Northrop Grumman
NOC · NYSESearch, Detection, Navigation, Guidance, Aeronautical Sys · Fiscal year ends Dec 31
Northrop Grumman reported revenue of $42B in the fiscal year ended Dec 2025, up 2.2% from the year before. Operating income was $4.5B, an operating margin of 10.8%, and net income was $4.2B. Operating cash flow of $4.8B less capital expenditure of $1.5B left free cash flow of $3.3B. Net debt was $11.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $35.7B | $36.6B | $39.3B | $41B | $42B |
| Research & development | $1.1B | $1.2B | $1.2B | $1.1B | $1.1B |
| Operating income | $5.7B | $3.6B | $2.5B | $4.4B | $4.5B |
| Pre-tax income | $8.9B | $5.8B | $2.3B | $5B | $5.1B |
| Income tax | $1.9B | $940M | $290M | $842M | $886M |
| Net income | $7B | $4.9B | $2.1B | $4.2B | $4.2B |
| Diluted EPS | 43.54 | 31.47 | 13.53 | 28.34 | 29.08 |
| Diluted shares | 161M | 156M | 152M | 147M | 144M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3.5B | $2.6B | $3.1B | $4.4B | $4.4B |
| Receivables | $1.5B | $1.5B | $1.5B | $1.3B | $1.4B |
| Inventory | $811M | $978M | $1.1B | $1.5B | $1.3B |
| Current assets | $12.4B | $12.5B | $13.7B | $14.3B | $15.3B |
| Net PP&E | $7.9B | $8.8B | $9.7B | $10.5B | $11B |
| Goodwill | $17.5B | $17.5B | $17.5B | $17.5B | $17.4B |
| Total assets | $42.6B | $43.8B | $46.5B | $49.4B | $51.4B |
| Payables | $2.2B | $2.6B | $2.1B | $2.6B | $3.2B |
| Deferred revenue | $3B | $3.6B | $4.2B | $4.1B | $4.1B |
| Current liabilities | $9.5B | $11.6B | $11.9B | $14.1B | $13.9B |
| Short-term debt | $6M | $1.1B | $70M | $1.6B | $534M |
| Long-term debt | $12.8B | $11.8B | $13.8B | $14.7B | $15.2B |
| Total liabilities | $29.7B | $28.4B | $31.7B | $34.1B | $34.7B |
| Shareholders' equity | $12.9B | $15.3B | $14.8B | $15.3B | $16.7B |
| Backlog (remaining obligations) | $76B | $78.7B | $84.2B | $91.5B | $95.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.6B | $2.9B | $3.9B | $4.4B | $4.8B |
| Capital expenditure | $1.4B | $1.4B | $1.8B | $1.8B | $1.5B |
| Free cash flow | $2.2B | $1.5B | $2.1B | $2.6B | $3.3B |
| Depreciation & amortisation | $1.2B | $1.3B | $1.3B | $1.4B | $1.5B |
| Stock-based compensation | $94M | $99M | $87M | $101M | $119M |
| Share buybacks | $3.7B | $1.5B | $1.5B | $2.5B | $1.6B |
| Dividends paid | $983M | $1.1B | $1.1B | $1.2B | $1.3B |
| Dividend per share | 6.16 | 6.76 | 7.34 | 8.05 | 8.99 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.6% | 7.3% | 4.4% | 2.2% |
| Operating income growth (YoY) | – | −36.3% | −29.5% | 72.3% | 3.2% |
| EPS growth (YoY) | – | −27.7% | −57.0% | 109.5% | 2.6% |
| Operating margin | 15.8% | 9.8% | 6.5% | 10.6% | 10.8% |
| Net margin | 19.6% | 13.4% | 5.2% | 10.2% | 10.0% |
| Return on equityBlank when equity is negative | 54.2% | 32.0% | 13.9% | 27.3% | 25.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.1% | 11.2% | 7.3% | 12.4% | 12.0% |
| Free cash flow margin | 6.0% | 4.0% | 5.3% | 6.4% | 7.9% |
| Cash conversion (CFO ÷ net income) | 0.51x | 0.59x | 1.88x | 1.05x | 1.14x |
| Receivable days | 15 | 15 | 14 | 11 | 12 |
| Debt ÷ equity | 0.99x | 0.84x | 0.94x | 1.06x | 0.94x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $9.3B | $10.3B | $10.7B | $11.9B | $11.3B |
| Current ratio | 1.30x | 1.08x | 1.15x | 1.01x | 1.10x |
Recent filings
More in Search, Detection, Navigation, Guidance, Aeronautical Sys
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.