Northrop Grumman (NOC) FY2017 results: revenue $26.0 billion, up 5.3% on the year
Northrop Grumman Corp. (NOC) reported revenue of $26.0 billion for fiscal 2017, the year ended 31 December 2017, up 5.3% on the year before. Net income was $2.9 billion, up 40.4%, and diluted earnings per share $16.34. The figures are the company's own, from the 10-K it filed with the SEC on 31 January 2019.
Revenue
$26.0 billion
+5.3% on the year
FY2010FY2017
Operating margin
12.4%
13.3% a year earlier
FY2010FY2017
Net income
$2.9 billion
+40.4% on the year
FY2010FY2017
Diluted EPS
$16.34
+44.3% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
26,004
24,706
23,526
+5.3%
Cost of revenue
19,849
18,731
17,884
+6.0%
Gross profit
6,155
5,975
5,642
+3.0%
Gross margin
23.7%
24.2%
24.0%
Research and development
639
705
712
-9.4%
Operating income
3,218
3,277
3,076
-1.8%
Operating margin
12.4%
13.3%
13.1%
Pre-tax income
4,229
2,681
2,790
+57.7%
Income tax
1,360
638
800
+113.2%
Effective tax rate
32.2%
23.8%
28.7%
Net income
2,869
2,043
1,990
+40.4%
Net margin
11.0%
8.3%
8.5%
Diluted EPS
$16.34
$11.32
$10.39
+44.3%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
2,613
2,813
2,162
-7.1%
Capital expenditure
928
920
471
+0.9%
Free cash flow
1,685
1,893
1,691
-11.0%
Free cash flow margin
6.5%
7.7%
7.2%
Cash from investing
-889
-805
-431
Cash from financing
6,960
-1,786
-3,275
Depreciation and amortisation
475
456
467
+4.2%
Share-based compensation
94.0
93.0
99.0
+1.1%
Buybacks
393
1,547
3,182
-74.6%
Dividends paid
689
640
603
+7.7%
Dividend per share
$3.90
$3.50
$3.10
+11.4%
Diluted shares, weighted
176m
180m
192m
-2.7%
Shares outstanding at period end
174m
175m
181m
-0.6%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
7,132
5,363
5,522
+33.0%
Debt
15,266
7,070
6,526
+115.9%
Other liabilities
12,730
13,181
12,406
-3.4%
Total liabilities and equity
35,128
25,614
24,454
+37.1%
Fixed assets
4,225
3,588
3,064
+17.8%
Goodwill
12,455
12,450
12,460
+0.0%
Intangible assets
52.0
61.0
77.0
-14.8%
Investments
n/a
n/a
310
Cash and equivalents
11,225
2,541
2,319
+341.8%
Receivables
1,054
n/a
n/a
Inventory
398
816
807
-51.2%
Other assets
5,719
6,158
5,417
-7.1%
Total assets
35,128
25,614
24,454
+37.1%
10-K for the year ended 31 December 2017, filed 31 January 2019: the filing.