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Northrop Grumman (NOC) delivered strong Q1 FY2026 results with revenue up 4.4% to $9.88B and net income surging 81.9% to $875M, driven by significant margin expansion, though operating cash flow remained negative at -$1.66B.
营业收入
$9.88B
同比 ++4.36%
每股收益（基本）
$6.16
同比 ++84.98%
营业利润
$989M
同比 ++72.60%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Northrop Grumman (NOC) Q1 FY2026 营收 $9.88B，同比增长 4.4%。 净利润 $875M，同比增长 81.9%，稀释每股收益 $6.14。
Total revenue grew 4.4% year-over-year to $9.88B in Q1 FY2026, up from $9.47B in the prior-year period, reflecting continued demand for defense programs and government contracts.
来源: 10-Q Income Statement, Q1 FY2026
Operating margin expanded approximately 400 basis points to 10.0% from 6.1% in the prior year, with operating income surging 72.6% to $989M, suggesting significant improvement in program execution or favorable contract mix.
来源: 10-Q Income Statement, Q1 FY2026
Net income rose 81.9% to $875M and diluted EPS jumped 84.9% to $6.14 from $3.32, reflecting both operational improvement and a modestly reduced share count from buyback activity.
来源: 10-Q Income Statement, Q1 FY2026
Stockholders' equity grew 14.2% to $17.12B while total liabilities declined 1.8% to $32.89B, improving the company's overall financial leverage profile despite long-term debt of $14.41B.
来源: 10-Q Balance Sheet, Q1 FY2026
Operating cash flow was -$1.66B in Q1 FY2026, slightly worse than -$1.57B in the prior year, which is common for defense contractors in Q1 due to timing of government payments and working capital build, but warrants monitoring.
来源: 10-Q Cash Flow Statement, Q1 FY2026
NOC generated -$1.66B in operating cash flow in Q1 FY2026, worse than the -$1.57B in the prior-year period. While defense contractors often experience Q1 cash outflows due to working capital timing, sustained negative cash generation could pressure liquidity and capital allocation flexibility.
来源: 10-Q Cash Flow Statement, Q1 FY2026
Long-term debt stands at $14.41B with a debt-to-equity ratio of approximately 1.92, meaning the company carries nearly twice as much debt as equity. Rising interest rates or refinancing risk could increase interest expense and weigh on future earnings.
来源: 10-Q Balance Sheet, Q1 FY2026
As a major U.S. defense contractor, NOC's revenue is heavily dependent on U.S. government appropriations and contract awards. Any budget sequestration, continuing resolutions, or program cancellations could materially impact revenue and backlog.
来源: 10-Q Income Statement, Q1 FY2026
Share repurchases fell 85.8% year-over-year to just $68M in Q1 FY2026 from $480M in the prior year, potentially signaling management's caution around cash deployment or prioritization of debt management over shareholder returns.
来源: 10-Q Cash Flow Statement, Q1 FY2026
The current ratio stands at approximately 1.15, indicating only modest liquidity cushion above current liabilities of $12.82B. Any unexpected cash demands or delays in government payments could strain near-term liquidity.
来源: 10-Q Balance Sheet, Q1 FY2026
Q1 FY2026 实际 EPS $6.14，分析师一致预期 $6.12，超预期 +0.4%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $9.88B | $9.47B | +4.36% |
营业利润 | $989M | $573M | +72.60% |
净利润 | $875M | $481M | +81.91% |
每股收益（基本） | $6.16 | $3.33 | +84.98% |
每股收益（稀释） | $6.14 | $3.32 | +84.94% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $50.01B | $48.47B | +3.18% |
流动资产 | $14.77B | $13.27B | +11.33% |
总负债 | $32.89B | $33.48B | -1.77% |
流动负债 | $12.82B | $13.97B | -8.22% |
股东权益 | $17.11B | $14.98B | +14.22% |
现金及等价物 | $2.09B | $1.69B | +24.04% |
长期债务 | $14.41B | $14.17B | +1.72% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $-1.66B | $-1.56B | -5.81% |
投资活动现金流 | $-168M | $-252M | +33.33% |
筹资活动现金流 | $-489M | $-851M | +42.54% |
股票回购 | $68M | $480M | -85.83% |
折旧及摊销 | $372M | $337M | +10.39% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 10.0% | 6.1% | +3.96% |
净利率 | 8.9% | — | — |
净资产收益率 | 5.1% | — | — |
总资产收益率 | 1.7% | — | — |
流动比率 | $1.152 | — | — |
资产负债率 | $1.922 | — | — |
Northrop Grumman’s Q2 FY2026 revenue rose 5.1% to $10.876B, but operating income fell 23.1% to $1.096B as the prior-year training-services divestiture gain did not recur and Defense and Space program profitability weakened, partly offset by a sharply lower tax rate.
Northrop Grumman (NOC) delivered steady FY2025 results with revenue growing 2.2% to $41.95B and net income essentially flat at $4.18B, supported by strong operating cash flow of $4.76B and disciplined balance sheet management.
Aerospace & Defense 行业其他公司
NOC reported diluted EPS of $6.14 in Q1 FY2026, up 84.9% from $3.32 in the prior year, and net income of $875M, up 81.9%. Whether this beat Wall Street consensus estimates would require comparison to analyst forecasts, which are not included in the filing.
The standout takeaway was dramatic profitability improvement, with operating income up 72.6% to $989M and operating margin expanding to 10.0% from 6.1%. Revenue also grew a solid 4.4% to $9.88B, though operating cash flow remained negative at -$1.66B, a watch item for investors.
Northrop Grumman's revenue grew 4.4% year-over-year to $9.88B in Q1 FY2026, up from $9.47B in the prior-year period, driven by continued execution on U.S. defense programs and government contracts.
NOC's balance sheet shows total assets of $50.0B, stockholders' equity of $17.12B, and long-term debt of $14.41B, with a debt-to-equity ratio of approximately 1.92. The current ratio of 1.15 indicates adequate near-term liquidity, though negative operating cash flow of -$1.66B warrants monitoring.
NOC's operating margin expanded approximately 400 basis points to 10.0% in Q1 FY2026 from 6.1% in the prior year, with operating income surging 72.6% to $989M. The filing text is not available to pinpoint the exact drivers, but this likely reflects improved program execution, favorable contract mix, or resolution of prior-year cost headwinds.