Northrop Grumman Financials
This page shows Northrop Grumman (NOC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Northrop Grumman has an operating margin of 10.8%, meaning the company retains $11 of operating profit per $100 of revenue. This results in a moderate score of 54/100, indicating healthy but not exceptional operating efficiency. This is up from 10.7% the prior year.
Northrop Grumman's revenue grew a modest 2.2% year-over-year to $42.0B. This slow but positive growth earns a score of 35/100.
Northrop Grumman carries a low D/E ratio of 0.91, meaning only $0.91 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 77/100, indicating a strong balance sheet with room for future borrowing.
Northrop Grumman's current ratio of 1.10 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 24/100, which could limit financial flexibility.
Northrop Grumman has a free cash flow margin of 7.9%, earning a moderate score of 39/100. The company generates positive cash flow after capital investments, but with room for improvement.
Northrop Grumman earns a strong 25.1% return on equity (ROE), meaning it generates $25 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 27.3% the prior year.
Northrop Grumman scores 3.48, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($109.0B) relative to total liabilities ($34.7B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Northrop Grumman passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Northrop Grumman generates $1.14 in operating cash flow ($4.8B OCF vs $4.2B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Northrop Grumman earns $6.8 in operating income for every $1 of interest expense ($4.5B vs $665.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Northrop Grumman generated $42.0B in revenue in fiscal year 2025. This represents an increase of 2.2% from the prior year.
Northrop Grumman's EBITDA was $6.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.2% from the prior year.
Northrop Grumman generated $3.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 26.2% from the prior year.
Northrop Grumman reported $4.2B in net income in fiscal year 2025. This represents an increase of 0.2% from the prior year.
Northrop Grumman earned $29.08 per diluted share (EPS) in fiscal year 2025. This represents an increase of 2.6% from the prior year.
Northrop Grumman held $4.4B in cash against $15.2B in long-term debt as of fiscal year 2025.
Northrop Grumman paid $8.99 per share in dividends in fiscal year 2025. This represents an increase of 11.7% from the prior year.
Northrop Grumman had 142M shares outstanding in fiscal year 2025. This represents a decrease of 2.0% from the prior year.
Northrop Grumman's operating margin was 10.8% in fiscal year 2025, reflecting core business profitability. This is up 0.1 percentage points from the prior year.
Northrop Grumman's net profit margin was 10.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.2 percentage points from the prior year.
Northrop Grumman's ROE was 25.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.2 percentage points from the prior year.
Northrop Grumman invested $1.1B in research and development in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Northrop Grumman spent $1.6B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 35.4% from the prior year.
Northrop Grumman invested $1.4B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 17.9% from the prior year.
NOC Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $11.7B+12.4% | $10.4B+0.7% | $10.4B+9.3% | $9.5B-11.4% | $10.7B+6.9% | $10.0B-2.2% | $10.2B+0.8% | $10.1B |
| Cost of Revenue | N/A | $2.6B-2.0% | $2.7B+5.3% | $2.5B | N/A | $2.5B-7.5% | $2.7B+2.7% | $2.6B |
| Gross Profit | N/A | $3.4B0.0% | $3.4B+1.7% | $3.3B | N/A | $3.6B+0.4% | $3.6B+3.4% | $3.5B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.0B+4.1% | $985.0M-3.1% | $1.0B+0.9% | $1.0B+19.5% | $843.0M-14.5% | $986.0M-10.4% | $1.1B+3.7% | $1.1B |
| Operating Income | $1.3B+2.3% | $1.2B-12.8% | $1.4B+148.7% | $573.0M-47.4% | $1.1B-2.8% | $1.1B+2.8% | $1.1B+1.8% | $1.1B |
| Interest Expense | $175.0M+8.7% | $161.0M-6.9% | $173.0M+10.9% | $156.0M-2.5% | $160.0M-0.6% | $161.0M+4.5% | $154.0M+5.5% | $146.0M |
| Income Tax | $313.0M+40.4% | $223.0M-11.9% | $253.0M+160.8% | $97.0M-66.2% | $287.0M+77.2% | $162.0M-21.4% | $206.0M+10.2% | $187.0M |
| Net Income | $1.4B+29.7% | $1.1B-6.3% | $1.2B+144.1% | $481.0M-61.9% | $1.3B+23.2% | $1.0B+9.1% | $940.0M-0.4% | $944.0M |
| EPS (Diluted) | $2.48-67.7% | $7.67-5.9% | $8.15+145.5% | $3.32+236.6% | $-2.43-134.7% | $7.00+10.1% | $6.36+0.6% | $6.32 |
NOC Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $51.4B+4.2% | $49.3B-0.3% | $49.5B+2.0% | $48.5B-1.8% | $49.4B+2.2% | $48.3B+1.3% | $47.7B-0.3% | $47.8B |
| Current Assets | $15.3B+8.4% | $14.1B+0.6% | $14.0B+5.7% | $13.3B-7.1% | $14.3B-0.4% | $14.3B+0.5% | $14.3B-3.6% | $14.8B |
| Cash & Equivalents | $4.4B+125.0% | $2.0B+3.1% | $1.9B+12.7% | $1.7B-61.3% | $4.4B+30.9% | $3.3B+1.7% | $3.3B+6.9% | $3.1B |
| Inventory | $1.3B-18.9% | $1.6B+4.0% | $1.6B-1.6% | $1.6B+8.5% | $1.5B-11.6% | $1.6B+9.4% | $1.5B+9.8% | $1.4B |
| Accounts Receivable | $1.4B-30.7% | $2.0B-9.7% | $2.2B+21.7% | $1.8B+41.9% | $1.3B-20.9% | $1.6B-5.0% | $1.7B-7.5% | $1.8B |
| Goodwill | $17.4B0.0% | $17.4B0.0% | $17.4B0.0% | $17.4B-0.4% | $17.5B0.0% | $17.5B0.0% | $17.5B0.0% | $17.5B |
| Total Liabilities | $34.7B+4.2% | $33.3B-2.0% | $34.0B+1.5% | $33.5B-1.7% | $34.1B+1.6% | $33.5B+0.5% | $33.4B-0.7% | $33.6B |
| Current Liabilities | $13.9B+9.2% | $12.7B-5.5% | $13.5B-3.7% | $14.0B-1.1% | $14.1B+7.8% | $13.1B+1.5% | $12.9B-1.7% | $13.1B |
| Long-Term Debt | $15.2B0.0% | $15.2B0.0% | $15.2B+7.0% | $14.2B-3.6% | $14.7B0.0% | $14.7B-0.1% | $14.7B-0.2% | $14.7B |
| Total Equity | $16.7B+4.3% | $16.0B+3.3% | $15.5B+3.3% | $15.0B-2.0% | $15.3B+3.7% | $14.7B+3.1% | $14.3B+0.5% | $14.2B |
| Retained Earnings | $16.7B+4.3% | $16.0B+3.3% | $15.5B+3.1% | $15.0B-2.1% | $15.3B+3.8% | $14.7B+3.1% | $14.3B+0.6% | $14.2B |
NOC Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.9B+150.3% | $1.6B+79.4% | $868.0M+155.5% | -$1.6B-160.7% | $2.6B+136.3% | $1.1B-23.4% | $1.4B+301.8% | -$706.0M |
| Capital Expenditures | $662.0M+119.9% | $301.0M+30.3% | $231.0M-9.8% | $256.0M-68.6% | $816.0M+126.0% | $361.0M+12.8% | $320.0M+18.5% | $270.0M |
| Free Cash Flow | $3.2B+157.6% | $1.3B+97.2% | $637.0M+135.0% | -$1.8B-203.3% | $1.8B+141.4% | $730.0M-33.9% | $1.1B+213.2% | -$976.0M |
| Investing Cash Flow | -$664.0M-121.3% | -$300.0M-591.8% | $61.0M+124.2% | -$252.0M+68.4% | -$798.0M-121.1% | -$361.0M-12.5% | -$321.0M-19.3% | -$269.0M |
| Financing Cash Flow | -$787.0M+34.4% | -$1.2B-67.7% | -$715.0M+16.0% | -$851.0M-13.0% | -$753.0M-11.4% | -$676.0M+24.3% | -$893.0M-196.3% | $927.0M |
| Dividends Paid | $329.0M-0.3% | $330.0M-0.6% | $332.0M+9.9% | $302.0M+1.0% | $299.0M-0.7% | $301.0M-0.7% | $303.0M+7.1% | $283.0M |
| Share Buybacks | $456.0M+64.6% | $277.0M-32.6% | $411.0M-14.4% | $480.0M+8.8% | $441.0M+37.4% | $321.0M-42.9% | $562.0M-52.8% | $1.2B |
NOC Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | 56.3%+0.5pp | 55.8%-0.9pp | 56.7% | N/A | 59.1%+2.0pp | 57.0%+0.2pp | 56.9% |
| Operating Margin | 10.8%-1.1pp | 11.9%-1.8pp | 13.8%+7.7pp | 6.0%-4.1pp | 10.2%-1.0pp | 11.2%+0.5pp | 10.7%+0.1pp | 10.6% |
| Net Margin | 12.2%+1.6pp | 10.5%-0.8pp | 11.3%+6.3pp | 5.1%-6.8pp | 11.8%+1.6pp | 10.3%+1.1pp | 9.2%-0.1pp | 9.3% |
| Return on Equity | 8.6%+1.7pp | 6.9%-0.7pp | 7.6%+4.4pp | 3.2%-5.1pp | 8.3%+1.3pp | 7.0%+0.4pp | 6.6%-0.1pp | 6.6% |
| Return on Assets | 2.8%+0.5pp | 2.2%-0.1pp | 2.4%+1.4pp | 1.0%-1.6pp | 2.6%+0.4pp | 2.1%+0.2pp | 2.0%0.0pp | 2.0% |
| Current Ratio | 1.100.0 | 1.11+0.1 | 1.04+0.1 | 0.95-0.1 | 1.01-0.1 | 1.09-0.0 | 1.11-0.0 | 1.13 |
| Debt-to-Equity | 0.91-0.0 | 0.95-0.0 | 0.98+0.0 | 0.95-0.0 | 0.96-0.0 | 1.00-0.0 | 1.030.0 | 1.04 |
| FCF Margin | 27.6%+15.6pp | 12.0%+5.9pp | 6.2%+25.4pp | -19.2%-35.7pp | 16.5%+9.2pp | 7.3%-3.5pp | 10.8%+20.4pp | -9.6% |
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Frequently Asked Questions
What is Northrop Grumman's annual revenue?
Northrop Grumman (NOC) reported $42.0B in total revenue for fiscal year 2025. This represents a 2.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Northrop Grumman's revenue growing?
Northrop Grumman (NOC) revenue grew by 2.2% year-over-year, from $41.0B to $42.0B in fiscal year 2025.
Is Northrop Grumman profitable?
Yes, Northrop Grumman (NOC) reported a net income of $4.2B in fiscal year 2025, with a net profit margin of 10.0%.
What is Northrop Grumman's earnings per share (EPS)?
Northrop Grumman (NOC) reported diluted earnings per share of $29.08 for fiscal year 2025. This represents a 2.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Northrop Grumman's EBITDA?
Northrop Grumman (NOC) had EBITDA of $6.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Northrop Grumman have?
As of fiscal year 2025, Northrop Grumman (NOC) had $4.4B in cash and equivalents against $15.2B in long-term debt.
What is Northrop Grumman's operating margin?
Northrop Grumman (NOC) had an operating margin of 10.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Northrop Grumman's net profit margin?
Northrop Grumman (NOC) had a net profit margin of 10.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Northrop Grumman pay dividends?
Yes, Northrop Grumman (NOC) paid $8.99 per share in dividends during fiscal year 2025.
What is Northrop Grumman's return on equity (ROE)?
Northrop Grumman (NOC) has a return on equity of 25.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Northrop Grumman's free cash flow?
Northrop Grumman (NOC) generated $3.3B in free cash flow during fiscal year 2025. This represents a 26.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Northrop Grumman's operating cash flow?
Northrop Grumman (NOC) generated $4.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Northrop Grumman's total assets?
Northrop Grumman (NOC) had $51.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Northrop Grumman's capital expenditures?
Northrop Grumman (NOC) invested $1.4B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Northrop Grumman spend on research and development?
Northrop Grumman (NOC) invested $1.1B in research and development during fiscal year 2025.
Does Northrop Grumman buy back shares?
Yes, Northrop Grumman (NOC) spent $1.6B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Northrop Grumman have outstanding?
Northrop Grumman (NOC) had 142M shares outstanding as of fiscal year 2025.
What is Northrop Grumman's current ratio?
Northrop Grumman (NOC) had a current ratio of 1.10 as of fiscal year 2025, which is considered adequate.
What is Northrop Grumman's debt-to-equity ratio?
Northrop Grumman (NOC) had a debt-to-equity ratio of 0.91 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Northrop Grumman's return on assets (ROA)?
Northrop Grumman (NOC) had a return on assets of 8.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Northrop Grumman's Altman Z-Score?
Northrop Grumman (NOC) has an Altman Z-Score of 3.48, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Northrop Grumman's Piotroski F-Score?
Northrop Grumman (NOC) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Northrop Grumman's earnings high quality?
Northrop Grumman (NOC) has an earnings quality ratio of 1.14x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Northrop Grumman cover its interest payments?
Northrop Grumman (NOC) has an interest coverage ratio of 6.8x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Northrop Grumman?
Northrop Grumman (NOC) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.