Northrop Grumman Corporation operates as an aerospace and defense technology company in the United States, Asia/Pacific, Europe, and internationally. The company's Aeronautics Systems segment designs, develops, manufactures, integrates, and sustains aircraft systems. This segment also offers unmanned autonomous aircraft systems, including high-altitude long-endurance strategic ISR systems and vertical take-off and landing tactical ISR systems; and strategic long-range strike aircraft, tactical fighter and air dominance aircraft, and airborne battle management and command and control systems. Its Defense Systems segment designs, develops, integrates, and produces tactical weapons and missile defense solutions, and provides sustainment, modernization, and training services for manned and unmanned aircraft and electronics systems. It also offers integrated, all-domain command, and control battle management systems, precision strike weapons; high speed air-breathing and hypersonic systems; high-performance gun systems, ammunition, precision munitions and advanced fuzes; aircraft and mission systems logistics support, sustainment, operations and modernization; and warfighter training services. The company's Mission Systems segment offers command, control, communications and computers, intelligence, surveillance, and reconnaissance systems; radar, electro-optical/infrared and acoustic sensors; electronic warfare systems; advanced communications and network systems; cyber solutions; intelligence processing systems; navigation; and maritime power, propulsion, and payload launch systems. Its Space Systems segment offers satellites, spacecraft systems, subsystems, sensors, and payloads; ground systems; missile defense systems and interceptors; launch vehicles and related propulsion systems; and strategic missiles. Northrop Grumman Corporation was founded in 1939 and is based in Falls Church, Virginia.

Northrop Grumman Corporation

The uptrend in the Aerospace & Defense industry is evident from the performance of the S&P Aerospace & Defense Select Industry Index, which has added 43.23% year to date, surpassing the S&P 500's 13.90% gain in the same period.
According to Reuters, ongoing conflicts in the Middle East and the prolonged Russia-Ukraine war have spurred greater demand for missiles and fighter jets, lifting defense contractor sales. However, persistent supply chain disruptions, intensified by the Trump administration’s trade policies, have impeded production efficiency and delayed backlog execution across the industry.
Earnings in Focus
Below, we highlight the third-quarter results of a few renowned U.S. Aerospace – Defense industry players.
Northrop Grumman
Northrop Grumman NOC reported third-quarter 2025 earnings of $7.67 per share, which beat the Zacks Consensus Estimate of $6.49 by 18.2%. NOC’s total sales of $10.42 billion missed the Zacks Consensus Estimate of $10.72 billion by 2.8%.
However, the top line rose 4.3% from $10 billion reported in the year-ago quarter, driven by higher sales from its Aeronautics Systems, Defense Systems and Mission Systems segments.
Per the abovementioned Reuters article, Northrop Grumman is also anticipated to participate in bids for the U.S. administration’s $175 billion Golden Dome missile defense system, potentially supporting long-term revenue expansion.
NOC’s year-over-year improvement can be attributed to strong segment operating performance. The company’s operating income during the quarter totaled $1.24 billion, reflecting a significant rise from $1.12 billion in the prior-year quarter.
NOC’s total backlog was $91.45 billion at the end of the third quarter compared with $89.74 billion at the end of second-quarter 2025.
NOC now expects its revenues in the range of $41.70-$41.90 billion, lower than the previous guidance in the band of $42.05-$42.25 billion. The Zacks Consensus Estimate for sales is pegged at $42.17 billion, above the company’s newly guided range.
RTX Corporation
RTX Corporation RTX reported third-quarter 2025 adjusted EPS of $1.70, beating the Zacks Consensus Estimate of $1.42 by 19.7%. The bottom line also improved 17.2% from the year-ago quarter’s level of $1.45.
RTX’s third-quarter sales totaled $22.48 billion, which surpassed the Zacks Consensus Estimate of $21.48 billion by 4.6%. The top line also surged a solid 11.9% from $20.09 billion recorded in the third quarter of 2024. RTX’s total costs and expenses increased nearly 10% year over year to $20.02 billion in the quarter. For first-quarter 2025, RTX reported a backlog of $217 billion.
During its postearnings conference call RTX management noted that the company aims to capture a share of the billions in U.S. defense spending allocated for the Golden Dome missile defense system, alongside continued demand for munitions replenishment, as quoted in a Reuters article.
RTX now expects adjusted EPS to be in the band of $6.10-$6.20, up from the previous projection of $5.80-$5.95. The Zacks Consensus Estimate for 2025 EPS is pegged at $5.94
Lockheed Martin
Lockheed Martin LMT reported third-quarter 2025 adjusted earnings of $6.95 per share, which beat the Zacks Consensus Estimate of $6.33 by 9.8%. The bottom line increased 2.2% from the year-ago quarter's reported figure of $6.80. The year-over-year improvement in earnings was primarily driven by higher revenues and operating profit.
Alongside Northrop Grumman and RTX, Lockheed Martin is also competing for a share of the Trump administration’s proposed $175 billion Golden Dome missile defense program, according to Reuters.
Net sales came in at $18.61 billion, which beat the Zacks Consensus Estimate of $18.56 billion by 0.3%. The top line also increased 8.8% from $17.10 billion reported in the year-ago quarter. The year-over-year improvement was driven by higher sales growth registered by LMT’s business segments.
LMT’s backlog, as of Sept. 28, 2025, was $179.07 billion compared with $176.04 billion as of Dec. 31, 2024. Lockheed now expects to generate sales in the range of $74.25-$74.75 billion in 2025, narrower than its earlier estimate of $73.75-$74.75 billion, with the Zacks Consensus Estimate pegged at $74.20 billion.
ETFs to Consider
The aerospace and defense industry maintains an optimistic outlook. Given the current geopolitical climate, the trend of rising military spending is likely to persist.
For investors looking to bet on Q3 results as well as the continued surge in military spending, the following Aerospace – Defense ETFs provide a great opportunity.
Investors can consider iShares U.S. Aerospace & Defense ETF ITA, Invesco Aerospace & Defense ETF PPA, SPDR S&P Aerospace & Defense ETF XAR, Global X Defense Tech ETF SHLD and U.S. Global Technology and Aerospace & Defense ETF WAR.
Regarding charging annual fees, XAR is the cheapest option, charging 0.35%, and is more suitable for long-term investing.
With a one-month average trading volume of about 1.38 million shares, SHLD is the most liquid option, offering investors easier entry and exit, ideal for active trading strategies.
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Aerospace & Defense ETFs in Focus This Earnings Season

Fintel reports that on October 22, 2025, Susquehanna maintained coverage of Northrop Grumman (NYSE:NOC) with a Positive recommendation.
Analyst Price Forecast Suggests 3.40% Upside
As of September 30, 2025, the average one-year price target for Northrop Grumman is $616.58/share. The forecasts range from a low of $502.77 to a high of $724.50. The average price target represents an increase of 3.40% from its latest reported closing price of $596.30 / share.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Northrop Grumman is 40,976MM, an increase of 0.12%. The projected annual non-GAAP EPS is 25.92.
What is the Fund Sentiment?
There are 2,554 funds or institutions reporting positions in Northrop Grumman. This is an decrease of 16 owner(s) or 0.62% in the last quarter. Average portfolio weight of all funds dedicated to NOC is 0.29%, an increase of 5.05%. Total shares owned by institutions increased in the last three months by 9.77% to 164,655K shares. The put/call ratio of NOC is 1.22, indicating a bearish outlook.
What are Other Shareholders Doing?
Soundwatch Capital holds 12,915K shares representing 9.02% ownership of the company.
Capital International Investors holds 11,967K shares representing 8.36% ownership of the company. In its prior filing, the firm reported owning 8,853K shares , representing an increase of 26.02%. The firm increased its portfolio allocation in NOC by 15.59% over the last quarter.
Wellington Management Group Llp holds 5,504K shares representing 3.84% ownership of the company. In its prior filing, the firm reported owning 5,139K shares , representing an increase of 6.63%. The firm decreased its portfolio allocation in NOC by 1.32% over the last quarter.
AWSHX - WASHINGTON MUTUAL INVESTORS FUND holds 4,855K shares representing 3.39% ownership of the company. In its prior filing, the firm reported owning 3,996K shares , representing an increase of 17.70%. The firm increased its portfolio allocation in NOC by 31.72% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 4,630K shares representing 3.23% ownership of the company. In its prior filing, the firm reported owning 4,573K shares , representing an increase of 1.23%. The firm decreased its portfolio allocation in NOC by 11.79% over the last quarter.
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This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Susquehanna Maintains Northrop Grumman (NOC) Positive Recommendation

Teledyne Technologies Inc. TDY reported third-quarter 2025 adjusted earnings of $5.57 per share, which surpassed the Zacks Consensus Estimate of $5.50 by 1.3%. The bottom line also improved 7.8% from $5.10 recorded in the year-ago quarter.
Including one-time items, the company recorded GAAP earnings of $4.65 per share, up 16.1% from the prior-year period’s earnings of $5.54 per share.
The year-over-year decline in the bottom line can be attributed to higher cost of sales, selling, general and administrative expenses, as well as, research and development expenses in the third quarter than the year-ago quarter’s reported actuals.
Operational Highlights of TDY
Total sales were $1.54 billion, which beat the Zacks Consensus Estimate of $1.52 billion by 1%. The top line also surged 6.7% from $1.44 billion reported in the year-ago quarter. This improvement can be attributed to higher year-over-year sales recorded in the majority of its business segments.
Teledyne Technologies Incorporated Price, Consensus and EPS Surprise
Teledyne Technologies Incorporated price-consensus-eps-surprise-chart | Teledyne Technologies Incorporated Quote
TDY’s Segmental Performance
Instrumentation: Sales in this segment increased 3.9% year over year to $363.6 million, driven by higher sales of environmental instrumentation, marine instrumentation and electronic test and measurement instrumentation.
The adjusted operating income rose 2.3% year over year to $102.1 million.
Digital Imaging: Quarterly sales in this division increased 2.2% year over year to $785.4 million. The jump was due to higher sales of commercial infrared imaging components and subsystems, unmanned air systems and industrial automation imaging systems.
The adjusted operating income declined 2% year over year to $170.2 million.
Aerospace and Defense Electronics: Sales in this segment totaled $275.5 million, up 37.6% from the prior-year quarter. The improvement was driven by higher sales of defense electronics.
The adjusted operating income increased 36.8% year over year to $77.3 million.
Engineered Systems: Revenues in this division fell 8.1% year over year to $115 million due to lower sales of engineered products and energy systems.
This segment's operating income decreased 5.4% to $12.2 million.
Financial Condition of TDY
Teledyne’s cash and cash equivalents totaled $528.6 million as of Sept. 28, 2025, compared with $649.8 million as of Dec. 29, 2024.
Its long-term debt was $2.08 billion at the end of the third quarter of 2025 compared with $2.65 billion as of Dec. 29, 2024.
Cash flow from operating activities totaled $343.1 million for the third quarter compared with $249.8 million in the prior-year period.
TDY generated free cash flow of $313.9 million, up from $228.7 million in the prior-year quarter.
TDY’s Guidance
Teledyne expects to generate adjusted earnings in the band of $5.73-$5.88 per share for the fourth quarter of 2025. The Zacks Consensus Estimate for TDY’s fourth-quarter earnings is pegged at $5.90 per share, higher than the company's guided range.
For 2025, Teledyne expects its adjusted earnings to be in the range of $21.45-$21.60 per share. The Zacks Consensus Estimate for earnings is pegged at $21.48 per share, which lies below the midpoint of the company’s guided range.
TDY’s Zacks Rank
Teledyne currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
RTX Corporation’s RTX third-quarter 2025 adjusted earnings per share (EPS) of $1.70 beat the Zacks Consensus Estimate of $1.42 by 19.7%. The bottom line also improved 17.2% from the year-ago quarter’s level of $1.45.
RTX’s third-quarter sales totaled $22.48 billion, which surpassed the Zacks Consensus Estimate of $21.48 billion by 4.6%. The top line also surged a solid 11.9% from $20.09 billion recorded for the third quarter of 2024.
Lockheed Martin Corporation LMT reported third-quarter 2025 adjusted earnings of $6.95 per share, which beat the Zacks Consensus Estimate of $6.33 by 9.8%. The bottom line increased 2.2% from the year-ago quarter's reported figure of $6.80.
Net sales were $18.61 billion, which beat the Zacks Consensus Estimate of $18.56 billion by 0.3%. The top line also inched up 8.8% from $17.10 billion reported in the year-ago quarter.
Northrop Grumman Corporation NOC reported third-quarter 2025 adjusted earnings of $7.67 per share, which beat the Zacks Consensus Estimate of $6.49 by 18.2%. The bottom line also increased 9.6% from $7.00 registered in the prior-year quarter.
NOC’s total sales of $10.42 billion in the third quarter missed the Zacks Consensus Estimate of $10.72 billion by 2.8%. However, the top line rose 4.3% from $10 billion reported in the year-ago quarter.
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Teledyne's Q3 Earnings & Revenues Beat Estimates, Increase Y/Y

The S&P 500 Index ($SPX) (SPY) today is up +0.05%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.12%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.30%. December E-mini S&P futures (ESZ25) are up +0.03%, and December E-mini Nasdaq futures (NQZ25) are down -0.25%.
Stock indexes are mixed today, with the Dow Jones Industrials posting a 1.5-week high. The broader market is moving slightly higher on some positive corporate news. General Motors is up more than +12% after raising its full-year adjusted EPS estimate. Also, RTX Corp is up more than +10% after raising its full-year adjusted sales estimate. In addition, Coca-Cola is up more than +3% after reporting better-than-expected Q3 comparable EPS.
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On the negative side, mining stocks are under pressure today, with the price of gold down by more than -3% and silver prices sinking by more than -5%.
Gains in stocks are limited as they consolidate some of their sharp gains made over the past two sessions. The market is focusing on progress in US-China trade talks, as President Trump on Monday reiterated his threat to boost tariffs on Chinese goods “if there isn’t a deal” by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next week on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
In some minor US economic news, the Oct Philadelphia Fed non-manufacturing business activity survey fell -9.9 to a 4-month low of -22.2.
The shutdown of the US government continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown means delays in the release of government reports, including the last three weeks of weekly initial unemployment claims and the Sep payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was initially scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don’t align with President Trump’s priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
Trade tensions between the US and China, the ongoing US government shutdown, and fears about credit quality in the US have sparked a buying spree in precious metals as a haven, with gold and silver reaching fresh all-time highs last Friday.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts’ expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 99% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets are higher today. The Euro Stoxx 50 rallied to a new all-time high and is up +0.05%. China’s Shanghai Composite closed up +1.36%. Japan’s Nikkei Stock 225 rose to a new record high and closed up by +0.27%.
Interest Rates
December 10-year T-notes (ZNZ5) are up +5 ticks. The 10-year T-note yield is down -2.7 bp to 3.953%. T-note prices today are slightly higher. T-notes have support due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates. T-notes maintained modest gains after the Oct Philadelphia Fed non-manufacturing business activity survey fell to a 4-month low.
European government bond yields today are moving lower. The 10-year German bund yield is down -2.2 bp to 2.555%. The 10-year UK gilt yield is down -3.2 bp to 4.473%.
Swaps are discounting a 2% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
General Motors (GM) is up more than +12% to lead gainers in the S&P 500 after raising its full-year adjusted EPS estimate to $9.75-$10.50 from a previous estimate of $8.25-$10.00.
Warner Bros. Discovery (WBD) is up more than +10% to lead gainers in the Nasdaq 100 after it announced it has initiated a review of strategic alternatives to maximize shareholder value.
RTX Corp (RTX) is up more than +10% after raising its full-year adjusted sales estimate to $86.5 billion-$87.0 billion from a previous estimate of $84.75 billion-$85.50 billion.
Halliburton (HAL) is up more than +8% after reporting Q3 revenue of $5.60 billion, better than the consensus of $5.39 billion.
Danaher (DHR) is up more than +8% after reporting Q3 adjusted EPS of $1.89, stronger than the consensus of $1.72.
Crown Holdings (CCK) is up more than +4% after boosting its full-year adjusted EPS estimate to $7.70-$7.80 from a previous estimate of $7.10-$7.50, above the consensus of $7.39.
Coca-Cola (KO) is up more than +3% to lead gainers in the Dow Jones industrials after reporting Q3 comparable EPS of 82 cents, above the consensus of 78 cents.
3M Co (MMM) is up more than +2% after raising its full-year adjusted EPS continuing operations to $7.95-$8.05 from a previous estimate of $7.75-$8.00.
Mining stocks are under pressure today, with gold prices down by more than -3% and silver prices down by more than -5%. As a result, Newmont (NEM) is down more than -8% to lead losers in the S&P 500. Also, Barrick Mining (B), Coeur Mining (CDE), Kinross Gold (KGC), Anglogold Ashanti Plc (AU), and Freeport McMoRan (FCX) are down more than -3%.
Cleveland-Cliffs (CLF) is down more than -14% after Wells Fargo Securities downgraded the stock to underweight from equal weight with a price target of $11.
NuScale Power (SMR) is down more than -7% after Citigroup downgraded the stock to sell from neutral with a price target of $37.50.
Elevance Health (ELV) is down more than -4% despite reporting better-than-expected Q3 operating revenue after the company said it sees 2025 Medicaid operating margin “modestly negative.”
PulteGroup (PHM) is down more than -3% after reporting a Q3 backlog of home orders fell -18% y/y to 9,888, below the consensus of 9,990.
Northrop Grumman (NOC) is down more than -1% after cutting its full-year sales forecast to $41.70 billion-$41.90 billion from a previous estimate of $43.05 billion-$42.25 billion, weaker than the consensus of $42.22 billion.
W R Berkley (WRB) is down more than -1% after reporting Q3 net premiums written of $3.23 billion, below the consensus of $3.28 billion.
Earnings Reports(10/21/2025)
3M Co (MMM), Agree Realty Corp (ADC), Capital One Financial Corp (COF), Chubb Ltd (CB), Coca-Cola Co/The (KO), Danaher Corp (DHR), East West Bancorp Inc (EWBC), Elevance Health Inc (ELV), EQT Corp (EQT), Equifax Inc (EFX), General Electric Co (GE), General Motors Co (GM), Genuine Parts Co (GPC), Halliburton Co (HAL), Intuitive Surgical Inc (ISRG), Lockheed Martin Corp (LMT), Manhattan Associates Inc (MANH), Matador Resources Co (MTDR), Mattel Inc (MAT), Nasdaq Inc (NDAQ), Netflix Inc (NFLX), Northrop Grumman Corp (NOC), Omnicom Group Inc (OMC), PACCAR Inc (PCAR), Pegasystems Inc (PEGA), Pentair PLC (PNR), Philip Morris International Inc (PM), PulteGroup Inc (PHM), Quest Diagnostics Inc (DGX), RTX Corp (RTX), Texas Instruments Inc (TXN), Valmont Industries Inc (VMI), Weatherford International PLC (WFRD), Western Alliance Bancorp (WAL).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Mixed on Mostly Positive Corporate News

Northrop Grumman Corporation NOC reported third-quarter 2025 adjusted earnings of $7.67 per share, which beat the Zacks Consensus Estimate of $6.49 by 18.2%. The bottom line also increased 9.6% from $7 registered in the prior-year quarter.
The company reported GAAP earnings of $7.69 per share, which improved 9.5% from the year-ago quarter’s reported number of $7.02.
The year-over-year improvement can be attributed to strong segment operating performance.
NOC’s Total Sales
NOC’s total sales of $10.42 billion in the third quarter missed the Zacks Consensus Estimate of $10.72 billion by 2.8%. However, the top line rose 4.3% from $10 billion reported in the year-ago quarter. The rise can be attributed to higher sales from its Aeronautics Systems, Defense Systems and Mission Systems segments.
Northrop Grumman Corporation Price, Consensus and EPS Surprise
Northrop Grumman’s Backlog Count
The company’s total backlog was $91.45 billion at the end of the third quarter compared with $89.74 billion at the end of the second quarter of 2025.
NOC’s Segmental Details
Aeronautics Systems: This segment’s sales of $3.14 billion increased 6.1% year over year, driven by a $110 million increase from the ramp-up of the E-130J TACAMO program and a $105 million rise in the F-35 program due to higher materials volume.
The unit’s operating income totaled $305 million compared with the operating income of $309 million in the third quarter of 2024. Its operating profit margin declined 70 basis points (bps) to 9.7%.
Mission Systems: Sales in this segment jumped 9.6% to $3.09 billion. This was driven by increased sales from restricted advanced microelectronics programs, higher volumes in marine systems and the ramp-up of international ground-based radar programs.
The unit’s operating income rose 32.1% to $515 million. The operating margin expanded 290 bps to 16.7%.
Defense Systems: This segment’s sales jumped 14.4% year over year to $2.06 billion. The improvement was driven by higher volumes in armament programs, including military ammunition, increased volume from new awards in the Integrated Battle Command System portfolio, and
stronger sales of Sentinel.
The unit’s operating income improved 46.3% year over year to $234 million. The operating margin expanded 250 bps to 11.4%.
Space Systems: Sales in this segment declined 6% to $2.7 billion due to the winding down of work on the restricted space and Next Generation Interceptor programs, as well as lower volumes from Space Development Agency satellite programs.
The segment’s operating income decreased 13.6% year over year to $298 million. However, the operating margin declined 100 bps to 11%.
Northrop Grumman’s Operational Update
Total operating income during the quarter totaled $1.24 billion, reflecting a significant rise from $1.12 billion in the prior-year quarter. This increase was due to higher operating income at Mission Systems and Defense Systems.
NOC’s Financial Condition
Northrop Grumman’s cash and cash equivalents as of Sept. 30, 2025 totaled $1.96 billion, down from $4.35 billion as of Dec. 31, 2024.
Long-term debt (net of the current portion) amounted to $15.16 billion compared with $14.69 billion as of Dec. 31, 2024.
Net cash provided by operating activities totaled $0.86 billion during the first nine months of 2025 compared with the cash inflow of $1.81 billion in the year-ago period.
Northrop Grumman’s 2025 Guidance
NOC now expects its revenues in the range of $41.70-$41.90 billion, lower than the previous guidance in the band of $42.05-$42.25 billion. The Zacks Consensus Estimate for sales is pegged at $42.17 billion, above the company’s newly guided range.
NOC now expects adjusted earnings in the band of $25.65-$26.05 per share, higher than its earlier guided band of $25.00-$25.40. The Zacks Consensus Estimate for earnings stands at $25.38 per share, below the company’s newly guided range.
Northrop Grumman projects to generate adjusted free cash flow in the band of $3.05-$3.35 billion.
NOC’s Zacks Rank
NOC currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Q3 Defense Releases
General Dynamics Corporation GD is set to report third-quarter 2025 results on Oct. 24, before market open.
The Zacks Consensus Estimate for GD’s earnings is pegged at $3.73 per share, implying year-over-year growth of 11.3%. The consensus estimate for its sales stands at $12.61 billion, indicating year-over-year growth of 8.1%.
The Boeing Company BA is set to report third-quarter 2025 earnings on Oct. 29, before market open.
The Zacks Consensus Estimate for BA’s loss is pegged at $1.83 per share. The consensus estimate for its sales is pegged at $21.64 billion, implying year-over-year growth of 21.3%.
L3Harris Technologies LHX is set to report third-quarter 2025 results on Oct. 30, before market open.
The Zacks Consensus Estimate for LHX’s earnings is pegged at $2.58 per share. The consensus estimate for its sales stands at $5.53 billion, indicating year-over-year growth of 4.6%.
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Northrop Grumman Q3 Earnings Top, Revenues Miss, '25 EPS View Raised

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Northrop Grumman (NOC) Q3 2025 Earnings Transcript

Northrop Grumman (NOC) reported $10.42 billion in revenue for the quarter ended September 2025, representing a year-over-year increase of 4.3%. EPS of $7.67 for the same period compares to $7.00 a year ago.
The reported revenue represents a surprise of -2.78% over the Zacks Consensus Estimate of $10.72 billion. With the consensus EPS estimate being $6.49, the EPS surprise was +18.18%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Northrop Grumman performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Sales- Intersegment eliminations: $-569 million versus the four-analyst average estimate of $-501.43 million. The reported number represents a year-over-year change of -13.7%.
Sales- Mission Systems: $3.09 billion versus $3 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +9.6% change.
Sales- Space Systems: $2.7 billion versus $2.51 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -6% change.
Sales- Defense Systems: $2.06 billion versus the four-analyst average estimate of $2.5 billion. The reported number represents a year-over-year change of -1.2%.
Sales- Aeronautics Systems: $3.14 billion compared to the $3.21 billion average estimate based on four analysts. The reported number represents a change of +9.2% year over year.
Operating income (loss)- Intersegment eliminations: $-75 million compared to the $-71.19 million average estimate based on four analysts.
Operating income (loss)- Defense Systems: $234 million compared to the $236.83 million average estimate based on four analysts.
Operating income (loss)- Mission Systems: $515 million versus the four-analyst average estimate of $458.41 million.
Operating income (loss)- Space Systems: $298 million versus the four-analyst average estimate of $306.1 million.
Operating income (loss)- Aeronautics Systems: $305 million versus the four-analyst average estimate of $310.97 million.
Segment operating income adjustment- Unallocated corporate expenses: $-102 million versus $-99.96 million estimated by three analysts on average.
Segment operating income adjustment- FAS/CAS operating adjustment: $67 million versus $63.92 million estimated by three analysts on average.
Shares of Northrop Grumman have returned +4.5% over the past month versus the Zacks S&P 500 composite's +1.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Northrop Grumman (NOC) Reports Q3 Earnings: What Key Metrics Have to Say

Northrop Grumman Q3 25 Earning Conference Call At 9:30 AM ET

Northrop Grumman (NOC) came out with quarterly earnings of $7.67 per share, beating the Zacks Consensus Estimate of $6.49 per share. This compares to earnings of $7 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +18.18%. A quarter ago, it was expected that this defense contractor would post earnings of $6.71 per share when it actually produced earnings of $7.11, delivering a surprise of +5.96%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Northrop Grumman, which belongs to the Zacks Aerospace - Defense industry, posted revenues of $10.42 billion for the quarter ended September 2025, missing the Zacks Consensus Estimate by 2.78%. This compares to year-ago revenues of $10 billion. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Northrop Grumman shares have added about 28.3% since the beginning of the year versus the S&P 500's gain of 14.5%.
What's Next for Northrop Grumman?
While Northrop Grumman has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Northrop Grumman was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $7.37 on $11.6 billion in revenues for the coming quarter and $25.38 on $42.17 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Aerospace - Defense is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, StandardAero, Inc. (SARO), is yet to report results for the quarter ended September 2025.
This company is expected to post quarterly earnings of $0.20 per share in its upcoming report, which represents a year-over-year change of +233.3%. The consensus EPS estimate for the quarter has been revised 5.6% higher over the last 30 days to the current level.
StandardAero, Inc.'s revenues are expected to be $1.44 billion, up 15.4% from the year-ago quarter.
Should You Invest in Northrop Grumman Corporation (NOC)?
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Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Northrop Grumman (NOC) Surpasses Q3 Earnings Estimates

(RTTNews) - Northrop Grumman Corp. (NOC) released a profit for its third quarter that Increased, from the same period last year and beat the Street estimates.
The company's bottom line totaled $1.100 billion, or $7.67 per share. This compares with $1.026 billion, or $7.00 per share, last year.
Analysts on average had expected the company to earn $6.46 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period rose 4.3% to $10.423 billion from $9.996 billion last year.
Northrop Grumman Corp. earnings at a glance (GAAP) :
-Earnings: $1.100 Bln. vs. $1.026 Bln. last year. -EPS: $7.67 vs. $7.00 last year. -Revenue: $10.423 Bln vs. $9.996 Bln last year.
-Guidance: Full year EPS guidance: $25.65 - $26.05 Full year revenue guidance: $41,700 -$41,900 Mln
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	TTM Median
P/E	18.75 21.58
Price/Sales	1.91 1.29
P/B	5.04 2.25
P/FCF	29.86 17.83

Indicator	TTM Median
ROE	28.51 15.71
ROA	8.64 6.45
ROI	14.22 9.56
Net Worth	78.27 1.27
Quick Ratio	0.91 1.16
Current Ratio	1.01 1.57

Indicator	TTM Median
Net Profit Margin	10.17 7.31
Operating Margin	10.65 10.18
Gross Margin	20.38 32.50
Return on tangible equity	0.00 25.81

Indicator	TTM Median
EPS	6.06 0.49
EPS Forecast	6.21 0.53
Revenue	10.69B 194.00M
Gross Profit	1.93B —
EBITDA	1.50B —

Northrop Grumman Corporation

TTM metrics for the latest quarter under IFRS and their historical dynamics

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Revenue