15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 2.7% per year over the past 5 years.
Net income has grown faster than revenue (5.6% vs 2.7% per year).
Operating margin has been roughly flat, at 10.8% in the latest year.
Free cash flow has grown 2.8% per year over the past 5 years.
Financial health
Total debt ($15.7B) exceeds cash ($4.4B); net debt is $11.3B.
Total debt has grown in line with revenue (0.9% vs 2.7% per year).
Operating income covered interest expense 6.8× in the latest year, down from 6.9× 5 years ago.
Total debt is 2.6× EBITDA.
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 30.9% of earnings and 39.1% of free cash flow.
The dividend has grown 6.3% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$42.0B
$4.2B
0.0%
10.8%
$3.3B
$15.7B
$4.4B
2024
$41.0B
$4.2B
0.0%
10.6%
$2.6B
$16.3B
$4.4B
2023
$39.3B
$2.1B
0.0%
6.5%
$2.1B
$13.9B
$3.1B
2022
$36.6B
$4.9B
0.0%
9.8%
$1.5B
$12.9B
$2.6B
2021
$35.7B
$7.0B
0.0%
15.8%
$2.2B
$12.8B
$3.5B
2020
$36.8B
$3.2B
0.0%
11.0%
$2.9B
$15.0B
$4.9B
2019
$33.8B
$2.2B
0.0%
11.7%
$3.0B
$13.9B
$2.2B
2018
$30.1B
$3.2B
0.0%
12.6%
$2.6B
$14.4B
$1.6B
2017
$26.0B
$2.9B
52.8%
12.4%
$1.7B
$15.3B
$11.2B
2016
$24.7B
$2.0B
55.5%
13.3%
$1.9B
$7.1B
$2.5B
2015
—
$2.0B
—
—
$1.7B
$6.5B
$2.3B
2014
—
$2.1B
—
—
$2.0B
$5.9B
$3.9B
2013
—
$2.0B
—
—
$2.1B
$5.9B
$5.2B
2012
—
$2.0B
—
—
$2.3B
$3.9B
$3.9B
2011
—
$2.1B
—
—
$1.6B
$3.9B
$3.0B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$9.9B
$875M
0.0%
10.0%
-$1.8B
$15.2B
$2.1B
Dec '25
$11.7B
$1.4B
0.0%
10.9%
$3.2B
$15.7B
$4.4B
Sep '25
$10.4B
$1.1B
0.0%
11.9%
$1.3B
$15.7B
$2.0B
Jun '25
$10.4B
$1.2B
0.0%
13.8%
$637M
$15.7B
$1.9B
Mar '25
$9.5B
$481M
0.0%
6.1%
-$1.8B
$14.8B
$1.7B
Dec '24
$10.7B
$1.3B
0.0%
10.2%
$1.8B
$16.3B
$4.4B
Sep '24
$10.0B
$1.0B
0.0%
11.2%
$730M
$16.3B
$3.3B
Jun '24
$10.2B
$940M
0.0%
10.7%
$1.1B
$16.3B
$3.3B
Mar '24
$10.1B
$944M
0.0%
10.6%
-$976M
$16.3B
$3.1B
Dec '23
$10.6B
-$535M
0.0%
-3.7%
$1.6B
$13.9B
$3.1B
Sep '23
$9.8B
$937M
0.0%
10.4%
$869M
$13.9B
$2.1B
Jun '23
$9.6B
$812M
0.0%
10.1%
$615M
$14.9B
$3.4B
Mar '23
$9.3B
$842M
0.0%
10.2%
-$1.0B
$14.9B
$2.5B
Dec '22
$10.0B
$2.1B
0.0%
9.0%
$1.6B
$12.9B
$2.6B
Sep '22
$9.0B
$915M
0.0%
9.4%
$1.0B
$12.9B
$1.7B
Jun '22
$8.8B
$946M
0.0%
10.8%
-$460M
$12.8B
$1.2B
Mar '22
$8.8B
$955M
0.0%
10.2%
-$732M
$12.8B
$2.2B
Dec '21
$8.6B
$2.7B
0.0%
8.6%
$709M
$12.8B
$3.5B
Sep '21
$8.7B
$1.1B
0.0%
12.0%
$916M
$12.8B
$4.1B
Jun '21
$9.2B
$1.0B
0.0%
11.4%
$798M
$12.8B
$3.9B
Valuation over time
How the market has priced NOC against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 13.4× (Mar '23) to 17.0× (Jun '26).
The price-to-sales ratio has fallen from 1.8× (Mar '23) to 1.7× (Jun '26).
The dividend yield has risen from 1.6% (Mar '23) to 1.8% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is NOC growing its revenue and profit?
Over the past 5 years, Northrop Grumman's revenue has grown 2.7% per year, and net income grown 5.6% per year. These are computed facts, not advice.
How much debt does NOC have?
As of FY2025, Northrop Grumman reported $15.7B of total debt against $4.4B of cash; operating income covered interest expense 6.8×.
What is NOC's profit margin?
In FY2025, gross margin was —, operating margin 10.8%, and net margin 10.0%.
What is NOC's P/E ratio?
As of Jun '26, Northrop Grumman traded at a price-to-earnings ratio of about 17.0× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.