Northrop Grumman (NOC) financials
NYSE · Industrials · Aerospace & Defense · 95,000 employees · CEO Kathy J. Warden
- Price
- $557.54 -0.86%
- Market cap
- $79.2B
- Enterprise value
- $92.1B
- Last report
- Q3 '26 filed 2026-10-20
- Next report
- 2027-01-26 EPS est. $7.96
Revenue (TTM)$43.6B+6.5% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)10.1%-0.5 pp vs a year agoOperating income $4.39B
Net income (TTM)$4.52B+12.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$3.83B+108.8% vs a year agoCapex $1.44B
Diluted EPS (TTM)$31.70+14.0% vs a year agoSum of the last 4 quarters
Net cash-$12.9B+25.6% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $79.2B EV $92.1B
- Revenue
- $43.6B Trailing 12 months
- Revenue growth
- +5% FY2026 consensus
- Profit margin
- 10.4% Net income / revenue, TTM
- P/E
- 17.6× Forward 18.8× (FY2026)
- P/S
- 1.8× Price / sales, TTM
- EV / EBITDA
- 12.4× TTM
- Free cash flow
- $3.83B Trailing 12 months
- Net income
- $4.52B Trailing 12 months
- Revenue estimate
- $44.1B FY2026 consensus
- Earnings
- 2027-01-26 Revenue est. $12.2B
- Dividend
- $9.56 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-20): revenue in line, EPS beat by 9.9%Revenue $11.1B vs $11.1B expected (-0.2%); EPS $7.89 vs $7.18 (+9.9%).
- Revenue growth steady: 6.7% year on yearQ3 '26 revenue $11.1B, against an average of 5.8% over the four quarters before.
- Operating margin 10.1% (TTM), -0.5 pp on a year agoOperating income grew 1.5% while revenue grew 6.5%.
- 16.1% of pre-tax profit is non-operatingPre-tax income $5.24B vs operating income $4.39B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
- Capex 3.3% of revenue (a year ago 3.9%)$1.44B invested in the last 4 quarters (-10.4% on a year earlier). Free cash flow $3.83B = 84.7% of net income.
- Returned $1.89B to shareholders = 49.3% of free cash flowBuybacks $524M (a year earlier $1.61B), dividends $1.36B, stock-based pay $129M (TTM).
- Diluted share count down 0.8% in a year142M diluted shares in Q3 '26, 144M a year earlier.
- Net debt $12.9BCash + short-term investments $3.74B, debt incl. leases $16.6B; a year ago net debt $17.3B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $11.1B | $10.4B | +6.7% |
| Gross margin | 21.1% | 21.4% | -0.2 pp |
| Operating income | $1.27B | $1.24B | +2.2% |
| Operating margin | 11.4% | 11.9% | -0.5 pp |
| Net income | $1.12B | $1.1B | +2.2% |
| Diluted EPS | $7.89 | $7.67 | +2.9% |
| Operating cash flow | $1.75B | $1.56B | +12.1% |
| Capex | $306M | $301M | +1.7% |
| Free cash flow | $1.44B | $1.26B | +14.6% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $26M | $25M | +4.0% |
Reported vs consensus
2026-10-20| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $11.1B | $11.1B | -0.2% |
| EPS (as estimated) | $7.89 | $7.18 | +9.9% |
From the report of 2026-10-20 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Defense Systems | $2.31B | +12.0% | 19.6% | $8.45B | -10.2% | |
| Aeronautics Systems | $3.58B | +13.8% | 30.3% | $14.3B | +16.3% | |
| Space Systems | $2.75B | +1.9% | 23.3% | $10.8B | +13.6% | |
| Mission Systems | $3.16B | +2.0% | 26.8% | $12.7B | +4.2% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Europe | $810M | -11.8% | 62.6% | $3.24B | +1.7% | |
| Asia Pacific | $483M | -4.2% | 37.4% | $2.01B | +10.8% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Aeronautics Systems | – | – | $377M | +23.6% | – | – | $1.41B |
| Defense Systems | – | – | $250M | +6.8% | – | – | $795M |
| Mission Systems | – | – | $500M | -2.9% | – | – | $1.94B |
| Space Systems | – | – | $312M | +4.7% | – | – | $1.11B |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $5.27B
- Capex
- -$1.44B
- Buybacks
- -$524M
- Dividends
- -$1.36B
- Acquisitions
- $0
- Net debt issued
- -$527M
- Stock-based compensation
- $129M
- Free cash flow
- $3.83B
- Returned to shareholders / FCF
- 49.3%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 17.6× | 19.3× | 8.9× – 34.5× |
| EV / EBITDA | 12.4× | 13.5× | 8.6× – 20.3× |
| EV / Sales | 2.1× | 2.3× | 2.1× – 2.7× |
| Price / FCF | 20.7× | 34.3× | 24.7× – 57.7× |
| Price / Book | 4.2× | 4.9× | 4.5× – 5.5× |
| FCF yield | 4.8% | 3.2% | 1.7% – 4.0% |
| Return on invested capital | 9.8% | 9.6% | 6.4% – 13.4% |
| Return on equity | 25.7% | 30.5% | 13.9% – 54.2% |
Analysts
Consensus target $616.62 (+10.6%)
range $430.00 – $745.00 · rating Buy
Strong buy0
Buy22
Hold13
Sell2
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $44.1B | +5.1% | $29.67 | +2.0% | 18.8× | 15 |
| FY2027 | $46.9B | +6.4% | $29.86 | +0.6% | 18.7× | 17 |
| FY2028 | $50.2B | +7.0% | $32.57 | +9.1% | 17.1× | 18 |
| FY2029 | $53.3B | +6.2% | $35.25 | +8.2% | 15.8× | 9 |
| FY2030 | $56.5B | +6.0% | $37.87 | +7.4% | 14.7× | 8 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 244 figures Northrop Grumman Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $1.44B | $58M | +2,377.6% | – | – | – | |
| $0 | – | – | – | – | – | |
| Accounts Payable, Current | $3.28B | $2.8B | +17.3% | $3.24B | $2.6B | +24.7% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.08B | $1.98B | +4.9% | $1.38B | $1.27B | +8.1% |
| Accounts Receivable, Allowance for Credit Loss, Current | $5M2025-12-31 | $5M | 0.0% | $5M | $5M | 0.0% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $1.38B2025-12-31 | $1.28B | +8.1% | $1.38B | $1.28B | +8.1% |
| Accrual for Environmental Loss Contingencies | $554M | $567M | -2.3% | $547M | $546M | +0.2% |
| Accrued Environmental Loss Contingencies, Current | $215M | – | – | $88M2012-12-31 | $86M | +2.3% |
| Accrued Environmental Loss Contingencies, Noncurrent | $339M | – | – | $254M2012-12-31 | $236M | +7.6% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $10.3B | $9.43B | +9.3% | $9.65B | $8.73B | +10.5% |
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -$131M | -$129M | -1.6% | -$131M | -$140M | +6.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$132M | -$123M | -7.3% | -$126M | -$152M | +17.1% |
| Additional Paid in Capital, Common Stock | $63M | $0 | – | $0 | $0 | – |
| Amortization of Intangible Assets | – | – | – | $45M | $57M | -21.1% |
| Assets | $52.5B | $49.3B | +6.5% | $51.4B | $49.4B | +4.1% |
| Assets for Plan Benefits, Defined Benefit Plan | $3.45B | $2.5B | +37.8% | $3.17B | $2.18B | +45.0% |
| Assets, Current | $17B | $14.1B | +20.4% | $15.3B | $14.3B | +7.1% |
| Capital Expenditures Incurred but Not yet Paid | $47M | $6M | +683.3% | $280M | $242M | +15.7% |
| Cash and Cash Equivalents, at Carrying Value | $3.74B | $1.96B | +91.3% | $4.4B | $4.35B | +1.1% |
| Cash Surrender Value of Life Insurance | $447M2025-12-31 | $416M | +7.5% | $447M | $416M | +7.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $3.74B | $1.96B | +91.3% | $4.4B | $4.35B | +1.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $2.45B2025-12-31 | $1.03B | +138.2% | $50M | $1.24B | -96.0% |
| Common Stock, Dividends, Per Share, Declared | $2.47 | $2.31 | +6.9% | $8.99 | $8.05 | +11.7% |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 800M | 800M | 0.0% | 800M | 800M | 0.0% |
| Common Stock, Shares, Issued | 142M | 143M | -0.5% | 142M | 145M | -2.0% |
| Common Stock, Shares, Outstanding | 142M | 143M | -0.5% | 142M | 145M | -2.0% |
| Common Stock, Value, Issued | $142M | $143M | -0.7% | $142M | $145M | -2.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.13B | $1.1B | +2.3% | $4.21B | $4.15B | +1.4% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $6.54B2025-12-31 | $5.91B | +10.8% | $6.54B | $5.91B | +10.8% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $7.9B | $7.03B | +12.4% | $1.84B2024-12-31 | $1.5B | +22.5% |
| Contract with Customer, Asset, Allowance for Credit Loss | $9M2025-12-31 | $14M | -35.7% | $9M | $14M | -35.7% |
| Contract with Customer, Asset, before Allowance for Credit Loss | $6.55B2025-12-31 | $5.92B | +10.7% | $6.55B | $5.92B | +10.7% |
| Contract with Customer, Liability, Current | $3.84B | $3.56B | +7.7% | $4.09B | $4.07B | +0.4% |
| Contract with Customer, Liability, Revenue Recognized | $552M | $431M | +28.1% | $3.3B | $3.6B | -8.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | $298M | $628M | -52.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $22M | $13M | +69.2% |
| Debt and Lease Obligation | $15.7B2025-12-31 | $16.3B | -3.6% | $15.7B | $16.3B | -3.6% |
| Debt Instrument, Face Amount | – | – | – | $1B2025-05-31 | – | – |
| Debt Instrument, Unamortized Discount (Premium), Net | $21M2025-12-31 | $21M | 0.0% | $21M | $21M | 0.0% |
| Debt Issuance Costs, Net | $81M2025-12-31 | $83M | -2.4% | $81M | $83M | -2.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $555M | $204M | +172.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $11M | -$3M | +466.7% |
| Deferred Income Tax Assets, Net | $488M | $1.26B | -61.1% | $1.05B | $1.6B | -34.3% |
| Deferred Income Taxes and Tax Credits | $198M | $458M | -56.8% | $548M | -$582M | +194.2% |
| Deferred Tax Assets, Gross | $6.09B2025-12-31 | $7.1B | -14.2% | $6.09B | $7.1B | -14.2% |
| Deferred Tax Assets, Inventory | $11M2025-12-31 | $36M | -69.4% | $11M | $36M | -69.4% |
| Deferred Tax Assets, Net | $1.05B2025-12-31 | $1.6B | -34.3% | $1.05B | $1.6B | -34.3% |
| Deferred Tax Assets, Net of Valuation Allowance | $5.51B2025-12-31 | $6.58B | -16.2% | $5.51B | $6.58B | -16.2% |
| Deferred Tax Assets, Other | $301M2025-12-31 | $241M | +24.9% | $301M | $241M | +24.9% |
| Deferred Tax Assets, Tax Credit Carryforwards | $829M2025-12-31 | $562M | +47.5% | $829M | $562M | +47.5% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | $378M2025-12-31 | $386M | -2.1% | $378M | $386M | -2.1% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $45M2025-12-31 | $37M | +21.6% | $45M | $37M | +21.6% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $488M2025-12-31 | $468M | +4.3% | $488M | $468M | +4.3% |
| Deferred Tax Assets, Valuation Allowance | $582M2025-12-31 | $526M | +10.6% | $582M | $526M | +10.6% |
| Deferred Tax Liabilities, Goodwill | $535M2025-12-31 | $534M | +0.2% | $535M | $534M | +0.2% |
| Deferred Tax Liabilities, Gross | $4.46B2025-12-31 | $4.98B | -10.4% | $4.46B | $4.98B | -10.4% |
| Deferred Tax Liabilities, Leasing Arrangements | $582M2025-12-31 | $554M | +5.1% | $582M | $554M | +5.1% |
| Deferred Tax Liabilities, Other | $134M2025-12-31 | $127M | +5.5% | $134M | $127M | +5.5% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $983M2025-12-31 | $827M | +18.9% | $983M | $827M | +18.9% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01