Northrop Grumman

Industrials Aerospace & Defense West Falls Church, Virginia Last filing Jan 27, 2026 · FY2025

                    Revenue
                    FY2025
                
$42.0B
                    3y CAGR +4.7%
                    
                    P44
                    
                    +2.2%
                    
                    Net income
                    FY2025
                
$4.2B
                    Net margin +10.0%
                    
                    P36
                    
                    +0.2%
                    
                    Total assets
                    FY2025
                
$51.4B
                    ROA +8.1%
                    
                    P50
                    
                    +4.1%
                    
                    Operating cash flow
                    FY2025
                
$4.8B
                    FCF margin +7.9%
                    
                    P24
                    
                    +8.4%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

32 accounts · 5 years

Total assets $51.4B

Total liabilities $34.7B

Shareholders equity $16.7B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$4.4B 1.1%	$4.4B 40.0%	$3.1B 20.6%	$2.6B -27.0%	$3.5B
Short Term Investments	$483.0M 39.2%	$347.0M 2.4%	$339.0M 2.1%	$332.0M -20.6%	$418.0M
Accounts Receivable	$1.4B 8.1%	$1.3B -12.5%	$1.5B -3.8%	$1.5B 3.0%	$1.5B
Inventory	$1.3B -10.0%	$1.5B 31.2%	$1.1B 13.4%	$978.0M 20.6%	$811.0M
Prepaid Expenses	$1.7B 28.8%	$1.3B -45.1%	$2.3B 62.7%	$1.4B 27.8%	$1.1B
Other Current Assets	$1.7B 28.8%	$1.3B -45.1%	$2.3B 62.7%	$1.4B 27.8%	$1.1B
Total Current Assets	$15.3B 7.1%	$14.3B 4.1%	$13.7B 9.8%	$12.5B 0.5%	$12.4B
Property,Plant and Equipment	$11.0B 4.1%	$10.5B 9.1%	$9.7B 9.7%	$8.8B 11.5%	$7.9B
Operating Lease Assets	$1.9B 5.0%	$1.8B -2.6%	$1.8B 0.4%	$1.8B 9.4%	$1.7B
Goodwill	$17.4B -0.4%	$17.5B 0.0%	$17.5B 0.0%	$17.5B 0.0%	$17.5B
Intangible Assets	$0 -100.0%	$254.0M -16.7%	$305.0M -20.6%	$384.0M -33.6%	$578.0M
Deferred Tax Assets	$1.1B -34.3%	$1.6B 56.8%	$1.0B 529.6%	$162.0M -19.0%	$200.0M
Other Noncurrent Assets	$1.6B 30.4%	$1.2B -51.3%	$2.5B -2.7%	$2.6B 12.2%	$2.3B
Total Assets	$51.4B 4.1%	$49.4B 6.0%	$46.5B 6.4%	$43.8B 2.8%	$42.6B
Liabilities
Accounts Payable	$3.2B 24.7%	$2.6B 23.2%	$2.1B -18.4%	$2.6B 17.8%	$2.2B
Accrued Liabilities	$4.2B -18.1%	$5.2B 53.1%	$3.4B 1.6%	$3.3B 44.1%	$2.3B
Deferred Revenue	$4.1B 0.4%	$4.1B -2.9%	$4.2B 16.2%	$3.6B 19.3%	$3.0B
Current Portion of Long Term Debt	$534.0M -66.2%	$1.6B 2160.0%	$70.0M -93.5%	$1.1B 17766.7%	$6.0M
Other Current Liabilities	$4.2B -18.1%	$5.2B 53.1%	$3.4B 1.6%	$3.3B 44.1%	$2.3B
Total Current Liabilities	$13.9B -1.7%	$14.1B 18.3%	$11.9B 3.1%	$11.6B 21.6%	$9.5B
Long Term Debt	$15.2B 3.2%	$14.7B 6.6%	$13.8B 16.8%	$11.8B -7.6%	$12.8B
Operating Lease Liabilities Noncurrent	$1.9B 3.3%	$1.8B -5.0%	$1.9B 3.7%	$1.8B 14.7%	$1.6B
Deferred Tax Liabilities	$0 -100.0%	$5.0B 9.9%	$4.5B 30.9%	$3.5B 14.5%	$3.0B
Other Noncurrent Liabilities	$2.7B 15.5%	$2.3B -17.9%	$2.8B 48.9%	$1.9B -4.5%	$2.0B
Total Liabilities	$34.7B 1.9%	$34.1B 7.3%	$31.7B 11.6%	$28.4B -4.1%	$29.7B
Equity
Preferred Stock	$0	$0	$0	$0	$0
Common Stock	$142.0M -2.1%	$145.0M -3.3%	$150.0M -2.0%	$153.0M -1.9%	$156.0M
Additional Paid In Capital	$0	$0	$0	$0	$0
Retained Earnings	$16.7B 8.9%	$15.3B 3.5%	$14.8B -3.5%	$15.3B 18.6%	$12.9B
Accumulated Other Comprehensive Income	$-126.0M 17.1%	$-152.0M -18.8%	$-128.0M 16.3%	$-153.0M -7.0%	$-143.0M
Total Stockholders Equity	$16.7B 9.1%	$15.3B 3.3%	$14.8B -3.4%	$15.3B 18.5%	$12.9B
Total Liabilitiesand Equity	$51.4B 4.1%	$49.4B 6.0%	$46.5B 6.4%	$43.8B 2.8%	$42.6B

Income Statement

Revenue, expense, and profitability

17 accounts · 5 years

Revenue $42.0B

Operating income $4.5B

Net income $4.2B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$42.0B 2.2%	$41.0B 4.4%	$39.3B 7.3%	$36.6B 2.6%	$35.7B
Expenses Research and Development	$1.1B 0.0%	$1.1B -8.3%	$1.2B 0.0%	$1.2B 9.1%	$1.1B
Expenses Selling,General and Administrative	$4.0B 1.0%	$4.0B -0.5%	$4.0B 3.6%	$3.9B 7.7%	$3.6B
Expenses Depreciation and Amortization	$1.5B 7.4%	$1.4B 2.4%	$1.3B -0.3%	$1.3B 8.3%	$1.2B
Expenses Share Based Compensation	$119.0M 17.8%	$101.0M 16.1%	$87.0M -12.1%	$99.0M 5.3%	$94.0M
Expenses Operating Expenses	$37.7B 2.8%	$36.7B -0.2%	$36.8B 11.4%	$33.0B 3.1%	$32.0B
Other Income Expense Operating Income	$4.5B 3.2%	$4.4B 72.3%	$2.5B -29.5%	$3.6B -36.3%	$5.7B
Other Income Expense Interest Expense	$665.0M 7.1%	$621.0M 13.9%	$545.0M 7.7%	$506.0M -9.0%	$556.0M
Other Income Expense Other Income/expense	$154.0M -8.3%	$168.0M -31.7%	$246.0M 6050.0%	$4.0M -78.9%	$19.0M
Other Income Expense Income Before Tax	$5.1B 1.0%	$5.0B 113.8%	$2.3B -59.8%	$5.8B -34.7%	$8.9B
Income Tax Income Tax Expense	$886.0M 5.2%	$842.0M 190.3%	$290.0M -69.1%	$940.0M -51.4%	$1.9B
net Income net Income	$4.2B 0.2%	$4.2B 103.0%	$2.1B -58.0%	$4.9B -30.1%	$7.0B
net Income Comprehensive Income	$4.2B 1.4%	$4.2B 99.4%	$2.1B -57.4%	$4.9B -30.1%	$7.0B
Earnings Per Share Basic Eps	$29 2.6%	$28 109.2%	$14 -57.1%	$32 -27.7%	$44
Earnings Per Share Diluted Eps	$29 2.6%	$28 109.5%	$14 -57.0%	$31 -27.7%	$44
Earnings Per Share Weighted Average Shares Basic	$143.5M -2.4%	$147.0M -3.0%	$151.5M -2.2%	$154.9M -3.4%	$160.3M
Earnings Per Share Weighted Average Shares Diluted	$143.8M -2.4%	$147.3M -3.1%	$152.0M -2.3%	$155.6M -3.3%	$160.9M

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 5 years

Operating cash flow $4.8B

Investing cash flow $-1.2B

Financing cash flow $-3.6B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$4.2B 0.2%	$4.2B 103.0%	$2.1B -58.0%	$4.9B -30.1%	$7.0B
Operating Activities Depreciation and Amortization	$1.5B 7.4%	$1.4B 2.4%	$1.3B -0.3%	$1.3B 8.3%	$1.2B
Operating Activities Stock Based Compensation	$119.0M 17.8%	$101.0M 16.1%	$87.0M -12.1%	$99.0M 5.3%	$94.0M
Operating Activities Changes In Operating Assets and Liabilities	$668.0M 32.8%	$503.0M 35.9%	$370.0M -55.4%	$830.0M 64.4%	$505.0M
Operating Activities net Cash From Operating Activities	$4.8B 8.4%	$4.4B 13.2%	$3.9B 33.6%	$2.9B -18.7%	$3.6B
Investing Activities Capital Expenditures	$1.4B -17.9%	$1.8B -0.5%	$1.8B 23.7%	$1.4B 1.4%	$1.4B
Investing Activities Other Investing Activities	$38.0M 311.1%	$-18.0M -550.0%	$4.0M 110.3%	$-39.0M -454.5%	$11.0M
Investing Activities net Cash From Investing Activities	$-1.2B 34.0%	$-1.7B -10.6%	$-1.6B -27.5%	$-1.2B -160.3%	$2.1B
Financing Activities Proceeds From Debt	$998.0M -60.0%	$2.5B 25.1%	$2.0B	$0	$0
Financing Activities Repayment of Debt	$1.5B	$0 -100.0%	$1.1B	$0 -100.0%	$2.2B
Financing Activities Repurchase of Common Stock	$1.6B -35.4%	$2.5B 67.6%	$1.5B -0.3%	$1.5B -59.4%	$3.7B
Financing Activities Dividends Paid	$1.3B 9.0%	$1.2B 6.3%	$1.1B 6.1%	$1.1B 7.0%	$983.0M
Financing Activities Tax Withholding On Stock Based Compensation	$39.0M -32.8%	$58.0M 11.5%	$52.0M 4.0%	$50.0M 47.1%	$34.0M
Financing Activities Other Financing Activities	$-94.0M 28.8%	$-132.0M -247.4%	$-38.0M -442.9%	$-7.0M 84.1%	$-44.0M
Financing Activities net Cash From Financing Activities	$-3.6B -154.6%	$-1.4B 20.8%	$-1.8B 32.6%	$-2.6B 62.7%	$-7.0B
Cash Reconciliation Effect of Exchange Rate On Cash	$4.4B 1.1%	$4.4B 40.0%	$3.1B 20.6%	$2.6B	—
Cash Reconciliation net Change In Cash	$50.0M -96.0%	$1.2B 133.8%	$532.0M 155.8%	$-953.0M 30.8%	$-1.4B
Cash Reconciliation Cash At Beginning of Period	$4.4B 1.1%	$4.4B 40.0%	$3.1B 20.6%	$2.6B -27.0%	$3.5B
Cash Reconciliation Cash At End of Period	$4.4B 1.1%	$4.4B 40.0%	$3.1B 20.6%	$2.6B -27.0%	$3.5B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	+10.8%	+10.6%	+6.5%	+9.8%	+15.8%
Net margin	+10.0%	+10.2%	+5.2%	+13.4%	+19.6%
FCF margin	+7.9%	+6.4%	+5.3%	+4.0%	+6.0%
Growth
Revenue CAGR (3y)	+4.7%	+4.8%	+2.2%	+2.6%	+5.8%
Returns
ROE	+25.1%	+27.3%	+13.9%	+32.0%	+54.2%
ROA	+8.1%	+8.5%	+4.4%	+11.2%	+16.5%
ROIC	+13.3%	+13.4%	+8.7%	+11.8%	+20.0%
Liquidity
Current ratio	1.10x	1.01x	1.15x	1.08x	1.30x
Quick ratio	0.42x	0.40x	0.38x	0.35x	0.52x
Leverage
D/E	2.08x	2.23x	2.15x	1.86x	2.29x
Interest coverage	6.78x	7.04x	4.66x	7.12x	10.16x
Efficiency
Asset turnover	0.82x	0.83x	0.84x	0.84x	0.84x
Cash conversion cycle	—	—	—	—	—

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Northrop Grumman

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