Selected Financial Data
since 2005
Income Statement
Northrop Grumman Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Sales | Operating income (loss) | Net earnings (loss) |
|---|---|---|---|
| Dec 31, 2022 | 36,602) | 3,601) | 4,896) |
| Dec 31, 2021 | 35,667) | 5,651) | 7,005) |
| Dec 31, 2020 | 36,799) | 4,065) | 3,189) |
| Dec 31, 2019 | 33,841) | 3,969) | 2,248) |
| Dec 31, 2018 | 30,095) | 3,780) | 3,229) |
| Dec 31, 2017 | 25,803) | 3,299) | 2,015) |
| Dec 31, 2016 | 24,508) | 3,193) | 2,200) |
| Dec 31, 2015 | 23,526) | 3,076) | 1,990) |
| Dec 31, 2014 | 23,979) | 3,196) | 2,069) |
| Dec 31, 2013 | 24,661) | 3,123) | 1,952) |
| Dec 31, 2012 | 25,218) | 3,130) | 1,978) |
| Dec 31, 2011 | 26,412) | 3,276) | 2,118) |
| Dec 31, 2010 | 34,757) | 3,070) | 2,053) |
| Dec 31, 2009 | 33,755) | 2,483) | 1,686) |
| Dec 31, 2008 | 33,887) | (111) | (1,262) |
| Dec 31, 2007 | 32,018) | 3,006) | 1,790) |
| Dec 31, 2006 | 30,148) | 2,454) | 1,542) |
| Dec 31, 2005 | 30,721) | 2,178) | 1,400) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2022 is characterized by three distinct phases: a period of stability and growth leading up to 2010, a significant contraction between 2011 and 2015, and a robust recovery period from 2016 through 2022.
- Revenue Trends
- Sales exhibited a steady climb from $30.7 billion in 2005 to a peak of $34.7 billion in 2010. This was followed by a sharp decline starting in 2011, with revenue dropping to a low of $23.5 billion by 2015. From 2016 onward, a consistent upward trajectory is observed, with sales recovering to $36.6 billion by 2022, surpassing the previous 2010 peak.
- Operating Income Analysis
- Operational profitability remained relatively consistent around the $3 billion mark for much of the period, despite fluctuations in top-line revenue. A notable anomaly occurred in 2008, where the company recorded an operating loss of $111 million. Following this, operating income stabilized and eventually trended upward, reaching a significant peak of $5.65 billion in 2021 before moderating to $3.6 billion in 2022.
- Net Earnings and Bottom-Line Volatility
- Net earnings demonstrated greater volatility than operating income. The most severe contraction occurred in 2008, with a net loss of $1.26 billion. While earnings generally tracked with operating income between 2009 and 2020, a substantial spike occurred in 2021, with net earnings reaching $7.0 billion. This 2021 figure represents a significant divergence from the corresponding operating income, suggesting the influence of non-operating gains or one-time tax adjustments.
Overall, the data indicates a successful long-term recovery from the revenue slump of the early 2010s. The company has transitioned from a period of contraction to a higher baseline of both sales and profitability, though the 2021 results highlight an exceptional year of bottom-line growth that deviates from historical operating patterns.
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Balance Sheet: Assets
Northrop Grumman Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 12,488) | 43,755) |
| Dec 31, 2021 | 12,426) | 42,579) |
| Dec 31, 2020 | 15,344) | 44,469) |
| Dec 31, 2019 | 10,685) | 41,089) |
| Dec 31, 2018 | 9,680) | 37,653) |
| Dec 31, 2017 | 16,349) | 34,917) |
| Dec 31, 2016 | 6,856) | 25,614) |
| Dec 31, 2015 | 6,334) | 24,454) |
| Dec 31, 2014 | 8,184) | 26,572) |
| Dec 31, 2013 | 9,488) | 26,381) |
| Dec 31, 2012 | 8,392) | 26,543) |
| Dec 31, 2011 | 7,746) | 25,411) |
| Dec 31, 2010 | 9,904) | 31,421) |
| Dec 31, 2009 | 8,635) | 30,252) |
| Dec 31, 2008 | 7,189) | 30,197) |
| Dec 31, 2007 | 6,772) | 33,373) |
| Dec 31, 2006 | 6,719) | 32,009) |
| Dec 31, 2005 | 7,549) | 34,214) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset profile of Northrop Grumman Corp. from 2005 to 2022 is characterized by an initial period of contraction and stabilization, followed by a significant expansion phase beginning in 2017. Total assets and current assets exhibit distinct trajectories, with the latter showing higher volatility and a notable spike in the latter part of the observation period.
- Total Asset Trajectory
- A downward trend in total assets is observed between 2005 and 2011, with the value declining from US$ 34,214 million to a period low of US$ 25,411 million. Following this decline, total assets remained relatively stagnant for several years, fluctuating between US$ 24,454 million and US$ 26,572 million from 2012 to 2016. A sharp reversal occurred in 2017, initiating a growth phase that peaked in 2020 at US$ 44,469 million, before settling at US$ 43,755 million by the end of 2022.
- Current Asset Volatility
- Current assets displayed significant fluctuations throughout the analyzed timeframe. After an initial increase peaking at US$ 9,904 million in 2010, these assets experienced a decline to US$ 6,334 million by 2015. A substantial increase is recorded in 2017, where current assets rose to US$ 16,349 million, more than doubling the previous year's value. While this peak was not sustained, current assets remained at a higher baseline than the 2005-2016 period, closing 2022 at US$ 12,488 million.
- Asset Composition and Liquidity Shifts
- The relationship between current assets and total assets indicates a significant shift in the balance sheet structure in 2017. In that year, current assets constituted approximately 47% of total assets, the highest proportion in the recorded period. In contrast, during the 2011-2016 period, current assets typically represented between 24% and 30% of total assets. By 2022, the current asset ratio returned to approximately 28.5%, suggesting a return to a more historical asset distribution after the 2017-2020 expansion phase.
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Balance Sheet: Liabilities and Stockholders’ Equity
Northrop Grumman Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Long-term debt, including current portion | Shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2022 | 11,587) | 28,443) | 12,877) | 15,312) |
| Dec 31, 2021 | 9,530) | 29,653) | 12,783) | 12,926) |
| Dec 31, 2020 | 9,580) | 33,890) | 15,003) | 10,579) |
| Dec 31, 2019 | 9,434) | 32,270) | 13,879) | 8,819) |
| Dec 31, 2018 | 8,274) | 29,466) | 14,400) | 8,187) |
| Dec 31, 2017 | 6,965) | 27,869) | 15,266) | 7,048) |
| Dec 31, 2016 | 5,630) | 20,355) | 7,070) | 5,259) |
| Dec 31, 2015 | 5,457) | 18,932) | 6,526) | 5,522) |
| Dec 31, 2014 | 5,892) | 19,337) | 5,928) | 7,235) |
| Dec 31, 2013 | 5,815) | 15,761) | 5,930) | 10,620) |
| Dec 31, 2012 | 6,056) | 17,029) | 3,935) | 9,514) |
| Dec 31, 2011 | 6,135) | 15,075) | 3,940) | 10,336) |
| Dec 31, 2010 | 8,386) | 17,864) | 4,819) | 13,557) |
| Dec 31, 2009 | 6,985) | 17,565) | 4,282) | 12,687) |
| Dec 31, 2008 | 7,424) | 18,277) | 3,920) | 11,920) |
| Dec 31, 2007 | 6,432) | 15,686) | 4,029) | 17,687) |
| Dec 31, 2006 | 6,753) | 15,394) | 4,067) | 16,615) |
| Dec 31, 2005 | 7,974) | 17,386) | 5,095) | 16,828) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial structure between 2005 and 2022 exhibits a transition from a balanced liability-to-equity ratio to a period of high leverage, followed by a gradual recovery of equity levels.
- Total and Current Liabilities
- Total liabilities remained relatively stable between 2005 and 2016, fluctuating between 15 billion and 20 billion dollars. A sharp increase occurred in 2017, with liabilities rising to approximately 27.87 billion dollars. This upward trajectory peaked in 2020 at 33.89 billion dollars before receding to 28.44 billion dollars by 2022. Current liabilities followed a similar pattern, maintaining relative stability until 2017, after which they increased to a peak of 9.58 billion dollars in 2020 and reached their highest recorded level of 11.59 billion dollars in 2022.
- Long-term Debt Trends
- Long-term debt experienced a structural shift in 2017, increasing from 7.07 billion dollars in 2016 to 15.27 billion dollars. This represents a doubling of long-term obligations within a single fiscal year. While debt levels fluctuated slightly in subsequent years, they remained significantly elevated compared to the 2005-2016 average, ending the period at 12.88 billion dollars in 2022.
- Shareholders' Equity Evolution
- Equity levels underwent a prolonged decline starting from a peak of 17.69 billion dollars in 2007, reaching a low of 5.26 billion dollars in 2016. Following this contraction, a consistent recovery trend emerged starting in 2017. Shareholders' equity grew steadily over the subsequent six years, reaching 15.31 billion dollars by 2022, nearly returning to the levels seen in 2005.
- Capital Structure and Leverage
- The relationship between total liabilities and shareholders' equity shifted markedly over the observed period. In 2005, liabilities and equity were nearly equal, indicating a balanced capital structure. By 2016, leverage reached a peak where total liabilities were nearly four times the value of shareholders' equity. The recovery of equity since 2017, coupled with the stabilization of total liabilities, indicates a trend toward improving the solvency profile and reducing relative leverage.
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Cash Flow Statement
Northrop Grumman Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 2,901) | (1,241) | (2,613) |
| Dec 31, 2021 | 3,567) | 2,058) | (7,002) |
| Dec 31, 2020 | 4,305) | (1,211) | (432) |
| Dec 31, 2019 | 4,297) | (1,207) | (2,424) |
| Dec 31, 2018 | 3,827) | (8,878) | (4,595) |
| Dec 31, 2017 | 2,613) | (889) | 6,960) |
| Dec 31, 2016 | 2,813) | (805) | (1,786) |
| Dec 31, 2015 | 2,162) | (431) | (3,275) |
| Dec 31, 2014 | 2,593) | (645) | (3,235) |
| Dec 31, 2013 | 2,483) | (346) | (849) |
| Dec 31, 2012 | 2,640) | (84) | (1,696) |
| Dec 31, 2011 | 2,347) | 743) | (3,494) |
| Dec 31, 2010 | 2,453) | (761) | (1,266) |
| Dec 31, 2009 | 2,031) | 867) | (1,229) |
| Dec 31, 2008 | 3,208) | (626) | (2,044) |
| Dec 31, 2007 | 2,904) | (1,430) | (1,512) |
| Dec 31, 2006 | 1,830) | (601) | (1,745) |
| Dec 31, 2005 | 2,627) | (855) | (1,397) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Operating cash flow demonstrates long-term resilience with a general upward trajectory, despite periodic fluctuations. Between 2005 and 2017, cash provided by operations remained relatively stable, typically fluctuating between 2.1 billion and 3.2 billion US dollars. A significant growth phase occurred between 2018 and 2020, during which operating cash flows peaked at approximately 4.3 billion US dollars. However, a downward trend emerged in the final two years of the period, with cash provided by operations declining to 2.9 billion US dollars by December 31, 2022.
- Operating Cash Flow Stability
- The company maintained a consistent ability to generate positive cash from its core business operations throughout the entire 18-year period. The lowest point occurred in 2009 at 2.03 billion US dollars, while the highest was reached in 2019 at 4.3 billion US dollars.
- Investing Activities and Capital Deployment
- Investing activities were predominantly negative, reflecting consistent capital expenditures or strategic acquisitions. A notable anomaly occurred in 2018, where net cash used in investing activities surged to 8.88 billion US dollars, indicating a substantial capital allocation event. Conversely, positive cash flows from investing activities were recorded in 2009, 2011, and 2021, suggesting periods of asset divestiture or the liquidation of investments.
- Financing Activities and Capital Structure
- Financing activities remained largely negative, signaling a consistent pattern of debt repayment, dividend distributions, or share repurchases. A significant reversal occurred in 2017 with a net cash inflow of 6.96 billion US dollars, pointing to a major capital raise through debt or equity issuance. This was followed by a return to heavy outflows, culminating in a 7.00 billion US dollar outflow in 2021, the most significant financing expenditure in the analyzed period.
The relationship between these three cash flow components suggests a strategic cycle of growth and capital management. The substantial financing inflow in 2017 appears to have preceded the major investing outflow in 2018, indicating that external financing was likely leveraged to fund a significant acquisition or expansion. In more recent years, the high outflows in financing activities, particularly in 2021, coincide with a period of positive cash flow from investing activities, suggesting a potential shift toward deleveraging or increased shareholder returns funded by both operations and asset sales.
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Per Share Data
Northrop Grumman Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 31.61 | 31.47 | 6.76 |
| Dec 31, 2021 | 43.70 | 43.54 | 6.16 |
| Dec 31, 2020 | 19.08 | 19.03 | 5.67 |
| Dec 31, 2019 | 13.28 | 13.22 | 5.16 |
| Dec 31, 2018 | 18.59 | 18.49 | 4.70 |
| Dec 31, 2017 | 11.55 | 11.47 | 3.90 |
| Dec 31, 2016 | 12.30 | 12.19 | 3.50 |
| Dec 31, 2015 | 10.51 | 10.39 | 3.10 |
| Dec 31, 2014 | 9.91 | 9.75 | 2.71 |
| Dec 31, 2013 | 8.50 | 8.35 | 2.38 |
| Dec 31, 2012 | 7.96 | 7.81 | 2.15 |
| Dec 31, 2011 | 7.65 | 7.52 | 1.97 |
| Dec 31, 2010 | 6.91 | 6.82 | 1.84 |
| Dec 31, 2009 | 5.28 | 5.21 | 1.69 |
| Dec 31, 2008 | -3.77 | -3.77 | 1.57 |
| Dec 31, 2007 | 5.24 | 5.12 | 1.48 |
| Dec 31, 2006 | 4.46 | 4.37 | 1.16 |
| Dec 31, 2005 | 3.93 | 3.85 | 1.01 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per-share financial performance from 2005 to 2022 is characterized by a long-term upward trajectory in earnings and a consistent, uninterrupted increase in dividend distributions. While earnings per share have exhibited significant volatility, the dividend policy has remained stable and progressive throughout the entire period.
- Earnings per Share Trends
- Basic and diluted earnings per share showed steady growth from 2005 through 2007, followed by a sharp decline into negative territory in 2008, with basic earnings dropping to -3.77 US$. A recovery began in 2009, leading to a period of sustained growth that lasted until 2016. The latter part of the period, specifically from 2018 to 2022, was marked by heightened volatility and significant peaks, culminating in a historical high of 43.70 US$ in basic earnings per share in 2021, before moderating to 31.61 US$ in 2022.
- Dividend Growth and Sustainability
- Dividends per share have demonstrated a linear and consistent increase every year without exception. Starting at 1.01 US$ in 2005, the dividend grew to 6.76 US$ by 2022. Notably, this growth continued uninterrupted even during the earnings contraction of 2008, suggesting a strategic priority on shareholder returns and a robust capital management framework capable of sustaining payouts regardless of short-term earnings volatility.
- Dilution Analysis
- A minimal variance is observed between basic and diluted earnings per share across the entire timeline. The proximity of these two figures indicates that the impact of potentially dilutive securities, such as stock options or convertible instruments, has remained low and has not significantly eroded the value attributable to common shareholders.
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