Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Northrop Grumman Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Product	28,522)	27,868)	27,015)	23,852)	20,469)
Service	8,080)	7,799)	9,784)	9,989)	9,626)
Sales	36,602)	35,667)	36,799)	33,841)	30,095)
Product	(22,761)	(22,309)	(21,559)	(18,675)	(15,785)
Service	(6,367)	(6,090)	(7,762)	(7,907)	(7,519)
Cost of sales	(29,128)	(28,399)	(29,321)	(26,582)	(23,304)
Gross profit	7,474)	7,268)	7,478)	7,259)	6,791)
General and administrative expenses	(3,873)	(3,597)	(3,413)	(3,290)	(3,011)
Gain on sale of business	—)	1,980)	—)	—)	—)
Operating income	3,601)	5,651)	4,065)	3,969)	3,780)
Interest expense	(506)	(556)	(593)	(528)	(562)
Non-operating FAS pension benefit	1,505)	1,469)	1,198)	800)	1,049)
Mark-to-market pension and OPB benefit (expense)	1,232)	2,355)	(1,034)	(1,800)	(655)
Other, net	4)	19)	92)	107)	130)
Other income (expense)	2,235)	3,287)	(337)	(1,421)	(38)
Earnings before income taxes	5,836)	8,938)	3,728)	2,548)	3,742)
Federal and foreign income tax expense	(940)	(1,933)	(539)	(300)	(513)
Net earnings	4,896)	7,005)	3,189)	2,248)	3,229)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Income statement item	Description	The company
Sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Northrop Grumman Corp. sales decreased from 2020 to 2021 but then increased from 2021 to 2022 not reaching 2020 level.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Northrop Grumman Corp. operating income increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Earnings before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Northrop Grumman Corp. earnings before income taxes increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level.
Net earnings	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Northrop Grumman Corp. net earnings increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level.

Northrop Grumman Corp. (NYSE:NOC)

Income Statement