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Northrop Grumman (NOC) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 20, 2026 · Northrop Grumman (NOC) Q3 2026 earnings results →

Q3 2026 Revenue up 7% year over year to $11.1B · 10¢ of every $1 of revenue kept as net profit · operating margin 11.4%

Northrop Grumman made $11.1B in Q3 2026 (+7% Y/Y): Product $9.1B, Service $2.0B. Operating margin 11.4%, net earnings $1.1B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 20, 2026.

Revenue$11.1B
Year over year+7%
Operating margin11.4%
Net earnings$1.1B
Operating cash flow$1.7B

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Northrop Grumman Q3 2026 revenue breakdown: Sankey diagram of revenue (Product, Service), costs, profit and cash flow
Northrop Grumman Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $11.1B in Q3 2026, up 7% year over year and up 2% from the previous quarter. Product was the largest line at 82% of revenue. Product added $0.73B year over year (up 9%), 104% of the total change. Service declined 1%.

Operating profit was $1.3B, a 11.4% margin (down 0.5 points year over year). Of the extra revenue versus Q3 2025, 4% reached operating profit, below the 12% margin then. Total costs grew 7% against revenue growth of 7%. Net earnings were $1.1B, up 2% year over year. The effective tax rate was 13.4%.

Operating cash flow was $1.7B (up 12% year over year), 155% of net earnings. Non-cash charges added back $0.38B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.22B. Capital expenditures of $0.31B left free cash flow of $1.4B.

Quarterly history

Northrop Grumman revenue by quarterNorthrop Grumman revenue by quarter$9.5BQ1 2025$10.4BQ2 2025$10.4BQ3 2025$11.7BQ4 2025$9.9BQ1 2026$10.9BQ2 2026$11.1BQ3 2026
Northrop Grumman net earnings by quarterNorthrop Grumman net earnings by quarter$481MQ1 2025$1.2BQ2 2025$1.1BQ3 2025$1.4BQ4 2025$875MQ1 2026$1.1BQ2 2026$1.1BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 20, 2026$11.1B+7%11.4%$1.1B$1.7B
Q2 202610-QJul 21, 2026$10.9B+5%10.1%$1.1B$1.3B
Q1 202610-QApr 21, 2026$9.9B+4%10.0%$875M−$1.7B
Q4 202510-KJan 27, 2026$11.7B+10%10.9%$1.4B$3.9B
Q3 202510-QOct 21, 2025$10.4B+4%11.9%$1.1B$1.6B
Q2 202510-QJul 22, 2025$10.4B+1%13.8%$1.2B$868M
Q1 202510-QApr 22, 2025$9.5B-7%6.1%$481M−$1.6B

Charts

Northrop Grumman: revenue growth, year over year and quarter over quarterNorthrop Grumman: revenue growth, year over year and quarter over quarterY/YQ/Q-7%Q1 2025+1%+9%Q2 2025+4%+1%Q3 2025+10%+12%Q4 2025+4%-16%Q1 2026+5%+10%Q2 2026+7%+2%Q3 2026
Latest (Q3 2026): Y/Y +7%, Q/Q +2%.
Northrop Grumman: where the cash came from (+) and went (−), TTM to Q3 2026Northrop Grumman: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$5.3BCash drawn (+) / kept (−)−$1.8BCapital spending−$1.4BDividends−$1.4BNet borrowing (+) / repaid (−)−$527MBuybacks−$524MOther investing$459MTaxes on employees’ shares−$59.0MOther financing−$27.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Northrop Grumman: profit against cash, quarter by quarterNorthrop Grumman: profit against cash, quarter by quarterNet incomeOperating cash flow$1.3B$2.6BQ4 2024$481M−$1.6BQ1 2025$1.2B$868MQ2 2025$1.1B$1.6BQ3 2025$1.4B$3.9BQ4 2025$875M−$1.7BQ1 2026$1.1B$1.3BQ2 2026$1.1B$1.7BQ3 2026
Latest (Q3 2026): Net income $1.1B, Operating cash flow $1.7B.
Northrop Grumman: diluted shares by fiscal yearNorthrop Grumman: diluted shares by fiscal year168MFY2020161MFY2021156MFY2022152MFY2023147MFY2024144MFY2025
-14.2% since FY2020: buybacks shrank the count.
Northrop Grumman: long-term debt falling due (FY2025)Northrop Grumman: long-term debt falling due (FY2025)$534M2026$755M2027$2.0B2028$592M2029$1.3B2030$10.6BLater
Cash $4.4B, short-term investments —, long-term debt $15.7B at 2025-12-31.
Northrop Grumman in its industry: growth against margin (11 companies, SIC 3812)Northrop Grumman in its industry: growth against margin (11 companies, SIC 3812)revenue growth, year over year →↑ operating marginmedian +9%median 11%LHXGRMNTDYDRSLUNRLYNXCODAMINDNNAERGNOC (+7%, 11%)
Search, Detection, Navigation, Guidance, Aeronautical Sys; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Defense, drones & government tech money flowDefense, drones & government tech · Primes

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

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About Northrop Grumman

Northrop Grumman Corporation (herein referred to as “Northrop Grumman,” the “company,” “we,” “us,” or “our”) is a leading global aerospace and defense technology company. We deliver a broad range of products, services and solutions to U.S. and international customers, and principally to the U.S. Department of War (“DoW”) and intelligence community. Our broad portfolio is aligned to support national security priorities and our solutions equip our customers with capabilities they need to connect, protect and advance humanity. The company is a leading provider of space systems, military aircraft, missile defense, advanced weapons and long-range fires capabilities, mission systems, networking and communications, strategic deterrence systems, and breakthrough technologies, such as advanced computing, microelectronics and cyber.

In its own words, from its 10-K, filed Jan 27, 2026.

Northrop Grumman against its Search, Detection, Navigation, Guidance, Aeronautical Sys peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +9%. Operating margin: 11.4% against the peers' median 11.4%.

CompanyQuarterRevenueY/YOp. margin
NOC Northrop GrummanQ3 2026$11.1B+7%11.4%
LHX L3Harris TechnologiesQ3 2026$6.1B+7%13.0%
GRMN GarminQ3 2026$2.0B+12%30.8%
TDY Teledyne TechnologiesQ3 2026$1.7B+9%20.6%
DRS Leonardo DRSQ3 2026$1.1B+11%10.9%
LUNR Intuitive MachinesQ2 2026$206M+310%-22.9%
LYNX LyntrisQ3 2026$194M+90%5.7%
CODA Coda Octopus GroupQ3 FY26$7.7M+9%19.9%
MIND Mind TechnologyQ2 FY27$5.6M-58%-31.9%

Source: Northrop Grumman 10-Q on SEC EDGAR · CIK 1133421 · Search, Detection, Navigation, Guidance, Aeronautical Sys

Guidance and outlook

Northrop Grumman Revenue: guidance against what was reportedNorthrop Grumman Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2024$41.0BFY2025$42.0BFY2026
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Northrop Grumman: what its forward-looking statements are about (10-Q filed 2026-10-20)Northrop Grumman: what its forward-looking statements are about (10-Q filed 2026-10-20)Costs2Financing2Other1Demand1Legal & regulation1Capital spending1
8 statements; tone -0.38 (−1 all cautious, +1 all confident); 3 hedged.
Northrop Grumman: outlook statements against the filing beforeNorthrop Grumman: outlook statements against the filing beforeConfident1Cautious4

13F: who owns NOC and who is buying

Largest holders of NOC (13F)Largest holders of NOC (13F)Vanguard Group$7.8BState Street$6.7BBlackRock$6.0BVanguard Capital Management LLC$4.6BCapital International Investors$3.0BCapital World Investors$2.6BWellington Management Group LLP$2.5BVanguard Portfolio Management LLC$1.8BMorgan Stanley$1.8BFranklin Resources$1.7B
Funds' net buying of NOC by quarter (13F)Funds' net buying of NOC by quarter (13F)−$494M2024-09−$345M2024-12$954M2025-03$7.3B2025-06−$10.2B2025-09−$272M2025-12$517M2026-03$402M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on NOC

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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