Northrop Grumman Corporation earnings overview

NOC FY2026 Q2 · Calendar Q3 2026

Northrop Grumman Corporation

Northrop Grumman delivered a strong Q2 2026, beating consensus on both EPS and revenue while building a record $105 billion backlog on $20 billion in new awards. Management raised full-year sales guidance to $44 billion and lifted EPS guidance by $1.20, driven by accelerating demand across B-21, Sentinel, missile defense, and international programs. The stock initially fell 3.1% on the day despite the beat, likely reflecting margin pressure from EAC adjustments on GEM 63XL and Stand-in Attack Weapon, but subsequently recovered with a 7.2% drift over the following sessions. The central question is whether H2 margin improvement materializes as management expects, and whether elevated capex will sustain the growth trajectory without pressuring free cash flow.