EarningsQ2 2026 Earnings Report
MX:NOC Q2 2026 EPS Results
Actual EPS$138.97
Consensus EPS$123.45
Beat/MissBeat by +$15.53
One Year Ago EPS$147.48
MX:NOC Q2 2026 Revenue Results
Actual Revenue$196.80B
Expected Revenue$195.45B
Beat/MissBeat by +$1.35B
YoY Revenue Growth+5.07%
Earnings Announcement Details
QuarterQ2 2026
Date07/21/2026
TimeBefore Open
Conference CallTuesday, July 21, 2026
MX:NOC Upcoming Earnings
Northrop Grumman's next earnings date is estimated for October 20, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:NOC Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a largely positive operational and financial outlook: strong bookings ($20B), record $105B backlog (up 17% YoY), raised 2026 sales and EPS guidance, robust segment execution (notably Aeronautics and Mission Systems), and meaningful international and missile-production opportunities. Near-term challenges were acknowledged — primarily two unfavorable EAC adjustments (GEM 63XL and SAW) that pressured DS and Space margins, timing/restructuring impacts on HALO, microelectronics softness, and elevated CapEx to expand capacity. Management outlined corrective actions and reiterated confidence in second-half margin improvement and multi-year demand, resulting in highlights materially outweighing the lowlights.Company Guidance
Strong bookings and record backlog
Net awards of $20.0B in Q2 drove a book-to-bill of 1.84x for the quarter and a record backlog of $105B (up 17% year-over-year). Company now expects a full-year book-to-bill of at least 1.25x.
Revenue growth and sequential acceleration
Q2 sales were $10.9B, up 5% year-over-year and up 10% sequentially. Company raised full-year sales guidance to $43.75B–$44.25B (midpoint ~$44B), implying >5% organic growth.
Improved EPS outlook and tax-related benefit
Reported Q2 diluted EPS was $7.68. Management raised mark-to-market adjusted EPS guidance by $1.20 to $28.60–$29.10 for 2026; Q2 EPS performance benefited from a lower effective tax rate and a remeasurement of uncertain tax positions.
Cash generation and free cash flow outlook
Q2 adjusted free cash flow was nearly $1.0B (significant increase vs prior year). Full-year adjusted free cash flow guidance reaffirmed at $3.1B–$3.5B. Q2 CapEx was $320M; expected 2026 CapEx of $1.85B.
Segment-level strengths — Aeronautics and Mission Systems
Aeronautics delivered double-digit sales and margin growth with a reported margin of 10.3% driven by higher volumes on B-21, Takamo and mature programs. Mission Systems delivered strong bottom-line performance: sales up 3% and margin improved to 15.4%.
Defense Systems and Sentinel momentum
DS backlog rose to nearly $35B, including a $7.6B definitization increase on Sentinel. Sentinel progressed (acoustic test passed; first integrated missile first flight expected in 2027) and solid rocket motors for initial flight tests are already in production.
International wins and missile production positioning
Notable international momentum: NATO interest in Triton, Kuwait authorized 6 IBCS systems, Australia selected in-country solid rocket motor facility. Completed PAC-3 SRM qualification and secured a $2B framework agreement with DoD and Lockheed; management cites 10 multiyear missile agreements representing up to $10B of SRM opportunity over 7 years.
Space innovation and commercial opportunity
Space sales increased 4% in Q2 and national security space backlog exceeds $61.6B. First Mission Robotic Vehicle (MRV) — a commercial robotic satellite-servicing spacecraft capable of extending satellite life up to 8 years — was scheduled to launch, expanding commercial service offerings.
MX:NOC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed