Jun 2026 (Q2 FY26) — Jul 21, 2026
Northrop Grumman Q2 FY26 — Record Backlog and Raised Full-Year Guidance
Read the full callNorthrop Grumman (NOC) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Northrop Grumman earnings: last reported Tue, 21 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 10,876 | +5.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 10.1 | −3.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,094 | −6.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
11 of 13 judged targets kept · 36 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Aeronautics Systems full-year operating margin rate | low to mid-9% | Dec 2025 | we are raising AS operating margin rate to the mid- to high 9% range | Revised Up |
| Annual international sales | double to $10 billion by 2031 | Jun 2026 | which support our multiyear goal to double annual international sales to $10 billion by 2031. | New |
| B-21 production rate acceleration agreement with the Air Force | agreement expected this quarter (Q1 FY26) | Dec 2025 | As previously announced, we finalized an agreement with the Air Force to increase the annual production rate of the B-21 by 25%. | Achieved |
2 of NORTHROP GRUMMAN CORP /DE/'s 49 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 46 more targets are in the full ledger.
Claimed
- Net awards of $20 billion in Q2 FY26, driving a book-to-bill ratio of 1.84x.
- Record high backlog of $105 billion, up 17% year-over-year.
- Sales increased by 5% year-over-year to $10.9 billion, with growth across all four segments.
- Full-year adjusted EPS guidance raised by $1.20 to a range of $28.60 to $29.10.
- Aeronautics segment sales increased 13% with a 10.3% margin rate, driven by B-21 and mature production programs.
Qualified
- Lower operating margin rates in Defense Systems (7.5%) and Space (8.6%) due to negative EAC adjustments on SiAW ($68 million) and GEM 63XL programs.
- GEM 63XL program experienced an anomaly in Q1, requiring component redesign and updated EAC position.
- SiAW program recognized higher projected costs to complete qualification testing due to testing delays.
Price
$510.65 −1.77% · −$9.21
Performance −14.1% 1Y
1Y: $594.5 on 17 Oct 2025 → $510.65. High $768.02 (2 Mar 2026), low $473.46 (7 Oct 2026).
- Previous close
- $519.86
- 52-week range
- $473.46 – $768.02
- One year
- −15.17%
Overview
- Symbol
- NOC
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 13 judged targets kept · 36 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Aeronautics Systems full-year operating margin rate | low to mid-9% | Dec 2025 | we are raising AS operating margin rate to the mid- to high 9% range | Revised Up |
| Annual international sales | double to $10 billion by 2031 | Jun 2026 | which support our multiyear goal to double annual international sales to $10 billion by 2031. | New |
| B-21 production rate acceleration agreement with the Air Force | agreement expected this quarter (Q1 FY26) | Dec 2025 | As previously announced, we finalized an agreement with the Air Force to increase the annual production rate of the B-21 by 25%. | Achieved |
Claimed
- Net awards of $20 billion in Q2 FY26, driving a book-to-bill ratio of 1.84x.
- Record high backlog of $105 billion, up 17% year-over-year.
- Sales increased by 5% year-over-year to $10.9 billion, with growth across all four segments.
- Full-year adjusted EPS guidance raised by $1.20 to a range of $28.60 to $29.10.
- Aeronautics segment sales increased 13% with a 10.3% margin rate, driven by B-21 and mature production programs.
Qualified
- Lower operating margin rates in Defense Systems (7.5%) and Space (8.6%) due to negative EAC adjustments on SiAW ($68 million) and GEM 63XL programs.
- GEM 63XL program experienced an anomaly in Q1, requiring component redesign and updated EAC position.
- SiAW program recognized higher projected costs to complete qualification testing due to testing delays.
The full ledger
Open NORTHROP GRUMMAN CORP /DE/’s full ledger
A free account opens 5 company ledgers a month. All 49 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 21, 2026
Northrop Grumman Q1 FY26 — Strong Sales Growth and Accelerated Production on Key Programs
Read the full callDec 2025 (Q4 FY25) — Jan 27, 2026
Northrop Grumman Q4 FY25 — Record Backlog and Strong Cash Flow Drive Optimistic Outlook
Read the full callEvery analysed call
Northrop Grumman earnings calls (NOC)
Financials
What the filings say
Net profit, year on year: −7% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 9,996 | 10,686 | 9,468 | 10,351 | 10,423 | 11,712 | 9,881 | 10,876 |
| Operating profit | 1,120 | 1,089 | 573 | 1,425 | 1,242 | 1,271 | 989 | 1,096 |
| Operating margin | 11.2% | 10.2% | 6.0% | 13.8% | 11.9% | 10.8% | 10.0% | 10.1% |
| Profit before tax | 1,188 | 1,551 | 578 | 1,427 | 1,323 | 1,740 | 1,030 | 1,168 |
| Tax rate | 13.6% | 18.5% | 16.8% | 17.7% | 16.9% | 18.0% | 15.1% | 6.3% |
| Net profit | 1,026 | 1,264 | 481 | 1,174 | 1,100 | 1,427 | 875 | 1,094 |
| EPS ($ per share) | 7.02 | — | 3.33 | 8.17 | 7.69 | — | 6.16 | 7.70 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 171 | 168 | 167 | 156 | 153 | 150 | 145 | 142 |
| Reserves | 8,068 | 8,748 | 10,482 | 12,913 | 15,312 | 14,773 | 15,297 | 16,658 |
| Total liabilities | 29,466 | 32,270 | 33,890 | 29,653 | 28,443 | 31,749 | 34,069 | 34,703 |
| Fixed assets | 6,372 | 6,912 | 7,071 | 7,894 | 8,800 | 9,653 | 10,536 | 10,972 |
| Total assets | 37,653 | 41,089 | 44,469 | 42,579 | 43,755 | 46,544 | 49,359 | 51,377 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 3,827 | 4,297 | 4,305 | 3,567 | 2,901 | 3,875 | 4,388 | 4,757 |
| Cash from investing | -8,878 | -1,207 | -1,211 | 2,058 | -1,241 | -1,582 | -1,749 | -1,155 |
| Cash from financing | -4,595 | -2,424 | -432 | -7,002 | -2,613 | -1,761 | -1,395 | -3,552 |
| Net cash flow | -9,646 | 666 | 2,662 | -1,377 | -953 | 532 | 1,244 | 50 |
| Capital expenditure | -1,249 | -1,264 | -1,420 | -1,415 | -1,435 | -1,775 | -1,767 | -1,450 |
| Free cash flow | 2,578 | 3,033 | 2,885 | 2,152 | 1,466 | 2,100 | 2,621 | 3,307 |
NOC revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Aeronautics Systems | 29% | 30% | 30% | 30% | 30% | 33% | 33% | 32% | +13.0% |
| Mission Systems | 28% | 29% | 30% | 31% | 30% | 29% | 29% | 30% | +2.9% |
| Space Systems | 29% | 15% | 27% | 26% | 26% | 24% | 25% | 25% | +4.0% |
| Defense Systems | 21% | 33% | 19% | 19% | 20% | 18% | 19% | 19% | +5.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
NOC operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Backlog | $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 | +109275% |
| Orders | — | — | — | — | $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 | +104.1% |
| 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 | — |
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.
Revenue by region
Q2 FY2026 · share of revenue
- US 86% ↓ 2 pt
- Europe 8% ↑ 1 pt
- Intersegment Sales 7%
- Asia Pacific 5% ↑ 1 pt
- All Other Geographic Region Domain 2%
As NOC cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
110 filings between Nov 24, 2025 and Sep 30, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$26.43M
61 sales by 6 insiders
80% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 19
- Award — granted as compensation
- 15
- Option exercise — converted options into shares
- 15
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Warden Kathy J | — | $20.22M | Feb 6, 2026 |
| ROEDER ROSHAN S | — | $1.91M | Feb 27, 2026 |
| Davies Benjamin R. | — | $1.58M | Feb 18, 2026 |
| Simpson Kathryn G | — | $1.34M | Mar 2, 2026 |
| Hardesty Michael A | — | $1.16M | Feb 19, 2026 |
| WELSH MARK A III | — | $226.1K | Aug 3, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 30, 2026 | KRISHNA ARVIND Director | Award | 75 | $36.3K |
| Sep 30, 2026 | Brown Marianne Catherine Director | Award | 96 | $46.4K |
| Aug 3, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 8 | $4.4K |
| Aug 3, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 19 | $10.4K |
| Aug 3, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 2 | $1.1K |
| Aug 3, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 11 | $6.0K |
| Aug 3, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 2 | $1.1K |
| Aug 3, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 31 | $17.0K |
| Aug 3, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 10 | $5.5K |
| Aug 3, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 4 | $2.2K |
| Aug 3, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 6 | $3.3K |
| Aug 3, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 2 | $1.1K |
| Jun 30, 2026 | Brown Marianne Catherine Director | Award | 91 | $46.3K |
| Jun 30, 2026 | KRISHNA ARVIND Director | Award | 71 | $36.2K |
| May 20, 2026 | Grady Christopher W. Director | Award | 349 | $192.7K |
| May 20, 2026 | Brown Marianne Catherine Director | Award | 349 | $192.7K |
| May 20, 2026 | WELSH MARK A III Director | Award | 349 | $192.7K |
| May 20, 2026 | KRISHNA ARVIND Director | Award | 349 | $192.7K |
| May 20, 2026 | SCHOEWE THOMAS M Director | Award | 349 | $192.7K |
| May 20, 2026 | ROUGHEAD GARY Director | Award | 349 | $192.7K |
| May 20, 2026 | Turley James S Director | Award | 349 | $192.7K |
| May 20, 2026 | WINSTON MARY A Director | Award | 349 | $192.7K |
| May 20, 2026 | ABNEY DAVID P Director | Award | 349 | $192.7K |
| May 20, 2026 | Ross Kimberly A. Director | Award | 349 | $192.7K |
| May 4, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 2 | $1.1K |
| May 4, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 14 | $8.0K |
| May 4, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 6 | $3.4K |
| May 4, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 3 | $1.7K |
| May 4, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 43 | $24.5K |
| May 4, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 4 | $2.3K |
| May 4, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 5 | $2.8K |
| May 4, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 9 | $5.1K |
| May 4, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 1 | $567 |
| May 4, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 1 | $577 |
| May 4, 2026 | WELSH MARK A III Director | Sale 10b5-1 plan | 7 | $4.0K |
| Mar 31, 2026 | Brown Marianne Catherine Director | Award | 68 | $46.4K |
| Mar 31, 2026 | KRISHNA ARVIND Director | Award | 53 | $36.2K |
| Mar 2, 2026 | Simpson Kathryn G Corp VP & General Counsel | Sale 10b5-1 plan | 873 | $650.4K |
| Feb 27, 2026 | ROEDER ROSHAN S CVP & Pres. Mission Systems | Sale 10b5-1 plan | 1,754 | $1.26M |
| Feb 19, 2026 | Simpson Kathryn G Corp VP & General Counsel | Sale 10b5-1 plan | 194 | $141.2K |
| Feb 19, 2026 | ROEDER ROSHAN S CVP & Pres. Mission Systems | Sale 10b5-1 plan | 512 | $372.5K |
| Feb 19, 2026 | Hardesty Michael A Corp VP, Controller & CAO | Sale | 147 | $107.7K |
| Feb 18, 2026 | Davies Benjamin R. CVP & Pres. Defense Systems | Sale | 2,189 | $1.58M |
| Feb 17, 2026 | Jones Thomas H CVP & Pres Aeronautics Systems | Tax withheld | 1,005 | $704.6K |
| Feb 17, 2026 | Jones Thomas H CVP & Pres Aeronautics Systems | Option exercise | 2,152 | $0 |
| Feb 17, 2026 | Warden Kathy J Chair, CEO and President | Tax withheld | 4,857 | $3.41M |
| Feb 17, 2026 | Warden Kathy J Chair, CEO and President | Option exercise | 10,760 | $0 |
| Feb 17, 2026 | Simpson Kathryn G Corp VP & General Counsel | Sale 10b5-1 plan | 779 | $547.3K |
| Feb 17, 2026 | Simpson Kathryn G Corp VP & General Counsel | Tax withheld 10b5-1 plan | 193 | $135.3K |
| Feb 17, 2026 | Simpson Kathryn G Corp VP & General Counsel | Option exercise 10b5-1 plan | 387 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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