Northrop Grumman (NOC) Q1 2026 Earnings
How Did NOC Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +5.49%.
Did NOC Beat Earnings? Q1 2026 Results
Yes. Northrop Grumman reported Q1 2026 earnings of $6.14 a share on Apr 21, 2026, beating the $6.06 consensus estimate by 1.3%. Revenue was $9.9B against a $9.8B estimate.
Northrop Grumman opened 2026 on solid footing, posting first-quarter earnings per share of $6.14 against a consensus estimate of $6.06, a beat of 1.28%, while revenue of $9.88 billion topped the $9.76 billion consensus by the same margin and grew 4.4% year over year. The headline driver was a dramatic swing in Aeronautics Systems, which moved from an operating loss of $183 million a year ago to operating income of $305 million, fueled by the absence of the $477 million B-21 loss provision that had weighed heavily on Q1 2025 results, along with 17% sales growth tied to B-21 production expansion and E-130J TACAMO ramp-up. Mission Systems also contributed meaningfully, with its operating margin climbing to 15.1% from 12.9%. With $95.61 billion in backlog and fresh agreements with the U.S. Air Force to expand B-21 production capacity, the company reaffirmed full-year 2026 guidance, including sales of $43.50 billion to $44.00 billion and MTM-adjusted EPS of $27.40 to $27.90, reflecting confidence in sustained demand across its defense portfolio.
- Absence of prior year $477 million B-21 loss provision drove significant operating income improvement
- Higher B-21 and restricted program sales at Aeronautics Systems
- Higher net EAC adjustments at Mission Systems boosted margin to 15.1%
- Sentinel program ramp driving Defense Systems organic growth of 10%
- Lower effective tax rate of 15.0% due to higher research credits and Corporate AMT guidance
“Northrop Grumman delivered strong first quarter results, with continued robust bookings, mid-single-digit organic sales growth, and solid operating performance, underscoring our ability to deliver in today's unprecedented global demand environment.”
Northrop Grumman CEO, on the earnings call
What Was Northrop Grumman's Outlook in Q1 2026?
Northrop Grumman reaffirmed its full-year 2026 guidance: sales of $43,500–$44,000 million, segment operating income of $4,850–$5,000 million, MTM-adjusted EPS of $27.40–$27.90, and free cash flow of $3,100–$3,500 million. Segment-level guidance includes Aeronautics Systems sales in the mid-$13 billion range with low-to-mid 9% operating margin, Defense Systems in the mid-to-high $8 billion range with ~10% margin, Mission Systems in the high $12 billion range with high 14% margin, and Space Systems at ~$11 billion with ~11% margin. Guidance does not assume a prolonged government shutdown or application of spending limits.
NOC YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $9.9B | $9.5B | +4.4% |
| Operating Income | $989.0M | $573.0M | +72.6% |
| Net Income | $875.0M | $481.0M | +81.9% |
NOC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.