NYSE : NOC
Northrop Grumman Corporation — Financial statements
Industrials · Aerospace & Defense · United States
Last price 562.36 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 79.89B
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Financial statements
Northrop Grumman Corporation (NOC) reported revenue of 43.59B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 43.59B | 41.95B | 41.03B | 39.29B | 36.60B | 35.67B |
| Cost of Revenue | 34.86B | 33.64B | 32.67B | 32.74B | 29.13B | 28.40B |
| Gross Profit | 8.73B | 8.31B | 8.36B | 6.55B | 7.47B | 7.27B |
| Selling, General & Admin | 2.94B | 2.96B | 2.89B | 3.91B | 1.14B | -227.00M |
| Operating Expenses | 2.94B | 2.96B | 2.89B | 3.91B | 1.14B | -227.00M |
| Operating Income | 5.79B | 5.35B | 5.47B | 2.65B | 6.34B | 7.50B |
| Interest Expense | -656.00M | -665.00M | -621.00M | -545.00M | -506.00M | -556.00M |
| Other Non Operating Income (Expenses) | 115.00M | 109.00M | 168.00M | 149.00M | 4.00M | 73.00M |
| EBT Excluding Unusual Items | 5.25B | 4.79B | 5.02B | 2.25B | 5.84B | 7.01B |
| Gain (Loss) on Sale of Investments | -12.00M | 45.00M | 97.00M | |||
| Gain (Loss) on Sale of Assets | 231.00M | 1.98B | ||||
| Other Unusual Items | -54.00M | |||||
| Pretax Income | 5.24B | 5.07B | 5.02B | 2.35B | 5.84B | 8.94B |
| Income Tax Expense | 716.00M | 886.00M | 842.00M | 290.00M | 940.00M | 1.93B |
| Net Income | 4.52B | 4.18B | 4.17B | 2.06B | 4.90B | 7.00B |
| Net Income to Common | 4.52B | 4.18B | 4.17B | 2.06B | 4.90B | 7.00B |
| Shares Outstanding (Basic) | 142.22M | 143.50M | 147.00M | 151.50M | 154.90M | 160.30M |
| Shares Outstanding (Diluted) | 142.53M | 143.80M | 147.30M | 152.00M | 155.60M | 160.90M |
| EPS (Basic) | 31.78 | 29.14 | 28.39 | 13.57 | 31.61 | 43.70 |
| EPS (Diluted) | 31.71 | 29.08 | 28.34 | 13.53 | 31.47 | 43.54 |
| Free Cash Flow | 3.83B | 3.31B | 2.62B | 2.10B | 1.47B | 2.15B |
| Free Cash Flow Per Share | 26.86 | 23.00 | 17.79 | 13.82 | 9.42 | 13.38 |
| Dividend Per Share | 9.56 | 8.99 | 8.05 | 7.34 | 6.76 | 6.16 |
| Gross Margin | 20.03% | 19.81% | 20.38% | 16.67% | 20.42% | 20.38% |
| Operating Margin | 13.28% | 12.75% | 13.33% | 6.73% | 17.32% | 21.01% |
| Profit Margin | 10.37% | 9.97% | 10.17% | 5.23% | 13.38% | 19.64% |
| Free Cash Flow Margin | 8.78% | 7.88% | 6.39% | 5.34% | 4.00% | 6.03% |
| EBITDA | 7.31B | 6.82B | 6.84B | 3.98B | 7.68B | 8.73B |
| EBITDA Margin | 16.78% | 16.26% | 16.67% | 10.14% | 20.98% | 24.49% |
| D&A For EBITDA | 1.52B | 1.47B | 1.37B | 1.34B | 1.34B | 1.24B |
| EBIT | 5.79B | 5.35B | 5.47B | 2.65B | 6.34B | 7.50B |
| EBIT Margin | 13.28% | 12.75% | 13.33% | 6.73% | 17.32% | 21.01% |
| Effective Tax Rate | 13.68% | 17.48% | 16.79% | 12.36% | 16.11% | 21.63% |
| Revenue as Reported | 43.59B | 41.95B | 41.03B | 39.29B | 36.60B | 35.67B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.74B | 4.40B | 4.35B | 3.11B | 2.58B | 3.53B |
| Cash & Short-Term Investments | 3.74B | 4.40B | 4.35B | 3.11B | 2.58B | 3.53B |
| Accounts Receivable | 9.98B | 7.92B | 7.18B | 7.15B | 7.49B | 6.96B |
| Other Receivables | 1.00B | 924.00M | 517.00M | 1.50B | 850.00M | 571.00M |
| Receivables | 10.98B | 8.84B | 7.70B | 8.65B | 8.34B | 7.53B |
| Inventory | 1.36B | 1.31B | 1.46B | 1.11B | 978.00M | 811.00M |
| Prepaid Expenses | 693.00M | 543.00M | 769.00M | 841.00M | 589.00M | 555.00M |
| Other Current Assets | 200.00M | 189.00M | ||||
| Total Current Assets | 16.98B | 15.29B | 14.27B | 13.71B | 12.49B | 12.43B |
| Property, Plant & Equipment | 12.64B | 12.83B | 12.31B | 11.47B | 10.61B | 9.55B |
| Long-Term Investments | 424.00M | 483.00M | 347.00M | 339.00M | 332.00M | 418.00M |
| Goodwill | 17.44B | 17.44B | 17.51B | 17.52B | 17.52B | 17.52B |
| Other Intangible Assets | 208.00M | 254.00M | 305.00M | 384.00M | 578.00M | |
| Long-Term Deferred Tax Assets | 488.00M | 1.05B | 1.60B | 1.02B | 162.00M | 200.00M |
| Long-Term Deferred Charges | 311.00M | 313.00M | ||||
| Other Long-Term Assets | 4.21B | 3.77B | 3.07B | 2.19B | 2.26B | 1.89B |
| Total Assets | 52.50B | 51.38B | 49.36B | 46.54B | 43.76B | 42.58B |
| Accounts Payable | 3.28B | 3.24B | 2.60B | 2.11B | 2.59B | 2.20B |
| Accrued Expenses | 2.25B | 2.51B | 2.27B | 2.25B | 2.06B | 1.99B |
| Current Portion of Long-Term Debt | 764.00M | 534.00M | 1.58B | 70.00M | 1.07B | 6.00M |
| Current Portion of Leases | 331.00M | 324.00M | 300.00M | 299.00M | 284.00M | |
| Current Unearned Revenue | 3.84B | 4.09B | 4.07B | 4.19B | 3.61B | 3.03B |
| Other Current Liabilities | 3.62B | 3.18B | 3.28B | 3.02B | 1.96B | 2.02B |
| Total Current Liabilities | 13.75B | 13.88B | 14.13B | 11.94B | 11.59B | 9.53B |
| Long-Term Debt | 14.43B | 15.16B | 14.69B | 13.79B | 11.80B | 12.78B |
| Long-Term Leases | 2.20B | 1.86B | 1.80B | 1.89B | 1.82B | 1.59B |
| Pension & Post-Retirement Benefits | 1.08B | 1.11B | 1.12B | 1.29B | 1.19B | 3.27B |
| Long-Term Deferred Tax Liabilities | 490.00M | |||||
| Other Long-Term Liabilities | 2.35B | 2.69B | 2.33B | 2.84B | 2.04B | 2.00B |
| Total Liabilities | 33.81B | 34.70B | 34.07B | 31.75B | 28.44B | 29.65B |
| Common Stock | 142.00M | 142.00M | 145.00M | 150.00M | 153.00M | 156.00M |
| Additional Paid-In Capital | 63.00M | |||||
| Retained Earnings | 18.61B | 16.66B | 15.30B | 14.77B | 15.31B | 12.91B |
| Comprehensive Income & Other | -132.00M | -126.00M | -152.00M | -128.00M | -153.00M | -143.00M |
| Shareholders' Equity | 18.68B | 16.67B | 15.29B | 14.79B | 15.31B | 12.93B |
| Total Liabilities & Equity | 52.50B | 51.38B | 49.36B | 46.54B | 43.76B | 42.58B |
| Total Debt | 17.40B | 17.88B | 18.40B | 16.05B | 15.00B | 14.66B |
| Net Cash (Debt) | -13.23B | -13.00B | -13.70B | -12.60B | -12.09B | -10.71B |
| Net Cash Per Share | -92.83 | -90.39 | -92.98 | -82.89 | -77.71 | -66.56 |
| Filing Date Shares Outstanding | 142.06M | 141.92M | 144.76M | 150.04M | 153.05M | 156.10M |
| Total Common Shares Outstanding | 142.06M | 142.00M | 144.95M | 150.11M | 153.16M | 156.28M |
| Working Capital | 3.22B | 1.41B | 146.00M | 1.76B | 901.00M | 2.90B |
| Book Value Per Share | 131.51 | 117.42 | 105.48 | 98.56 | 99.98 | 82.71 |
| Tangible Book Value | 1.24B | -971.00M | -2.48B | -3.03B | -2.59B | -5.17B |
| Tangible Book Value Per Share | 8.75 | -6.84 | -17.08 | -20.17 | -16.90 | -33.06 |
| Land | 792.00M | 782.00M | 742.00M | 741.00M | 636.00M | |
| Buildings | 4.28B | 4.03B | 3.60B | 3.27B | 3.02B | |
| Machinery | 10.93B | 10.39B | 9.64B | 8.77B | 8.06B | |
| Leasehold Improvements | 3.55B | 3.29B | 3.08B | 2.75B | 2.51B | |
| Order Backlog | 95.68B | 91.47B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.52B | 4.18B | 4.17B | 2.06B | 4.90B | 7.00B |
| Depreciation & Amortization | 1.52B | 1.47B | 1.37B | 1.34B | 1.34B | 1.24B |
| Loss (Gain) From Sale of Assets | -231.00M | -1.98B | ||||
| Stock-Based Compensation | 129.00M | 119.00M | 101.00M | 87.00M | 99.00M | 94.00M |
| Other Operating Activities | -179.00M | 78.00M | -1.53B | 538.00M | -2.84B | -2.97B |
| Change in Accounts Receivable | -788.00M | -862.00M | -33.00M | 301.00M | -690.00M | -424.00M |
| Change in Inventory | 211.00M | 97.00M | -358.00M | -220.00M | -205.00M | -52.00M |
| Change in Accounts Payable | 484.00M | 646.00M | 485.00M | -469.00M | 572.00M | 376.00M |
| Change in Unearned Revenue | 276.00M | 19.00M | -123.00M | 587.00M | ||
| Change in Income Taxes | -263.00M | -559.00M | 1.14B | -658.00M | -279.00M | 215.00M |
| Change in Other Net Operating Assets | -648.00M | -204.00M | -840.00M | 315.00M | 2.00M | 66.00M |
| Operating Cash Flow | 5.27B | 4.76B | 4.39B | 3.88B | 2.90B | 3.57B |
| Capital Expenditures | -1.44B | -1.45B | -1.77B | -1.77B | -1.44B | -1.42B |
| Sale of Property, Plant & Equipment | 371.00M | 155.00M | 84.00M | |||
| Divestitures | 333.00M | 3.40B | ||||
| Investment in Securities | 107.00M | 197.00M | ||||
| Other Investing Activities | -19.00M | -38.00M | 18.00M | -4.00M | 39.00M | -11.00M |
| Investing Cash Flow | -978.00M | -1.16B | -1.75B | -1.58B | -1.24B | 2.06B |
| Long-Term Debt Issued | 998.00M | 2.50B | 2.00B | |||
| Total Debt Issued | 998.00M | 2.50B | 2.00B | |||
| Long-Term Debt Repaid | -1.50B | -1.05B | -2.24B | |||
| Total Debt Repaid | -527.00M | -1.50B | -1.05B | -2.24B | ||
| Net Debt Issued (Repaid) | -527.00M | -502.00M | 2.50B | 945.00M | -2.24B | |
| Repurchase of Common Stock | -583.00M | -1.66B | -2.57B | -1.55B | -1.55B | -3.74B |
| Common Dividends Paid | -1.36B | -1.29B | -1.19B | -1.12B | -1.05B | -983.00M |
| Other Financing Activities | -27.00M | -94.00M | -132.00M | -38.00M | -7.00M | -44.00M |
| Financing Cash Flow | -2.50B | -3.55B | -1.40B | -1.76B | -2.61B | -7.00B |
| Net Cash Flow | 1.79B | 50.00M | 1.24B | 532.00M | -953.00M | -1.38B |
| Free Cash Flow | 3.83B | 3.31B | 2.62B | 2.10B | 1.47B | 2.15B |
| Free Cash Flow Margin | 8.78% | 7.88% | 6.39% | 5.34% | 4.00% | 6.03% |
| Free Cash Flow Per Share | 26.86 | 23.00 | 17.79 | 13.82 | 9.42 | 13.38 |
| Levered Free Cash Flow | 3.14B | 2.90B | 4.06B | 1.63B | 3.61B | 6.46B |
| Unlevered Free Cash Flow | 3.55B | 3.32B | 4.45B | 1.97B | 3.93B | 6.81B |
| Cash Income Tax Paid | 731.00M | 731.00M | 880.00M | 1.20B | 1.50B | 1.30B |
| Change in Working Capital | -728.00M | -863.00M | 274.00M | -144.00M | -600.00M | 181.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 79.21B | 81.38B | 68.37B | 70.59B | 83.98B | 61.37B |
| Enterprise Value | 92.44B | 96.40B | 82.79B | 83.79B | 96.56B | 71.05B |
| Last Close Price | 557.54 | 563.34 | 455.72 | 447.08 | 512.66 | 358.45 |
| PE Ratio | 17.58 | 19.46 | 16.38 | 34.34 | 17.15 | 8.76 |
| Forward PE | 18.90 | 20.64 | 17.58 | 19.69 | 24.11 | 15.61 |
| PS Ratio | 1.82 | 1.94 | 1.67 | 1.80 | 2.29 | 1.72 |
| PB Ratio | 4.24 | 4.88 | 4.47 | 4.77 | 5.48 | 4.75 |
| P/FCF Ratio | 20.69 | 24.61 | 26.09 | 33.62 | 57.28 | 28.52 |
| P/OCF Ratio | 15.04 | 17.11 | 15.58 | 18.22 | 28.95 | 17.20 |
| PEG Ratio | 3.00 | 3.19 | 0.59 | 5.59 | 35.88 | 2.41 |
| EV/Sales Ratio | 2.12 | 2.30 | 2.02 | 2.13 | 2.64 | 1.99 |
| EV/EBITDA Ratio | 12.64 | 14.13 | 12.11 | 21.04 | 12.57 | 8.13 |
| EV/EBIT Ratio | 15.97 | 18.02 | 15.14 | 31.68 | 15.23 | 9.48 |
| EV/FCF Ratio | 24.14 | 29.15 | 31.59 | 39.90 | 65.86 | 33.02 |
| Debt / Equity Ratio | 0.93 | 1.07 | 1.20 | 1.08 | 0.98 | 1.13 |
| Debt / EBITDA Ratio | 2.21 | 2.44 | 2.52 | 3.60 | 1.85 | 1.60 |
| Debt / FCF Ratio | 4.54 | 5.41 | 7.02 | 7.64 | 10.23 | 6.81 |
| Net Debt / Equity Ratio | 0.71 | 0.78 | 0.90 | 0.85 | 0.79 | 0.83 |
| Net Debt / EBITDA Ratio | 1.81 | 1.91 | 2.00 | 3.16 | 1.57 | 1.23 |
| Net Debt / FCF Ratio | 3.46 | 3.93 | 5.22 | 6.00 | 8.25 | 4.98 |
| Asset Turnover | 0.86 | 0.83 | 0.86 | 0.87 | 0.85 | 0.82 |
| Inventory Turnover | 23.43 | 24.34 | 25.48 | 31.37 | 32.56 | 36.18 |
| Quick Ratio | 1.07 | 0.95 | 0.85 | 0.98 | 0.94 | 1.16 |
| Current Ratio | 1.23 | 1.10 | 1.01 | 1.15 | 1.08 | 1.30 |
| Return on Equity (ROE) | 26.07% | 26.17% | 27.75% | 13.66% | 34.68% | 59.60% |
| Return on Assets (ROA) | 7.11% | 6.64% | 7.13% | 3.66% | 9.18% | 10.76% |
| Return on Invested Capital (ROIC) | 15.38% | 14.84% | 15.95% | 8.36% | 20.53% | 25.36% |
| Return on Capital Employed (ROCE) | 14.90% | 14.30% | 15.50% | 7.60% | 19.70% | 22.70% |
| Earnings Yield | 5.69% | 5.14% | 6.11% | 2.91% | 5.83% | 11.42% |
| FCF Yield | 4.83% | 4.06% | 3.83% | 2.97% | 1.75% | 3.51% |
| Dividend Yield | 1.77% | 1.57% | 1.71% | 1.56% | 1.23% | 1.57% |
| Payout Ratio | 31.16% | 30.92% | 28.41% | 54.28% | 21.49% | 14.03% |
| Buyback Yield / Dilution | 1.38% | 2.38% | 3.09% | 2.31% | 3.29% | 4.00% |
| Total Shareholder Return | 3.16% | 3.94% | 4.80% | 3.88% | 4.53% | 5.57% |