Education
About Us
Working with TipRanks
Follow Us
Northrop Grumman (NOC)
NYSE:NOC
Earnings Data
Report Date
Apr 23, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
6.03Last Year’s EPS
3.32Same Quarter Last Year
Moderate Buy
Based on 16 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple material positives: record backlog (~$95–$96B), strong Q4 and full-year performance with sales and EPS beating guidance, robust free cash flow growth (+26%), significant international momentum (+20%), and concrete investments to expand munitions and space capacity. Management provided prudent 2026 guidance that conservatively excludes potential upside from B-21 acceleration and other opportunities, noted timing risks for certain programs (Sentinel, Gen 63 cadence) and expects near-term margin pressure in Aeronautics due to development mix. On balance, the positive operational and financial momentum, healthy cash generation, and clear capacity investments outweigh the timing/conservatism risks, supporting an overall favorable outlook.Company Guidance
Record Backlog and Strong Awards
Backlog reached a new company record (noted as over $95 billion and later $96 billion) driven by roughly $46 billion in net awards in 2025 and nearly $20 billion backlog growth since 2021; five-year average book-to-bill of 1.1x.
Revenue Growth and Q4 Strength
Fourth quarter sales were $11.7 billion, up 10% year-over-year and accelerating 12% sequentially; Q4 represented 28% of full year sales. Full-year 2025 sales were ~$42 billion, up ~3% organically and above the high end of guidance.
Earnings and Cash Flow Outperformance
Q4 mark-to-market adjusted EPS of $7.23 was up 13% year-over-year; full-year free cash flow was $3.3 billion, up 26% vs. 2024 and the third consecutive year of ≥25% free cash flow growth.
Segment Momentum — Aeronautics & Mission Systems
Aeronautics Systems was the fastest growing segment in Q4 with sales of $3.9 billion, up 18% YoY. Mission Systems delivered double-digit growth in Q4 and is projected to reach high-$12 billion sales in 2026 with margins moving into the high-14% range.
Space Business Recovery and Key Awards
Space returned to growth in Q4 (+5% YoY) driven by Gen 63 motors (Amazon Project LEO) and restricted programs; secured 18 Tranche 3 SDA satellites (raising SDA satellite backlog to 150) and won Gen 63 awards that support multi-year deliveries.
Defense Systems & Munitions Capacity Expansion
Defense Systems showed broad growth (Q4 up 7% GAAP, 12% organically) and the company has materially increased munitions capacity — tactical SRM capacity doubled since 2021 with plans to increase another 50% at ABL by early 2027 and triple Elkton capacity by 2030.
International Growth
International sales grew 20% in 2025; company reports formal requests from 20+ countries for IDCS and expects multiple international contract opportunities (Americas, Middle East, Asia Pacific) supporting continued international expansion.
Prudent Capital & Pension Position
Pension asset returns of 11.3% improved funding status to 106%; minimal pension cash contributions expected. Capital plan increases 2026 CapEx to $1.65 billion (~4% of sales) to support capacity, while guidance targets $3.1–$3.5 billion free cash flow.
NOC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
NOC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Jan 27, 2026 | $660.97 | $678.74 | +2.69% |
Oct 21, 2025 | $599.57 | $596.93 | -0.44% |
Jul 17, 2025 | $515.58 | $519.67 | +0.79% |
Apr 22, 2025 | $458.20 | $466.66 | +1.85% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Northrop Grumman (NOC) report earnings?
Northrop Grumman (NOC) is schdueled to report earning on Apr 23, 2026, Before Open (Confirmed).
What is Northrop Grumman (NOC) earnings time?
Northrop Grumman (NOC) earnings time is at Apr 23, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is NOC EPS forecast?
NOC EPS forecast for the fiscal quarter 2026 (Q1) is 6.03.