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Northrop Grumman

NOC Clue Score41
United States Fiscal year ends December CIK 0001133421
$480.72 -0.78% Close, 9 Oct 2026
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Price $480.72 +22.27% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue24.71Operating income3.28Net income2.04EPS, diluted11.32Fiscal year 2017Revenue26.00 +5.3%Operating income3.22Net income2.87 +40.4%EPS, diluted16.34 +44.3%Fiscal year 2018Revenue30.10 +15.7%Operating income3.78Net income3.23 +12.5%EPS, diluted18.49 +13.2%Fiscal year 2019Revenue33.84 +12.4%Operating income3.97Net income2.25 −30.4%EPS, diluted13.22 −28.5%Fiscal year 2020Revenue36.80 +8.7%Operating income4.07Net income3.19 +41.9%EPS, diluted19.03 +43.9%Fiscal year 2021Revenue35.67 −3.1%Operating income5.65Net income7.01 +119.7%EPS, diluted43.54 +128.8%Fiscal year 2022Revenue36.60 +2.6%Operating income3.60Net income4.90 −30.1%EPS, diluted31.47 −27.7%Fiscal year 2023Revenue39.29 +7.3%Operating income2.54Net income2.06 −58.0%EPS, diluted13.53 −57.0%Fiscal year 2024Revenue41.03 +4.4%Operating income4.37Net income4.17 +103.0%EPS, diluted28.34 +109.5%Fiscal year 2025Revenue41.95 +2.2%Operating income4.51Net income4.18 +0.2%EPS, diluted29.08 +2.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 24.71 26.00 30.10 33.84 36.80 35.67 36.60 39.29 41.03 41.95
Growth +5.3% +15.7% +12.4% +8.7% −3.1% +2.6% +7.3% +4.4% +2.2%
Operating income 3.28 3.22 3.78 3.97 4.07 5.65 3.60 2.54 4.37 4.51
Net income 2.04 2.87 3.23 2.25 3.19 7.01 4.90 2.06 4.17 4.18
Growth +40.4% +12.5% −30.4% +41.9% +119.7% −30.1% −58.0% +103.0% +0.2%
EPS, diluted 11.32 16.34 18.49 13.22 19.03 43.54 31.47 13.53 28.34 29.08
Growth +44.3% +13.2% −28.5% +43.9% +128.8% −27.7% −57.0% +109.5% +2.6%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin13.3%Net margin8.3%Free cash flow margin7.7%Fiscal year 2017Operating margin12.4%Net margin11.0%Free cash flow margin6.5%Fiscal year 2018Operating margin12.6%Net margin10.7%Free cash flow margin8.6%Fiscal year 2019Operating margin11.7%Net margin6.6%Free cash flow margin9.0%Fiscal year 2020Operating margin11.0%Net margin8.7%Free cash flow margin7.8%Fiscal year 2021Operating margin15.8%Net margin19.6%Free cash flow margin6.0%Fiscal year 2022Operating margin9.8%Net margin13.4%Free cash flow margin4.0%Fiscal year 2023Operating margin6.5%Net margin5.2%Free cash flow margin5.3%Fiscal year 2024Operating margin10.6%Net margin10.2%Free cash flow margin6.4%Fiscal year 2025Operating margin10.8%Net margin10.0%Free cash flow margin7.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 13.3% 12.4% 12.6% 11.7% 11.0% 15.8% 9.8% 6.5% 10.6% 10.8%
Net margin 8.3% 11.0% 10.7% 6.6% 8.7% 19.6% 13.4% 5.2% 10.2% 10.0%
Free cash flow margin 7.7% 6.5% 8.6% 9.0% 7.8% 6.0% 4.0% 5.3% 6.4% 7.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow2.81Capital expenditure−0.92Free cash flow1.89Buybacks−1.55Dividends paid−0.64Fiscal year 2017Operating cash flow2.61Capital expenditure−0.93Free cash flow1.69 −11.0%Buybacks−0.39Dividends paid−0.69Fiscal year 2018Operating cash flow3.83Capital expenditure−1.25Free cash flow2.58 +53.0%Buybacks−1.26Dividends paid−0.82Fiscal year 2019Operating cash flow4.30Capital expenditure−1.26Free cash flow3.03 +17.6%Buybacks−0.74Dividends paid−0.88Fiscal year 2020Operating cash flow4.31Capital expenditure−1.42Free cash flow2.89 −4.9%Buybacks−0.49Dividends paid−0.95Fiscal year 2021Operating cash flow3.57Capital expenditure−1.42Free cash flow2.15 −25.4%Buybacks−3.71Dividends paid−0.98Fiscal year 2022Operating cash flow2.90Capital expenditure−1.44Free cash flow1.47 −31.9%Buybacks−1.50Dividends paid−1.05Fiscal year 2023Operating cash flow3.88Capital expenditure−1.78Free cash flow2.10 +43.2%Buybacks−1.50Dividends paid−1.12Fiscal year 2024Operating cash flow4.39Capital expenditure−1.77Free cash flow2.62 +24.8%Buybacks−2.51Dividends paid−1.19Fiscal year 2025Operating cash flow4.76Capital expenditure−1.45Free cash flow3.31 +26.2%Buybacks−1.62Dividends paid−1.29
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 2.81 2.61 3.83 4.30 4.31 3.57 2.90 3.88 4.39 4.76
Capital expenditure −0.92 −0.93 −1.25 −1.26 −1.42 −1.42 −1.44 −1.78 −1.77 −1.45
Free cash flow 1.89 1.69 2.58 3.03 2.89 2.15 1.47 2.10 2.62 3.31
Growth −11.0% +53.0% +17.6% −4.9% −25.4% −31.9% +43.2% +24.8% +26.2%
Buybacks −1.55 −0.39 −1.26 −0.74 −0.49 −3.71 −1.50 −1.50 −2.51 −1.62
Dividends paid −0.64 −0.69 −0.82 −0.88 −0.95 −0.98 −1.05 −1.12 −1.19 −1.29

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash2.54Total debt7.08Net cash (debt)−4.54Shareholders’ equity5.36Debt to equity1.32Fiscal year 2017Cash11.23Total debt16.13Net cash (debt)−4.91Shareholders’ equity7.13Debt to equity2.26Fiscal year 2018Cash1.58Total debt14.92Net cash (debt)−13.34Shareholders’ equity8.19Debt to equity1.82Fiscal year 2019Cash2.25Total debt13.88Net cash (debt)−11.63Shareholders’ equity8.82Debt to equity1.57Fiscal year 2020Cash4.91Total debt15.00Net cash (debt)−10.10Shareholders’ equity10.58Debt to equity1.42Fiscal year 2021Cash3.53Total debt12.78Net cash (debt)−9.25Shareholders’ equity12.93Debt to equity0.99Fiscal year 2022Cash2.58Total debt12.88Net cash (debt)−10.30Shareholders’ equity15.31Debt to equity0.84Fiscal year 2023Cash3.11Total debt13.86Net cash (debt)−10.75Shareholders’ equity14.80Debt to equity0.94Fiscal year 2024Cash4.35Total debt16.27Net cash (debt)−11.92Shareholders’ equity15.29Debt to equity1.06Fiscal year 2025Cash4.40Total debt15.70Net cash (debt)−11.29Shareholders’ equity16.67Debt to equity0.94
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 2.54 11.23 1.58 2.25 4.91 3.53 2.58 3.11 4.35 4.40
Total debt 7.08 16.13 14.92 13.88 15.00 12.78 12.88 13.86 16.27 15.70
Net cash (debt) −4.54 −4.91 −13.34 −11.63 −10.10 −9.25 −10.30 −10.75 −11.92 −11.29
Shareholders’ equity 5.36 7.13 8.19 8.82 10.58 12.93 15.31 14.80 15.29 16.67
Debt to equity 1.32 2.26 1.82 1.57 1.42 0.99 0.84 0.94 1.06 0.94

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
24.71 26.00 30.10 33.84 36.80 35.67 36.60 39.29 41.03 41.95
Growth +5.3% +15.7% +12.4% +8.7% −3.1% +2.6% +7.3% +4.4% +2.2%
0.71 0.64 0.76 0.95 1.10 1.10 1.20 1.20 1.10 1.10
2.63 2.71 3.01 3.29 3.41 3.60 3.87 4.01 3.99 4.03
3.28 3.22 3.78 3.97 4.07 5.65 3.60 2.54 4.37 4.51
Growth −1.8% +17.5% +5.0% +2.4% +39.0% −36.3% −29.5% +72.3% +3.2%
2.68 4.23 3.74 2.55 3.73 8.94 5.84 2.35 5.02 5.07
0.64 1.36 0.51 0.30 0.54 1.93 0.94 0.29 0.84 0.89
2.04 2.87 3.23 2.25 3.19 7.01 4.90 2.06 4.17 4.18
Growth +40.4% +12.5% −30.4% +41.9% +119.7% −30.1% −58.0% +103.0% +0.2%
Per share
11.42 16.45 18.59 13.28 19.08 43.70 31.61 13.57 28.39 29.14
11.32 16.34 18.49 13.22 19.03 43.54 31.47 13.53 28.34 29.08
Growth +44.3% +13.2% −28.5% +43.9% +128.8% −27.7% −57.0% +109.5% +2.6%
178.9 174.4 173.7 169.3 167.1 160.3 154.9 151.5 147.0 143.5
180.5 175.6 174.6 170.0 167.6 160.9 155.6 152.0 147.3 143.8
Growth −2.7% −0.6% −2.6% −1.4% −4.0% −3.3% −2.3% −3.1% −2.4%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 2.7% a year over five years, and earnings per share grew 8.9% a year.
  • The diluted share count fell 14.2% in five years, so buybacks did some of the work per share.
  • Operating margin is flat at 10.8%.
  • Profitable in every one of the 10 years on file.