NORTHROP GRUMMAN CORP /DE/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NORTHROP GRUMMAN CORP /DE/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	24,706	26,004	30,095	33,841	36,799	35,667	36,602	39,290	41,033	41,954
Cost of revenue	11,002	12,271
Gross profit	13,704	13,733
Research and development	705	639	764	953	1,100	1,100	1,200	1,200	1,100	1,100
General and administrative	2,632	2,712	3,011	3,290	3,413	3,597	3,873	4,014	3,992	4,033
Operating expenses				29,872	32,734	31,996	33,001	36,753	36,663	37,674
Operating income	3,277	3,218	3,780	3,969	4,065	5,651	3,601	2,537	4,370	4,511
Interest expense	301	360	562	528	593	556	506	545	621	665
Other non-operating income	44	136	130	107	92	19	4	246	168	154
Pre-tax income	2,681	4,229	3,742	2,548	3,728	8,938	5,836	2,346	5,016	5,068
Income tax	638	1,360	513	300	539	1,933	940	290	842	886
Net income	2,043	2,869	3,229	2,248	3,189	7,005	4,896	2,056	4,174	4,182
EBITDA	3,733	3,693	4,580	5,234	5,332	6,890	4,943	3,875	5,740	5,983
EPS, basic	11.42	16.45	18.59	13.28	19.08	43.70	31.61	13.57	28.39	29.14
EPS, diluted	11.32	16.34	18.49	13.22	19.03	43.54	31.47	13.53	28.34	29.08
Shares, basic (weighted)	179	174	174	169	167	160	155	152	147	144
Shares, diluted (weighted)	181	176	175	170	168	161	156	152	147	144
Dividend per share	3.50	3.90	4.70	5.16	5.67	6.16	6.76	7.34	8.05	8.99

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,541	11,225	1,579	2,245	4,907	3,530	2,577	3,109	4,353	4,403
Receivables		1,054	1,448	1,326	1,501	1,467	1,511	1,454	1,272	1,375
Inventory	816	398	654	783	759	811	978	1,109	1,455	1,309
Other current assets	200	445	973	997	1,402	1,126	1,439	2,341	1,286	1,656
Total current assets	6,856	16,587	9,680	10,685	15,344	12,426	12,488	13,706	14,274	15,287
Property, plant and equipment	3,588	4,225	6,372	6,912	7,071	7,894	8,800	9,653	10,536	10,972
Lease right-of-use assets			0	1,511	1,533	1,655	1,811	1,818	1,770	1,859
Goodwill	12,450	12,455	18,672	18,708	17,518	17,515	17,516	17,517	17,512	17,437
Intangible assets	61	52	1,372	1,040	783	578	384	305	254	208
Other non-current assets	1,258	1,362	1,463	1,725	1,909	2,311	2,594	1,194	1,484	1,604
Total assets	25,614	35,128	37,653	41,089	44,469	42,579	43,755	46,544	49,359	51,377
Accounts payable	1,554	1,661	2,182	2,226	1,806	2,197	2,587	2,110	2,599	3,240
Accrued liabilities	1,342	1,382	1,676	1,865	1,997	1,993	2,057	2,251	2,271	2,309
Deferred revenue		1,761	1,917	2,237	2,517	3,026	3,609	4,193	4,070	4,086
Short-term debt	12	867	517	1,109	742	6	1,072	70	1,582	534
Total current liabilities	5,630	7,092	8,274	9,434	9,580	9,530	11,587	11,942	14,128	13,882
Long-term debt	7,058	14,399	13,883	12,770	14,261	12,777	11,805	13,786	14,692	15,162
Lease liabilities			0	1,308	1,343	1,590	1,824	1,892	1,798	1,857
Other non-current liabilities	849	994	1,446	1,779	2,208	1,997	2,039	2,839	2,331	2,692
Total liabilities	20,355	27,996	29,466	32,270	33,890	29,653	28,443	31,749	34,069	34,703
Total debt	7,070	15,266	14,400	13,879	15,003	12,783	12,877	13,856	16,274	15,696
Paid-in capital	0	44	0	0	58	0	0	0	0	0
Retained earnings	10,630	6,913	8,068	8,748	10,482	12,913	15,312	14,773	15,297	16,658
Other comprehensive income	-5,546	1	-52	-97	-128	-143	-153	-128	-152	-126
Shareholders' equity	5,363	7,132	8,187	8,819	10,579	12,926	15,312	14,795	15,290	16,674
Total equity	5,363	7,132	8,187	8,819	10,579	12,926	15,312	14,795	15,290	16,674
Total liabilities and equity	25,614	35,128	37,653	41,089	44,469	42,579	43,755	46,544	49,359	51,377
Shares outstanding	175	174	171	168	167	156	153	150	145	142

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,043	2,869	3,229	2,248	3,189	7,005	4,896	2,056	4,174	4,182
Depreciation and amortization	456	475	800	1,265	1,267	1,239	1,342	1,338	1,370	1,472
Stock-based compensation	93	94	86	127	90	94	99	87	101	119
Deferred income tax	-60	985	234	-509	210	603	-321	-988	-582	548
Change in receivables	46	-209	202	122	-285	-10	-44	54	182	-108
Change in inventory	-53	25	-37	-135	18	-52	-205	-220	-358	97
Change in payables	18	570	381	617	719	376	572	-469	485	646
Cash from operations	2,813	2,613	3,827	4,297	4,305	3,567	2,901	3,875	4,388	4,757
Capital expenditures	-920	-928	-1,249	-1,264	-1,420	-1,415	-1,435	-1,775	-1,767	-1,450
Acquisitions	0	0	7,657	0	0
Sales and maturities of investments						0	0	197	0	0
Cash from investing	-805	-889	-8,878	-1,207	-1,211	2,058	-1,241	-1,582	-1,749	-1,155
Debt issued	749	8,245	0	0	2,239	0	0	1,995	2,495	998
Debt repaid	-321	0	-2,276	-500	-1,027	-2,236	0	-1,050	0	-1,500
Share buybacks	-1,547	-393	-1,263	-744	-490	-3,705	-1,504	-1,500	-2,514	-1,624
Dividends paid	-640	-689	-821	-880	-953	-983	-1,052	-1,116	-1,186	-1,293
Cash from financing	-1,786	6,960	-4,595	-2,424	-432	-7,002	-2,613	-1,761	-1,395	-3,552
Net change in cash	222	8,684	-9,646	666	2,662	-1,377	-953	532	1,244	50
Free cash flow	1,893	1,685	2,578	3,033	2,885	2,152	1,466	2,100	2,621	3,307
Income taxes paid	691	517	270	324	312	1,300	1,500	1,200	880

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $510.52 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	10.7%	Operating income / revenue.
EBITDA margin	14.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.3%	Pre-tax income / revenue.
Net margin	10.5%	Net income / revenue.
FCF margin	8.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.8%	Cash from operations / revenue.
Effective tax rate	14.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	25.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.9%	Net income / average total assets.
Return on invested capital (ROIC)	12.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.3%	Capital expenditures / revenue.
D&A / revenue	3.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	3.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	2.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	4.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	0.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-5.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	5.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	2.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-2.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	17.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	26.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	31.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	2.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	11.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	9.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.17x	Current assets / current liabilities.
Quick ratio	0.35x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.85x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	29.9%	Total debt / total assets.
Liabilities / assets	64.8%	Total liabilities / total assets.
Net debt	$12.88B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.10x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.98x	Operating income / interest expense.
Working capital	$2.25B	Current assets - current liabilities.
Goodwill and intangibles / assets	34.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$445.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.84x	Revenue / average total assets.
Fixed asset turnover	4.17x	Revenue / average property, plant and equipment.
Receivables turnover	18.6x	Revenue / average receivables.
Days sales outstanding	20 days	365 x average receivables / revenue.
FCF conversion	81.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	28.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$31.57	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$301.21	Revenue / diluted weighted shares.
FCF per share	$25.60	Free cash flow / diluted weighted shares.
Operating cash flow per share	$35.66	Cash from operations / diluted weighted shares.
Book value per share	$125.89	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.13	Tangible book value / shares outstanding.
Cash per share	$16.24	(Cash + short-term investments) / shares outstanding.
Payout ratio	29.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	36.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	22.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$72.53B	Share price x shares outstanding.
Enterprise value	$85.41B	Market cap + total debt - cash - short-term investments.
P/E	16.1x	Market cap / net income. Only when net income is positive.
P/S	1.69x	Market cap / revenue.
P/B	4.06x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	163x	Market cap / tangible book value, when positive.
P/FCF	19.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.3x	Market cap / cash from operations, when positive.
EV/Sales	1.99x	Enterprise value / revenue.
EV/EBIT	18.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	23.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.0%	Free cash flow / market cap.
Earnings yield	6.2%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	3.0%	(Dividends paid + share buybacks) / market cap.

What was NORTHROP GRUMMAN CORP /DE/'s revenue in fiscal 2025?

NORTHROP GRUMMAN CORP /DE/ reported revenue of $41.95B for fiscal 2025, 2.2% higher than the year before.

Was NORTHROP GRUMMAN CORP /DE/ profitable in fiscal 2025?

Yes. Net income was $4.18B, a net margin of 10%.

How much free cash flow did NORTHROP GRUMMAN CORP /DE/ generate in fiscal 2025?

Cash from operations of $4.76B minus capital expenditures of $1.45B left free cash flow of $3.31B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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