Northrop Grumman (NOC) FY2020 results: revenue $36.8 billion, up 8.7% on the year
Northrop Grumman Corp. (NOC) reported revenue of $36.8 billion for fiscal 2020, the year ended 31 December 2020, up 8.7% on the year before. Net income was $3.2 billion, up 41.9%, and diluted earnings per share $19.03. The figures are the company's own, from the 10-K it filed with the SEC on 28 January 2021.
Revenue
$36.8 billion
+8.7% on the year
FY2013FY2020
Operating margin
11.0%
11.7% a year earlier
FY2013FY2020
Net income
$3.2 billion
+41.9% on the year
FY2013FY2020
Diluted EPS
$19.03
+43.9% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
36,799
33,841
30,095
+8.7%
Cost of revenue
29,321
26,582
23,304
+10.3%
Gross profit
7,478
7,259
6,791
+3.0%
Gross margin
20.3%
21.5%
22.6%
Research and development
1,100
953
764
+15.4%
Operating income
4,065
3,969
3,780
+2.4%
Operating margin
11.0%
11.7%
12.6%
Pre-tax income
3,728
2,548
3,742
+46.3%
Income tax
539
300
513
+79.7%
Effective tax rate
14.5%
11.8%
13.7%
Net income
3,189
2,248
3,229
+41.9%
Net margin
8.7%
6.6%
10.7%
Diluted EPS
$19.03
$13.22
$18.49
+43.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
4,305
4,297
3,827
+0.2%
Capital expenditure
1,420
1,264
1,249
+12.3%
Free cash flow
2,885
3,033
2,578
-4.9%
Free cash flow margin
7.8%
9.0%
8.6%
Cash from investing
-1,211
-1,207
-8,878
Cash from financing
-432
-2,424
-4,595
Depreciation and amortisation
1,267
1,265
800
+0.2%
Share-based compensation
90.0
127
86.0
-29.1%
Buybacks
490
744
1,263
-34.1%
Dividends paid
953
880
821
+8.3%
Dividend per share
$5.67
$5.16
$4.70
+9.9%
Diluted shares, weighted
168m
170m
175m
-1.4%
Shares outstanding at period end
167m
168m
171m
-0.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
10,579
8,819
8,187
+20.0%
Debt
15,003
13,879
14,400
+8.1%
Operating lease liabilities
1,343
1,308
0.0
+2.7%
Other liabilities
17,544
17,083
15,066
+2.7%
Total liabilities and equity
44,469
41,089
37,653
+8.2%
Fixed assets
7,071
6,912
6,372
+2.3%
Goodwill
17,518
18,708
18,672
-6.4%
Intangible assets
783
1,040
1,372
-24.7%
Cash and equivalents
4,907
2,245
1,579
+118.6%
Receivables
1,501
1,326
1,448
+13.2%
Inventory
759
783
654
-3.1%
Other assets
11,930
10,075
7,556
+18.4%
Total assets
44,469
41,089
37,653
+8.2%
10-K for the year ended 31 December 2020, filed 28 January 2021: the filing.