NOCNorthrop Grumman

Industrials · Defense Electronics · NYSE

Northrop Grumman Corporation (herein referred to as “Northrop Grumman,” the “company,” “we,” “us,” or “our”) is a leading global aerospace and defense technology company. 10-K, Item 1

Employees: 95,000
Headquarters: Falls Church, VA
Next results: around Jan 26, 2027

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All key numbers (40, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	31.68	Sales (ttm)	43.6B	Net income (ttm)	4.5B	Sales growth	+2.2%	EPS growth	+2.6%	Sales Q/Q	+6.7%
Free cash flow	3.8B	Gross margin	-	Oper. margin	10.6%	Net margin	10.4%	FCF margin	8.8%	ROE	24.2%
ROA	8.6%	R&D / sales	2.6%	Dividend	8.99	Debt/Eq	0.81	Curr. ratio	1.23	Cash	3.7B
Op. cash flow (ttm)	5.3B	EBITDA	6.0B	EBITDA margin	14.3%	Net debt	11.5B	Quick ratio	1.14	ROIC	11.0%
Payout ratio	30.9%	Tax rate	17.5%	Stock pay / sales	0.3%	Shares out.	142.1M	Shares Y/Y	-2.4%	Book / share	131.51
Cash / share	26.35	Sales / share	306.84	Asset turnover	0.83	Days sales out.	12	Sales 3Y CAGR	+4.7%	Sales 5Y CAGR	+2.7%
EPS 3Y CAGR	-2.6%	EPS 5Y CAGR	+8.9%	Employees	95,000	Sales / employee	459K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Free cash flow rose 26%$2.6B → $3.3B · Cash from operations − capital expenditure · 10-K ↗

What management wrote about it → · Every company →

NOC against Industrials peers

Ten years, side by side → · All 83 →

NOCPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth

+2.2%56th of 82 · median +4.8%

Net margin

10.4%51st of 82 · median 13.0%

Return on equity

24.2%40th of 77 · median 24.9%

Free cash flow margin

8.8%61st of 79 · median 13.0%

Debt / equity (less is better)

0.8141st of 72 · median 0.72

NOC and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
NOC Northrop Grumman	$43.6B	+2.2%	-	10.4%	24.2%	8.8%	0.81
DE Deere & Company	$48.0B	-11.7%	-	10.2%	17.4%	12.5%	0.61
GEV GE Vernova	$44.0B	+9.0%	21.7%	23.5%	91.1%	38.9%	0.25
HON Honeywell Technologies	$37.7B	+7.8%	37.2%	18.7%	31.5%	2.6%	0.74
PWR Quanta Services	$37.3B	+20.3%	15.8%	4.5%	16.0%	8.5%	0.66
CMI Cummins	$35.8B	-1.3%	25.9%	9.3%	24.9%	9.7%	0.54

Profitability

2 of 3

!
Net margin below the peer median10.4% vs 13.0%
✓
Return on equity above 15%24.2%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 8.3% → 10.0%

Balance sheet

3 of 3

✓
Debt smaller than equityDebt / equity 0.81 on the latest balance sheet (peer median 0.72)
✓
Current assets cover current liabilitiesCurrent ratio 1.23
✓
Net debt under 3 years of free cash flow$11.5B net debt, 3.0 years

Debt / equity at each year end, FY2016 to FY2025: 1.32 → 0.94

What the debt is made of ↓

Cash and shareholders

4 of 4

✓
Free cash flow positive in every one of 10 years$3.3B last year
✓
Share count down over 5 years−14.2%
✓
Dividend per share up over 5 years$5.67 → $8.99
✓
Cash from operations above net income$4.8B vs $4.2B

Free cash flow, FY2016 to FY2025: 1.9B → 3.3B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025

The debt note's own lines, 2025-12-31

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
2047	–	4.03%	not stated	$2.2B
2028	–	3.25%	not stated	$2.0B
2030	–	–	not stated	$1.2B
2054	–	5.20%	not stated	$1.1B
2033	–	4.70%	not stated	$1.0B
2050	–	5.25%	not stated	$1.0B
2053	–	4.95%	not stated	$1.0B
2043	–	4.75%	not stated	$950.0M
2034	–	4.90%	not stated	$850.0M
2040	–	5.05–5.15%	not stated	$800.0M
2027	–	3.20%	not stated	$750.0M
2045	–	3.85%	not stated	$600.0M
2026	–	7.75–7.88%	not stated	$527.0M
2029	–	4.60%	not stated	$500.0M
2035	–	5.25%	not stated	$500.0M
2031	–	7.75%	not stated	$466.0M

All 16 lines

From the debt note in the 10-K's XBRL (0001133421-26-000003), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 42.0B Net income 4.2B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $42.0B of revenue came from

by product, year to Dec 31, 2025

Product $33.7B · 80%
Service $8.2B · 20%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

NOC's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue42.0B

Net income4.2B

Free cash flow3.3B

EPS (diluted)29.08

Dividend per share8.99

Diluted shares143.8M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Aeronautics Systems	13.0B	31.0%	+4.8%
Mission Systems	12.5B	29.8%	+9.7%
Space Systems	10.8B	25.7%	-8.2%
Defense Systems	8.0B	19.1%	+8.1%

10-K 0001133421-26-000003, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Product	33.7B	80.4%	+3.1%
Service	8.2B	19.6%	-1.1%

10-K 0001133421-26-000003, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
United States	36.0B	85.7%	-0.2%
Europe	3.3B	7.8%	+15.8%
Asia/Pacific	1.9B	4.6%	+23.6%
All Other	785.0M	1.9%	+28.5%

10-K 0001133421-26-000003, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	24.7B	26.0B	30.1B	33.8B	36.8B	35.7B	36.6B	39.3B	41.0B	42.0B
Cost of revenue	11.0B	12.3B	-	-	-	-	-	-	-	-
R&D	705.0M	639.0M	764.0M	953.0M	1.1B	1.1B	1.2B	1.2B	1.1B	1.1B
SG&A	2.6B	2.7B	3.0B	3.3B	3.4B	3.6B	3.9B	4.0B	4.0B	4.0B
Operating income	3.3B	3.2B	3.8B	4.0B	4.1B	5.7B	3.6B	2.5B	4.4B	4.5B
Pretax income	2.7B	4.2B	3.7B	2.5B	3.7B	8.9B	5.8B	2.3B	5.0B	5.1B
Income tax	638.0M	1.4B	513.0M	300.0M	539.0M	1.9B	940.0M	290.0M	842.0M	886.0M
Net income	2.0B	2.9B	3.2B	2.2B	3.2B	7.0B	4.9B	2.1B	4.2B	4.2B
EPS (diluted)	11.32	16.34	18.49	13.22	19.03	43.54	31.47	13.53	28.34	29.08
Diluted shares	180.5M	175.6M	174.6M	170.0M	167.6M	160.9M	155.6M	152.0M	147.3M	143.8M
Depreciation & amortization	456.0M	475.0M	800.0M	1.3B	1.3B	1.2B	1.3B	1.3B	1.4B	1.5B
EBITDA	3.7B	3.7B	4.6B	5.2B	5.3B	6.9B	4.9B	3.9B	5.7B	6.0B
Operating margin	13.3%	12.4%	12.6%	11.7%	11.0%	15.8%	9.8%	6.5%	10.6%	10.8%
Net margin	8.3%	11.0%	10.7%	6.6%	8.7%	19.6%	13.4%	5.2%	10.2%	10.0%
Revenue growth	-	+5.3%	+15.7%	+12.4%	+8.7%	-3.1%	+2.6%	+7.3%	+4.4%	+2.2%
EPS growth	-	+44.3%	+13.2%	-28.5%	+43.9%	+129%	-27.7%	-57.0%	+109%	+2.6%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	2.5B	11.2B	1.6B	2.2B	4.9B	3.5B	2.6B	3.1B	4.4B	4.4B
Receivables	-	1.1B	1.4B	1.3B	1.5B	1.5B	1.5B	1.5B	1.3B	1.4B
Inventory	816.0M	398.0M	654.0M	783.0M	759.0M	811.0M	978.0M	1.1B	1.5B	1.3B
Current assets	6.9B	16.6B	9.7B	10.7B	15.3B	12.4B	12.5B	13.7B	14.3B	15.3B
Property & equipment	3.6B	4.2B	6.4B	6.9B	7.1B	7.9B	8.8B	9.7B	10.5B	11.0B
Goodwill	12.4B	12.5B	18.7B	18.7B	17.5B	17.5B	17.5B	17.5B	17.5B	17.4B
Total assets	25.6B	35.1B	37.7B	41.1B	44.5B	42.6B	43.8B	46.5B	49.4B	51.4B
Accounts payable	1.6B	1.7B	2.2B	2.2B	1.8B	2.2B	2.6B	2.1B	2.6B	3.2B
Current liabilities	5.6B	7.1B	8.3B	9.4B	9.6B	9.5B	11.6B	11.9B	14.1B	13.9B
Total debt	7.1B	15.3B	14.4B	13.9B	15.0B	12.8B	12.9B	13.9B	16.3B	15.7B
Total liabilities	20.4B	28.0B	29.5B	32.3B	33.9B	29.7B	28.4B	31.7B	34.1B	34.7B
Shareholders' equity	5.4B	7.1B	8.2B	8.8B	10.6B	12.9B	15.3B	14.8B	15.3B	16.7B
Retained earnings	10.6B	6.9B	8.1B	8.7B	10.5B	12.9B	15.3B	14.8B	15.3B	16.7B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	2.8B	2.6B	3.8B	4.3B	4.3B	3.6B	2.9B	3.9B	4.4B	4.8B
Capital spending	920.0M	928.0M	1.2B	1.3B	1.4B	1.4B	1.4B	1.8B	1.8B	1.4B
Free cash flow	1.9B	1.7B	2.6B	3.0B	2.9B	2.2B	1.5B	2.1B	2.6B	3.3B
Stock-based pay (added back)	93.0M	94.0M	86.0M	127.0M	90.0M	94.0M	99.0M	87.0M	101.0M	119.0M
Dividends paid	640.0M	689.0M	821.0M	880.0M	953.0M	983.0M	1.1B	1.1B	1.2B	1.3B
Buybacks	1.5B	393.0M	1.3B	744.0M	490.0M	3.7B	1.5B	1.5B	2.5B	1.6B
Acquisitions	0	0	-7.7B	0	0	-	-	-	-	-
Debt raised	749.0M	8.2B	0	0	2.2B	0	0	2.0B	2.5B	998.0M
Debt repaid	321.0M	0	2.3B	500.0M	1.0B	2.2B	0	1.1B	0	1.5B
Investing cash flow	-805.0M	-889.0M	-8.9B	-1.2B	-1.2B	2.1B	-1.2B	-1.6B	-1.7B	-1.2B
Financing cash flow	-1.8B	7.0B	-4.6B	-2.4B	-432.0M	-7.0B	-2.6B	-1.8B	-1.4B	-3.6B
Dividend per share	3.50	3.90	4.70	5.16	5.67	6.16	6.76	7.34	8.05	8.99

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	93.0M	94.0M	86.0M	127.0M	90.0M	94.0M	99.0M	87.0M	101.0M	119.0M
Stock-based pay / revenue	0.4%	0.4%	0.3%	0.4%	0.2%	0.3%	0.3%	0.2%	0.2%	0.3%
Operating lease cost	-	-	-	318.0M	320.0M	315.0M	332.0M	358.0M	370.0M	363.0M
Operating lease cash paid	-	-	-	307.0M	275.0M	306.0M	316.0M	341.0M	373.0M	386.0M
Right-of-use assets	-	-	0	1.5B	1.5B	1.7B	1.8B	1.8B	1.8B	1.9B
Operating lease liabilities	-	-	-	1.6B	1.6B	1.9B	2.1B	2.2B	2.1B	2.2B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on NOC in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/NOC/export.csv") into a cell.