Northrop Grumman (NOC) FY2015 results: revenue $23.5 billion, down 1.9% on the year
Northrop Grumman Corp. (NOC) reported revenue of $23.5 billion for fiscal 2015, the year ended 31 December 2015, down 1.9% on the year before. Net income was $2.0 billion, down 3.8%, and diluted earnings per share $10.39. The figures are the company's own, from the 10-K it filed with the SEC on 1 February 2016.
Revenue
$23.5 billion
-1.9% on the year
FY2008FY2015
Operating margin
13.1%
13.3% a year earlier
FY2008FY2015
Net income
$2.0 billion
-3.8% on the year
FY2008FY2015
Diluted EPS
$10.39
+6.6% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
23,526
23,979
24,661
-1.9%
Cost of revenue
17,884
18,378
19,282
-2.7%
Gross profit
5,642
5,601
5,379
+0.7%
Gross margin
24.0%
23.4%
21.8%
Research and development
712
569
507
+25.1%
Operating income
3,076
3,196
3,123
-3.8%
Operating margin
13.1%
13.3%
12.7%
Pre-tax income
2,790
2,937
2,863
-5.0%
Income tax
800
868
911
-7.8%
Effective tax rate
28.7%
29.6%
31.8%
Net income
1,990
2,069
1,952
-3.8%
Net margin
8.5%
8.6%
7.9%
Diluted EPS
$10.39
$9.75
$8.35
+6.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
2,162
2,593
2,483
-16.6%
Capital expenditure
471
561
364
-16.0%
Free cash flow
1,691
2,032
2,119
-16.8%
Free cash flow margin
7.2%
8.5%
8.6%
Cash from investing
-431
-645
-346
Cash from financing
-3,275
-3,235
-849
Depreciation and amortisation
467
462
495
+1.1%
Share-based compensation
99.0
134
144
-26.1%
Buybacks
3,182
2,668
2,371
+19.3%
Dividends paid
603
563
545
+7.1%
Dividend per share
$3.10
$2.71
$2.38
+14.4%
Diluted shares, weighted
192m
212m
234m
-9.7%
Shares outstanding at period end
181m
199m
218m
-8.9%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
5,522
7,235
10,620
-23.7%
Debt
6,526
5,928
5,930
+10.1%
Other liabilities
12,406
13,409
9,831
-7.5%
Total liabilities and equity
24,454
26,572
26,381
-8.0%
Fixed assets
3,064
2,991
2,806
+2.4%
Goodwill
12,460
12,466
12,438
-0.0%
Intangible assets
77.0
101
104
-23.8%
Investments
310
336
310
-7.7%
Cash and equivalents
2,319
3,863
5,150
-40.0%
Inventory
807
742
n/a
+8.8%
Other assets
5,417
6,073
5,573
-10.8%
Total assets
24,454
26,572
26,381
-8.0%
10-K for the year ended 31 December 2015, filed 1 February 2016: the filing.