What does b-21 program LRIP options 1-4 — operating income mean?

This metric represents the operating profit generated specifically from the Low-Rate Initial Production (LRIP) phases of the B-21 bomber program. It reflects the financial performance and margin efficiency of the early-stage production contract execution for this critical strategic asset. Monitoring this figure helps investors assess the program's profitability trajectory as it transitions from development to full-scale manufacturing.

Northrop Grumman (NOC) B-21 Program LRIP Options 1-4 — Operating Income

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Other financials

Income statement

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Revenue$10.9B+5.1%

Operating income$1.1B-23.1%

Net income$1.1B-6.8%

EPS (diluted)$7.68-5.8%

Balance sheet

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Cash & equivalents$2.3B+21.5%

Total debt$17.1B-2.6%

Total equity$17.9B+15.6%

Total assets$50.8B+2.7%

Cash flow

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Operating cash flow-$1.7B-5.8%

CapEx$302.0M+30.7%

Free cash flow-$1.8B-0.1%

Valuation

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Market cap$79.2B-6.1%

Enterprise value$93.94B-6.1%

P/E17.6×-3.8×

P/S1.9×-0.2×

Profitability

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Operating margin10.7%+0.3pp

Net margin10.5%+0.7pp

FCF margin7.8%+3.4pp

Returns & leverage

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Return on equity27%+0.5pp

Debt / equity1×-0.2×

Current ratio1.2×+0.1×

Where this comes from

Reported directly by Northrop Grumman in its filing.

Tagged under the XBRL concept us-gaap:OperatingIncomeLoss.

The source filing: Northrop Grumman’s 10-Q, filed July 21, 2026.

Filed: Jul 21, 2026, 4:02 PM EDT
Fiscal quarter: Q2 FY2026
Calendar quarter: Q2 2026
Accession: 0001133421-26-000034

$ in millions, except per share amounts	Three Months Ended June 30 / 2026	Three Months Ended June 30 / 2025	Six Months Ended June 30 / 2026	Six Months Ended June 30 / 2025
General and administrative expenses	1,025	1,016	1,996	2,023
Total operating costs and expenses	9,780	9,157	18,672	18,052
Gain on sale of business	—	231	—	231
Operating income	1,096	1,425	2,085	1,998
Other (expense) income
Interest expense	(161)	(173)	(323)	(329)
Non-operating FAS pension benefit	166	137	332	267
Other, net	67	38	104	69

Item 1. Financial Statements (Unaudited)

FAQ

What is Northrop Grumman's b-21 program LRIP options 1-4 — operating income?: Northrop Grumman (NOC) reported b-21 program LRIP options 1-4 — operating income of -$157M in Q1 2026.
What does b-21 program LRIP options 1-4 — operating income mean?: This metric represents the operating profit generated specifically from the Low-Rate Initial Production (LRIP) phases of the B-21 bomber program. It reflects the financial performance and margin efficiency of the early-stage production contract execution for this critical strategic asset. Monitoring this figure helps investors assess the program's profitability trajectory as it transitions from development to full-scale manufacturing.