Northrop Grumman (NOC) Q4 FY2025 earnings: revenue $11.7 billion, up 9.6% on the year

Northrop Grumman Corp. (NOC) reported revenue of $11.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 9.6% on the same quarter a year earlier. Net income was $1.4 billion, up 12.9% on the year, and diluted earnings per share $9.94. The figures are the company's own, from the 10-K it filed with the SEC on 27 January 2026.

Revenue

$11.7 billion

+9.6% on the year · +12.4% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

10.9%

10.2% a year earlier

Q1 FY2024Q4 FY2025

Net income

$1.4 billion

+12.9% on the year · +29.7% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$9.94

+14.8% on the year · +29.6% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 new.

Fourth-quarter sales rose 10 percent: Sales reached $11.7 billion, with Aeronautics Systems up $591 million, Mission Systems $305 million, Space Systems $149 million and Defense Systems $144 million, net of a training divestiture reduction.
Full-year sales grew 2 percent: Full-year sales reached $42.0 billion, up from $41.0 billion. Organic sales, which exclude the divested training services business, rose 3 percent to $41.8 billion.
Full-year EPS and MTM-adjusted EPS: Full-year diluted EPS was $29.08. Excluding the mark-to-market pension benefit, MTM-adjusted EPS was $26.34, compared with $26.08 in 2024.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	11,712	10,423	10,686	+12.4%	+9.6%
Cost of revenue	9,416	8,196	8,754	+14.9%	+7.6%
Gross profit	2,296	2,227	1,932	+3.1%	+18.8%
Gross margin	19.6%	21.4%	18.1%
Operating income	1,271	1,242	1,089	+2.3%	+16.7%
Operating margin	10.9%	11.9%	10.2%
Pre-tax income	1,740	1,323	1,551	+31.5%	+12.2%
Income tax	313	223	287	+40.4%	+9.1%
Effective tax rate	18.0%	16.9%	18.5%
Net income	1,427	1,100	1,264	+29.7%	+12.9%
Net margin	12.2%	10.6%	11.8%
Diluted EPS	$9.94	$7.67	$8.66	+29.6%	+14.8%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	3,897	1,557	2,578	+150.3%	+51.2%
Capital expenditure	662	301	816	+119.9%	-18.9%
Free cash flow	3,235	1,256	1,762	+157.6%	+83.6%
Free cash flow margin	27.6%	12.1%	16.5%
Cash from investing	-664	-300	-798
Cash from financing	-787	-1,199	-753
Depreciation and amortisation	406	379	414	+7.1%	-1.9%
Share-based compensation	54.0	25.0	29.0	+116.0%	+86.2%
Buybacks	456	277	441	+64.6%	+3.4%
Dividends paid	329	330	299	-0.3%	+10.0%
Dividend per share	$2.31	$2.31	$2.06	0.0%	+12.1%
Diluted shares, weighted	144m	144m	146m	+0.2%	-1.4%
Shares outstanding at period end	142m	143m	145m	-0.6%	-2.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	16,674	15,988	15,290	+4.3%	+9.1%
Debt	15,696	15,695	16,274	+0.0%	-3.6%
Operating lease liabilities	1,857	1,796	1,798	+3.4%	+3.3%
Other liabilities	17,150	15,821	15,997	+8.4%	+7.2%
Total liabilities and equity	51,377	49,300	49,359	+4.2%	+4.1%
Fixed assets	10,972	10,542	10,536	+4.1%	+4.1%
Goodwill	17,437	17,436	17,512	+0.0%	-0.4%
Intangible assets	208	220	254	-5.5%	-18.1%
Cash and equivalents	4,403	1,957	4,353	+125.0%	+1.1%
Receivables	1,375	1,983	1,272	-30.7%	+8.1%
Inventory	1,309	1,615	1,455	-18.9%	-10.0%
Other assets	15,673	15,547	13,977	+0.8%	+12.1%
Total assets	51,377	49,300	49,359	+4.2%	+4.1%

Questions

What was Northrop Grumman's revenue in Q4 FY2025?

Northrop Grumman (NOC) reported revenue of $11.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 9.6% on the same quarter a year earlier.

How much did Northrop Grumman earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.4 billion, up 12.9% on the year, and diluted earnings per share $9.94.

When did Northrop Grumman report Q4 FY2025 results?

Northrop Grumman filed its 10-K for the year that ended with the quarter on 27 January 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	8,639	8,797	8,801	8,971	10,033	9,301	9,576	9,775	10,638	10,133	10,218	9,996	10,686	9,468	10,351	10,423	11,712	9,881	10,876	11,122
Cost of revenue	7,088	6,924	6,842	7,153	8,209	7,316	7,536	7,734	10,153	8,000	8,027	7,890	8,754	7,888	8,141	8,196	9,416	7,921	8,755	8,770
Gross profit	1,551	1,873	1,959	1,818	1,824	1,985	2,040	2,041	485	2,133	2,191	2,106	1,932	1,580	2,210	2,227	2,296	1,960	2,121	2,352
Gross margin	18%	21%	22%	20%	18%	21%	21%	21%	5%	21%	21%	21%	18%	17%	21%	21%	20%	20%	20%	21%
Operating income	742	897	954	844	906	947	967	1,016	-393	1,071	1,090	1,120	1,089	573	1,425	1,242	1,271	989	1,096	1,269
Operating margin	9%	10%	11%	9%	9%	10%	10%	10%	-4%	11%	11%	11%	10%	6%	14%	12%	11%	10%	10%	11%
Pre-tax income	3,345	1,144	1,150	1,090	2,452	998	987	1,118	-757	1,131	1,146	1,188	1,551	578	1,427	1,323	1,740	1,030	1,168	1,298
Tax rate	19%	17%	18%	16%	15%	16%	18%	16%	n/a	17%	18%	14%	19%	17%	18%	17%	18%	15%	6%	13%
Net income	2,710	955	946	915	2,080	842	812	937	-535	944	940	1,026	1,264	481	1,174	1,100	1,427	875	1,094	1,124
Net margin	31%	11%	11%	10%	21%	9%	8%	10%	-5%	9%	9%	10%	12%	5%	11%	11%	12%	9%	10%	10%
Diluted EPS	$17.06	$6.10	$6.06	$5.89	$13.46	$5.50	$5.34	$6.18	-$3.54	$6.32	$6.36	$7.00	$8.66	$3.32	$8.15	$7.67	$9.94	$6.14	$7.68	$7.89
Operating cash flow	1,442	-488	-197	1,335	2,251	-702	919	1,228	2,430	-706	1,425	1,091	2,578	-1,565	868	1,557	3,897	-1,656	1,280	1,745
Capital expenditure	733	244	263	296	632	309	304	359	803	270	320	361	816	256	231	301	662	167	302	306
Free cash flow	709	-732	-460	1,039	1,619	-1,011	615	869	1,627	-976	1,105	730	1,762	-1,821	637	1,256	3,235	-1,823	978	1,439
Buybacks	981	318	322	371	493	723	208	223	346	1,190	562	321	441	480	411	277	456	68.0	0.0	0.0
Dividends paid	246	251	268	267	266	270	284	280	282	283	303	301	299	302	332	330	329	333	351	351
Shares outstanding	156m	156m	155m	154m	153m	152m	151m	151m	150m	148m	146m	146m	145m	144m	143m	143m	142m	142m	142m	142m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 27 January 2026: the filing.