Company file · NOC

Northrop Grumman

Mission Systems was Northrop Grumman's fastest-growing segment in FY2025, up 9.7%

Revenue rose 2.2% to $42.0B in FY2025, from $41.0B in FY2024. Net income rose 0.2% to $4.2B. Aeronautics Systems was the largest segment, at 29% of the segment total.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Jan 27, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 20, 2026) · Data pulled Oct 30, 2026

Key facts

Northrop Grumman (NYSE: NOC) closed fiscal 2025 on Dec 31, 2025 with revenue of $42.0B, up 2.2% from a year before; net income came to $4.2B, up 0.2%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $11.1B, up 6.7% on the same stretch of the prior year, and net income of $1.1B. Broken down by segment, Aeronautics Systems led with 29% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Jan 27, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 20, 2026).

Revenue$42.0BFY2025 · +2.2% vs FY2024

Net income$4.2BFY2025 · +0.2% vs FY2024

Operating cash flow$4.8BFY2025 · +8.4% vs FY2024

Cash & equivalents$3.7Bat Sep 30, 2026 · −15.0% vs FY2025 end

Total debt$15.2Bat Sep 30, 2026 · −3.2% vs FY2025 end

Diluted shares144MFY2025 avg · −2.4% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Jan 27, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 21, 2026 · 10-Q filed Jul 21, 2026 · 10-Q filed Oct 20, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Aeronautics Systems$13.0B29%+4.8%
Mission Systems$12.5B28%+9.7%
Space Systems$10.8B24%−8.2%
Defense Systems$8.0B18%+8.1%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Aeronautics Systems (29%), Mission Systems (28%), Space Systems (24%) and Defense Systems (18%), as shares of the segment total. Total revenue was $42.0B.

By segment: three-year mixShare of the total each fiscal year

FY2023

27%26%29%17%

FY2024

29%27%27%17%

FY2025

29%28%24%18%

Aeronautics SystemsMission SystemsSpace SystemsDefense Systems

Source: 10-K FY2025

By product or service, FY2025

Products$33.7B80%+3.1%

Services$8.2B20%−1.1%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$11.1B Q3 2026

$10.4B Q3 2025

6.7% increase

Net income

$1.1B Q3 2026

$1.1B Q3 2025

2.2% increase

Source: Northrop Grumman 10-Q for the quarter ended Sep 30, 2026, filed Oct 20, 2026

By segment

Aeronautics Systems

$3.6B Q3 2026

$3.1B Q3 2025

13.8% increase

Mission Systems

$3.2B Q3 2026

$3.1B Q3 2025

2.0% increase

Space Systems

$2.7B Q3 2026

$2.7B Q3 2025

1.9% increase

Defense Systems

$2.3B Q3 2026

$2.1B Q3 2025

12.0% increase

Source: Northrop Grumman 10-Q for the quarter ended Sep 30, 2026, filed Oct 20, 2026

Cash & equivalents $3.7B at Sep 30, 2026, vs $4.4B at FY2025 end.
Total debt $15.2B at Sep 30, 2026, vs $15.7B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.4B vs $860M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 2.2% in FY2025 to $42.0B, from $41.0B a year earlier. 10-K, FY2025
Net income rose 0.2% in FY2025 to $4.2B, from $4.2B. 10-K, FY2025
Operating cash flow rose 8.4% in FY2025 to $4.8B. 10-K, FY2025
Diluted shares fell 2.4% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

Space Systems revenue fell 8.2% in FY2025 to $10.8B. 10-K, FY2025
Services revenue fell 1.1% in FY2025 to $8.2B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include government and airline demand; program execution; supply chain. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Northrop Grumman is in the aerospace & defense industry, part of the industrials sector. The SEC files it under Search, Detection, Navigation, Guidance, Aeronautical Sys.

Northrop Grumman reports 4 segments: Aeronautics Systems, Mission Systems, Space Systems and Defense Systems.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the aerospace & defense industry. They are not a summary of Northrop Grumman’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Government and airline demandOrders depend on defense budgets and airline spending, which can change.
Program executionLarge programs can run over budget or be delayed.
Supply chainSpecialist suppliers and materials can limit output.
Regulation and safetyAviation safety rules and product liability can bring cost.
TradeExport rules and tariffs affect costs and sales.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$39.3B	$41.0B	$42.0B
Net income	$2.1B	$4.2B	$4.2B
Operating cash flow	$3.9B	$4.4B	$4.8B
Cash & equivalents (year end)	$3.1B	$4.4B	$4.4B
Total debt (year end)	$13.9B	$16.3B	$15.7B
Diluted shares	152M	147M	144M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: The current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Segment figures are shown before eliminations and other items, so shares are of the segment total rather than of consolidated revenue.

Recent filings

Form	Filed	Period
10-Q	Oct 20, 2026	Sep 30, 2026
10-Q	Jul 21, 2026	Jun 30, 2026
10-Q	Apr 21, 2026	Mar 31, 2026
DEF 14A	Apr 3, 2026	May 20, 2026
10-K	Jan 27, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Northrop Grumman

How does Northrop Grumman make money?

Fiscal 2025 revenue: $42.0B. By segment in FY2025: Aeronautics Systems (29%), Mission Systems (28%), Space Systems (24%) and Defense Systems (18%), as shares of the segment total. Total revenue was $42.0B. Source: 10-K for fiscal 2025, filed Jan 27, 2026.

What was Northrop Grumman's revenue in fiscal 2025?

$42.0B, up 2.2% from fiscal 2024 ($41.0B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $39.3B. Source: 10-K for fiscal 2025, filed Jan 27, 2026.

Is Northrop Grumman profitable?

Net income was $4.2B in fiscal 2025 (up 0.2%; fiscal 2024 was $4.2B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $1.1B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Jan 27, 2026.

What did Northrop Grumman report in its latest quarterly filing?

For the three months to Sep 30, 2026: revenue $11.1B (up 6.7% from $10.4B) and net income $1.1B (up 2.2% from $1.1B). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 20, 2026.

How much cash and debt does Northrop Grumman have?

As of Sep 30, 2026: $3.7B of cash and cash equivalents, $15.2B of total debt. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 20, 2026.

What are the main risks Northrop Grumman faces?

Northrop Grumman's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Jan 27, 2026. Risks that are common among companies in the aerospace & defense industry include Government and airline demand; program execution; supply chain; regulation and safety; trade. The first: Orders depend on defense budgets and airline spending, which can change. Source: 10-K, Item 1A Risk Factors.

Where do these Northrop Grumman numbers come from?

The 10-K filed Jan 27, 2026 (fiscal 2025) and the 10-Q filed Oct 20, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in NOC: The editor holds no position in Northrop Grumman (NOC). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell NOC from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 30, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold NOC, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Northrop GrummanNOC	FY2025	$42.0B	+2.2%	$4.2B
GE AerospaceGE	FY2025	$45.9B	+18.5%	$8.7B
RTX	FY2025	$88.6B	+9.7%	$6.7B
Lockheed MartinLMT	FY2025	$75.0B	+5.6%	$5.0B
BoeingBA	FY2025	$89.5B	+34.5%	$2.2B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.