NORTHROP GRUMMAN CORP /DE/
For the period ended Dec 31, 2025. Filed Jan 27, 2026.
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FY2025 · Filed Jan 27, 2026
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4. Unbilled Receivables, Net
- UNBILLED RECEIVABLES, NET
Unbilled receivables, net represent revenue recognized under the cost-to-cost method that exceeds amounts billed to customers. A large majority of the company’s unbilled receivables at December 31, 2025 are expected to be billed and collected in 2026. Progress and performance-based payments are reflected as an offset to the related unbilled receivable balances.
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Unbilled receivables, net consisted of the following:
| $ in millions | 2025 | 2024 |
|---|---|---|
| Due from U.S. government (1) | ||
| Unbilled receivables | $23,730 | $22,871 |
| Progress and performance-based payments received | (17,674) | (17,300) |
| Total due from U.S. government | 6,056 | 5,571 |
| Due from international and other customers | ||
| Unbilled receivables | 1,054 | 1,108 |
| Progress and performance-based payments received | (557) | (757) |
| Total due from international and other customers | 497 | 351 |
| Unbilled receivables, net of progress and performance-based payments received | 6,553 | 5,922 |
| Allowance for expected credit losses | (9) | (14) |
| Unbilled receivables, net | $6,544 | $5,908 |
(1)Includes unbilled receivables due from the U.S. government associated with foreign military sales, which are contracted with and paid by the U.S. government.
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