Northrop Grumman (NOC) Financials
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 Sep 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 21, 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 (NOC) reported $42.9B in revenue over the twelve months to Jun 30, 2026, up 5.9% 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).
Cash-generative recovery is the dominant mechanic, with margin rebuilding and lighter reinvestment supporting distributions despite persistent leverage.
Across FY2023-FY2025, free cash flow margin rose from5.3% to7.9% , indicating that more revenue was becoming discretionary cash. That improvement coincided with capital expenditures falling from$1.8B to$1.5B , so stronger cash conversion reflects both improved operations and a lighter reinvestment load—not merely accounting profit.
Operating margin recovered from
The balance sheet is not debt-free: long-term debt reached
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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'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.
Northrop Grumman 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 71/100, reflecting efficient cost management and pricing power. 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 42/100.
Northrop Grumman has a moderate D/E ratio of 0.91. This balance of debt and equity financing earns a leverage score of 34/100.
Northrop Grumman'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.
Northrop Grumman 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.
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 72/100. This is down from 27.3% the prior year.
Northrop Grumman scores 2.86, placing it in the grey zone between 1.81 and 2.99. 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.
Northrop Grumman 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, 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 $6.78 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
Earnings & Revenue
Northrop Grumman generated $10.9B in revenue in Q2 2026. This represents an increase of 5.1% from the same quarter a year earlier. Against the prior quarter it is up 10.1%.
Northrop Grumman's EBITDA was $1.5B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 17.6% from the same quarter a year earlier. Against the prior quarter it is up 7.5%.
Northrop Grumman reported $1.1B in net income in Q2 2026. This represents a decrease of 6.8% from the same quarter a year earlier. Against the prior quarter it is up 25.0%.
Northrop Grumman earned $7.68 per diluted share (EPS) in Q2 2026. This represents a decrease of 5.8% from the same quarter a year earlier. Against the prior quarter it is up 25.1%.
Cash & Balance Sheet
Northrop Grumman generated $978.0M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 53.5% from the same quarter a year earlier. Against the prior quarter it is up 153.6%.
Northrop Grumman held $2.3B in cash against $14.4B in long-term debt as of Q2 2026.
Northrop Grumman paid $2.47 per share in dividends in Q2 2026. This represents an increase of 6.9% from the same quarter a year earlier. Against the prior quarter it is up 6.9%.
Margins & Returns
Northrop Grumman's operating margin was 10.1% in Q2 2026, reflecting core business profitability. This is down 3.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.1 percentage points.
Northrop Grumman's net profit margin was 10.1% in Q2 2026, showing the share of revenue converted to profit. This is down 1.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.2 percentage points.
Northrop Grumman's ROE was 6.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 1.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.0 percentage points.
Not reported for Q2 2026.
Capital Allocation
Northrop Grumman repurchased no shares in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
Northrop Grumman invested $302.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 30.7% from the same quarter a year earlier. Against the prior quarter it is up 80.8%.
Not reported for Q2 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.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $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% | $10.0B+2.3% |
| SG&A Expenses | $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% | $986.0M-3.8% |
| Operating Income | $1.1B-23.1% | $989.0M+72.6% | $1.3B+16.7% | $1.2B+10.9% | $1.4B+30.7% | $573.0M-46.5% | $1.1B+377.1% | $1.1B+10.2% |
| EBITDA | $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% | $1.5B+8.9% |
| Interest Expense | $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% | $161.0M+14.2% |
| Income Tax | $74.0M-70.8% | $155.0M+59.8% | $313.0M+9.1% | $223.0M+37.7% | $253.0M+22.8% | $97.0M-48.1% | $287.0M+229.3% | $162.0M-10.5% |
| Net Income | $1.1B-6.8% | $875.0M+81.9% | $1.4B+12.9% | $1.1B+7.2% | $1.2B+24.9% | $481.0M-49.0% | $1.3B+336.3% | $1.0B+9.5% |
| EPS (Basic) | $7.70-5.8% | $6.16+85.0% | $9.98+15.2% | $7.69+9.5% | $8.17+28.3% | $3.33-47.5% | $8.66+347.4% | $7.02+13.2% |
| EPS (Diluted) | $7.68-5.8% | $6.14+84.9% | $9.96+15.1% | $7.67+9.6% | $8.15+28.1% | $3.32-47.5% | $8.65+349.3% | $7.00+13.3% |
| Diluted Shares (Avg) | 142M-1.1% | 143M-1.7% | N/A | 144M-2.0% | 144M-2.5% | 145M-2.9% | N/A | 147M-3.4% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
NOC Balance Sheet
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.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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% | $48.3B+7.6% |
| Current Assets | $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% | $14.3B+9.0% |
| Cash & Equivalents | $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% | $3.3B+59.8% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $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% | $1.6B |
| Accounts Receivable | $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% | $1.6B-8.8% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $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% | $17.5B0.0% |
| Total Liabilities | $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% | $33.5B+15.8% |
| Current Liabilities | $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% | $13.1B+27.1% |
| Non-Current Liabilities | $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% | $20.4B+9.5% |
| Long-Term Debt | $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% | $14.7B+6.5% |
| Total Equity | $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% | $14.7B-7.4% |
| Retained Earnings | $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% | $14.7B-7.4% |
NOC Cash Flow 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.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.3B+47.5% | -$1.7B-5.8% | $3.9B+51.2% | $1.6B+42.7% | $868.0M-39.1% | -$1.6B-121.7% | $2.6B+6.1% | $1.1B-11.2% |
| Depreciation & Amortization | $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% | $331.0M+4.4% |
| Stock-Based Compensation | N/A | $20.0M0.0% | N/A | N/A | N/A | $20.0M0.0% | N/A | N/A |
| Capital Expenditures | $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% | $361.0M+0.6% |
| Free Cash Flow | $978.0M+53.5% | -$1.8B-0.1% | $3.2B+83.6% | $1.3B+72.1% | $637.0M-42.4% | -$1.8B-86.6% | $1.8B+8.3% | $730.0M-16.0% |
| Investing Cash Flow | -$196.0M-421.3% | -$168.0M+33.3% | -$664.0M+16.8% | -$300.0M+16.9% | $61.0M+119.0% | -$252.0M+6.3% | -$798.0M-3.6% | -$361.0M-80.5% |
| Financing Cash Flow | -$867.0M-21.3% | -$489.0M+42.5% | -$787.0M-4.5% | -$1.2B-77.4% | -$715.0M+19.9% | -$851.0M-191.8% | -$753.0M-19.0% | -$676.0M+71.0% |
| Dividends Paid | $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% | $301.0M+7.5% |
| Share Buybacks | $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% | $321.0M+43.9% |
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.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 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 | 11.2%+0.8pp |
| Net Margin | 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 | 10.3%+0.7pp |
| Return on Equity | 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 | 7.0%+1.1pp |
| Return on Assets | 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 | 2.1%0.0pp |
| Current Ratio | 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 | 1.09-0.2x |
| Debt-to-Equity | 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 | 1.00+0.1x |
| Asset Turnover | 0.210.0x | 0.200.0x | 0.230.0x | 0.210.0x | 0.210.0x | 0.200.0x | 0.220.0x | 0.210.0x |
| FCF Margin | 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 | 7.3%-1.6pp |
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 NOC | FY2025 | $42.0B | $4.2B | 10.0% | $73.2B | 50/100 |
| General Dynamics Corp GD | FY2025 | $52.5B | $4.2B | 8.0% | $97.2B | 63/100 |
| Howmet Aerospace Inc HWM | FY2025 | $8.3B | $1.5B | 18.3% | $103.4B | 71/100 |
| Lockheed Martin LMT | FY2025 | $75.0B | $5.0B | 6.7% | $121.2B | 56/100 |
| Transdigm Group TDG | FY2025 | $8.8B | $2.1B | 23.5% | $64.2B | 72/100 |
| Boeing BA | FY2025 | $89.5B | $2.2B | 2.5% | $167.8B | 27/100 |
Where Northrop Grumman Ranks
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 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.
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 P/E ratio?
Northrop Grumman (NOC) trades at 16.3x earnings, its market capitalization divided by net income of $4.5B net income, trailing 12 months to June 30, 2026. The market capitalization is $73.2B as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Northrop Grumman's price-to-sales ratio?
Northrop Grumman (NOC) trades at 1.7x sales, its market capitalization divided by revenue of $42.9B revenue, trailing 12 months to June 30, 2026. The market capitalization is $73.2B as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Northrop Grumman's Altman Z-Score?
Northrop Grumman (NOC) has an Altman Z-Score of 2.86, 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's Piotroski F-Score?
Northrop Grumman (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'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 6.78x, 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?
Northrop Grumman (NOC) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite 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.