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Northrop Grumman cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.4B in Q3 2026 · $3.8B over twelve months

Operating cash flow$1.7B
Capital spending−$306M
Free cash flow+$1.4B
Cash / net income1.6×

Analysis

In Q3 2026, Northrop Grumman generated $1.7B of operating cash flow and spent $306M on capital projects, leaving free cash flow of $1.4B. That is $183M more than in Q3 2025 ($1.3B).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.3B; the largest uses were capital spending ($1.4B), dividends ($1.4B), net borrowing (+) / repaid (−) ($527M); besides operations, cash came from other investing ($459M); the cash balance rose by $1.8B.

Operating cash flow was $1.7B against net income of $1.1B — 1.6× profit, cash ran ahead of reported earnings. The largest differences: payables +$386M, depreciation & amortization +$379M, contract assets −$317M.

Free cash flow

Northrop Grumman: free cash flow by quarterNorthrop Grumman: free cash flow by quarter$1.8BQ4 2024−$1.8BQ1 2025$637MQ2 2025$1.3BQ3 2025$3.2BQ4 2025−$1.8BQ1 2026$978MQ2 2026$1.4BQ3 2026
Operating cash flow less capital spending.
Northrop Grumman: operating cash flow against capital spendingNorthrop Grumman: operating cash flow against capital spendingOperating cash flowCapital spending$2.6B$816MQ4 2024−$1.6B$256MQ1 2025$868M$231MQ2 2025$1.6B$301MQ3 2025$3.9B$662MQ4 2025−$1.7B$167MQ1 2026$1.3B$302MQ2 2026$1.7B$306MQ3 2026
Latest (Q3 2026): Operating cash flow $1.7B, Capital spending $306M.

Capital allocation, year by year

Northrop Grumman: where the cash came from (up) and went (down), by fiscal yearNorthrop Grumman: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $3.6BFY2021: Net borrowing −$2.2BFY2021: Asset sales $3.4BFY2021: Capital spending −$1.4BFY2021: Buybacks −$3.7BFY2021: Dividends −$983M$7.0BFY2021FY2022: Operating cash flow $2.9BFY2022: Capital spending −$1.4BFY2022: Buybacks −$1.5BFY2022: Dividends −$1.1B$2.9BFY2022FY2023: Operating cash flow $3.9BFY2023: Net borrowing $945MFY2023: Capital spending −$1.8BFY2023: Buybacks −$1.5BFY2023: Dividends −$1.1B$4.8BFY2023FY2024: Operating cash flow $4.4BFY2024: Net borrowing $2.5BFY2024: Capital spending −$1.8BFY2024: Buybacks −$2.5BFY2024: Dividends −$1.2B$6.9BFY2024FY2025: Operating cash flow $4.8BFY2025: Net borrowing −$502MFY2025: Asset sales $333MFY2025: Capital spending −$1.4BFY2025: Buybacks −$1.6BFY2025: Dividends −$1.3B$5.1BFY2025
Over these 5 years operating cash flow totalled $19.5B; the largest uses were buybacks ($10.8B) and capital spending ($7.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.7B
Debt$15.7B
Net debt$12.0B
Due within a year$534M

Northrop Grumman funds itself: free cash flow was $3.8B over the last twelve months, and $3.7B of cash and investments stands against $15.7B of debt ($534M due within a year, 7.0× covered by cash).

Northrop Grumman: debt maturities by year (FY2025)Northrop Grumman: debt maturities by year (FY2025)$534MYear 1$755MYear 2$2.0BYear 3$592MYear 4$1.3BYear 5$10.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $3.7B of cash and investments now.

Where the cash came from and went

Northrop Grumman: sources (+) and uses (−) of cash, Q3 2026Northrop Grumman: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.7BCash drawn (+) / kept (−)−$1.4BOther investing$356MDividends−$351MCapital spending−$306MOther financing−$7.0M
Northrop Grumman: sources (+) and uses (−) of cash, TTM to Q3 2026Northrop Grumman: sources (+) and uses (−) of cash, 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 profit to cash

Northrop Grumman: net income to operating cash flow, Q3 2026Northrop Grumman: net income to operating cash flow, Q3 2026Net income$1.1BDepreciation & amortization$379MStock-based pay$26.0MDeferred taxes$198MOther non-cash$5.0MReceivables$231MInventory$53.0MPayables$386MAccrued liabilities−$32.0MDeferred revenue$15.0MContract assets−$317MPrepaid and other assets−$86.0MIncome taxes payable−$87.0MOperating cash flow$1.7B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.7B−$306M—−$351M—−$1.4B$1.4B
Q2 2026$1.3B−$302M—−$351M−$498M−$217M$978M
Q1 2026−$1.7B−$167M−$68.0M−$333M−$29.0M$2.3B−$1.8B
Q4 2025$3.9B−$662M−$456M−$329M—−$2.4B$3.2B
Q3 2025$1.6B−$301M−$277M−$330M—−$58.0M$1.3B
Q2 2025$868M−$231M−$411M−$332M$90.0M−$214M$637M
Q1 2025−$1.6B−$256M−$480M−$302M−$26.0M$2.7B−$1.8B
Q4 2024$2.6B−$816M−$441M−$299M—−$1.0B$1.8B

Northrop Grumman: income statement and cash flow

Northrop Grumman, Q3 2026: revenue $11.1B (+7% year over year), operating margin 11.4%. The chart follows the revenue to costs, profit and cash.

Northrop Grumman: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.