NOC Northrop Grumman (NOC) Q1 FY26 earnings call
Northrop Grumman delivered a strong first quarter, marked by robust organic sales growth and solid operating performance across most segments. Strategic investments in capacity and accelerated production agreements for critical programs like B-21 and Sentinel underscore confidence in future growth. While the Space segment faced specific program headwinds, the company maintains its full-year outlook amidst a high-demand geopolitical environment.
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NOC operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|---|
| Backlog | ~$91.5BWe ended the year with a backlog of approximately $91.5 billion and a book-to-bill ratio at 1.23x, providing a solid foundation for future growth.Source: earnings call transcript | $92.8BWithin this environment, we continue to see strong demand signals from our global customers, resulting in another record backlog in the first quarter of $92.8 billion, and that's inclusive of strong international bookings.Source: earnings call transcript | — | — | $95B+We ended the year with over $95 billion in backlog, a new company record, driven by over $46 billion in net awards in 2025.Source: earnings call transcript | $96MAwards totaled $9.8 billion in Q1, and we ended the period with $96 million in backlog.Source: earnings call transcript | $105BBacklog continues to grow, including a new record high of $105 billion.Source: earnings call transcript | $110BIn the quarter, our book-to-bill was 1.5x, which drove a new record backlog of $110 billion, reflecting robust demand and years of durable sales.Source: earnings call transcript | +4.8% |
| Orders | $17.3BReflecting this demand, we booked $17.3 billion in new awards in the fourth quarter and approximately $51 billion for the full year.Source: earnings call transcript | — | — | — | — | $9.8BAwards totaled $9.8 billion in Q1, and we ended the period with $96 million in backlog.Source: earnings call transcript | $20BWe delivered $20 billion in net awards in the quarter, driving a book-to-bill ratio of 1.84x.Source: earnings call transcript | $16B+As Kathy shared, backlog increased 20% to $110 billion compared to the third quarter of last year, driven by bookings of over $16 billion.Source: earnings call transcript | — |
| Book-to-bill ratio International | — | 1.45 ratioAs a result, we continue to see opportunities to increase our international sales over the coming years, and we are making steady progress in this area, with a first quarter international book-to-bill of 1.45x and international sales up 11% in the quarter.Source: earnings call transcript | 1.4 ratioAnd we had seen that reflected in very strong book-to-bill, 1.4x in international.Source: earnings call transcript | — | — | — | — | — | -3.4% |
| Book-to-bill ratio | — | — | — | 1.17 ratioIn fact, we achieved an exceptionally strong book-to-bill of 1.17x in the quarter.Source: earnings call transcript | — | — | 1.84 ratioWe delivered $20 billion in net awards in the quarter, driving a book-to-bill ratio of 1.84x.Source: earnings call transcript | 1.5 ratioIn the quarter, our book-to-bill was 1.5x, which drove a new record backlog of $110 billion, reflecting robust demand and years of durable sales.Source: earnings call transcript | -18.5% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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