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Northrop Grumman NOC Defense Systems — 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$75.98B-8.0%
Enterprise value$90.73B-7.6%
P/E16.9×-4.0×
P/S1.8×-0.3×

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 / equity-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 official record: Northrop Grumman’s 10-Q, filed July 21, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Northrop Grumman's defense systems — operating income?
Northrop Grumman (NOC) reported defense systems — operating income of $156M in Q2 2026.
How has Northrop Grumman's defense systems — operating income changed year-over-year?
Northrop Grumman's defense systems — operating income decreased by 38.3% year-over-year, from $253M to $156M.
What is the long-term trend for Northrop Grumman's defense systems — operating income?
Over 4 years (2021 to 2025), Northrop Grumman's defense systems — operating income has grown at a 5.8% compound annual growth rate (CAGR), from $696M to $871M.
What does defense systems — operating income mean?
This metric measures the profitability of the defense systems segment after accounting for all direct and indirect operating expenses. It serves as a key indicator of the segment's operational efficiency and its ability to manage costs associated with complex defense manufacturing and service contracts. Investors use this to assess the core earnings power of the defense systems business independent of corporate-level financing or tax impacts.