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Sentiment · FY2026 Q2
| 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 Q2 | $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).
Northrop Grumman reported Q1 revenue of $9.9 billion, up 4% year-over-year with organic sales up 5%, as segment operating income grew to over $1 billion with margins improving to 10.8% and B-21 production rate acceleration advanced. Management reaffirmed FY2026 guidance across all metrics, increasing CAPEX by $200 million to $1.85 billion for B-21 investments while the Sentinel ICBM program acceleration, weapons capacity expansion, and historic defense budget tailwinds supported the multi-year growth trajectory.
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 |
| 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 | 13 (8%) |
| Seth Seifman | JPMorgan | 12 (0%) |
| Ron Epstein | Bank of America | 11 (18%) |
| Sheila Kahyaoglu | Jefferies | 10 (10%) |
| Rob Stallard | Vertical Research Partners | 10 (10%) |
| Doug Harned | Bernstein | 10 (10%) |
| Kristine Liwag | Morgan Stanley | 10 (20%) |
| Myles Walton | Wolfe Research | 9 (11%) |
| Gavin Parsons | UBS | 7 (0%) |
| Peter Arment | Robert W. Baird | 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 | 13 (8%) |
| JPMorgan | 1 | 12 (0%) |
| Bank of America | 1 | 11 (18%) |
| Bernstein | 1 |
What NOC and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Northrop Grumman is looking at expanding a solid rocket motor business potentially into Patriot”
Northrop Grumman is a potential expanding source of solid rocket motors for the Patriot/PAC-3 supply chain, easing a key production pinch point.
“as we are a key Tier 1 supplier to Northrop Grumman on that program, we will follow where that sentinel program continues to grow.”
Textron Systems is a key Tier 1 supplier to Northrop Grumman on the Sentinel ICBM program, a read-through on Sentinel production ramp for Northrop.
| 10 (10%) |
| Jefferies | 1 | 10 (10%) |
| Morgan Stanley | 1 | 10 (20%) |
| Vertical Research Partners | 1 | 10 (10%) |
| Wolfe Research | 1 | 9 (11%) |
| 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% | |
| SPCX Space Exploration Technologies Corp. | · | n/a | |
| TDG TransDigm Group | 10 | +18.3% | |
| TXT Textron | 7 | +11.8% |