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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What the 10-K filed 2026-01-27 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-01-30.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

No specific sentence about this in the 10-K.

Key suppliers

2 new

Parts or manufacturing that depend on one or a few suppliers.

New “This risk is increased for products and services that are single or sole source.”
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New “For example, for some components, we may have had, or have, only one supplier, or one domestic supplier, that meets our needs.”
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“If we are dependent on certain suppliers, as in the U.S., we face risks related to their failure to perform in accordance with legal requirements, particularly where we rely on a sole source supplier.”
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Lawsuits and legal claims

3 new

Pending cases, settlements and what the company has set aside for them.

New “As previously disclosed, the $122 million adjustment was largely offset by a reduction in our loss contingency accrual on the remaining LRIP lots due to a contract restructure that occurred during the third quarter of 2025.”
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New “We accrue for litigation, commitments and contingencies when management, after considering the facts and circumstances of each matter known to management, has determined it is probable the company will incur a liability and the amount of the loss is reasonably estimable.”
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New “The court has stayed the filed individual lawsuits, pending its decision on class certification.”
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Guarantees and indemnities

Promises to pay someone else's debts or losses if they cannot.

“At December 31, 2025, there were $595 million of stand-by letters of credit and guarantees and $271 million of surety bonds outstanding.”
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“The company has provided indemnifications for certain environmental, income tax and other potential liabilities in connection with certain of its divestitures.”
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Debt covenants

Conditions in loan agreements that, if broken, can make debt due early.

“At December 31, 2025, the company was in compliance with all covenants under its credit agreement.”
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Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

“At December 31, 2025, we had $23.9 billion of purchase obligations, approximately half of which are short-term.”
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Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

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