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Northrop Grumman Corporation

NOC

Northrop Grumman Corporation • NYSE
$572.25 ▲ 0.91% (+5.14)
Market Cap $81.67 B
52w High $640.90
52w Low $426.24
Dividend Yield 8.74%
P/E 20.62
Volume 421.72K
Outstanding Shares 142.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $10.423B ▲ $985M ▲ $1.1B ▼ 10.554% ▼ $7.69 ▼ $1.863B ▼
Q2-2025 $10.351B ▲ $785M ▼ $1.174B ▲ 11.342% ▲ $8.17 ▲ $1.95B ▲
Q1-2025 $9.468B ▼ $1.007B ▲ $481M ▼ 5.08% ▼ $3.33 ▼ $1.071B ▼
Q4-2024 $10.686B ▲ $843M ▼ $1.264B ▲ 11.829% ▲ $8.66 ▲ $2.125B ▲
Q3-2024 $9.996B $986M $1.026B 10.264% $7.02 $1.68B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.957B ▲ $49.3B ▼ $33.312B ▼ $15.988B ▲
Q2-2025 $1.899B ▲ $49.451B ▲ $33.98B ▲ $15.471B ▲
Q1-2025 $1.685B ▼ $48.468B ▼ $33.484B ▼ $14.984B ▼
Q4-2024 $4.353B ▲ $49.359B ▲ $34.069B ▲ $15.29B ▲
Q3-2024 $3.326B $48.289B $33.541B $14.748B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.1B ▼ $1.557B ▲ $-300M ▼ $-1.199B ▼ $58M ▼ $1.256B ▲
Q2-2025 $1.174B ▲ $868M ▲ $61M ▲ $-715M ▲ $214M ▲ $637M ▲
Q1-2025 $481M ▼ $-1.565B ▼ $-252M ▲ $-851M ▼ $-2.668B ▼ $-1.821B ▼
Q4-2024 $1.264B ▲ $2.578B ▲ $-798M ▼ $-753M ▼ $1.027B ▲ $1.762B ▲
Q3-2024 $1.026B $1.091B $-361M $-676M $54M $730M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Aeronautics Systems
Aeronautics Systems
 $3.22Bn ▲$2.81Bn ▼$3.11Bn ▲$3.14Bn ▲
Defense Systems
Defense Systems
 $3.55Bn ▲$1.80Bn ▼$1.99Bn ▲$2.06Bn ▲
Mission Systems
Mission Systems
 $3.14Bn ▲$2.81Bn ▼$3.16Bn ▲$3.09Bn ▼
Space Systems
Space Systems
 $1.63Bn ▲$2.57Bn ▲$2.65Bn ▲$2.70Bn ▲
Intersegment Eliminations
Intersegment Eliminations
 $-860.00M ▲$-530.00M ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been grinding higher over the past several years, showing steady rather than explosive growth. Profitability, however, has been more up and down, reflecting the normal lumpiness of large defense programs, contract timing, and one‑off charges or benefits. After a weaker year in the middle of the period, margins and earnings have bounced back, suggesting recent execution and mix have improved. Overall, the income statement tells a story of a mature defense contractor with solid scale, some volatility in yearly profits, and strong earning power in good years but exposure to program risk and accounting swings.

Balance Sheet

Balance Sheet The balance sheet shows a large asset base built around long‑term defense platforms and programs. Debt is meaningful but appears proportionate to the company’s size, with no sign of extreme leverage. Cash levels are healthy enough to provide flexibility but not so high as to be idle. Equity has generally trended upward, which indicates value being built over time for shareholders. In short, the balance sheet looks like that of a major defense prime: capital intensive, moderately leveraged, and anchored by long‑term government relationships.

Cash Flow

Cash Flow Underlying cash generation is a key strength. Cash from operations has been consistently solid and has improved over the five‑year period, even in years when accounting earnings dipped. Free cash flow has stayed positive after funding a sizeable and steady investment in new facilities, equipment, and program development. This pattern points to a business that converts a good portion of its earnings into cash while still spending heavily to support current and future contracts. The main watchpoints are working‑capital swings tied to contract timing and continued high capital needs.

Competitive Edge

Competitive Edge Northrop Grumman holds a powerful position as one of the few top‑tier U.S. defense primes. It benefits from deep relationships with the U.S. government and allies, long‑duration contracts, and critical roles on strategic programs like stealth bombers, strategic missiles, and advanced space and missile‑defense systems. High regulatory barriers, specialized know‑how, and the difficulty of switching suppliers give it a wide moat. At the same time, reliance on government budgets, political priorities, and a concentrated customer base are structural risks. Still, within the defense ecosystem, it stands as a core, hard‑to‑replace player.

Innovation and R&D

Innovation and R&D The company is heavily geared toward cutting‑edge defense technologies. Flagship efforts such as the B‑21 Raider bomber, the Sentinel intercontinental missile program, and next‑generation space and missile‑defense systems illustrate a focus on long‑term, mission‑critical platforms. Northrop Grumman is also investing in autonomous systems, hypersonic and counter‑hypersonic capabilities, and the integration of artificial intelligence and digital engineering across its programs. These bets strengthen its technological edge but come with execution risks: cost overruns, schedule delays, and shifting government requirements can all impact returns. Overall, the R&D posture is ambitious, future‑oriented, and central to its moat.

Summary

Northrop Grumman combines steady top‑line growth with sometimes choppy, but generally strong, profitability typical of a major defense contractor. Its balance sheet and cash flows look robust enough to support ongoing investment in large, long‑lived programs. Competitively, it sits in a privileged position with high barriers to entry and deep government ties, though it is inherently exposed to defense budgets and program‑specific risks. The company’s heavy emphasis on advanced technologies in stealth, space, missile defense, autonomy, and AI underpins its long‑term relevance but raises the importance of disciplined execution. Overall, the picture is of a mature, strategically important defense prime with solid financial foundations and significant innovation‑driven opportunities, tempered by the usual political and program risks of the sector.

NEWS

November 19, 2025 · 4:24 PM UTC

Northrop Grumman Board Declares Quarterly Dividend

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November 6, 2025 · 4:40 PM UTC

Northrop Grumman Announces CFO Transition

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November 5, 2025 · 9:00 AM UTC

Northrop Grumman to Participate in the Baird 2025 Global Industrial Conference

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October 28, 2025 · 2:30 PM UTC

Future Tech Accelerates Northrop Grumman's Launch of Enterprise AI Factory

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October 21, 2025 · 6:36 AM UTC

Northrop Grumman Releases Third Quarter 2025 Financial Results

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