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Reporting soon: earnings call Tuesday, Oct 20
A pre-earnings brief is ready for NOC: the setup, what peers and partners said this season, and which analysts to watch.Reading it is a Tellvest Pro feature.
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Northrop Grumman delivered Q2 segment margin of 11.8% with broad strength and diluted EPS of $8.15 up 28%, as B-21 production acceleration was funded by $4.5 billion in reconciliation and international sales grew 18%. Management raised EPS guidance by $0.05 to $25.00-25.40 and increased free cash flow guidance to $3.05-3.35 billion, while narrowing sales to approximately 3% organic growth and the Sentinel restructure agreement resulted in a positive EAC revision.
Product Launch | Demand | Revenue Growth | Capital Allocation | Competitive Dynamics | Geographic Expansion | Margin | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 9 | 5 | 5 | 5 | 7 | 2 | 5 | 3 |
| 2025Q1 | 10 | 6 | 5 | 3 | 3 | 3 | 1 | |
| 2025Q2 | 7 | 4 | 4 | 4 | 4 | 3 | 3 | 3 |
| 2025Q3 | 10 | 9 | 5 | 2 | 1 | 2 | 4 | |
| 2025Q4 | 5 | 5 | 5 | 5 | 2 | 2 | 3 | 1 |
| 2026Q1 | 1 | 2 | 7 | 2 | 3 | 3 | 3 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Product Launch | 9 | 10 | 7 | 10 | 5 | 1 |
| Demand | 5 | 6 | 4 | 9 | 5 | 2 |
| Revenue Growth | 5 | 5 | 4 | 5 | 5 | 7 |
| Capital Allocation | 5 | 3 | 4 | 2 | 5 | 2 |
| Competitive Dynamics | 7 | 3 | 4 | 1 | 2 | 3 |
| Geographic Expansion | 2 | 3 | 3 | 2 | 2 | 3 |
| Margin | 5 | 1 | 3 | 3 | 3 | |
| Innovation & R&D | 3 | 3 | 4 | 1 | 2 |
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $10.69B | +0.5% | $8.66 | +344.6% | 10.2% | 11.8% | $1.76B |
| FY2025 Q1 | $9.47B | -6.6% | $3.32 | -47.5% | 6.1% | 5.1% | $-1.82B |
| FY2025 Q2Selected | $10.35B | +1.3% | $8.15 | +28.1% | 13.8% | 11.3% | $637M |
| FY2025 Q3 | $10.42B | +4.3% | $7.67 | +9.6% | 11.9% | 10.6% | $1.26B |
| FY2025 Q4 | $11.71B | +9.6% | $9.99 | +15.4% | 8.9% | 12.2% | $3.23B |
| FY2026 Q1 | $9.88B | +4.4% | $6.14 | +84.9% | 10.0% | 8.9% | $-1.82B |
| FY2026 Q2 | $10.88B | +5.1% | $7.68 | -5.8% | 10.1% | 10.1% | $978M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Calendar quarter Q2 2025Earnings call Jul 22, 2025
FY2025 Q2 in brief
Northrop Grumman delivered Q2 segment margin of 11.8% with broad strength and diluted EPS of $8.15 up 28%, as B-21 production acceleration was funded by $4.5 billion in reconciliation and international sales grew 18%.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Northrop Grumman (NOC), FY2025 Q2: 7/10. Scores: Northrop Grumman’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: NOC daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
What NOC and other companies said about each other on FY2025 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“in the Republic of Korea where we've just signed a similar agreement with Hanwha”
Northrop signed a new co-production/local-partnership agreement with South Korea's Hanwha, part of its strategy of teaming with local industrial partners to secure long-term international footholds.
“I would really just suggest that overall, we are progressing well in partnership with both Lockheed Martin and the joint program office for the F-35 to deliver on those modernization efforts for the program.”
Northrop supplies the APG-81/APG-85 radar for the F-35 and reports progressing well in partnership with prime contractor Lockheed Martin and the joint program office on Block 4 modernization.
“Lockheed has a partnership with Rheinmetall on missiles.”
An analyst cites Lockheed Martin's missile partnership with Rheinmetall as an example of European primes localizing production, prompting a question about how Northrop maintains its own foothold as European allies grow indigenous capability.
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Scott Deuschle | Deutsche Bank | 13 questions · 8% challenging |
| Seth Seifman | JPMorgan | 12 questions · 0% challenging |
| Ron Epstein | Bank of America | 11 questions · 18% challenging |
| Sheila Kahyaoglu | Jefferies | 10 questions · 10% challenging |
| Rob Stallard | Vertical Research Partners | 10 questions · 10% challenging |
| Doug Harned | Bernstein | 10 questions · 10% challenging |
| Kristine Liwag | Morgan Stanley | 10 questions · 20% challenging |
| Myles Walton | Wolfe Research | 9 questions · 11% challenging |
| Gavin Parsons | UBS | 7 questions · 0% challenging |
| Peter Arment | Robert W. Baird | 6 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Deutsche Bank | 1 analyst | 13 questions · 8% challenging |
| JPMorgan | 1 analyst | 12 questions · 0% challenging |
| Bank of America | 1 analyst | 11 questions · 18% challenging |
| Bernstein | 1 analyst | 10 questions · 10% challenging |
| Jefferies | 1 analyst | 10 questions · 10% challenging |
| Morgan Stanley | 1 analyst | 10 questions · 20% challenging |
| Vertical Research Partners | 1 analyst | 10 questions · 10% challenging |
| Wolfe Research | 1 analyst | 9 questions · 11% challenging |
GAAP revenue YoY +1.30% → base 5. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
NOC Northrop Grumman | 7 | +1.3% | |
| ACHR Archer Aviation Inc. | 5 | n/a | |
| AXON Axon Enterprise Inc. | 8 | +32.9% | |
| BA The Boeing Company | 8 | +34.9% | |
| GD General Dynamics | 8 | +8.9% | |
| GE GE Aerospace | 9 | +21.2% | |
| HII Huntington Ingalls Industries | 7 | +3.5% | |
| LHX L3Harris | 7 | +2.4% | |
| LMT Lockheed Martin | 6 | +0.2% | |
| LUNR Intuitive Machines, Inc. | 5 | +21.5% | |
| RKLB Rocket Lab USA, Inc. | 8 | +36.0% | |
| RTX RTX Corporation | 5 | +9.4% | |
| SPCX Space Exploration Technologies Corp. | · | n/a | |
| TDG TransDigm Group | 8 | +9.3% | |
| TXT Textron | 5 | +5.4% |