NORTHROP GRUMMAN CORP /DE/
For the period ended Dec 31, 2025. Filed Jan 27, 2026.
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FY2025 · Filed Jan 27, 2026
NOC$548.61+1.8%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| $ in millions | 2025 | 2024 | 2023 |
|---|---|---|---|
| Operating activities | |||
| Net earnings | $4,182 | $4,174 | $2,056 |
| Adjustments to reconcile to net cash provided by operating activities: | |||
| Depreciation and amortization | 1,472 | 1,370 | 1,338 |
| Stock-based compensation | 119 | 101 | 87 |
| Deferred income taxes | 548 | (582) | (988) |
| B-21 loss provisions | 477 | — | 1,559 |
| Gain on sale of business | (231) | — | — |
| Mark-to-market pension and OPB (benefit) expense | (527) | (443) | 422 |
| Net periodic pension and OPB income | (346) | (438) | (308) |
| Pension and OPB contributions | (130) | (129) | (139) |
| Changes in assets and liabilities: | |||
| Accounts receivable, net | (108) | 182 | 54 |
| Unbilled receivables, net | (754) | (215) | 247 |
| Inventoried costs, net | 97 | (358) | (220) |
| Prepaid expenses and other assets | 8 | 35 | (86) |
| Trade accounts payable | 646 | 485 | (469) |
| Advance payments and billings in excess of costs incurred | 19 | (123) | 587 |
| Other liabilities | (212) | (875) | 401 |
| Income taxes payable, net | (559) | 1,143 | (658) |
| Other operating activities | 56 | 61 | (8) |
| Net cash provided by operating activities | 4,757 | 4,388 | 3,875 |
| Investing activities | |||
| Capital expenditures | (1,450) | (1,767) | (1,775) |
| Divestiture of training services business | 333 | — | — |
| Proceeds from sale of minority investments | — | — | 197 |
| Other investing activities | (38) | 18 | (4) |
| Net cash used in investing activities | (1,155) | (1,749) | (1,582) |
| Financing activities | |||
| Net proceeds from issuance of long-term debt | 998 | 2,495 | 1,995 |
| Payments of long-term debt | (1,500) | — | (1,050) |
| Common stock repurchases | (1,624) | (2,514) | (1,500) |
| Cash dividends paid | (1,293) | (1,186) | (1,116) |
| Payments of employee taxes withheld from share-based awards | (39) | (58) | (52) |
| Other financing activities | (94) | (132) | (38) |
| Net cash used in financing activities | (3,552) | (1,395) | (1,761) |
| Increase in cash and cash equivalents | 50 | 1,244 | 532 |
| Cash and cash equivalents, beginning of year | 4,353 | 3,109 | 2,577 |
| Cash and cash equivalents, end of period | $4,403 | $4,353 | $3,109 |
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