financial statements

The full income statement, balance sheet, and cash-flow statement for Northrop Grumman Corporation (NOC), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	42.0B YoY+2.2%	41.0B YoY+4.4%	39.3B YoY+7.3%	36.6B YoY+2.6%	35.7B YoY-3.1%
	37.7B YoY+2.8%	36.7B YoY-0.2%	36.8B YoY+11.4%	33.0B YoY+3.1%	32.0B YoY-2.3%
Research & development	1.10B YoY+0.0%	1.10B YoY-8.3%	1.20B YoY+0.0%	1.20B YoY+9.1%	1.10B YoY+0.0%
Selling, general & administrative	4.03B YoY+1.0%	3.99B YoY-0.5%	4.01B YoY+3.6%	3.87B YoY+7.7%	3.60B YoY+5.4%
General & administrative	4.03B YoY+1.0%	3.99B YoY-0.5%	4.01B YoY+3.6%	3.87B YoY+7.7%	3.60B YoY+5.4%
Amortization of intangibles	45.0M YoY-21.1%	57.0M YoY-28.7%	80.0M YoY-59.4%	197M YoY-3.4%	204M YoY-22.1%
Operating income	4.51B YoY+3.2%	4.37B YoY+72.3%	2.54B YoY-29.5%	3.60B YoY-36.3%	5.65B YoY+39.0%
Other non-operating income	154M YoY-8.3%	168M YoY-31.7%	246M YoY+6050.0%	4.00M YoY-78.9%	19.0M YoY-79.3%
Pre-tax income	5.07B YoY+1.0%	5.02B YoY+113.8%	2.35B YoY-59.8%	5.84B YoY-34.7%	8.94B YoY+139.8%
Income tax	886M YoY+5.2%	842M YoY+190.3%	290M YoY-69.1%	940M YoY-51.4%	1.93B YoY+258.6%
Net income	4.18B YoY+0.2%	4.17B YoY+103.0%	2.06B YoY-58.0%	4.90B YoY-30.1%	7.00B YoY+119.7%
	$29.08 YoY+2.6%	$28.34 YoY+109.5%	$13.53 YoY-57.0%	$31.47 YoY-27.7%	$43.54 YoY+128.8%
EPS (basic)	$29.14 YoY+2.6%	$28.39 YoY+109.2%	$13.57 YoY-57.1%	$31.61 YoY-27.7%	$43.70 YoY+129.0%
Weighted-avg shares (basic)	144M YoY-2.4%	147M YoY-3.0%	152M YoY-2.2%	155M YoY-3.4%	160M YoY-4.1%
Weighted-avg shares (diluted)	144M YoY-2.4%	147M YoY-3.1%	152M YoY-2.3%	156M YoY-3.3%	161M YoY-4.0%
Dividends per share	$8.99 YoY+11.7%	$8.05 YoY+9.7%	$7.34 YoY+8.6%	$6.76 YoY+9.7%	$6.16 YoY+8.6%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	15.3B YoY+7.1%	14.3B YoY+4.1%	13.7B YoY+9.8%	12.5B YoY+0.5%	12.4B YoY-19.0%
Cash & equivalents	4.40B YoY+1.1%	4.35B YoY+40.0%	3.11B YoY+20.6%	2.58B YoY-27.0%	3.53B YoY-28.1%
Short-term investments	250M YoY+0.0%	250M YoY+0.0%	250M YoY+0.0%	250M YoY+0.0%	250M YoY+0.0%
Accounts receivable	1.38B YoY+8.1%	1.27B YoY-12.5%	1.45B YoY-3.8%	1.51B YoY+3.0%	1.47B YoY-2.3%
Inventory	1.31B YoY-10.0%	1.46B YoY+31.2%	1.11B YoY+13.4%	978M YoY+20.6%	811M YoY+6.9%
Other current assets	1.66B YoY+28.8%	1.29B YoY-45.1%	2.34B YoY+62.7%	1.44B YoY+27.8%	1.13B YoY-19.7%
	51.4B YoY+4.1%	49.4B YoY+6.0%	46.5B YoY+6.4%	43.8B YoY+2.8%	42.6B YoY-4.3%
Property, plant & equipment	11.0B YoY+4.1%	10.5B YoY+9.1%	9.65B YoY+9.7%	8.80B YoY+11.5%	7.89B YoY+11.6%
Operating lease right-of-use	1.86B YoY+5.0%	1.77B YoY-2.6%	1.82B YoY+0.4%	1.81B YoY+9.4%	1.66B YoY+8.0%
Goodwill	17.4B YoY-0.4%	17.5B YoY-0.0%	17.5B YoY+0.0%	17.5B YoY+0.0%	17.5B YoY-0.0%
Intangible assets	208M YoY-18.1%	254M YoY-16.7%	305M YoY-20.6%	384M YoY-33.6%	578M YoY-26.2%
Long-term investments	323M YoY+0.0%	323M YoY+0.0%	323M YoY+0.0%	323M YoY+0.0%	323M YoY+0.0%
Deferred tax assets	1.05B YoY-34.3%	1.60B YoY+56.8%	1.02B YoY+529.6%	162M YoY-19.0%	200M YoY-35.7%
Other non-current assets	1.60B YoY+8.1%	1.48B YoY+24.3%	1.19B YoY-54.0%	2.59B YoY+12.2%	2.31B YoY+21.1%
Total non-current assets	14.7B YoY+0.0%	14.7B YoY+0.0%	14.7B YoY+0.0%	14.7B YoY+0.0%	14.7B YoY+0.0%
	13.9B YoY-1.7%	14.1B YoY+18.3%	11.9B YoY+3.1%	11.6B YoY+21.6%	9.53B YoY-0.5%
Accounts payable	3.24B YoY+24.7%	2.60B YoY+23.2%	2.11B YoY-18.4%	2.59B YoY+17.8%	2.20B YoY+21.7%
Deferred revenue	4.09B YoY+0.4%	4.07B YoY-2.9%	4.19B YoY+16.2%	3.61B YoY+19.3%	3.03B YoY+20.2%
Short-term & current debt	534M YoY-66.2%	1.58B YoY+2160.0%	70.0M YoY-93.5%	1.07B YoY+17766.7%	6.00M YoY-99.2%
Current lease liability	331M YoY+2.2%	324M YoY+8.0%	300M YoY+0.3%	299M YoY+5.3%	284M YoY+8.0%
Other current liabilities	4.25B YoY-18.1%	5.19B YoY+53.1%	3.39B YoY+1.6%	3.33B YoY+44.1%	2.31B YoY-22.9%
	34.7B YoY+1.9%	34.1B YoY+7.3%	31.7B YoY+11.6%	28.4B YoY-4.1%	29.7B YoY-12.5%
Long-term debt	15.2B YoY+3.2%	14.7B YoY+6.6%	13.8B YoY+16.8%	11.8B YoY-7.6%	12.8B YoY-10.4%
Non-current lease liability	1.86B YoY+3.3%	1.80B YoY-5.0%	1.89B YoY+3.7%	1.82B YoY+14.7%	1.59B YoY+18.4%
Deferred tax liabilities	39.0M YoY+0.0%	39.0M YoY+0.0%	39.0M YoY+0.0%	39.0M YoY+0.0%	39.0M YoY+0.0%
Other non-current liabilities	2.69B YoY+15.5%	2.33B YoY-17.9%	2.84B YoY+39.2%	2.04B YoY+2.1%	2.00B YoY-9.6%
	16.7B YoY+9.1%	15.3B YoY+3.3%	14.8B YoY-3.4%	15.3B YoY+18.5%	12.9B YoY+22.2%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	142M YoY-2.1%	145M YoY-3.3%	150M YoY-2.0%	153M YoY-1.9%	156M YoY-6.6%
Additional paid-in capital	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Retained earnings	16.7B YoY+8.9%	15.3B YoY+3.5%	14.8B YoY-3.5%	15.3B YoY+18.6%	12.9B YoY+23.2%
Accumulated other comprehensive income	-126M YoY+17.1%	-152M YoY-18.8%	-128M YoY+16.3%	-153M YoY-7.0%	-143M YoY-11.7%
Total liabilities & equity	51.4B YoY+4.1%	49.4B YoY+6.0%	46.5B YoY+6.4%	43.8B YoY+2.8%	42.6B YoY-4.3%
Common shares issued	142M YoY-2.0%	145M YoY-3.4%	150M YoY-2.0%	153M YoY-2.0%	156M YoY-6.3%
Common shares outstanding	142M YoY-2.0%	145M YoY-3.4%	150M YoY-2.0%	153M YoY-2.0%	156M YoY-6.3%
Shares outstanding (cover)	143M YoY-2.0%	146M YoY-3.4%	151M YoY-2.0%	154M YoY-2.9%	159M YoY-4.9%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	4.76B YoY+8.4%	4.39B YoY+13.2%	3.88B YoY+33.6%	2.90B YoY-18.7%	3.57B YoY-17.1%
Depreciation & amortization	1.47B YoY+7.4%	1.37B YoY+2.4%	1.34B YoY-0.3%	1.34B YoY+8.3%	1.24B YoY-2.2%
Share-based compensation	119M YoY+17.8%	101M YoY+16.1%	87.0M YoY-12.1%	99.0M YoY+5.3%	94.0M YoY+4.4%
Change in receivables	108M YoY+159.3%	-182M YoY-237.0%	-54.0M YoY-222.7%	44.0M YoY+340.0%	10.0M YoY-96.5%
Change in inventory	-97.0M YoY-127.1%	358M YoY+62.7%	220M YoY+7.3%	205M YoY+294.2%	52.0M YoY+388.9%
Change in payables	646M YoY+33.2%	485M YoY+203.4%	-469M	—	—
	-1.16B YoY+34.0%	-1.75B YoY-10.6%	-1.58B YoY-27.5%	-1.24B YoY-160.3%	2.06B YoY+269.9%
Capital expenditure	1.45B YoY-17.9%	1.77B YoY-0.5%	1.77B YoY+23.7%	1.44B YoY+1.4%	1.42B YoY-0.4%
Sales/maturities of investments	0.00	0.00 YoY-100.0%	197M	0.00	0.00
Other investing activities	38.0M YoY+311.1%	-18.0M YoY-550.0%	4.00M YoY+110.3%	-39.0M YoY-454.5%	11.0M YoY+375.0%
	-3.55B YoY-154.6%	-1.40B YoY+20.8%	-1.76B YoY+32.6%	-2.61B YoY+62.7%	-7.00B YoY-1520.8%
Long-term debt issued	998M YoY-60.0%	2.50B YoY+25.1%	2.00B	0.00	0.00 YoY-100.0%
Long-term debt repaid	1.50B	0.00 YoY-100.0%	1.05B	0.00 YoY-100.0%	2.24B YoY+117.7%
Common stock repurchased	1.62B YoY-35.4%	2.51B YoY+67.6%	1.50B YoY-0.3%	1.50B YoY-59.4%	3.71B YoY+656.1%
Dividends paid	1.29B YoY+9.0%	1.19B YoY+6.3%	1.12B YoY+6.1%	1.05B YoY+7.0%	983M YoY+3.1%
Other financing activities	-94.0M YoY+28.8%	-132M YoY-247.4%	-38.0M YoY-442.9%	-7.00M YoY+84.1%	-44.0M YoY+22.8%
Net change in cash	50.0M YoY-96.0%	1.24B YoY+133.8%	532M YoY+155.8%	-953M YoY+30.8%	-1.38B YoY-151.7%
Income taxes paid	—	880M YoY-26.7%	1.20B YoY-20.0%	1.50B YoY+15.4%	1.30B YoY+316.7%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	81.4B YoY+19.0%	68.4B YoY-3.1%	70.6B YoY-15.9%	84.0B YoY+36.8%	61.4B YoY+20.8%
P/E	19.5× YoY+18.8%	16.4× YoY+8.0%	15.2× YoY-0.7%	15.3× YoY+74.4%	8.8× YoY-45.0%
P/S	1.9× YoY+16.4%	1.7× YoY-9.0%	1.8× YoY-23.6%	2.4× YoY+39.4%	1.7× YoY+24.6%
P/B	4.9× YoY+9.1%	4.5× YoY+0.6%	4.4× YoY-26.5%	6.1× YoY+27.5%	4.7× YoY-1.1%
P/FCF	24.6× YoY-5.7%	26.1× YoY-23.0%	33.9× YoY-77.7%	151.8× YoY+432.4%	28.5× YoY+61.9%
Earnings yield	5.1% YoY-15.8%	6.1% YoY-7.4%	6.6% YoY+0.7%	6.5% YoY-42.7%	11.4% YoY+81.8%
FCF yield	4.1% YoY+6.0%	3.8% YoY+29.8%	3.0% YoY+348.4%	0.7% YoY-81.2%	3.5% YoY-38.2%
Dividend yield	1.6% YoY-8.1%	1.7% YoY+9.4%	1.6% YoY+26.5%	1.2% YoY-22.1%	1.6% YoY-14.5%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: NOC's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NOC filings on SEC EDGAR → Not investment advice.

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