Northrop Grumman (NOC) financial statements
Northrop Grumman reported revenue of $42.0B in fiscal 2025, up 6.1% a year over 9 years.
Net income was $4.2B and the operating margin 10.8%, against 13.3% in 2016.
Free cash flow was $3.3B, and the company returned $1.3B in dividends and $1.6B in net buybacks.
The diluted share count fell 20% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Northrop Grumman's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $24.7B | $26.0B | $30.1B | $33.8B | $36.8B | $35.7B | $36.6B | $39.3B | $41.0B | $42.0B |
| Cost of revenue | $11.0B | $12.3B | — | — | — | — | — | — | — | — |
| Gross profit | $13.7B | $13.7B | — | — | — | — | — | — | — | — |
| Research and development | $705M | $639M | $764M | $953M | $1.1B | $1.1B | $1.2B | $1.2B | $1.1B | $1.1B |
| Selling, general and admin | $2.6B | $2.7B | $3.0B | $3.3B | $3.4B | $3.6B | $3.9B | $4.0B | $4.0B | $4.0B |
| Operating income | $3.3B | $3.2B | $3.8B | $4.0B | $4.1B | $5.7B | $3.6B | $2.5B | $4.4B | $4.5B |
| Interest expense | $301M | $360M | $562M | $528M | $593M | $556M | $506M | $545M | $621M | $665M |
| Pre-tax income | $2.7B | $4.2B | $3.7B | $2.5B | $3.7B | $8.9B | $5.8B | $2.3B | $5.0B | $5.1B |
| Income tax | $638M | $1.4B | $513M | $300M | $539M | $1.9B | $940M | $290M | $842M | $886M |
| Net income | $2.0B | $2.9B | $3.2B | $2.2B | $3.2B | $7.0B | $4.9B | $2.1B | $4.2B | $4.2B |
| EPS (diluted) | $11.32 | $16.34 | $18.49 | $13.22 | $19.03 | $43.54 | $31.47 | $13.53 | $28.34 | $29.08 |
| Diluted shares | 180M | 176M | 175M | 170M | 168M | 161M | 156M | 152M | 147M | 144M |
| Gross margin | 55.5% | 52.8% | — | — | — | — | — | — | — | — |
| 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% |
Balance sheet
Fiscal years, from Northrop Grumman's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.5B | $11.2B | $1.6B | $2.2B | $4.9B | $3.5B | $2.6B | $3.1B | $4.4B | $4.4B |
| Receivables | — | $1.1B | $1.4B | $1.3B | $1.5B | $1.5B | $1.5B | $1.5B | $1.3B | $1.4B |
| Inventory | $816M | $398M | $654M | $783M | $759M | $811M | $978M | $1.1B | $1.5B | $1.3B |
| Total current assets | $6.9B | $16.6B | $9.7B | $10.7B | $15.3B | $12.4B | $12.5B | $13.7B | $14.3B | $15.3B |
| Property, plant and equipment | $3.6B | $4.2B | $6.4B | $6.9B | $7.1B | $7.9B | $8.8B | $9.7B | $10.5B | $11.0B |
| Goodwill | $12.4B | $12.5B | $18.7B | $18.7B | $17.5B | $17.5B | $17.5B | $17.5B | $17.5B | $17.4B |
| Total assets | $25.6B | $35.1B | $37.7B | $41.1B | $44.5B | $42.6B | $43.8B | $46.5B | $49.4B | $51.4B |
| Total current liabilities | $5.6B | $7.1B | $8.3B | $9.4B | $9.6B | $9.5B | $11.6B | $11.9B | $14.1B | $13.9B |
| Long-term debt | $7.1B | $14.4B | $13.9B | $12.8B | $14.3B | $12.8B | $11.8B | $13.8B | $14.7B | $15.2B |
| Total liabilities | $20.4B | $28.0B | $29.5B | $32.3B | $33.9B | $29.7B | $28.4B | $31.7B | $34.1B | $34.7B |
| Shareholders' equity | $5.4B | $7.1B | $8.2B | $8.8B | $10.6B | $12.9B | $15.3B | $14.8B | $15.3B | $16.7B |
| Net debt | $4.5B | $4.0B | $12.8B | $11.6B | $10.1B | $9.3B | $10.3B | $10.7B | $11.9B | $11.3B |
Cash flow
Fiscal years, from Northrop Grumman's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.8B | $2.6B | $3.8B | $4.3B | $4.3B | $3.6B | $2.9B | $3.9B | $4.4B | $4.8B |
| Capital spending | $920M | $928M | $1.2B | $1.3B | $1.4B | $1.4B | $1.4B | $1.8B | $1.8B | $1.4B |
| Free cash flow | $1.9B | $1.7B | $2.6B | $3.0B | $2.9B | $2.2B | $1.5B | $2.1B | $2.6B | $3.3B |
| Stock-based compensation | $93M | $94M | $86M | $127M | $90M | $94M | $99M | $87M | $101M | $119M |
| Dividends paid | $640M | $689M | $821M | $880M | $953M | $983M | $1.1B | $1.1B | $1.2B | $1.3B |
| Share buybacks (net) | -$1.5B | -$393M | -$1.3B | -$744M | -$490M | -$3.7B | -$1.5B | -$1.5B | -$2.5B | -$1.6B |
| Net borrowing | $428M | $8.2B | -$2.1B | -$698M | $1.2B | -$2.2B | $0 | $945M | $2.5B | -$502M |
| Free cash flow margin | 7.7% | 6.5% | 8.6% | 9.0% | 7.8% | 6.0% | 4.0% | 5.3% | 6.4% | 7.9% |
| Dividends per share | $3.55 | $3.92 | $4.70 | $5.18 | $5.69 | $6.11 | $6.76 | $7.34 | $8.05 | $8.99 |
Questions
What was Northrop Grumman's revenue in 2025?
$42.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Northrop Grumman generate?
$3.3B in fiscal 2025 (operating cash flow minus capital spending).
From Northrop Grumman's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.