Northrop Grumman (NOC) FY2016 results: revenue $24.7 billion, up 5.0% on the year
Northrop Grumman Corp. (NOC) reported revenue of $24.7 billion for fiscal 2016, the year ended 31 December 2016, up 5.0% on the year before. Net income was $2.0 billion, up 2.7%, and diluted earnings per share $11.32. The figures are the company's own, from the 10-K it filed with the SEC on 31 January 2019.
Revenue
$24.7 billion
+5.0% on the year
FY2009FY2016
Operating margin
13.3%
13.1% a year earlier
FY2009FY2016
Net income
$2.0 billion
+2.7% on the year
FY2009FY2016
Diluted EPS
$11.32
+9.0% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
24,706
23,526
23,979
+5.0%
Cost of revenue
18,731
17,884
18,378
+4.7%
Gross profit
5,975
5,642
5,601
+5.9%
Gross margin
24.2%
24.0%
23.4%
Research and development
705
712
569
-1.0%
Operating income
3,277
3,076
3,196
+6.5%
Operating margin
13.3%
13.1%
13.3%
Pre-tax income
2,681
2,790
2,937
-3.9%
Income tax
638
800
868
-20.2%
Effective tax rate
23.8%
28.7%
29.6%
Net income
2,043
1,990
2,069
+2.7%
Net margin
8.3%
8.5%
8.6%
Diluted EPS
$11.32
$10.39
$9.75
+9.0%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
2,813
2,162
2,593
+30.1%
Capital expenditure
920
471
561
+95.3%
Free cash flow
1,893
1,691
2,032
+11.9%
Free cash flow margin
7.7%
7.2%
8.5%
Cash from investing
-805
-431
-645
Cash from financing
-1,786
-3,275
-3,235
Depreciation and amortisation
456
467
462
-2.4%
Share-based compensation
93.0
99.0
134
-6.1%
Buybacks
1,547
3,182
2,668
-51.4%
Dividends paid
640
603
563
+6.1%
Dividend per share
$3.50
$3.10
$2.71
+12.9%
Diluted shares, weighted
180m
192m
212m
-5.8%
Shares outstanding at period end
175m
181m
199m
-3.4%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
5,363
5,522
7,235
-2.9%
Debt
7,070
6,526
5,928
+8.3%
Other liabilities
13,181
12,406
13,409
+6.2%
Total liabilities and equity
25,614
24,454
26,572
+4.7%
Fixed assets
3,588
3,064
2,991
+17.1%
Goodwill
12,450
12,460
12,466
-0.1%
Intangible assets
61.0
77.0
101
-20.8%
Investments
n/a
310
336
Cash and equivalents
2,541
2,319
3,863
+9.6%
Inventory
816
807
742
+1.1%
Other assets
6,158
5,417
6,073
+13.7%
Total assets
25,614
24,454
26,572
+4.7%
10-K for the year ended 31 December 2016, filed 31 January 2019: the filing.