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Leonardo DRS vs Northrop Grumman: revenue, profit, margins and growth compared

Leonardo DRS brought in $3.6B of revenue in fiscal 2025, Northrop Grumman $42B in fiscal 2025. Revenue changed by +12.8% at Leonardo DRS and +2.2% at Northrop Grumman on the year before, so Leonardo DRS grew faster. Leonardo DRS kept 7.6% of its revenue as net profit, Northrop Grumman 10.0%. Free cash flow was $227M at Leonardo DRS and $3.3B at Northrop Grumman.

Side by side, latest fiscal year

DRSNOC
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$3.6B$42B
Revenue growth+12.8%+2.2%
Net income$278M$4.2B
Net margin7.6%10.0%
Free cash flow$227M$3.3B
Free cash flow margin6.2%7.9%
Earnings per share (diluted)$1.03$29.08
Cash$647M$4.4B
Debt$348M$15.7B
Price to earnings36.117.6
Market value$9.9B$72.5B
Dividend yield0.97%1.76%
Rank by revenue in sector#155 of 451 · Industrials#13 of 451 · Industrials

Over the years

Revenue
DRS FY2019: $2.7BDRS FY2021: $2.8BDRS FY2021: $2.9BDRS FY2022: $2.7BDRS FY2023: $2.8BDRS FY2024: $3.2BDRS FY2025: $3.6BNOC FY2018: $30.1BNOC FY2019: $33.8BNOC FY2020: $36.8BNOC FY2021: $35.7BNOC FY2022: $36.6BNOC FY2023: $39.3BNOC FY2024: $41BNOC FY2025: $42BFY18FY19FY20FY21FY22FY23FY24FY25
DRS $3.6BNOC $42B
Net income
DRS FY2019: $75MDRS FY2021: $85MDRS FY2021: $154MDRS FY2022: $405MDRS FY2023: $168MDRS FY2024: $213MDRS FY2025: $278MNOC FY2018: $3.2BNOC FY2019: $2.2BNOC FY2020: $3.2BNOC FY2021: $7BNOC FY2022: $4.9BNOC FY2023: $2.1BNOC FY2024: $4.2BNOC FY2025: $4.2BFY18FY19FY20FY21FY22FY23FY24FY25
DRS $278MNOC $4.2B
Net margin
DRS FY2019: 2.8%DRS FY2021: 3.1%DRS FY2021: 5.3%DRS FY2022: 15.0%DRS FY2023: 5.9%DRS FY2024: 6.6%DRS FY2025: 7.6%NOC FY2018: 10.7%NOC FY2019: 6.6%NOC FY2020: 8.7%NOC FY2021: 19.6%NOC FY2022: 13.4%NOC FY2023: 5.2%NOC FY2024: 10.2%NOC FY2025: 10.0%FY18FY19FY20FY21FY22FY23FY24FY25
DRS 7.6%NOC 10.0%
Revenue growth
DRS FY2021: +2.4%DRS FY2021: +3.6%DRS FY2022: -6.5%DRS FY2023: +4.9%DRS FY2024: +14.4%DRS FY2025: +12.8%NOC FY2019: +12.4%NOC FY2020: +8.7%NOC FY2021: -3.1%NOC FY2022: +2.6%NOC FY2023: +7.3%NOC FY2024: +4.4%NOC FY2025: +2.2%FY19FY20FY21FY22FY23FY24FY25
DRS +12.8%NOC +2.2%
Free cash flow
DRS FY2019: $102MDRS FY2021: $69MDRS FY2021: $118MDRS FY2022: -$32MDRS FY2023: $145MDRS FY2024: $186MDRS FY2025: $227MNOC FY2018: $2.6BNOC FY2019: $3BNOC FY2020: $2.9BNOC FY2021: $2.2BNOC FY2022: $1.5BNOC FY2023: $2.1BNOC FY2024: $2.6BNOC FY2025: $3.3BFY18FY19FY20FY21FY22FY23FY24FY25
DRS $227MNOC $3.3B

Fiscal years as each company reports them; the two may end in different months.

Questions about Leonardo DRS and Northrop Grumman

Which is bigger by revenue, Leonardo DRS or Northrop Grumman?

Northrop Grumman is bigger by revenue: $42B in fiscal 2025, against $3.6B for Leonardo DRS in fiscal 2025.

Which keeps more of its revenue as profit, Leonardo DRS or Northrop Grumman?

Leonardo DRS had a net margin of 7.6% in fiscal 2025; Northrop Grumman had 10.0% in fiscal 2025.

Which grew revenue faster, Leonardo DRS or Northrop Grumman?

In their latest fiscal years revenue changed by +12.8% at Leonardo DRS and +2.2% at Northrop Grumman.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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