00 0.00 - 0.00 -231 0.00 - 0.00
Total Other Income / (Expense), net		 102 -364 60 56 68 462 5.00 2.00 81 469 41
Interest Expense		 141 550 146 154 161 160 156 173 161 175 162
Other Income / (Expense), net		 243 186 206 210 229 622 161 175 242 644 203
Income Tax Expense		 181 -222 187 206 162 287 97 253 223 313 155
Basic Earnings per Share		 $6.20 ($3.50) $6.34 $6.37 $7.02 $8.66 $3.33 $8.17 $7.69 $9.95 $6.16
Weighted Average Basic Shares Outstanding		 151.20M 151.50M 148.90M 147.50M 146.20M 147M 144.60M 143.70M 143.10M 143.50M 142.10M
Diluted Earnings per Share		 $6.18 ($3.49) $6.32 $6.36 $7.00 $8.66 $3.32 $8.15 $7.67 $9.94 $6.14
Weighted Average Diluted Shares Outstanding		 151.70M 152M 149.30M 147.70M 146.50M 147.30M 144.90M 144M 143.50M 143.80M 142.50M
Weighted Average Basic & Diluted Shares Outstanding		 150.79M 150.04M 147.99M 146.25M 145.70M 144.76M 143.93M 143.18M 142.72M 141.92M 142.03M
Cash Dividends to Common per Share		 $1.87 $1.87 $1.87 $2.06 - $2.06 $2.06 $2.31 - - $2.31

Annual Cash Flow Statements for Northrop Grumman

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 -1,544 222 8,684 5,668 666 2,662 -1,377 -953 532 1,244 50
Net Cash From Operating Activities		 2,162 2,813 2,613 3,827 4,297 4,305 3,567 2,901 3,875 4,388 4,757
Net Cash From Continuing Operating Activities		 2,162 2,813 2,613 3,827 4,823 4,305 3,567 2,901 3,875 4,388 4,757
Net Income / (Loss) Continuing Operations		 1,990 2,043 2,869 3,229 2,248 3,189 7,005 4,896 2,056 4,174 4,182
Consolidated Net Income / (Loss)		 1,990 2,043 2,869 3,229 2,248 3,189 7,005 4,896 2,056 4,174 4,182
Depreciation Expense		 467 456 475 800 1,265 1,267 1,239 1,342 1,338 1,370 1,472
Non-Cash Adjustments To Reconcile Net Income		 -40 918 -485 712 1,691 -588 -5,461 -2,416 1,860 -1,186 -1,317
Changes in Operating Assets and Liabilities, net		 -255 -604 -246 -914 -381 437 784 -921 -1,379 30 420
Net Cash From Investing Activities		 -431 -805 -889 -8,878 -1,207 -1,211 2,058 -1,241 -1,582 -1,749 -1,155
Net Cash From Continuing Investing Activities		 -431 -805 -889 6,436 -1,207 -1,211 2,058 -1,241 -1,582 -1,749 -1,155
Purchase of Property, Plant & Equipment		 -471 -920 -928 -1,249 -1,264 -1,420 -1,415 -1,435 -1,775 -1,767 -1,450
Divestitures		 - - - - 0.00 0.00 3,400 - 0.00 0.00 333
Sale and/or Maturity of Investments		 - - - - - - 0.00 0.00 197 0.00 0.00
Other Investing Activities, net		 40 115 39 28 57 209 73 194 -4.00 18 -38
Net Cash From Financing Activities		 -3,275 -1,786 6,960 -4,595 -2,424 -432 -7,002 -2,613 -1,761 -1,395 -3,552
Net Cash From Continuing Financing Activities		 -3,275 -1,786 6,960 -4,595 -2,424 -432 -7,002 -2,613 -1,761 -1,395 -3,552
Repayment of Debt		 96 -195 -111 -2,426 -506 -1,162 -2,280 -7.00 -1,088 -132 -1,594
Repurchase of Common Equity		 -3,182 -1,547 -393 -1,263 -744 -490 -3,705 -1,504 -1,500 -2,514 -1,624
Payment of Dividends		 -603 -640 -689 -821 -880 -953 -983 -1,052 -1,116 -1,186 -1,293
Issuance of Debt		 600 749 8,245 0.00 -229 2,239 0.00 0.00 1,995 2,495 998
Other Financing Activities, net		 -186 -153 -92 -85 -65 -66 -34 -50 -52 -58 -39

Quarterly Cash Flow Statements for Northrop Grumman

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -1,302 1,027 -48 211 54 1,027 -2,668 214 58 2,446 -2,313
Net Cash From Operating Activities		 1,228 2,430 -706 1,425 1,091 2,578 -1,565 868 1,557 3,897 -1,656
Net Cash From Continuing Operating Activities		 1,228 2,430 -706 1,425 1,091 2,578 -1,565 868 1,557 3,897 -1,656
Net Income / (Loss) Continuing Operations		 937 -535 944 940 1,026 1,264 481 1,174 1,100 1,427 875
Consolidated Net Income / (Loss)		 937 -535 944 940 1,026 1,264 481 1,174 1,100 1,427 875
Depreciation Expense		 317 400 299 326 331 414 337 350 379 406 372
Non-Cash Adjustments To Reconcile Net Income		 -296 1,930 -893 -81 -561 687 -684 -594 -40 1.00 -685
Changes in Operating Assets and Liabilities, net		 270 635 -1,056 240 295 213 -1,699 -62 118 2,063 -2,218
Net Cash From Investing Activities		 -200 -770 -269 -321 -361 -798 -252 61 -300 -664 -168
Net Cash From Continuing Investing Activities		 -200 -770 -269 -321 -361 -798 -252 61 -300 -664 -168
Purchase of Property, Plant & Equipment		 -359 -803 -270 -320 -361 -816 -256 -231 -301 -662 -167
Sale and/or Maturity of Investments		 157 40 0.00 - - - 0.00 - - - 0.00
Other Investing Activities, net		 2.00 -7.00 1.00 -1.00 - 18 4.00 -41 1.00 -2.00 -1.00
Net Cash From Financing Activities		 -2,330 -633 927 -893 -676 -753 -851 -715 -1,199 -787 -489
Net Cash From Continuing Financing Activities		 -2,330 -633 927 -893 -676 -753 -851 -715 -1,199 -787 -489
Repayment of Debt		 -1,826 -4.00 -40 -26 -54 -12 -1,505 -62 -26 -1.00 -529
Repurchase of Common Equity		 -223 -346 -1,190 -562 -321 -441 -480 -411 -277 -456 -68
Payment of Dividends		 -280 -282 -283 -303 -301 -299 -302 -332 -330 -329 -333
Issuance of Debt		 - - 2,495 - - - 1,474 90 -566 - 498
Other Financing Activities, net		 -1.00 -1.00 -55 -2.00 - -1.00 -38 - - -1.00 -57

Annual Balance Sheets for Northrop Grumman

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 24,424 25,614 35,128 37,653 41,089 44,469 42,579 43,755 46,544 49,359 51,377
Total Current Assets		 6,334 6,856 16,587 9,680 10,685 15,344 12,426 12,488 13,706 14,274 15,287
Cash & Equivalents		 2,319 2,541 11,225 1,579 2,245 4,907 3,530 2,577 3,109 4,353 4,403
Accounts Receivable		 - - 4,519 6,474 6,660 6,641 6,959 7,494 7,147 7,180 7,919
Inventories, net		 807 816 398 654 783 759 811 978 1,109 1,455 1,309
Other Current Assets		 367 200 445 973 997 1,402 1,126 1,439 2,341 1,286 1,656
Plant, Property, & Equipment, net		 3,064 3,588 4,225 6,372 6,912 7,071 7,894 8,800 9,653 10,536 10,972
Total Noncurrent Assets		 15,026 15,170 14,316 21,601 23,492 22,054 22,259 22,467 23,185 24,549 25,118
Goodwill		 12,460 12,450 12,455 18,672 18,708 17,518 17,515 17,516 17,517 17,512 17,437
Intangible Assets		 - - 52 1,372 1,040 783 578 384 305 - 0.00
Noncurrent Deferred & Refundable Income Taxes		 1,409 1,462 447 94 508 311 200 162 1,020 1,599 1,051
Employee Benefit Assets		 - - - - - - - - 1,331 2,184 3,167
Other Noncurrent Operating Assets		 1,157 1,258 1,362 1,463 3,236 3,442 3,966 4,405 3,012 3,254 3,463
Total Liabilities & Shareholders' Equity		 24,424 25,614 35,128 37,653 41,089 44,469 42,579 43,755 46,544 49,359 51,377
Total Liabilities		 18,902 20,355 27,996 29,466 32,270 33,890 29,653 28,443 31,749 34,069 34,703
Total Current Liabilities		 5,457 5,630 7,092 8,274 9,434 9,580 9,530 11,587 11,942 14,128 13,882
Accounts Payable		 1,282 1,554 1,661 2,182 2,226 1,806 2,197 2,587 2,110 2,599 3,240
Current Deferred Revenue		 1,537 1,471 1,761 1,917 2,237 2,517 3,026 3,609 4,193 4,070 4,086
Current Employee Benefit Liabilities		 1,195 1,342 1,382 1,676 1,865 1,997 1,993 2,057 2,251 2,271 2,309
Other Current Liabilities		 1,443 1,263 2,288 2,499 3,106 3,002 2,314 3,334 3,388 5,188 4,247
Total Noncurrent Liabilities		 13,445 14,725 20,904 21,192 22,836 24,310 20,123 16,856 19,807 19,941 20,821
Long-Term Debt		 6,386 7,058 14,399 13,883 12,770 14,261 12,777 11,805 13,786 14,692 15,162
Noncurrent Employee Benefit Liabilities		 6,172 6,818 5,511 5,755 6,979 6,498 3,269 1,188 1,290 1,120 1,110
Other Noncurrent Operating Liabilities		 887 849 994 1,446 3,087 3,551 3,587 3,863 4,731 4,129 4,549
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		 5,522 5,259 7,132 8,187 8,819 10,579 12,926 15,312 14,795 15,290 16,674
Total Preferred & Common Equity		 5,522 5,259 7,132 8,187 8,819 10,579 12,926 15,312 14,795 15,290 16,674
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		 5,522 5,259 7,132 8,187 8,819 10,579 12,926 15,312 14,795 15,290 16,674
Common Stock		 181 175 218 171 168 225 156 153 150 145 142
Retained Earnings		 10,661 10,630 6,913 8,068 8,748 10,482 12,913 15,312 14,773 15,297 16,658
Accumulated Other Comprehensive Income / (Loss)		 -5,320 -5,546 1.00 -52 -97 -128 -143 -153 -128 -152 -126

Quarterly Balance Sheets for Northrop Grumman

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/30/2025 3/31/2026
Total Assets		 45,609 44,896 46,544 47,818 47,670 48,289 49,359 48,468 49,451 49,300 50,007
Total Current Assets		 13,869 13,150 13,706 14,796 14,267 14,332 14,274 13,267 14,026 14,105 14,770
Cash & Equivalents		 3,384 2,082 3,109 3,061 3,272 3,326 4,353 1,685 1,899 1,957 2,090
Accounts Receivable		 7,966 8,034 7,147 8,282 8,128 1,609 7,180 8,662 9,329 9,013 9,362
Inventories, net		 1,287 1,355 1,109 1,370 1,504 1,646 1,455 1,578 1,553 1,615 1,450
Other Current Assets		 1,232 1,679 2,341 2,083 1,363 7,751 1,286 1,342 1,245 1,520 1,868
Plant, Property, & Equipment, net		 8,976 9,173 9,653 9,690 9,771 10,078 10,536 10,522 10,537 10,542 10,243
Total Noncurrent Assets		 22,764 22,573 23,185 23,332 23,632 23,879 24,549 24,679 24,888 24,653 24,994
Goodwill		 17,517 17,514 17,517 17,515 17,516 17,517 17,512 17,434 17,435 17,436 17,439
Intangible Assets		 344 324 305 290 282 268 254 242 231 220 0.00
Noncurrent Deferred & Refundable Income Taxes		 452 330 1,020 1,123 1,250 1,407 1,599 1,633 1,713 1,255 743
Employee Benefit Assets		 - - 1,331 - - - 2,184 2,285 2,393 2,501 3,307
Other Noncurrent Operating Assets		 4,451 4,405 3,012 4,404 4,584 4,687 3,000 3,085 3,116 3,241 3,505
Total Liabilities & Shareholders' Equity		 45,609 44,896 46,544 47,818 47,670 48,289 49,359 48,468 49,451 49,300 50,007
Total Liabilities		 30,123 28,968 31,749 33,595 33,369 33,541 34,069 33,484 33,980 33,312 32,892
Total Current Liabilities		 11,557 10,305 11,942 13,132 12,908 13,101 14,128 13,969 13,459 12,718 12,821
Accounts Payable		 2,056 2,260 2,110 2,580 2,352 2,518 2,599 2,501 2,592 2,797 2,681
Current Deferred Revenue		 3,397 3,458 4,193 3,530 3,292 3,157 4,070 3,710 3,997 3,562 3,697
Current Employee Benefit Liabilities		 1,878 1,927 2,251 1,701 1,903 1,924 2,271 1,598 1,856 1,946 1,732
Other Current Liabilities		 4,226 2,660 3,388 5,321 5,361 5,502 5,188 6,160 5,014 4,413 4,711
Total Noncurrent Liabilities		 18,566 18,663 19,807 20,463 20,461 20,440 19,941 19,515 20,521 20,594 20,071
Long-Term Debt		 13,796 13,793 13,786 14,742 14,706 14,689 14,692 14,167 15,160 15,162 14,411
Noncurrent Employee Benefit Liabilities		 1,161 1,147 1,290 1,250 1,211 1,186 1,120 1,115 1,108 1,100 1,095
Other Noncurrent Operating Liabilities		 3,609 3,723 4,731 4,471 4,544 4,565 4,129 4,233 4,253 4,332 4,565
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		 15,486 15,928 14,795 14,223 14,301 14,748 15,290 14,984 15,471 15,988 17,115
Total Preferred & Common Equity		 15,486 15,928 14,795 14,223 14,301 14,748 15,290 14,984 15,471 15,988 17,115
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		 15,486 15,928 14,795 14,223 14,301 14,748 15,290 14,984 15,471 15,988 17,115
Common Stock		 151 151 150 148 146 146 145 144 143 143 150
Retained Earnings		 15,485 15,924 14,773 14,218 14,301 14,738 15,297 14,982 15,452 15,968 17,096
Accumulated Other Comprehensive Income / (Loss)		 -150 -147 -128 -143 -146 -136 -152 -142 -124 -123 -131

Annual Metrics And Ratios for Northrop Grumman

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -1.89% 5.02% 5.25% 15.73% 12.45% 8.74% -3.08% 2.62% 7.34% 4.44% 2.24%
EBITDA Growth		 -3.34% -3.37% 47.29% 0.79% -14.95% 52.55% 61.79% -28.28% -39.47% 50.66% 2.83%
EBIT Growth		 -3.98% -3.53% 53.89% -6.21% -28.53% 74.09% 76.94% -33.07% -47.76% 70.15% 1.70%
NOPAT Growth		 -2.55% 13.82% -12.58% 49.41% 7.35% -0.70% 27.37% -31.79% -26.40% 63.55% 2.36%
Net Income Growth		 -3.82% 2.66% 40.43% 12.55% -30.38% 41.86% 119.66% -30.11% -58.01% 103.02% 0.19%
EPS Growth		 6.56% 8.95% 44.35% 13.16% -28.50% 43.95% 128.80% -27.72% -57.01% 109.46% 2.61%
Operating Cash Flow Growth		 -16.62% 30.11% -7.11% 46.46% 12.28% 0.19% -17.14% -18.67% 33.57% 13.24% 8.41%
Free Cash Flow Firm Growth		 -56.30% 21.46% -28.44% -518.79% 167.15% -8.25% -80.97% -19.45% 97.46% 169.43% -44.87%
Invested Capital Growth		 3.14% 1.95% 5.42% 98.83% -5.60% -4.07% 19.49% 10.68% 3.80% 0.62% 7.04%
Revenue Q/Q Growth		 -1.73% 3.78% -0.17% 5.63% 1.70% 4.22% -4.22% 3.96% 1.56% 0.12% 2.51%
EBITDA Q/Q Growth		 -2.23% -3.29% 38.97% -20.62% -17.31% 41.50% 21.94% -9.62% -37.25% 38.07% 2.80%
EBIT Q/Q Growth		 -2.49% -3.65% 43.99% -25.07% -24.24% 56.72% 25.78% -12.05% -45.62% 51.57% 3.69%
NOPAT Q/Q Growth		 -1.84% 7.24% -18.41% 24.72% 8.34% 0.04% -6.82% 7.03% -31.07% 43.57% 4.39%
Net Income Q/Q Growth		 -2.31% -4.26% 29.47% -17.08% -25.39% 30.16% 51.46% -11.40% -55.98% 75.75% 4.06%
EPS Q/Q Growth		 0.00% -3.41% 29.58% -16.79% -25.31% 29.81% 52.99% -10.37% -55.55% 75.05% 4.60%
Operating Cash Flow Q/Q Growth		 7.08% -3.50% 3.00% 25.19% 2.07% -16.68% -4.29% 38.67% 4.84% 3.49% 38.37%
Free Cash Flow Firm Q/Q Growth		 -50.34% 10.03% -42.69% 16.66% 81.16% -30.91% -81.33% 158.32% 487.29% -14.32% 296.40%
Invested Capital Q/Q Growth		 -11.39% -11.54% -4.94% -5.85% -13.76% -5.96% 10.12% 1.91% -7.84% -1.85% -6.03%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 23.98% 23.92% 22.80% 22.57% 21.45% 20.32% 20.38% 20.42% 16.67% 20.38% 19.81%
EBITDA Margin		 15.12% 13.92% 19.47% 16.96% 12.83% 18.00% 30.04% 20.99% 11.84% 17.08% 17.17%
Operating Margin		 13.07% 13.26% 12.38% 12.56% 11.73% 11.05% 15.84% 9.84% 6.46% 10.65% 10.75%
EBIT Margin		 13.14% 12.07% 17.65% 14.30% 9.09% 14.55% 26.57% 17.33% 8.43% 13.74% 13.67%
Profit (Net Income) Margin		 8.46% 8.27% 11.03% 10.73% 6.64% 8.67% 19.64% 13.38% 5.23% 10.17% 9.97%
Tax Burden Percent		 71.33% 76.20% 67.84% 86.29% 88.23% 85.54% 78.37% 83.89% 87.64% 83.21% 82.52%
Interest Burden Percent		 90.26% 89.91% 92.16% 86.94% 82.83% 69.62% 94.33% 92.02% 70.81% 88.98% 88.40%
Effective Tax Rate		 28.67% 23.80% 32.16% 13.71% 11.77% 14.46% 21.63% 16.11% 12.36% 16.79% 17.48%
Return on Invested Capital (ROIC)		 23.23% 25.79% 21.74% 21.18% 17.58% 18.35% 21.75% 12.93% 8.89% 14.23% 14.03%
ROIC Less NNEP Spread (ROIC-NNEP)		 16.58% 15.21% 39.58% 20.76% 6.60% 15.23% 51.66% 33.23% 7.21% 19.35% 18.39%
Return on Net Nonoperating Assets (RNNOA)		 7.96% 12.11% 24.57% 20.97% 8.86% 14.53% 37.86% 21.74% 4.77% 13.52% 12.14%
Return on Equity (ROE)		 31.20% 37.90% 46.31% 42.16% 26.44% 32.88% 59.60% 34.68% 13.66% 27.75% 26.17%
Cash Return on Invested Capital (CROIC)		 20.14% 23.86% 16.46% -44.96% 23.34% 22.51% 3.99% 2.80% 5.16% 13.62% 7.23%
Operating Return on Assets (OROA)		 12.12% 11.92% 15.11% 11.83% 7.81% 12.52% 21.77% 14.69% 7.34% 11.76% 11.38%
Return on Assets (ROA)		 7.80% 8.17% 9.45% 8.87% 5.71% 7.45% 16.09% 11.34% 4.55% 8.70% 8.30%
Return on Common Equity (ROCE)		 31.20% 37.90% 46.31% 42.16% 26.44% 32.88% 59.60% 34.68% 13.66% 27.75% 26.17%
Return on Equity Simple (ROE_SIMPLE)		 36.04% 38.85% 40.23% 39.44% 25.49% 30.14% 54.19% 31.97% 13.90% 27.30% 0.00%
Net Operating Profit after Tax (NOPAT)		 2,194 2,497 2,183 3,262 3,502 3,477 4,429 3,021 2,223 3,636 3,722
NOPAT Margin		 9.33% 10.11% 8.40% 10.84% 10.35% 9.45% 12.42% 8.25% 5.66% 8.86% 8.87%
Net Nonoperating Expense Percent (NNEP)		 6.66% 10.58% -17.84% 0.42% 10.98% 3.12% -29.91% -20.30% 1.68% -5.12% -4.36%
Return On Investment Capital (ROIC_SIMPLE)		 18.42% 20.27% 10.14% 14.78% 16.22% 14.00% 17.23% 11.14% 7.78% 12.13% 11.69%
Cost of Revenue to Revenue		 76.02% 76.08% 77.20% 77.43% 78.55% 79.68% 79.62% 79.58% 83.33% 79.62% 80.19%
SG&A Expenses to Revenue		 10.91% 10.65% 10.43% 10.01% 9.72% 9.27% 10.09% 10.58% 10.22% 9.73% 9.61%
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		 10.91% 10.65% 10.43% 10.01% 9.72% 9.27% 4.53% 10.58% 10.22% 9.73% 9.06%
Earnings before Interest and Taxes (EBIT)		 3,091 2,982 4,589 4,304 3,076 5,355 9,475 6,342 3,313 5,637 5,733
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 3,558 3,438 5,064 5,104 4,341 6,622 10,714 7,684 4,651 7,007 7,205
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.38 6.83 6.66 4.69 6.03 4.48 4.51 5.28 4.67 4.45 4.88
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)		 1.26 1.45 1.83 1.28 1.57 1.29 1.63 2.21 1.76 1.66 1.94
Price to Earnings (P/E)		 14.92 17.58 16.55 11.89 23.65 14.86 8.32 16.52 33.62 16.31 19.46
Dividend Yield		 1.90% 1.72% 1.43% 2.13% 1.64% 1.99% 1.68% 1.29% 1.60% 1.72% 1.58%
Earnings Yield		 6.70% 5.69% 6.04% 8.41% 4.23% 6.73% 12.02% 6.05% 2.97% 6.13% 5.14%
Enterprise Value to Invested Capital (EV/IC)		 3.52 4.14 4.92 2.47 3.29 3.06 3.04 3.67 3.13 3.06 3.36
Enterprise Value to Revenue (EV/Rev)		 1.43 1.64 1.95 1.68 1.88 1.54 1.89 2.46 2.03 1.91 2.20
Enterprise Value to EBITDA (EV/EBITDA)		 9.49 11.76 10.01 9.93 14.67 8.57 6.30 11.73 17.16 11.19 12.79
Enterprise Value to EBIT (EV/EBIT)		 10.92 13.56 11.04 11.78 20.71 10.60 7.12 14.21 24.08 13.91 16.07
Enterprise Value to NOPAT (EV/NOPAT)		 15.38 16.19 23.21 15.54 18.19 16.32 15.24 29.83 35.89 21.56 24.75
Enterprise Value to Operating Cash Flow (EV/OCF)		 15.61 14.37 19.39 13.25 14.82 13.18 18.93 31.06 20.59 17.87 19.37
Enterprise Value to Free Cash Flow (EV/FCFF)		 17.75 17.50 30.65 0.00 13.70 13.30 83.15 137.80 61.79 22.53 48.03
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.16 1.34 2.02 1.70 1.45 1.35 0.99 0.77 0.93 0.96 0.91
Long-Term Debt to Equity		 1.16 1.34 2.02 1.70 1.45 1.35 0.99 0.77 0.93 0.96 0.91
Financial Leverage		 0.48 0.80 0.62 1.01 1.34 0.95 0.73 0.65 0.66 0.70 0.66
Leverage Ratio		 4.00 4.64 4.90 4.75 4.63 4.41 3.70 3.06 3.00 3.19 3.15
Compound Leverage Factor		 3.61 4.17 4.52 4.13 3.84 3.07 3.49 2.81 2.12 2.84 2.79
Debt to Total Capital		 53.63% 57.30% 66.88% 62.90% 59.15% 57.41% 49.71% 43.53% 48.23% 49.00% 47.63%
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		 53.63% 57.30% 66.88% 62.90% 59.15% 57.41% 49.71% 43.53% 48.23% 49.00% 47.63%
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		 46.37% 42.70% 33.12% 37.10% 40.85% 42.59% 50.29% 56.47% 51.77% 51.00% 52.37%
Debt to EBITDA		 1.79 2.05 2.84 2.72 2.94 2.15 1.19 1.54 2.96 2.10 2.10
Net Debt to EBITDA		 1.14 1.31 0.63 2.41 2.42 1.41 0.86 1.20 2.30 1.48 1.49
Long-Term Debt to EBITDA		 1.79 2.05 2.84 2.72 2.94 2.15 1.19 1.54 2.96 2.10 2.10
Debt to NOPAT		 2.91 2.83 6.60 4.26 3.65 4.10 2.88 3.91 6.20 4.04 4.07
Net Debt to NOPAT		 1.85 1.81 1.45 3.77 3.01 2.69 2.09 3.05 4.80 2.84 2.89
Long-Term Debt to NOPAT		 2.91 2.83 6.60 4.26 3.65 4.10 2.88 3.91 6.20 4.04 4.07
Altman Z-Score		 2.98 3.05 2.79 2.30 2.39 2.55 3.26 3.54 2.88 2.84 3.08
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		 1.16 1.22 2.34 1.17 1.13 1.60 1.30 1.08 1.15 1.01 1.10
Quick Ratio		 0.95 1.04 2.22 0.97 0.94 1.21 1.10 0.87 0.86 0.82 0.89
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,902 2,310 1,653 -6,923 4,649 4,265 812 654 1,291 3,479 1,918
Operating Cash Flow to CapEx		 459.02% 305.76% 281.57% 306.41% 339.95% 303.17% 252.08% 202.16% 218.31% 248.33% 328.07%
Free Cash Flow to Firm to Interest Expense		 6.32 7.68 4.59 -12.32 8.80 2.62 1.46 1.29 1.34 5.60 2.88
Operating Cash Flow to Interest Expense		 7.18 9.35 7.26 6.81 8.14 2.65 6.42 5.73 4.01 7.07 7.15
Operating Cash Flow Less CapEx to Interest Expense		 5.62 6.29 4.68 4.59 5.74 1.77 3.87 2.90 2.17 4.22 4.97
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.92 0.99 0.86 0.83 0.86 0.86 0.82 0.85 0.87 0.86 0.83
Accounts Receivable Turnover		 0.00 0.00 0.00 5.48 5.15 5.53 5.25 5.07 5.37 5.73 5.56
Inventory Turnover		 23.09 23.16 33.07 44.30 37.00 38.03 36.18 32.56 31.37 25.48 24.34
Fixed Asset Turnover		 7.77 7.43 6.66 5.68 5.10 5.26 4.77 4.39 4.26 4.06 3.90
Accounts Payable Turnover		 13.83 13.26 12.49 12.13 12.06 14.54 14.19 12.18 13.94 13.88 11.52
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 66.66 70.83 65.96 69.59 72.06 68.01 63.72 65.68
Days Inventory Outstanding (DIO)		 15.81 15.76 11.04 8.24 9.87 9.60 10.09 11.21 11.63 14.32 14.99
Days Payable Outstanding (DPO)		 26.40 27.53 29.23 30.10 30.26 25.10 25.72 29.97 26.18 26.30 31.68
Cash Conversion Cycle (CCC)		 -10.59 -11.78 -18.19 44.81 50.43 50.47 53.95 53.30 53.46 51.74 49.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 9,589 9,776 10,306 20,491 19,344 18,556 22,173 24,540 25,472 25,629 27,433
Invested Capital Turnover		 2.49 2.55 2.59 1.95 1.70 1.94 1.75 1.57 1.57 1.61 1.58
Increase / (Decrease) in Invested Capital		 292 187 530 10,185 -1,147 -788 3,617 2,367 932 157 1,804
Enterprise Value (EV)		 33,752 40,436 50,668 50,696 63,700 56,738 67,507 90,119 79,792 78,407 92,139
Market Capitalization		 29,685 35,919 47,494 38,392 53,175 47,384 58,260 80,891 69,115 68,068 81,380
Book Value per Share		 $30.28 $29.84 $40.97 $47.15 $52.33 $63.46 $81.53 $99.49 $98.11 $104.95 $116.83
Tangible Book Value per Share		 ($38.04) ($40.80) ($30.88) ($68.29) ($64.85) ($46.32) ($32.59) ($16.81) ($20.07) ($16.99) ($5.35)
Total Capital		 11,908 12,317 21,531 22,070 21,589 24,840 25,703 27,117 28,581 29,982 31,836
Total Debt		 6,386 7,058 14,399 13,883 12,770 14,261 12,777 11,805 13,786 14,692 15,162
Total Long-Term Debt		 6,386 7,058 14,399 13,883 12,770 14,261 12,777 11,805 13,786 14,692 15,162
Net Debt		 4,067 4,517 3,174 12,304 10,525 9,354 9,247 9,228 10,677 10,339 10,759
Capital Expenditures (CapEx)		 471 920 928 1,249 1,264 1,420 1,415 1,435 1,775 1,767 1,450
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1,442 -1,315 -1,730 -173 -994 857 -634 -1,676 -1,345 -4,207 -2,998
Debt-free Net Working Capital (DFNWC)		 877 1,226 9,495 1,406 1,251 5,764 2,896 901 1,764 146 1,405
Net Working Capital (NWC)		 877 1,226 9,495 1,406 1,251 5,764 2,896 901 1,764 146 1,405
Net Nonoperating Expense (NNE)		 204 454 -686 33 1,254 288 -2,576 -1,875 167 -538 -460
Net Nonoperating Obligations (NNO)		 4,067 4,517 3,174 12,304 10,525 7,977 9,247 9,228 10,677 10,339 10,759
Total Depreciation and Amortization (D&A)		 467 456 475 800 1,265 1,267 1,239 1,342 1,338 1,370 1,472
Debt-free, Cash-free Net Working Capital to Revenue		 -6.13% -5.32% -6.65% -0.57% -2.94% 2.33% -1.78% -4.58% -3.42% -10.25% -7.15%
Debt-free Net Working Capital to Revenue		 3.73% 4.96% 36.51% 4.67% 3.70% 15.66% 8.12% 2.46% 4.49% 0.36% 3.35%
Net Working Capital to Revenue		 3.73% 4.96% 36.51% 4.67% 3.70% 15.66% 8.12% 2.46% 4.49% 0.36% 3.35%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $10.51 $12.30 $11.55 $18.59 $13.28 $19.08 $43.70 $31.61 $13.57 $28.39 $29.14
Adjusted Weighted Average Basic Shares Outstanding		 189.40M 178.90M 174.40M 173.70M 169.30M 167.10M 160.30M 154.90M 151.50M 147M 143.50M
Adjusted Diluted Earnings per Share		 $10.39 $12.19 $11.47 $18.49 $13.22 $19.03 $43.54 $31.47 $13.53 $28.34 $29.08
Adjusted Weighted Average Diluted Shares Outstanding		 191.60M 180.50M 175.60M 174.60M 170M 167.60M 160.90M 155.60M 152M 147.30M 143.80M
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		 180.94M 174.60M 174.09M 169.74M 167.64M 166.72M 156.10M 153.05M 150.04M 144.76M 141.92M
Normalized Net Operating Profit after Tax (NOPAT)		 2,194 2,497 2,183 3,262 3,502 3,477 2,877 3,021 2,223 3,636 3,532
Normalized NOPAT Margin		 9.33% 10.11% 8.40% 10.84% 10.35% 9.45% 8.07% 8.25% 5.66% 8.86% 8.42%
Pre Tax Income Margin		 11.86% 10.85% 16.26% 12.43% 7.53% 10.13% 25.06% 15.94% 5.97% 12.22% 12.08%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 10.27 9.91 12.75 7.66 5.83 3.29 17.04 12.53 3.43 9.08 8.62
NOPAT to Interest Expense		 7.29 8.30 6.06 5.80 6.63 2.14 7.97 5.97 2.30 5.86 5.60
EBIT Less CapEx to Interest Expense		 8.70 6.85 10.17 5.44 3.43 2.42 14.50 9.70 1.59 6.23 6.44
NOPAT Less CapEx to Interest Expense		 5.72 5.24 3.49 3.58 4.24 1.26 5.42 3.13 0.46 3.01 3.42
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 30.30% 31.33% 24.02% 25.43% 39.15% 29.88% 14.03% 21.49% 54.28% 28.41% 30.92%
Augmented Payout Ratio		 190.20% 107.05% 37.71% 64.54% 72.24% 45.25% 66.92% 52.21% 127.24% 88.64% 69.75%

Quarterly Metrics And Ratios for Northrop Grumman

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 141,921,621.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 141,921,621.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 6.17
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 8.96% 6.03% 8.95% 6.70% 2.26% 0.45% -6.56% 1.30% 4.27% 9.60% 4.36%
EBITDA Growth		 2.40% -93.47% 10.60% 11.60% 6.60% 1,001.04% -32.04% 19.93% 10.89% 9.22% 46.03%
EBIT Growth		 3.88% -108.05% 13.31% 14.64% 7.15% 926.57% -42.52% 23.08% 10.01% 11.92% 62.40%
NOPAT Growth		 20.19% -135.79% 11.88% 12.38% 13.59% 422.61% -46.66% 31.13% 6.76% 17.45% 76.20%
Net Income Growth		 2.40% -125.72% 12.11% 15.76% 9.50% 336.26% -49.05% 24.89% 7.21% 12.90% 81.91%
EPS Growth		 4.92% -126.01% 14.91% 19.10% 13.27% 348.14% -47.47% 28.14% 9.57% 14.78% 84.94%
Operating Cash Flow Growth		 -8.02% 7.95% -0.57% 55.06% -11.16% 6.09% -121.67% -39.09% 42.71% 51.16% -5.81%
Free Cash Flow Firm Growth		 16.32% 24.48% 183.69% 395.01% 192.16% 160.52% -177.46% -272.61% -182.13% -204.26% -4.12%
Invested Capital Growth		 14.78% 3.80% -1.92% -0.63% -5.53% 0.62% 6.03% 11.65% 11.80% 7.04% 7.17%
Revenue Q/Q Growth		 2.08% 8.83% -4.75% 0.84% -2.17% 6.90% -11.40% 9.33% 0.70% 12.37% -15.63%
EBITDA Q/Q Growth		 8.17% -87.75% 716.58% 3.17% 3.32% 26.49% -49.60% 82.07% -4.46% 24.58% -32.62%
EBIT Q/Q Growth		 11.02% -116.44% 716.91% 1.80% 3.77% 26.83% -57.10% 117.98% -7.25% 29.04% -37.75%
NOPAT Q/Q Growth		 7.04% -132.31% 424.94% 0.02% 8.19% -8.25% -46.27% 145.86% -11.92% 0.94% -19.40%
Net Income Q/Q Growth		 15.39% -157.10% 276.45% -0.42% 9.15% 23.20% -61.95% 144.07% -6.30% 29.73% -38.68%
EPS Q/Q Growth		 15.73% -156.47% 281.09% 0.63% 10.06% 23.71% -61.66% 145.48% -5.89% 29.60% -38.23%
Operating Cash Flow Q/Q Growth		 33.62% 97.88% -129.05% 301.84% -23.44% 136.30% -160.71% 155.46% 79.38% 150.29% -142.49%
Free Cash Flow Firm Q/Q Growth		 -1,367.87% 55.42% 216.06% -24.54% 136.06% -70.73% -248.55% -68.15% -12.31% 62.84% -48.34%
Invested Capital Q/Q Growth		 6.72% -7.84% 1.70% -0.65% 1.46% -1.85% 7.17% 4.61% 1.60% -6.03% 7.30%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 20.88% 4.56% 21.05% 21.44% 21.07% 18.08% 16.69% 21.35% 21.37% 19.60% 19.84%
EBITDA Margin		 16.12% 1.81% 15.55% 15.91% 16.81% 19.89% 11.31% 18.84% 17.87% 19.82% 15.83%
Operating Margin		 10.39% -3.69% 10.57% 10.67% 11.20% 10.19% 6.05% 13.77% 11.92% 10.85% 10.01%
EBIT Margin		 12.88% -1.95% 12.60% 12.72% 13.50% 16.01% 7.75% 15.46% 14.24% 16.35% 12.06%
Profit (Net Income) Margin		 9.59% -5.03% 9.32% 9.20% 10.26% 11.83% 5.08% 11.34% 10.55% 12.18% 8.86%
Tax Burden Percent		 83.81% 70.67% 83.47% 82.02% 86.36% 81.50% 83.22% 82.27% 83.14% 82.01% 84.95%
Interest Burden Percent		 88.80% 365.70% 88.57% 88.15% 88.07% 90.65% 78.75% 89.19% 89.15% 90.86% 86.41%
Effective Tax Rate		 16.19% 0.00% 16.53% 17.98% 13.64% 18.50% 16.78% 17.73% 16.86% 17.99% 15.05%
Return on Invested Capital (ROIC)		 13.03% -4.06% 13.53% 13.82% 14.76% 13.34% 7.62% 16.84% 14.66% 14.07% 12.66%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.81% -6.67% 13.97% 14.24% 15.27% 16.92% 7.65% 16.86% 15.21% 17.72% 12.94%
Return on Net Nonoperating Assets (RNNOA)		 10.10% -4.41% 10.92% 10.44% 11.48% 11.82% 6.33% 13.98% 12.16% 11.70% 10.00%
Return on Equity (ROE)		 23.14% -8.48% 24.45% 24.26% 26.24% 25.16% 13.95% 30.83% 26.82% 25.77% 22.66%
Cash Return on Invested Capital (CROIC)		 -1.29% 5.16% 10.79% 9.98% 15.11% 13.62% 6.21% 1.84% 1.75% 7.23% 7.43%
Operating Return on Assets (OROA)		 11.37% -1.69% 10.98% 11.12% 11.87% 13.70% 6.50% 12.89% 11.94% 13.62% 10.38%
Return on Assets (ROA)		 8.46% -4.38% 8.12% 8.04% 9.03% 10.12% 4.26% 9.46% 8.85% 10.15% 7.62%
Return on Common Equity (ROCE)		 23.14% -8.48% 24.45% 24.26% 26.24% 25.16% 13.95% 30.83% 26.82% 25.77% 22.66%
Return on Equity Simple (ROE_SIMPLE)		 29.33% 0.00% 15.17% 15.98% 16.10% 0.00% 24.77% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 852 -275 894 894 967 887 477 1,172 1,033 1,042 840
NOPAT Margin		 8.71% -2.59% 8.82% 8.75% 9.68% 8.31% 5.04% 11.33% 9.91% 8.90% 8.50%
Net Nonoperating Expense Percent (NNEP)		 -0.78% 2.61% -0.44% -0.42% -0.51% -3.58% -0.03% -0.01% -0.55% -3.65% -0.28%
Return On Investment Capital (ROIC_SIMPLE)		 2.87% -0.96% 3.09% 3.08% 3.29% 2.96% 1.64% 3.83% 3.32% 3.27% 2.67%
Cost of Revenue to Revenue		 79.12% 95.44% 78.95% 78.56% 78.93% 81.92% 83.31% 78.65% 78.63% 80.40% 80.16%
SG&A Expenses to Revenue		 10.49% 8.25% 10.48% 10.78% 9.86% 7.89% 10.64% 9.82% 9.45% 8.75% 9.83%
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		 10.49% 8.25% 10.48% 10.78% 9.86% 7.89% 10.64% 7.58% 9.45% 8.75% 9.83%
Earnings before Interest and Taxes (EBIT)		 1,259 -207 1,277 1,300 1,349 1,711 734 1,600 1,484 1,915 1,192
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,576 193 1,576 1,626 1,680 2,125 1,071 1,950 1,863 2,321 1,564
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.08 4.67 4.99 4.45 5.19 4.45 4.95 4.65 5.46 4.88 5.66
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)		 1.68 1.76 1.77 1.56 1.87 1.66 1.84 1.78 2.13 1.94 2.29
Price to Earnings (P/E)		 13.90 33.62 32.88 27.87 32.24 16.31 19.97 18.24 21.71 19.46 21.16
Dividend Yield		 1.68% 1.60% 1.59% 1.78% 1.50% 1.72% 1.61% 1.70% 1.43% 1.58% 1.66%
Earnings Yield		 7.19% 2.97% 3.04% 3.59% 3.10% 6.13% 5.01% 5.48% 4.61% 5.14% 4.73%
Enterprise Value to Invested Capital (EV/IC)		 2.77 3.13 3.19 2.92 3.37 3.06 3.15 2.97 3.44 3.36 3.71
Enterprise Value to Revenue (EV/Rev)		 1.98 2.03 2.06 1.84 2.15 1.91 2.15 2.10 2.45 2.20 2.58
Enterprise Value to EBITDA (EV/EBITDA)		 10.34 17.16 17.21 15.12 17.32 11.19 13.32 12.48 14.33 12.79 14.18
Enterprise Value to EBIT (EV/EBIT)		 12.58 24.08 23.86 20.71 23.64 13.91 17.00 15.80 18.17 16.07 17.63
Enterprise Value to NOPAT (EV/NOPAT)		 23.77 35.89 35.68 31.15 34.71 21.56 26.90 24.36 28.17 24.75 26.72
Enterprise Value to Operating Cash Flow (EV/OCF)		 20.74 20.59 21.35 17.17 20.74 17.87 24.54 28.68 29.22 19.37 23.39
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 61.79 29.27 29.17 21.65 22.53 52.24 169.95 207.56 48.03 51.62
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.87 0.93 1.04 1.03 1.00 0.96 0.95 0.98 0.95 0.91 0.84
Long-Term Debt to Equity		 0.87 0.93 1.04 1.03 1.00 0.96 0.95 0.98 0.95 0.91 0.84
Financial Leverage		 0.73 0.66 0.78 0.73 0.75 0.70 0.83 0.83 0.80 0.66 0.77
Leverage Ratio		 2.93 3.00 3.14 3.13 3.04 3.19 3.30 3.26 3.18 3.15 3.07
Compound Leverage Factor		 2.61 10.97 2.78 2.76 2.68 2.89 2.60 2.91 2.83 2.86 2.65
Debt to Total Capital		 46.41% 48.23% 50.90% 50.70% 49.90% 49.00% 48.60% 49.49% 48.67% 47.63% 45.71%
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		 46.41% 48.23% 50.90% 50.70% 49.90% 49.00% 48.60% 49.49% 48.67% 47.63% 45.71%
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		 53.59% 51.77% 49.10% 49.30% 50.10% 51.00% 51.40% 50.51% 51.33% 52.37% 54.29%
Debt to EBITDA		 1.86 2.96 3.07 2.96 2.89 2.10 2.18 2.22 2.16 2.10 1.87
Net Debt to EBITDA		 1.58 2.30 2.43 2.30 2.24 1.48 1.92 1.94 1.88 1.49 1.60
Long-Term Debt to EBITDA		 1.86 2.96 3.07 2.96 2.89 2.10 2.18 2.22 2.16 2.10 1.87
Debt to NOPAT		 4.28 6.20 6.36 6.10 5.80 4.04 4.40 4.33 4.25 4.07 3.53
Net Debt to NOPAT		 3.63 4.80 5.04 4.74 4.49 2.84 3.88 3.79 3.70 2.89 3.02
Long-Term Debt to NOPAT		 4.28 6.20 6.36 6.10 5.80 4.04 4.40 4.33 4.25 4.07 3.53
Altman Z-Score		 2.87 2.63 2.65 2.54 2.77 2.58 2.63 2.65 2.99 2.83 3.22
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		 1.28 1.15 1.13 1.11 1.09 1.01 0.95 1.04 1.11 1.10 1.15
Quick Ratio		 0.98 0.86 0.86 0.88 0.38 0.82 0.74 0.83 0.86 0.89 0.89
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -2,707 -1,207 1,401 1,057 2,495 730 -1,085 -1,825 -2,049 -762 -1,130
Operating Cash Flow to CapEx		 342.06% 302.62% -261.48% 445.31% 302.22% 315.93% -611.33% 375.76% 517.28% 588.67% -991.62%
Free Cash Flow to Firm to Interest Expense		 -19.20 -2.19 9.60 6.86 15.50 4.57 -6.96 -10.55 -12.73 -4.35 -6.97
Operating Cash Flow to Interest Expense		 8.71 4.42 -4.84 9.25 6.78 16.11 -10.03 5.02 9.67 22.27 -10.22
Operating Cash Flow Less CapEx to Interest Expense		 6.16 2.96 -6.68 7.18 4.53 11.01 -11.67 3.68 7.80 18.49 -11.25
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.88 0.87 0.87 0.87 0.88 0.86 0.84 0.83 0.84 0.83 0.86
Accounts Receivable Turnover		 4.72 5.37 4.85 5.07 8.50 5.73 4.76 4.64 7.71 5.56 4.70
Inventory Turnover		 26.28 31.37 26.90 24.30 22.71 25.48 22.09 21.38 20.23 24.34 22.24
Fixed Asset Turnover		 4.42 4.26 4.33 4.35 4.26 4.06 3.99 3.99 3.97 3.90 4.08
Accounts Payable Turnover		 13.40 13.94 14.17 15.39 14.26 13.88 12.82 13.22 12.41 11.52 13.00
Days Sales Outstanding (DSO)		 77.37 68.01 75.32 72.05 42.94 63.72 76.60 78.66 47.36 65.68 77.64
Days Inventory Outstanding (DIO)		 13.89 11.63 13.57 15.02 16.08 14.32 16.52 17.08 18.05 14.99 16.41
Days Payable Outstanding (DPO)		 27.23 26.18 25.75 23.72 25.59 26.30 28.48 27.62 29.41 31.68 28.08
Cash Conversion Cycle (CCC)		 64.03 53.46 63.13 63.35 33.42 51.74 64.65 68.12 36.00 49.00 65.97
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 27,639 25,472 25,904 25,735 26,111 25,629 27,466 28,732 29,193 27,433 29,436
Invested Capital Turnover		 1.50 1.57 1.53 1.58 1.53 1.61 1.51 1.49 1.48 1.58 1.49
Increase / (Decrease) in Invested Capital		 3,559 932 -507 -163 -1,528 157 1,562 2,997 3,082 1,804 1,970
Enterprise Value (EV)		 76,659 79,792 82,639 75,140 87,923 78,407 86,598 85,222 100,449 92,139 109,146
Market Capitalization		 64,948 69,115 70,958 63,706 76,560 68,068 74,116 71,961 87,244 81,380 96,825
Book Value per Share		 $105.27 $98.11 $95.52 $96.63 $100.84 $104.95 $103.51 $107.49 $111.66 $116.83 $120.59
Tangible Book Value per Share		 ($12.62) ($20.07) ($24.06) ($23.63) ($20.77) ($16.99) ($18.60) ($15.25) ($11.65) ($5.35) ($2.28)
Total Capital		 29,721 28,581 28,965 29,007 29,437 29,982 29,151 30,631 31,150 31,836 31,526
Total Debt		 13,793 13,786 14,742 14,706 14,689 14,692 14,167 15,160 15,162 15,162 14,411
Total Long-Term Debt		 13,793 13,786 14,742 14,706 14,689 14,692 14,167 15,160 15,162 15,162 14,411
Net Debt		 11,711 10,677 11,681 11,434 11,363 10,339 12,482 13,261 13,205 10,759 12,321
Capital Expenditures (CapEx)		 359 803 270 320 361 816 256 231 301 662 167
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 763 -1,345 -1,397 -1,913 -2,095 -4,207 -2,387 -1,332 -570 -2,998 -141
Debt-free Net Working Capital (DFNWC)		 2,845 1,764 1,664 1,359 1,231 146 -702 567 1,387 1,405 1,949
Net Working Capital (NWC)		 2,845 1,764 1,664 1,359 1,231 146 -702 567 1,387 1,405 1,949
Net Nonoperating Expense (NNE)		 -85 260 -50 -46 -59 -377 -4.16 -1.65 -67 -385 -35
Net Nonoperating Obligations (NNO)		 11,711 10,677 11,681 11,434 11,363 10,339 12,482 13,261 13,205 10,759 12,321
Total Depreciation and Amortization (D&A)		 317 400 299 326 331 414 337 350 379 406 372
Debt-free, Cash-free Net Working Capital to Revenue		 1.97% -3.42% -3.48% -4.69% -5.11% -10.25% -5.91% -3.29% -1.39% -7.15% -0.33%
Debt-free Net Working Capital to Revenue		 7.35% 4.49% 4.15% 3.33% 3.00% 0.36% -1.74% 1.40% 3.39% 3.35% 4.60%
Net Working Capital to Revenue		 7.35% 4.49% 4.15% 3.33% 3.00% 0.36% -1.74% 1.40% 3.39% 3.35% 4.60%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $6.20 ($3.50) $6.34 $6.37 $7.02 $8.66 $3.33 $8.17 $7.69 $9.95 $6.16
Adjusted Weighted Average Basic Shares Outstanding		 151.20M 151.50M 148.90M 147.50M 146.20M 147M 144.60M 143.70M 143.10M 143.50M 142.10M
Adjusted Diluted Earnings per Share		 $6.18 ($3.49) $6.32 $6.36 $7.00 $8.66 $3.32 $8.15 $7.67 $9.94 $6.14
Adjusted Weighted Average Diluted Shares Outstanding		 151.70M 152M 149.30M 147.70M 146.50M 147.30M 144.90M 144M 143.50M 143.80M 142.50M
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		 150.79M 150.04M 147.99M 146.25M 145.70M 144.76M 143.93M 143.18M 142.72M 141.92M 142.03M
Normalized Net Operating Profit after Tax (NOPAT)		 852 -275 894 894 967 887 477 982 1,033 1,042 840
Normalized NOPAT Margin		 8.71% -2.59% 8.82% 8.75% 9.68% 8.31% 5.04% 9.49% 9.91% 8.90% 8.50%
Pre Tax Income Margin		 11.44% -7.12% 11.16% 11.22% 11.88% 14.51% 6.10% 13.79% 12.69% 14.86% 10.42%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 8.93 -0.38 8.75 8.44 8.38 10.69 4.71 9.25 9.22 10.94 7.36
NOPAT to Interest Expense		 6.04 -0.50 6.12 5.81 6.01 5.55 3.06 6.78 6.41 5.96 5.19
EBIT Less CapEx to Interest Expense		 6.38 -1.84 6.90 6.36 6.14 5.59 3.06 7.91 7.35 7.16 6.33
NOPAT Less CapEx to Interest Expense		 3.49 -1.96 4.27 3.73 3.77 0.45 1.42 5.44 4.54 2.17 4.16
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 23.55% 54.28% 52.32% 50.22% 49.22% 28.41% 32.47% 31.28% 31.43% 30.92% 28.93%
Augmented Payout Ratio		 58.81% 127.24% 143.47% 151.75% 151.07% 88.64% 81.08% 73.18% 71.46% 69.75% 55.42%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor‑oriented view of Northrop Grumman’s quarterly results over the past four years, focusing on notable trends in revenue, profitability, cash flow, and balance sheet strength. Data points come from the quarterly income statements, cash flow statements, and balance sheets provided.

  • Revenue growth trend: Operating revenue has trended higher over the period, rising from about $10.0B in 2022 to roughly $11.7B in Q4 2025, signaling ongoing top‑line strength.
  • Strong quarterly net income to common shareholders: Net income attributable to common shareholders reached about $1.43B in Q4 2025, with solid results in other 2025 quarters (roughly $1.11B–$1.17B in Q2–Q3 2025).
  • Robust cash flow from operations in 2025: Net cash from continuing operating activities was healthy in 2025, notably $3.897B in Q4 2025 and $1.56B (Q3) to $0.87B (Q2) in earlier 2025 quarters, reflecting strong cash generation.
  • Free cash flow potential: In Q4 2025, operating cash flow of $3.897B minus capex of about $0.662B yields roughly $3.2B of quarterly free cash flow, highlighting substantial cash available for dividends, buybacks, or debt reduction on that quarter.
  • Healthy earnings per share (EPS) level: Diluted EPS around $9.94 (Q4 2025) and mid‑to‑high single digits in 2024–2025 quarters demonstrates strong earnings power per share for a defense contractor.
  • Solid balance‑sheet base: Total assets run around $48–50B with a long‑term debt load in the mid‑$14B to mid‑$15B range and total equity in the low‑to‑mid $15Bs, indicating a stable capital structure.
  • Cash position consistency: Cash and cash equivalents typically hover around $1.9B–$2.0B in recent quarters, supporting liquidity for operations and obligations.
  • Dividend per share evidence of shareholder returns: Quarterly cash dividends per share include figures such as $2.06 (Q1 2025) and $2.31 (Q2 2025), signaling an ongoing return of capital to shareholders.
  • Financing activity cash outflows: Net cash from financing activities has been negative in several quarters (driven by dividends, debt activity, and share repurchases), which reduces total cash despite robust operating cash flow.
  • Occasional working‑capital and cash‑flow swings in early quarters: Q1 2025 showed negative net cash from continuing operating activities, highlighting quarterly working‑capital headwinds even amid strong yearly results.
05/11/26 04:48 PM ETAI Generated. May Contain Errors.

Northrop Grumman Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Northrop Grumman's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Northrop Grumman's net income appears to be on an upward trend, with a most recent value of $4.18 billion in 2025, rising from $1.99 billion in 2015. The previous period was $4.17 billion in 2024. See where experts think Northrop Grumman is headed by visiting Northrop Grumman's forecast page.

Northrop Grumman's total operating income in 2025 was $4.51 billion, based on the following breakdown:
  • Total Gross Profit: $8.31 billion
  • Total Operating Expenses: $3.80 billion

Over the last 10 years, Northrop Grumman's total revenue changed from $23.53 billion in 2015 to $41.95 billion in 2025, a change of 78.3%.

Northrop Grumman's total liabilities were at $34.70 billion at the end of 2025, a 1.9% increase from 2024, and a 83.6% increase since 2015.

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 $4.40 billion as of their latest financial filing in 2025.

Over the last 10 years, Northrop Grumman's book value per share changed from 30.28 in 2015 to 116.83 in 2025, a change of 285.9%.


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Financial statements for NYSE:NOC last updated on 4/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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