What is Northrop Grumman Corp.'s earnings per share (EPS)?

Northrop Grumman Corp. (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.

Northrop Grumman Corp. (NOC) Financials

NOC

Trailing 12 months to September 30, 2026

Revenue $43.6B +6.5% YoY

Net Income $4.5B +12.5% YoY

EPS (Diluted) $31.67 +14.0% YoY

Free Cash Flow $3.8B +108.8% YoY

Market Cap $78.3B as of Oct 23, 2026

Price / Sales 1.8x on $43.6B revenue, trailing 12 months to September 30, 2026

Price / Earnings 17.3x on $4.5B net income, trailing 12 months to September 30, 2026

Price / Book 4.2x on $18.7B equity, Q3 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 23, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2026, ended Sep 30, 2026 Reported Oct 20, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q3 FY2026, filed Oct 20, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NOC SEC filings page.

Northrop Grumman Corp. (NOC) reported $43.6B in revenue over the twelve months to Sep 30, 2026, up 6.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI NOC FY2025 2026-10-24

Northrop Grumman’s recovery is being powered less by sales growth than by wider operating margins and lighter capital demands.

In FY2025, operating cash flow conversion reached 113.7% of net income, while free cash flow reached $3.3B. Because capital expenditures consumed 30.5% of operating cash flow versus 40.3% in FY2024, the cash improvement reflects both earnings conversion and a lighter reinvestment load.

From FY2023 to FY2025, revenue increased 6.8% while operating income increased 77.8%, showing that profit recovery outpaced sales. Operating margin reached 10.8% in FY2025 while SG&A’s share was 9.6%; the pattern points to better cost absorption, not proof of a single margin driver.

The balance sheet remains liability-heavy: liabilities were 67.5% of assets and debt-to-equity was 0.9x in FY2025. Yet equity grew 9.1% while liabilities grew 1.9%, indicating the latest strengthening came more from equity accumulation than added leverage.

Financial Health Signals

Financial Health Score 49/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Northrop Grumman Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Northrop Grumman Corp. has an operating margin of 10.8%, meaning the company retains $11 of operating profit per $100 of revenue. This strong profitability earns a score of 68/100, reflecting efficient cost management and pricing power. This is up from 10.7% the prior year.

Growth

Northrop Grumman Corp.'s revenue grew a modest 2.2% year-over-year to $42.0B. This slow but positive growth earns a score of 42/100.

Leverage

Northrop Grumman Corp. has a moderate D/E ratio of 0.91. This balance of debt and equity financing earns a leverage score of 33/100.

Liquidity

Northrop Grumman Corp.'s current ratio of 1.10 is below the typical benchmark, resulting in a score of 24/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Northrop Grumman Corp. has a free cash flow margin of 7.9%, earning a moderate score of 54/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Northrop Grumman Corp. 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 71/100. This is down from 27.3% the prior year.

Altman Z-Score Grey Zone

2.95

Northrop Grumman Corp. scores 2.95, placing it in the grey zone between 1.81 and 2.99. The largest contribution to the score comes from a market capitalization of $78.3B against total liabilities of $34.7B. This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

6/8

Northrop Grumman Corp. passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.

Earnings Quality Cash-Backed

1.14x

For every $1 of reported earnings, Northrop Grumman Corp. 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.

Interest Coverage Safe

6.78x

Northrop Grumman Corp. earns $6.78 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

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Earnings & Revenue

Revenue

$11.1B

YoY+6.7%

QoQ+2.3%

5Y CAGR+5.0%

10Y CAGR+6.1%

Northrop Grumman Corp. generated $11.1B in revenue in Q3 2026. This represents an increase of 6.7% from the same quarter a year earlier. Against the prior quarter it is up 2.3%.

EBITDA

$1.6B

YoY+1.7%

QoQ+12.6%

5Y CAGR+4.0%

10Y CAGR+5.8%

Northrop Grumman Corp.'s EBITDA was $1.6B in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1.7% from the same quarter a year earlier. Against the prior quarter it is up 12.6%.

Net Income

$1.1B

YoY+2.2%

QoQ+2.7%

5Y CAGR+1.1%

10Y CAGR+6.4%

Northrop Grumman Corp. reported $1.1B in net income in Q3 2026. This represents an increase of 2.2% from the same quarter a year earlier. Against the prior quarter it is up 2.7%.

EPS (Diluted)

$7.89

YoY+2.9%

QoQ+2.7%

5Y CAGR+3.5%

10Y CAGR+8.9%

Northrop Grumman Corp. earned $7.89 per diluted share (EPS) in Q3 2026. This represents an increase of 2.9% from the same quarter a year earlier. Against the prior quarter it is up 2.7%.

Cash & Balance Sheet

Free Cash Flow

$1.4B

YoY+14.6%

QoQ+47.1%

5Y CAGR+9.5%

10Y CAGR+9.1%

Northrop Grumman Corp. generated $1.4B in free cash flow in Q3 2026, representing cash available after capex. This represents an increase of 14.6% from the same quarter a year earlier. Against the prior quarter it is up 47.1%.

Cash & Debt

$3.7B

YoY+91.3%

QoQ+62.3%

5Y CAGR-1.6%

10Y CAGR+13.0%

Northrop Grumman Corp. held $3.7B in cash against $14.4B in long-term debt as of Q3 2026.

Dividends Per Share

$2.47

YoY+6.9%

QoQ0.0%

5Y CAGR+9.5%

Northrop Grumman Corp. paid $2.47 per share in dividends in Q3 2026. This represents an increase of 6.9% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

142M

YoY-0.5%

QoQ0.0%

5Y CAGR-2.2%

10Y CAGR-2.1%

Northrop Grumman Corp. had 142M shares outstanding in Q3 2026. This represents a decrease of 0.5% from the same quarter a year earlier. It is unchanged from the prior quarter.

Margins & Returns

Operating Margin

11.4%

YoY-0.5pp

QoQ+1.3pp

5Y change-0.6pp

10Y change-2.0pp

Northrop Grumman Corp.'s operating margin was 11.4% in Q3 2026, reflecting core business profitability. This is down 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.3 percentage points.

Net Margin

10.1%

YoY-0.4pp

QoQ+0.1pp

5Y change-2.1pp

10Y change+0.3pp

Northrop Grumman Corp.'s net profit margin was 10.1% in Q3 2026, showing the share of revenue converted to profit. This is down 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.1 percentage points.

Return on Equity

6.0%

YoY-0.9pp

QoQ-0.1pp

5Y change-3.3pp

10Y change-4.4pp

Northrop Grumman Corp.'s quarterly ROE was 6.0% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is down 0.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.1 percentage points.

Gross Margin

Not reported for Q3 2026.

Capital Allocation

Share Buybacks

YoY-100.0%

QoQn/m

Northrop Grumman Corp. repurchased no shares in Q3 2026. This represents a decrease of 100.0% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.

Capital Expenditures

$306.0M

YoY+1.7%

QoQ+1.3%

5Y CAGR+4.4%

10Y CAGR+8.4%

Northrop Grumman Corp. invested $306.0M in capex in Q3 2026, funding long-term assets and infrastructure. This represents an increase of 1.7% from the same quarter a year earlier. Against the prior quarter it is up 1.3%.

R&D Spending

Not reported for Q3 2026.

NOC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NOC quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$43.6B	$42.0B+2.2%	$41.0B+4.4%	$39.3B+7.3%	$36.6B+2.6%	$35.7B-3.1%	$36.8B+8.7%	$33.8B+12.4%	$30.1B+15.7%	$26.0B+5.3%	$24.7B+5.0%	$23.5B-1.9%	$24.0B-2.8%	$24.7B-2.2%	$25.2B-4.5%	$26.4B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$12.3B+11.5%	$11.0B+6.5%	$10.3B-0.9%	$10.4B-1.8%	$10.6B+2.0%	$10.4B-9.4%	$11.5B
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$13.7B+0.2%	$13.7B+3.9%	$13.2B-2.6%	$13.5B-3.5%	$14.0B-5.2%	$14.8B-0.8%	$14.9B
R&D Expenses	N/A	$1.1B0.0%	$1.1B-8.3%	$1.2B0.0%	$1.2B+9.1%	$1.1B0.0%	$1.1B+15.4%	$953.0M+24.7%	$764.0M+19.6%	$639.0M-9.4%	$705.0M-1.0%	$712.0M+25.1%	$569.0M+12.2%	$507.0M-2.5%	$520.0M-4.2%	$543.0M
SG&A Expenses	$4.1B	$4.0B+1.0%	$4.0B-0.5%	$4.0B+3.6%	$3.9B+7.7%	$3.6B+5.4%	$3.4B+3.7%	$3.3B+9.3%	$3.0B+11.0%	$2.7B+3.0%	$2.6B+2.6%	$2.6B+6.7%	$2.4B+6.6%	$2.3B-7.9%	$2.5B+4.3%	$2.4B
Operating Income	$4.6B	$4.5B+3.2%	$4.4B+72.3%	$2.5B-29.5%	$3.6B-36.3%	$5.7B+39.0%	$4.1B+2.4%	$4.0B+5.0%	$3.8B+17.5%	$3.2B-1.8%	$3.3B+6.5%	$3.1B-3.8%	$3.2B+2.3%	$3.1B-0.2%	$3.1B-4.5%	$3.3B
EBITDA	N/A	$6.0B+4.2%	$5.7B+48.1%	$3.9B-21.6%	$4.9B-28.3%	$6.9B+29.2%	$5.3B+1.9%	$5.2B+14.3%	$4.6B+24.0%	$3.7B-1.1%	$3.7B+5.4%	$3.5B-3.1%	$3.7B+1.1%	$3.6B-0.6%	$3.6B-4.7%	$3.8B
Interest Expense	$656.0M	$665.0M+7.1%	$621.0M+13.9%	$545.0M+7.7%	$506.0M-9.0%	$556.0M-6.2%	$593.0M+12.3%	$528.0M-6.0%	$562.0M+56.1%	$360.0M+19.6%	$301.0M0.0%	$301.0M+6.7%	$282.0M+9.7%	$257.0M+21.2%	$212.0M-4.1%	$221.0M
Income Tax	$716.0M	$886.0M+5.2%	$842.0M+190.3%	$290.0M-69.1%	$940.0M-51.4%	$1.9B+258.6%	$539.0M+79.7%	$300.0M-41.5%	$513.0M-62.3%	$1.4B+113.2%	$638.0M-20.3%	$800.0M-7.8%	$868.0M-4.7%	$911.0M-7.7%	$987.0M-1.0%	$997.0M
Net Income	$4.5B	$4.2B+0.2%	$4.2B+103.0%	$2.1B-58.0%	$4.9B-30.1%	$7.0B+119.7%	$3.2B+41.9%	$2.2B-30.4%	$3.2B+12.5%	$2.9B+40.4%	$2.0B+2.7%	$2.0B-3.8%	$2.1B+6.0%	$2.0B-1.3%	$2.0B-6.6%	$2.1B
EPS (Basic)	N/A	$29.14+2.6%	$28.39+109.2%	$13.57-57.1%	$31.61-27.7%	$43.70+129.0%	$19.08+43.7%	$13.28-28.6%	$18.59+13.0%	$16.45+44.0%	$11.42+8.7%	$10.51+6.1%	$9.91+16.6%	$8.50+6.8%	$7.96+4.1%	$7.65
EPS (Diluted)	$31.67	$29.08+2.6%	$28.34+109.5%	$13.53-57.0%	$31.47-27.7%	$43.54+128.8%	$19.03+43.9%	$13.22-28.5%	$18.49+13.2%	$16.34+44.3%	$11.32+9.0%	$10.39+6.6%	$9.75+16.8%	$8.35+6.9%	$7.81+3.9%	$7.52
Diluted Shares (Avg)	N/A	144M-2.4%	147M-3.1%	152M-2.3%	156M-3.3%	161M-4.0%	168M-1.4%	170M-2.6%	175M-0.6%	176M-2.7%	181M-5.8%	192M-9.7%	212M-9.3%	234M-7.7%	253M-10.0%	282M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Revenue	$11.1B+6.7%	$10.9B+5.1%	$9.9B+4.4%	$11.7B+9.6%	$10.4B+4.3%	$10.4B+1.3%	$9.5B-6.6%	$10.7B+0.5%
SG&A Expenses	$1.1B+9.9%	$1.0B+0.9%	$971.0M-3.6%	$1.0B+21.6%	$985.0M-0.1%	$1.0B-7.7%	$1.0B-5.2%	$843.0M-4.0%
Operating Income	$1.3B+2.2%	$1.1B-23.1%	$989.0M+72.6%	$1.3B+16.7%	$1.2B+10.9%	$1.4B+30.7%	$573.0M-46.5%	$1.1Bn/m
EBITDA	$1.6B+1.7%	$1.5B-17.6%	$1.4B+49.6%	$1.7B+11.6%	$1.6B+11.7%	$1.8B+25.4%	$910.0M-33.6%	$1.5B+21371.4%
Interest Expense	$158.0M-1.9%	$161.0M-6.9%	$162.0M+3.8%	$175.0M+9.4%	$161.0M0.0%	$173.0M+12.3%	$156.0M+6.8%	$160.0M+25.0%
Income Tax	$174.0M-22.0%	$74.0M-70.8%	$155.0M+59.8%	$313.0M+9.1%	$223.0M+37.7%	$253.0M+22.8%	$97.0M-48.1%	$287.0Mn/m
Net Income	$1.1B+2.2%	$1.1B-6.8%	$875.0M+81.9%	$1.4B+12.9%	$1.1B+7.2%	$1.2B+24.9%	$481.0M-49.0%	$1.3Bn/m
EPS (Basic)	$7.91+2.9%	$7.70-5.8%	$6.16+85.0%	$9.98+15.2%	$7.69+9.5%	$8.17+28.3%	$3.33-47.5%	$8.66n/m
EPS (Diluted)	$7.89+2.9%	$7.68-5.8%	$6.14+84.9%	$9.96+15.1%	$7.67+9.6%	$8.15+28.1%	$3.32-47.5%	$8.65n/m
Diluted Shares (Avg)	142M-0.8%	142M-1.1%	143M-1.7%	N/A	144M-2.0%	144M-2.5%	145M-2.9%	N/A

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

NOC Balance Sheet

NOC quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$51.4B+4.1%	$49.4B+6.0%	$46.5B+6.4%	$43.8B+2.8%	$42.6B-4.3%	$44.5B+8.2%	$41.1B+9.1%	$37.7B+7.2%	$35.1B+37.1%	$25.6B+4.9%	$24.4B-8.1%	$26.6B+0.7%	$26.4B-0.6%	$26.5B+4.5%	$25.4B
Current Assets	$15.3B+7.1%	$14.3B+4.1%	$13.7B+9.8%	$12.5B+0.5%	$12.4B-19.0%	$15.3B+43.6%	$10.7B+10.4%	$9.7B-41.6%	$16.6B+141.9%	$6.9B+8.2%	$6.3B-18.6%	$7.8B-18.0%	$9.5B+13.1%	$8.4B+8.3%	$7.7B
Cash & Equivalents	$4.4B+1.1%	$4.4B+40.0%	$3.1B+20.6%	$2.6B-27.0%	$3.5B-28.1%	$4.9B+118.6%	$2.2B+42.2%	$1.6B-85.9%	$11.2B+341.8%	$2.5B+9.6%	$2.3B-40.0%	$3.9B-25.0%	$5.2B+33.4%	$3.9B+28.6%	$3.0B
Short-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0-100.0%	$250.0M
Inventory	$1.3B-10.0%	$1.5B+31.2%	$1.1B+13.4%	$978.0M+20.6%	$811.0M+6.9%	$759.0M-3.1%	$783.0M+19.7%	$654.0M+64.3%	$398.0M-51.2%	$816.0M+1.1%	$807.0M+8.8%	$742.0M	N/A	N/A	N/A
Accounts Receivable	$1.4B+8.1%	$1.3B-12.5%	$1.5B-3.8%	$1.5B+3.0%	$1.5B-2.3%	$1.5B+13.2%	$1.3B-8.4%	$1.4B+37.4%	$1.1B	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0-100.0%	$310.0M-7.7%	$336.0M+8.4%	$310.0M+18.8%	$261.0M+17.0%	$223.0M
Goodwill	$17.4B-0.4%	$17.5B0.0%	$17.5B0.0%	$17.5B0.0%	$17.5B0.0%	$17.5B-6.4%	$18.7B+0.2%	$18.7B+49.9%	$12.5B0.0%	$12.4B-0.1%	$12.5B0.0%	$12.5B+0.2%	$12.4B+0.1%	$12.4B+0.5%	$12.4B
Total Liabilities	$34.7B+1.9%	$34.1B+7.3%	$31.7B+11.6%	$28.4B-4.1%	$29.7B-12.5%	$33.9B+5.0%	$32.3B+9.5%	$29.5B+5.3%	$28.0B+37.5%	$20.4B+7.7%	$18.9B-2.2%	$19.3B+22.7%	$15.8B-7.4%	$17.0B+13.0%	$15.1B
Current Liabilities	$13.9B-1.7%	$14.1B+18.3%	$11.9B+3.1%	$11.6B+21.6%	$9.5B-0.5%	$9.6B+1.5%	$9.4B+14.0%	$8.3B+16.7%	$7.1B+26.0%	$5.6B+3.2%	$5.5B-7.4%	$5.9B+1.3%	$5.8B-4.0%	$6.1B-1.3%	$6.1B
Non-Current Liabilities	$20.8B+4.4%	$19.9B+0.7%	$19.8B+17.5%	$16.9B-16.2%	$20.1B-17.2%	$24.3B+6.5%	$22.8B+7.8%	$21.2B+1.4%	$20.9B+42.0%	$14.7B+9.5%	$13.4B0.0%	$13.4B+35.2%	$9.9B-9.4%	$11.0B+22.7%	$8.9B
Long-Term Debt	$15.2B+3.2%	$14.7B+6.6%	$13.8B+16.8%	$11.8B-7.6%	$12.8B-10.4%	$14.3B+11.7%	$12.8B-8.0%	$13.9B-3.6%	$14.4B+104.0%	$7.1B+10.5%	$6.4B+7.8%	$5.9B-0.1%	$5.9B+50.8%	$3.9B-0.1%	$3.9B
Total Equity	$16.7B+9.1%	$15.3B+3.3%	$14.8B-3.4%	$15.3B+18.5%	$12.9B+22.2%	$10.6B+20.0%	$8.8B+7.7%	$8.2B+14.8%	$7.1B+33.0%	$5.4B-2.9%	$5.5B-23.7%	$7.2B-31.9%	$10.6B+11.6%	$9.5B-8.0%	$10.3B
Retained Earnings	$16.7B+8.9%	$15.3B+3.5%	$14.8B-3.5%	$15.3B+18.6%	$12.9B+23.2%	$10.5B+19.8%	$8.7B+8.4%	$8.1B+16.7%	$6.9B-35.0%	$10.6B-0.3%	$10.7B-14.0%	$12.4B-1.2%	$12.5B+12.6%	$11.1B+14.8%	$9.7B

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Total Assets	$52.5B+6.5%	$50.8B+2.7%	$50.0B+3.2%	$51.4B+4.1%	$49.3B+2.1%	$49.5B+3.7%	$48.5B+1.4%	$49.4B+6.0%
Current Assets	$17.0B+20.4%	$15.6B+11.2%	$14.8B+11.3%	$15.3B+7.1%	$14.1B-1.6%	$14.0B-1.7%	$13.3B-10.3%	$14.3B+4.1%
Cash & Equivalents	$3.7B+91.3%	$2.3B+21.5%	$2.1B+24.0%	$4.4B+1.1%	$2.0B-41.2%	$1.9B-42.0%	$1.7B-45.0%	$4.4B+40.0%
Short-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
Inventory	$1.4B-15.7%	$1.4B-8.9%	$1.4B-8.1%	$1.3B-10.0%	$1.6B-1.9%	$1.6B+3.3%	$1.6B+15.2%	$1.5B+31.2%
Accounts Receivable	$2.1B+4.9%	$2.3B+5.2%	$1.8B+0.1%	$1.4B+8.1%	$2.0B+23.2%	$2.2B+29.6%	$1.8B-1.5%	$1.3B-12.5%
Long-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
Goodwill	$17.4B0.0%	$17.4B0.0%	$17.4B0.0%	$17.4B-0.4%	$17.4B-0.5%	$17.4B-0.5%	$17.4B-0.5%	$17.5B0.0%
Total Liabilities	$33.8B+1.5%	$32.9B-3.2%	$32.9B-1.8%	$34.7B+1.9%	$33.3B-0.7%	$34.0B+1.8%	$33.5B-0.3%	$34.1B+7.3%
Current Liabilities	$13.8B+8.1%	$13.3B-0.8%	$12.8B-8.2%	$13.9B-1.7%	$12.7B-2.9%	$13.5B+4.3%	$14.0B+6.4%	$14.1B+18.3%
Non-Current Liabilities	$20.1B-2.6%	$19.5B-4.8%	$20.1B+2.8%	$20.8B+4.4%	$20.6B+0.8%	$20.5B+0.3%	$19.5B-4.6%	$19.9B+0.7%
Long-Term Debt	$14.4B-4.8%	$14.4B-4.8%	$14.4B+1.7%	$15.2B+3.2%	$15.2B+3.2%	$15.2B+3.1%	$14.2B-3.9%	$14.7B+6.6%
Total Equity	$18.7B+16.9%	$17.9B+15.6%	$17.1B+14.2%	$16.7B+9.1%	$16.0B+8.4%	$15.5B+8.2%	$15.0B+5.4%	$15.3B+3.3%
Retained Earnings	$18.6B+16.5%	$17.8B+15.4%	$17.1B+14.1%	$16.7B+8.9%	$16.0B+8.3%	$15.5B+8.0%	$15.0B+5.4%	$15.3B+3.5%

NOC Cash Flow Statement

NOC quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$5.3B	$4.8B+8.4%	$4.4B+13.2%	$3.9B+33.6%	$2.9B-18.7%	$3.6B-17.1%	$4.3B+0.2%	$4.3B+12.3%	$3.8B+46.5%	$2.6B-7.1%	$2.8B+30.1%	$2.2B-16.6%	$2.6B+4.4%	$2.5B-5.9%	$2.6B+24.8%	$2.1B
Depreciation & Amortization	N/A	$1.5B+7.4%	$1.4B+2.4%	$1.3B-0.3%	$1.3B+8.3%	$1.2B-2.2%	$1.3B+0.2%	$1.3B+58.1%	$800.0M+68.4%	$475.0M+4.2%	$456.0M-2.4%	$467.0M+1.1%	$462.0M-6.7%	$495.0M-2.9%	$510.0M-6.3%	$544.0M
Stock-Based Compensation	N/A	$119.0M+17.8%	$101.0M+16.1%	$87.0M-12.1%	$99.0M+5.3%	$94.0M+4.4%	$90.0M-29.1%	$127.0M+47.7%	$86.0M-8.5%	$94.0M+1.1%	$93.0M-6.1%	$99.0M-26.1%	$134.0M-6.9%	$144.0M-21.3%	$183.0M+30.7%	$140.0M
Capital Expenditures	$1.4B	$1.4B-17.9%	$1.8B-0.5%	$1.8B+23.7%	$1.4B+1.4%	$1.4B-0.4%	$1.4B+12.3%	$1.3B+1.2%	$1.2B+34.6%	$928.0M+0.9%	$920.0M+95.3%	$471.0M-16.0%	$561.0M+54.1%	$364.0M+10.0%	$331.0M-32.7%	$492.0M
Free Cash Flow	$3.8B	$3.3B+26.2%	$2.6B+24.8%	$2.1B+43.2%	$1.5B-31.9%	$2.2B-25.4%	$2.9B-4.9%	$3.0B+17.6%	$2.6B+53.0%	$1.7B-11.0%	$1.9B+11.9%	$1.7B-16.8%	$2.0B-4.1%	$2.1B-8.2%	$2.3B+42.3%	$1.6B
Investing Cash Flow	-$978.0M	-$1.2Bn/m	-$1.7Bn/m	-$1.6Bn/m	-$1.2B-160.3%	$2.1Bn/m	-$1.2Bn/m	-$1.2Bn/m	-$8.9Bn/m	-$889.0Mn/m	-$805.0Mn/m	-$431.0Mn/m	-$645.0Mn/m	-$346.0Mn/m	-$84.0M-112.4%	$680.0M
Financing Cash Flow	-$2.5B	-$3.6Bn/m	-$1.4Bn/m	-$1.8Bn/m	-$2.6Bn/m	-$7.0Bn/m	-$432.0Mn/m	-$2.4Bn/m	-$4.6B-166.0%	$7.0Bn/m	-$1.8Bn/m	-$3.3Bn/m	-$3.2Bn/m	-$849.0Mn/m	-$1.7Bn/m	-$3.5B
Dividends Paid	$1.4B	$1.3B+9.0%	$1.2B+6.3%	$1.1B+6.1%	$1.1B+7.0%	$983.0M+3.1%	$953.0M+8.3%	$880.0M+7.2%	$821.0M+19.2%	$689.0M+7.7%	$640.0M+6.1%	$603.0M+7.1%	$563.0M+3.3%	$545.0M+1.9%	$535.0M-1.5%	$543.0M
Share Buybacks	$524.0M	$1.6B-35.4%	$2.5B+67.6%	$1.5B-0.3%	$1.5B-59.4%	$3.7B+656.1%	$490.0M-34.1%	$744.0M-41.1%	$1.3B+221.4%	$393.0M-74.6%	$1.5B-51.4%	$3.2B+19.3%	$2.7B+12.5%	$2.4B+80.2%	$1.3B-42.7%	$2.3B

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Operating Cash Flow	$1.7B+12.1%	$1.3B+47.5%	-$1.7Bn/m	$3.9B+51.2%	$1.6B+42.7%	$868.0M-39.1%	-$1.6Bn/m	$2.6B+6.1%
Depreciation & Amortization	$379.0M0.0%	$367.0M+4.9%	$372.0M+10.4%	$406.0M-1.9%	$379.0M+14.5%	$350.0M+7.4%	$337.0M+12.7%	$414.0M+3.5%
Stock-Based Compensation	N/A	N/A	$20.0M0.0%	N/A	N/A	N/A	$20.0M0.0%	N/A
Capital Expenditures	$306.0M+1.7%	$302.0M+30.7%	$167.0M-34.8%	$662.0M-18.9%	$301.0M-16.6%	$231.0M-27.8%	$256.0M-5.2%	$816.0M+1.6%
Free Cash Flow	$1.4B+14.6%	$978.0M+53.5%	-$1.8Bn/m	$3.2B+83.6%	$1.3B+72.1%	$637.0M-42.4%	-$1.8Bn/m	$1.8B+8.3%
Investing Cash Flow	$50.0Mn/m	-$196.0M-421.3%	-$168.0Mn/m	-$664.0Mn/m	-$300.0Mn/m	$61.0Mn/m	-$252.0Mn/m	-$798.0Mn/m
Financing Cash Flow	-$358.0Mn/m	-$867.0Mn/m	-$489.0Mn/m	-$787.0Mn/m	-$1.2Bn/m	-$715.0Mn/m	-$851.0M-191.8%	-$753.0Mn/m
Dividends Paid	$351.0M+6.4%	$351.0M+5.7%	$333.0M+10.3%	$329.0M+10.0%	$330.0M+9.6%	$332.0M+9.6%	$302.0M+6.7%	$299.0M+6.0%
Share Buybacks	$0-100.0%	$0-100.0%	$68.0M-85.8%	$456.0M+3.4%	$277.0M-13.7%	$411.0M-26.9%	$480.0M-59.7%	$441.0M+27.5%

NOC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NOC quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	52.8%-2.7pp	55.5%-0.6pp	56.1%-0.4pp	56.5%-0.4pp	56.9%-1.8pp	58.7%+2.2pp	56.5%
Operating Margin	10.8%+0.1pp	10.7%+4.2pp	6.5%-3.4pp	9.8%-6.0pp	15.8%+4.8pp	11.1%-0.7pp	11.7%-0.8pp	12.6%+0.2pp	12.4%-0.9pp	13.3%+0.2pp	13.1%-0.3pp	13.3%+0.7pp	12.7%+0.2pp	12.4%0.0pp	12.4%
Net Margin	10.0%-0.2pp	10.2%+4.9pp	5.2%-8.2pp	13.4%-6.3pp	19.6%+11.0pp	8.7%+2.0pp	6.6%-4.1pp	10.7%-0.3pp	11.0%+2.8pp	8.3%-0.2pp	8.5%-0.2pp	8.6%+0.7pp	7.9%+0.1pp	7.8%-0.2pp	8.0%
Return on Equity	25.1%-2.2pp	27.3%+13.4pp	13.9%-18.1pp	32.0%-22.2pp	54.2%+24.1pp	30.1%+4.6pp	25.5%-13.9pp	39.4%-0.8pp	40.2%+2.1pp	38.1%+2.1pp	36.0%+7.4pp	28.6%+10.2pp	18.4%-2.4pp	20.8%+0.3pp	20.5%
Return on Assets	8.1%-0.3pp	8.5%+4.0pp	4.4%-6.8pp	11.2%-5.3pp	16.4%+9.3pp	7.2%+1.7pp	5.5%-3.1pp	8.6%+0.4pp	8.2%+0.2pp	8.0%-0.2pp	8.2%+0.4pp	7.8%+0.4pp	7.4%-0.1pp	7.4%-0.9pp	8.3%
Current Ratio	1.10+0.1x	1.01-0.1x	1.15+0.1x	1.08-0.2x	1.30-0.3x	1.60+0.5x	1.130.0x	1.17-1.2x	2.34+1.1x	1.22+0.1x	1.16-0.2x	1.32-0.3x	1.63+0.2x	1.39+0.1x	1.26
Debt-to-Equity	0.91-0.1x	0.960.0x	0.93+0.2x	0.77-0.2x	0.99-0.4x	1.35-0.1x	1.45-0.2x	1.70-0.3x	2.02+0.7x	1.32+0.2x	1.16+0.3x	0.82+0.3x	0.56+0.1x	0.410.0x	0.38
Liabilities-to-Equity	2.08-0.1x	2.23+0.1x	2.15+0.3x	1.86-0.4x	2.29-0.9x	3.20-0.5x	3.66+0.1x	3.60-0.3x	3.93+0.1x	3.80+0.4x	3.42+0.8x	2.67+1.2x	1.48-0.3x	1.79+0.3x	1.46
Asset Turnover	0.820.0x	0.830.0x	0.840.0x	0.840.0x	0.840.0x	0.830.0x	0.820.0x	0.80+0.1x	0.74-0.2x	0.960.0x	0.96+0.1x	0.900.0x	0.930.0x	0.95-0.1x	1.04
FCF Margin	7.9%+1.5pp	6.4%+1.0pp	5.3%+1.3pp	4.0%-2.0pp	6.0%-1.8pp	7.8%-1.1pp	9.0%+0.4pp	8.6%+2.1pp	6.5%-1.2pp	7.7%+0.5pp	7.2%-1.3pp	8.5%-0.1pp	8.6%-0.6pp	9.2%+3.0pp	6.1%

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Operating Margin	11.4%-0.5pp	10.1%-3.7pp	10.0%+4.0pp	10.8%+0.7pp	11.9%+0.7pp	13.8%+3.1pp	6.0%-4.5pp	10.2%+13.9pp
Net Margin	10.1%-0.4pp	10.1%-1.3pp	8.9%+3.8pp	12.2%+0.4pp	10.5%+0.3pp	11.3%+2.1pp	5.1%-4.2pp	11.8%+16.9pp
Return on Equity	6.0%-0.9pp	6.1%-1.5pp	5.1%+1.9pp	8.6%+0.3pp	6.9%-0.1pp	7.6%+1.0pp	3.2%-3.4pp	8.3%+11.9pp
Return on Assets	2.1%-0.1pp	2.2%-0.2pp	1.8%+0.8pp	2.8%+0.2pp	2.2%+0.1pp	2.4%+0.4pp	1.0%-1.0pp	2.6%+3.7pp
Current Ratio	1.23+0.1x	1.17+0.1x	1.15+0.2x	1.10+0.1x	1.110.0x	1.04-0.1x	0.95-0.2x	1.01-0.1x
Debt-to-Equity	0.77-0.2x	0.81-0.2x	0.84-0.1x	0.91-0.1x	0.950.0x	0.980.0x	0.95-0.1x	0.960.0x
Liabilities-to-Equity	1.81-0.3x	1.84-0.4x	1.92-0.3x	2.08-0.1x	2.08-0.2x	2.20-0.1x	2.23-0.1x	2.23+0.1x
Asset Turnover	0.210.0x	0.210.0x	0.200.0x	0.230.0x	0.210.0x	0.210.0x	0.200.0x	0.220.0x
FCF Margin	12.9%+0.9pp	9.0%+2.8pp	-18.4%+0.8pp	27.6%+11.1pp	12.0%+4.8pp	6.2%-4.7pp	-19.2%-9.6pp	16.5%+1.2pp

Not reported in any period shown, so not listed: Gross Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Northrop Grumman Corp. NOC	FY2025	$42.0B	$4.2B	10.0%	$78.3B	49/100
General Dynamics Corporation GD	FY2025	$52.5B	$4.2B	8.0%	$94.5B	62/100
Howmet Aerospace Inc. HWM	FY2025	$8.3B	$1.5B	18.3%	$74.1B	70/100
Lockheed Martin Corp. LMT	FY2025	$75.0B	$5.0B	6.7%	$139.6B	56/100
TransDigm Group Incorporated TDG	FY2025	$8.8B	$2.1B	23.5%	$61.1B	73/100
Boeing Company BA	FY2025	$89.5B	$2.2B	2.5%	$148.9B	27/100

Where Northrop Grumman Corp. Ranks

Frequently Asked Questions

What is Northrop Grumman Corp.'s annual revenue?

Northrop Grumman Corp. (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 Corp.'s revenue growing?

Northrop Grumman Corp. (NOC) revenue grew by 2.2% year-over-year, from $41.0B to $42.0B in fiscal year 2025.

Is Northrop Grumman Corp. profitable?

Yes, Northrop Grumman Corp. (NOC) reported a net income of $4.5B over the trailing 12 months to September 30, 2026. In fiscal year 2025 it reported a net income of $4.2B, with a net profit margin of 10.0%.

What is Northrop Grumman Corp.'s EBITDA?

Northrop Grumman Corp. (NOC) had EBITDA of $6.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Northrop Grumman Corp. have?

As of fiscal year 2025, Northrop Grumman Corp. (NOC) had $4.4B in cash and equivalents against $15.2B in long-term debt.

What is Northrop Grumman Corp.'s operating margin?

Northrop Grumman Corp. (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 Corp.'s net profit margin?

Northrop Grumman Corp. (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 Corp. pay dividends?

Yes, Northrop Grumman Corp. (NOC) paid $8.99 per share in dividends during fiscal year 2025.

What is Northrop Grumman Corp.'s return on equity (ROE)?

Northrop Grumman Corp. (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 Corp.'s free cash flow?

Northrop Grumman Corp. (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 Corp.'s operating cash flow?

Northrop Grumman Corp. (NOC) generated $4.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Northrop Grumman Corp.'s total assets?

Northrop Grumman Corp. (NOC) had $51.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Northrop Grumman Corp.'s capital expenditures?

Northrop Grumman Corp. (NOC) invested $1.4B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Northrop Grumman Corp. spend on research and development?

Northrop Grumman Corp. (NOC) invested $1.1B in research and development during fiscal year 2025.

Does Northrop Grumman Corp. buy back shares?

Yes, Northrop Grumman Corp. (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 Corp. have outstanding?

Northrop Grumman Corp. (NOC) had 142M shares outstanding as of fiscal year 2025.

What is Northrop Grumman Corp.'s current ratio?

Northrop Grumman Corp. (NOC) had a current ratio of 1.10 as of fiscal year 2025, which is considered adequate.

What is Northrop Grumman Corp.'s debt-to-equity ratio?

Northrop Grumman Corp. (NOC) had a debt-to-equity ratio of 0.91 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.

What is Northrop Grumman Corp.'s liabilities-to-equity ratio?

Northrop Grumman Corp. (NOC) had a liabilities-to-equity ratio of 2.08 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.

What is Northrop Grumman Corp.'s return on assets (ROA)?

Northrop Grumman Corp. (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 Corp.'s P/E ratio?

Northrop Grumman Corp. (NOC) trades at 17.3x earnings, its market capitalization divided by $4.5B net income, trailing 12 months to September 30, 2026. The market capitalization is $78.3B as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Northrop Grumman Corp.'s price-to-sales ratio?

Northrop Grumman Corp. (NOC) trades at 1.8x sales, its market capitalization divided by $43.6B revenue, trailing 12 months to September 30, 2026. The market capitalization is $78.3B as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Northrop Grumman Corp.'s Altman Z-Score?

Northrop Grumman Corp. (NOC) has an Altman Z-Score of 2.95, placing it in the Grey Zone (moderate 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 Corp.'s Piotroski F-Score?

Northrop Grumman Corp. (NOC) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Northrop Grumman Corp.'s earnings high quality?

Northrop Grumman Corp. (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 Corp. cover its interest payments?

Northrop Grumman Corp. (NOC) has an interest coverage ratio of 6.78x, 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 Corp.?

Northrop Grumman Corp. (NOC) scores 49 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.