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Northrop Grumman (NOC) investor relations material

Northrop Grumman Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary21 Oct, 2025

Executive summary

  • Q3 2025 sales rose 4% year-over-year to $10.4 billion, with organic sales up 5% and net earnings up 7% to $1.1 billion; diluted EPS increased 10% to $7.67, driven by strong Mission and Defense Systems performance and robust global demand.

  • Book-to-bill ratio reached 1.17 in Q3, with net awards of $12.2 billion and backlog at $91.4 billion.

  • Major program milestones included a $1.8 billion missile defense contract, B-21 Raider flight test progress, and significant new awards for restricted programs and GWS.

  • Segment realignments and the divestiture of the training services business, which generated a $231 million pre-tax gain, impacted results.

  • Investments in capacity, digital transformation, and R&D continue to drive innovation and future competitiveness.

Financial highlights

  • Q3 2025 total sales were $10.4 billion, up 4% year-over-year and 5% organically; segment operating income rose 11% to $1.28 billion, with segment operating margin at 12.3%.

  • Diluted EPS for Q3 was $7.67, up 10% year-over-year; net earnings reached $1.1 billion.

  • Free cash flow for Q3 was $1.26 billion, up 72% year-over-year, with net cash from operating activities up 43% to $1.56 billion.

  • Backlog stood at $91.4 billion at quarter-end.

  • Year-to-date 2025 sales were $30.2 billion, with net earnings down 5% to $2.76 billion and diluted EPS down 3% to $19.12.

Outlook and guidance

  • 2025 sales guidance set at $41.7–$41.9 billion, with MTM-adjusted EPS guidance raised to $25.65–$26.05 and free cash flow guidance at $3.05–$3.35 billion.

  • 2026 outlook projects mid-single-digit organic sales growth, segment operating margin in the low to mid 11% range, and free cash flow of $3.1–$3.5 billion.

  • Segment guidance anticipates growth in all four business segments in 2026.

  • Guidance does not include potential FPXX win or B-21 production acceleration, which could provide upside.

  • U.S. government shutdown and budget environment present risks to program funding and cash flows.

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Frequently asked questions

Northrop Grumman Corporation provides innovative systems, products and solutions in unmanned systems; aerospace systems; C4ISR and logistics and modernization; cyber security; strike, surveillance and mobility; command, control, communications, computers and intelligence solutions, and naval systems to government and commercial customers. It's aerospace products include long-range strike bombers, combat avionics, surveillance aircrafts and related software, training services and other mission support services. The company was founded in 1939 and is based in Falls Church, Virginia.

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