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Northrop Grumman

Falls Church, VA Founded 1939 Defense & Aerospace

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Latest analysis

Updated Aug 21, 2026

Northrop Grumman awards CEO Kathy Warden 35,910 performance-based MSUs tied to 5-year stock appreciation.

Northrop Grumman's independent board approved a one-time performance equity grant to CEO Kathy J. Warden on August 19, 2026, consisting of 35,910 Market Stock Units with a 0–150% payout range based on absolute stock price appreciation or depreciation through December 31, 2031. The award structure ties CEO compensation directly to shareholder returns, with target payout requiring 10% stock appreciation and maximum payout (150% of target) triggered by 50% or higher appreciation. This is a singular governance action with no material operational, financial, or strategic disclosure.

Tone: neutral

Revenue

$42B

NOC 10-K · FY 2025

Employees

95,000

Revenue FY2024

$41B

Founded

1939

Profile

NOC 10-K Item 1 · Jan 27, 2026

Northrop Grumman is a leading global aerospace and defense technology company serving U.S. and international customers, principally the U.S. Department of War and the intelligence community. The company operates across four segments — Aeronautics Systems, Defense Systems, Mission Systems, and Space Systems — delivering capabilities spanning stealth aircraft, strategic deterrence, missile defense, space systems, and advanced electronics. Its portfolio is aligned to national security priorities with a growing proportion of restricted programs.

Read filing description ↓

Northrop Grumman Corporation is a leading global aerospace and defense technology company. We deliver a broad range of products, services and solutions to U.S. and international customers, and principally to the U.S. Department of War and intelligence community. Our broad portfolio is aligned to support national security priorities and our solutions equip our customers with capabilities they need to connect, protect and advance humanity. The company is a leading provider of space systems, military aircraft, missile defense, advanced weapons and long-range fires capabilities, mission systems, networking and communications, strategic deterrence systems, and breakthrough technologies, such as advanced computing, microelectronics and cyber. We are focused on competing and winning programs that enable continued growth, performing on our commitments and affordably delivering capability our customers need. With the investments we've made in advanced technologies, combined with our talented workforce and digital transformation capabilities, Northrop Grumman is well positioned to meet our customers' needs today and in the future. At December 31, 2025, the company was aligned in four operating sectors, which also comprise our reportable segments: Aeronautics Systems, Defense Systems, Mission Systems and Space Systems. Effective January 1, 2025, the company realigned the Strike and Surveillance Aircraft Solutions (SSAS) business unit from Defense Systems to Aeronautics Systems.

Primary products

B-21 Raider long-range strike aircraft
B-2 Spirit stealth aircraft modernization and sustainment
E-130J Phoenix II nuclear command, control and communications aircraft
F-35 Lightning II fuselage production
F/A-18 Super Hornet fuselage production
E-2D Advanced Hawkeye battle management aircraft

Business segments

Aeronautics Systems Defense Systems Mission Systems Space Systems

End markets

U.S. Department of War U.S. intelligence community U.S. Navy U.S. Air Force Other U.S. government agencies International customers NASA Missile Defense Agency

Geographies

United States Australia France Germany Italy United Kingdom Japan Republic of Korea Poland

Named customers

U.S. Department of War U.S. Air Force U.S. Navy U.S. Army NASA Missile Defense Agency Space Development Agency Japan

Sales to the U.S. government accounted for 84 percent, 87 percent and 86 percent of sales during the years ended December 31, 2025, 2024 and 2023, respectively.

Named competitors

The Boeing Company General Dynamics Corporation L3Harris Technologies, Inc. Lockheed Martin Corporation RTX Corporation

“We compete with many companies in the defense, intelligence and federal civil markets, including The Boeing Company, General Dynamics Corporation, L3Harris Technologies, Inc., Lockheed Martin Corporation, and RTX Corporation, as well as, increasingly, new entrants and startups.” Competitive position, as stated in the filing

Revenue commentary · FY 2025

Total sales increased from $41.0 billion in 2024 to $42.0 billion in 2025, driven primarily by growth in product sales partially offset by a modest decline in service sales.

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