Northrop Grumman (NOC) FY2018 results: revenue $30.1 billion, up 15.7% on the year
Northrop Grumman Corp. (NOC) reported revenue of $30.1 billion for fiscal 2018, the year ended 31 December 2018, up 15.7% on the year before. Net income was $3.2 billion, up 12.5%, and diluted earnings per share $18.49. The figures are the company's own, from the 10-K it filed with the SEC on 31 January 2019.
Revenue
$30.1 billion
+15.7% on the year
FY2011FY2018
Operating margin
12.6%
12.4% a year earlier
FY2011FY2018
Net income
$3.2 billion
+12.5% on the year
FY2011FY2018
Diluted EPS
$18.49
+13.2% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
30,095
26,004
24,706
+15.7%
Cost of revenue
23,304
19,849
18,731
+17.4%
Gross profit
6,791
6,155
5,975
+10.3%
Gross margin
22.6%
23.7%
24.2%
Research and development
764
639
705
+19.6%
Operating income
3,780
3,218
3,277
+17.5%
Operating margin
12.6%
12.4%
13.3%
Pre-tax income
3,742
4,229
2,681
-11.5%
Income tax
513
1,360
638
-62.3%
Effective tax rate
13.7%
32.2%
23.8%
Net income
3,229
2,869
2,043
+12.5%
Net margin
10.7%
11.0%
8.3%
Diluted EPS
$18.49
$16.34
$11.32
+13.2%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
3,827
2,613
2,813
+46.5%
Capital expenditure
1,249
928
920
+34.6%
Free cash flow
2,578
1,685
1,893
+53.0%
Free cash flow margin
8.6%
6.5%
7.7%
Cash from investing
-8,878
-889
-805
Cash from financing
-4,595
6,960
-1,786
Depreciation and amortisation
800
475
456
+68.4%
Share-based compensation
86.0
94.0
93.0
-8.5%
Buybacks
1,263
393
1,547
+221.4%
Dividends paid
821
689
640
+19.2%
Dividend per share
$4.70
$3.90
$3.50
+20.5%
Diluted shares, weighted
175m
176m
180m
-0.6%
Shares outstanding at period end
171m
174m
175m
-2.0%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
8,187
7,132
5,363
+14.8%
Debt
14,400
15,266
7,070
-5.7%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
15,066
12,730
13,181
+18.4%
Total liabilities and equity
37,653
35,128
25,614
+7.2%
Fixed assets
6,372
4,225
3,588
+50.8%
Goodwill
18,672
12,455
12,450
+49.9%
Intangible assets
1,372
52.0
61.0
+2,538.5%
Cash and equivalents
1,579
11,225
2,541
-85.9%
Receivables
1,448
1,054
n/a
+37.4%
Inventory
654
398
816
+64.3%
Other assets
7,556
5,719
6,158
+32.1%
Total assets
37,653
35,128
25,614
+7.2%
10-K for the year ended 31 December 2018, filed 31 January 2019: the filing.