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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We have delivered two Tranche 1 payloads to Northrop with the remaining ones coming this year.”
Leidos supplies SDA Tranche 1 satellite payloads to Northrop Grumman, a customer/prime relationship.
“North of Grumman is our partner with the government on the radars”
Northrop Grumman partners with Lockheed and the government on the F-35 radar as part of the Block IV supplier team.
“Northrop Grumman made a big commitment again to investment on the SRMs.”
Northrop Grumman is investing to expand solid rocket motor supply, one of LMT's three SRM providers.
“an overarching command and control system, an open architecture standards-based where we can have, whether it's, you know, Northrop Grumman, Raytheon, Lockheed Martin Corporation, other systems, new entrants, will be tied into this fabric and really complete the Golden Dome, so to speak, by doing that”
Lockheed envisions Northrop Grumman's systems being networked alongside its own into an open command-and-control architecture for the Golden Dome missile defense program.
“We signed new AWS agreements with companies including Intuit, PayPal, Norwegian Cruise Line Holdings, Northrop Grumman, The Guardian Life Insurance Company of America, Reddit, Japan Airlines, Baker Hughes, the Hertz Corporation, Resin Chime Financial, Asana, and many others.”
Northrop Grumman signed a new AWS cloud agreement in the quarter.
“We're not in discussions with the government about an arrangement similar to what they've entered into with L3Harris.”
Northrop contrasts its self-funded solid-rocket-motor capacity with L3Harris's government-backed missile arrangement, framing L3Harris as a competitor in the munitions second-source landscape.
“we were able to secure the award for Gen 63, which is Amazon Project LEO, which will take deliveries well into the twenty thirties.”
Northrop won a Gen 63 rocket-motor award supporting Amazon's Project LEO/Kuiper satellite launches with deliveries into the 2030s, a positive signal for Amazon's satellite buildout.
“We team with Kratos to develop a collaborative combat aircraft for the marine, and received a $231 million award late last year.”
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Scott Deuschle | Deutsche Bank | 11 (9%) |
| Rob Stallard | Vertical Research Partners | 10 (10%) |
| Seth Seifman | JPMorgan | 10 (0%) |
| Doug Harned | Bernstein | 10 (10%) |
| Sheila Kahyaoglu | Jefferies | 9 (11%) |
| Kristine Liwag | Morgan Stanley | 9 (22%) |
| Ron Epstein | Bank of America | 9 (22%) |
| Myles Walton | Wolfe Research | 7 (14%) |
| Rick Safran | Seaport Research Partners | 6 (0%) |
| Gavin Parsons | UBS | 6 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Deutsche Bank | 1 | 11 (9%) |
| JPMorgan | 1 | 10 (0%) |
| Vertical Research Partners | 1 | 10 (10%) |
| Bernstein | 1 |
Northrop partnered with Kratos (using its Valkyrie platform) on a Marine Corps collaborative combat aircraft, a positive read-through for Kratos' uncrewed-systems franchise.
“delivered the third batch of Amazon Kuiper satellites to orbit. With additional launches in backlog, the Kuiper program is poised to be a key growth driver for the company going forward”
Amazon's Kuiper broadband constellation is actively deploying satellites and represents a growing launch-services demand source that NOC frames as a key growth driver.
“our Gen63 XL rocket boosters played a crucial role in powering a ULA Vulcan rocket that delivered the third batch of Amazon Kuiper satellites to orbit”
Northrop Grumman's solid rocket boosters powered a United Launch Alliance Vulcan launch, signaling ULA's active Vulcan flight cadence and reliance on NOC-supplied propulsion.
“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.
“And that's largely what we're doing in the partnership that we have with companies like NVIDIA.”
Northrop Grumman is partnering with NVIDIA and other commercial AI platform providers, bringing their platforms in to facilitate its mission-systems software development.
“Today, we announced that we have signed an agreement to sell the business to Serco, Inc. for $327 million, and we forecast this transaction to close toward the middle of the year.”
Northrop Grumman is divesting its training services business to Serco, Inc. for $327 million, expanding Serco's government training-services portfolio once the deal closes.
| 10 (10%) |
| Jefferies | 1 | 9 (11%) |
| Bank of America | 1 | 9 (22%) |
| Morgan Stanley | 1 | 9 (22%) |
| Wolfe Research | 1 | 7 (14%) |
Northrop Grumman closed FY2025 with record Q4 revenue growing 10%, record backlog exceeding $95 billion, and free cash flow growing 26% for the third consecutive year above 25% growth, as international sales grew 20% for the full year with IBCS deployed across 20+ countries. Management introduced FY2026 guidance of $43.5-44.0 billion in sales, $27.40-27.90 in EPS, and $3.1-3.5 billion in free cash flow, pausing share buybacks to invest in growth amid the historic defense budget environment.
Product Launch | Revenue Growth | Demand | Capital Allocation | Competitive Dynamics | Margin | Geographic Expansion | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 9 | 5 | 5 | 5 | 7 | 5 | 2 | 3 |
| 2025Q1 | 10 | 5 | 6 | 3 | 3 | 1 | 3 | |
| 2025Q2 | 7 | 4 | 4 | 4 | 4 | 3 | 3 | 3 |
| 2025Q3 | 10 | 5 | 9 | 2 | 1 | 2 | 4 | |
| 2025Q4 | 5 | 5 | 5 | 5 | 2 | 3 | 2 | 1 |
| 2026Q1 | 1 | 7 | 2 | 2 | 3 | 3 | 3 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Product Launch | 9 | 10 | 7 | 10 | 5 | 1 |
| Revenue Growth | 5 | 5 | 4 | 5 | 5 | 7 |
| Demand | 5 | 6 | 4 | 9 | 5 | 2 |
| Capital Allocation | 5 | 3 | 4 | 2 | 5 | 2 |
| Competitive Dynamics | 7 | 3 | 4 | 1 | 2 | 3 |
| Margin | 5 | 1 | 3 | 3 | 3 | |
| Geographic Expansion | 2 | 3 | 3 | 2 | 2 | 3 |
| Innovation & R&D | 3 | 3 | 4 | 1 | 2 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
NOC Northrop Grumman | 6 | +4.4% | |
| AXON Axon Enterprise Inc. | 10 | +33.8% | |
| BA The Boeing Company | 7 | +14.0% | |
| GD General Dynamics | 8 | +10.3% | |
| GE GE Aerospace | 7 | +24.7% | |
| HII Huntington Ingalls Industries | 6 | +13.3% | |
| LHX L3Harris | 8 | +11.9% | |
| LMT Lockheed Martin | 4 | +0.3% | |
| RKLB Rocket Lab USA, Inc. | 8 | +63.5% | |
| RTX RTX Corporation | 9 | +8.7% | |
| TDG TransDigm Group | 10 | +18.3% | |
| TXT Textron | 7 | +11.8% |