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Northrop Grumman (NOC) FY2022 results: revenue $36.6 billion, up 2.6% on the year

Northrop Grumman Corp. (NOC) reported revenue of $36.6 billion for fiscal 2022, the year ended 31 December 2022, up 2.6% on the year before. Net income was $4.9 billion, down 30.1%, and diluted earnings per share $31.47. The figures are the company's own, from the 10-K it filed with the SEC on 26 January 2023.

Revenue
$36.6 billion
+2.6% on the year
FY2015FY2022
Operating margin
9.8%
15.8% a year earlier
FY2015FY2022
Net income
$4.9 billion
-30.1% on the year
FY2015FY2022
Diluted EPS
$31.47
-27.7% on the year
FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ millionFY2022FY2021FY2020On the yearLast 8 years
Revenue36,60235,66736,799+2.6%
Cost of revenue29,12828,39929,321+2.6%
Gross profit7,4747,2687,478+2.8%
Gross margin20.4%20.4%20.3%
Research and development1,2001,1001,100+9.1%
Operating income3,6015,6514,065-36.3%
Operating margin9.8%15.8%11.0%
Pre-tax income5,8368,9383,728-34.7%
Income tax9401,933539-51.4%
Effective tax rate16.1%21.6%14.5%
Net income4,8967,0053,189-30.1%
Net margin13.4%19.6%8.7%
Diluted EPS$31.47$43.54$19.03-27.7%
$ 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

$ millionFY2022FY2021FY2020On the yearLast 8 years
Operating cash flow2,9013,5674,305-18.7%
Capital expenditure1,4351,4151,420+1.4%
Free cash flow1,4662,1522,885-31.9%
Free cash flow margin4.0%6.0%7.8%
Cash from investing-1,2412,058-1,211
Cash from financing-2,613-7,002-432
Depreciation and amortisation1,3421,2391,267+8.3%
Share-based compensation99.094.090.0+5.3%
Buybacks1,5043,705490-59.4%
Dividends paid1,052983953+7.0%
Dividend per share$6.76$6.16$5.67+9.7%
Diluted shares, weighted156m161m168m-3.3%
Shares outstanding at period end153m156m167m-2.0%

Balance sheet

$ millionFY2022FY2021FY2020On the yearLast 8 years
Shareholders' equity15,31212,92610,579+18.5%
Debt12,87712,78315,003+0.7%
Operating lease liabilities1,8241,5901,343+14.7%
Other liabilities13,74215,28017,544-10.1%
Total liabilities and equity43,75542,57944,469+2.8%
Fixed assets8,8007,8947,071+11.5%
Goodwill17,51617,51517,518+0.0%
Intangible assets384578783-33.6%
Cash and equivalents2,5773,5304,907-27.0%
Receivables1,5111,4671,501+3.0%
Inventory978811759+20.6%
Other assets11,98910,78411,930+11.2%
Total assets43,75542,57944,469+2.8%

10-K for the year ended 31 December 2022, filed 26 January 2023: the filing.