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Northrop Grumman

NYSE: NOC · USD

Northrop Grumman debt and dilution44

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$15,191M
Jun 30, 2009 through Jun 30, 2026

Cash & equivalents

USD millions

$2,307M

Net debt

USD millions

$12,884M

Debt / equity

×

0.85×

Debt / assets

%

29.93%

Net debt / EBITDA

× · TTM

2.1×

Debt / FCF

× · TTM

4.17×

Interest coverage

× · TTM

6.98×

Current ratio

×

1.17×

Diluted shares

Million shares

142.4M shares

Basic shares

Million shares

142.1M shares

Share count growth

%

-1.11%

Share repurchases

USD millions

$0M

Quarterly data

Northrop Grumman capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal periodEndedTotal debtUSD millionsCash & equivalentsUSD millionsNet debtUSD millionsDebt / equity×Debt / assets%Net debt / EBITDA×Debt / FCF×Interest coverage×Current ratio×Diluted sharesMillion sharesBasic sharesMillion sharesShare count growth%Share repurchasesUSD millions
FY 2026 Q2Jun 30, 202615,1912,30712,8840.85×29.93%2.1×4.17×6.98×1.17×142.4142.1-1.11%0
FY 2026 Q1Mar 31, 202615,1692,09013,0790.89×30.33%2.03×4.59×7.34×1.15×142.5142.1-1.73%68
FY 2025 Q4Dec 31, 202515,6964,40311,2930.94×30.55%1.89×4.75×6.78×1.1×142.91142.61-1.99%456
FY 2025 Q3Sep 30, 202515,6951,95713,7380.98×31.84%2.36×8.56×6.66×1.11×143.5143.1-2.12%277
FY 2025 Q2Jun 30, 202515,7111,89913,8121.02×31.77%2.45×12.01×6.47×1.04×144143.7-2.58%411
FY 2025 Q1Mar 31, 202514,7721,68513,0870.99×30.48%2.48×8.32×6.14×0.95×144.9144.6-2.89%480
FY 2024 Q4Dec 31, 202416,2744,35311,9211.06×32.97%2.08×6.21×7.04×1.01×145.81145.51-3.39%441
FY 2024 Q3Sep 30, 202416,2783,32612,9521.1×33.71%3.05×6.55×4.9×1.09×146.5146.2-3.31%321
FY 2024 Q2Jun 30, 202416,2963,27213,0241.14×34.19%3.16×6.21×4.89×1.11×147.7147.5-2.77%562
FY 2024 Q1Mar 31, 202416,3243,06113,2631.15×34.14%3.32×7.65×4.73×1.13×149.3148.9-2.42%1,190
FY 2023 Q4Dec 31, 202313,8563,10910,7470.94×29.77%2.77×6.6×4.66×1.15×150.81150.61-2.02%346
FY 2023 Q3Sep 30, 202313,8572,08211,7750.87×30.86%2.28×6.62×7.14×1.28×151.7151.2-2.2%223
FY 2023 Q2Jun 30, 202314,8933,38411,5090.96×32.65%2.3×6.58×7.07×1.2×152.2151.7-2.38%208
FY 2023 Q1Mar 31, 202314,8522,49512,3570.98×33.57%2.48×12.51×7.27×1.22×153.2152.6-2.18%723
FY 2022 Q4Dec 31, 202212,8772,57710,3000.84×29.43%2.08×8.78×7.12×1.08×154.71153.71-2.3%493
FY 2022 Q3Sep 30, 202212,8721,66611,2060.92×30.12%2.37×23.15×6.62×1.14×155.3154.6-3.25%371
FY 2022 Q2Jun 30, 202212,8481,16911,6790.94×30.65%2.38×29.67×6.87×1.3×156155.4-3.48%322
FY 2022 Q1Mar 31, 202212,8322,17410,6580.97×30.62%2.14×7.59×6.98×1.31×156.6156-4.35%318
FY 2021 Q4Dec 31, 202112,7833,5309,2530.99×30.02%1.34×5.94×10.16×1.3×158.23157.33-5.68%981
FY 2021 Q3Sep 30, 202112,7804,0558,7251.12×30.18%1.19×5.21×10.4×1.47×160.4159.8-4.2%581
FY 2021 Q2Jun 30, 202112,7703,9418,8291.14×30.3%1.22×4.89×9.92×1.49×161.5161-3.54%143
FY 2021 Q1Mar 31, 202112,8063,5179,2891.22×30.92%1.29×3.3×9.56×1.46×163.5163.1-2.74%2,000
FY 2020 Q4Dec 31, 202015,0034,90710,0961.42×33.74%1.89×5.2×6.85×1.6×167.4166.8-0.95%0
FY 2020 Q3Sep 30, 202016,0664,99511,0711.53×35.88%2.11×4.15×7.19×1.44×167.3166.8-1.36%0
FY 2020 Q2Jun 30, 202016,0624,17811,8841.65×36.95%2.3×4.37×7.55×1.35×167.3166.9-1.65%146
FY 2020 Q1Mar 31, 202016,0893,27812,8111.78×37.24%2.54×5.43×7.7×1.29×168.4167.7-1.35%344
FY 2019 Q4Dec 31, 201913,8792,24511,6341.57×33.78%2.33×4.58×7.52×1.13×168.4168.4-1.98%300
FY 2019 Q3Sep 30, 201914,2701,12713,1431.47×35.19%2.75×4.83×6.99×1.29×169.9169.1-2.87%213
FY 2019 Q2Jun 30, 201914,6821,08813,5941.59×37.09%2.72×5.64×7.28×1.25×170.3169.7-2.75%171
FY 2019 Q1Mar 31, 201915,38675514,6311.76×38.71%3.05×8×6.97×1.18×170.7170-2.47%60
FY 2018 Q4Dec 31, 201814,4001,57912,8211.76×38.24%2.8×5.59×6.73×1.17×172.6171.8-1.38%1,054
FY 2018 Q3Sep 30, 201814,9051,22813,6771.64×39.28%3.17×7.48×6.51×1.26×174.9174.1-0.06%168
FY 2018 Q2Jun 30, 201815,3801,53913,8411.87×41.15%3.61×7.04×6.63×1.24×175.4174.50%41
FY 2018 Q1Mar 31, 201815,26010,3694,8911.99×43.86%1.28×8.49×7.76×2.52×175.4174.3-0.29%0
FY 2017 Q4Dec 31, 201715,26611,2254,0412.17×43.72%1.07×9.06×9.16×2.35×175.5174.2-1.02%0
FY 2017 Q3Sep 30, 20177,0901,8785,2121.09×26.74%1.36×4.5×11.17×1.21×175.3174.2-2.19%26
FY 2017 Q2Jun 30, 20177,0811,3835,6981.2×27.43%1.5×4.87×11.07×1.11×175.5174.5-3.11%138
FY 2017 Q1Mar 31, 20177,1001,4035,6971.28×27.94%1.52×4.45×10.95×1.27×176.1174.8-3.59%229
FY 2016 Q4Dec 31, 20167,0702,5414,5291.34×27.6%1.24×3.73×10.61×1.22×177.6176-3.35%398
FY 2016 Q3Sep 30, 2016—1,103—————10.2×1.13×179.6178.1-4.14%467
FY 2016 Q2Jun 30, 2016—1,139—————10.06×1.13×181.5180.1-6.1%400
FY 2016 Q1Mar 31, 2016—1,277—————10.08×1.15×183.4181.3-8.3%282
FY 2015 Q4Dec 31, 20156,5262,3194,2071.18×26.69%1.19×3.86×10.22×1.16×184.2182.1-9.31%318
FY 2015 Q3Sep 30, 2015—1,292—————10.5×1.16×187.9185.8-9.89%948
FY 2015 Q2Jun 30, 2015—1,907—————10.63×1.25×193.7191.8-9.7%1,091
FY 2015 Q1Mar 31, 2015—2,646—————10.83×1.35×200.5197.7-8.6%825
FY 2014 Q4Dec 31, 20145,9283,8632,0650.82×22.31%0.56×2.92×11.33×1.39×204.2200.8-8.93%610
FY 2014 Q3Sep 30, 2014—3,402—————11.35×1.47×209.2206.2-9.64%757
FY 2014 Q2Jun 30, 2014—3,476—————11.39×1.55×215.2212.4-9.23%731
FY 2014 Q1Mar 31, 2014—3,885—————11.75×1.63×220.4216.3-8.5%570
FY 2013 Q4Dec 31, 20135,9305,1507800.56×22.48%0.22×2.8×12.15×1.63×225.2220.5-9.41%710
FY 2013 Q3Sep 30, 2013—4,944—————13.41×1.66×232.6228.2-7.69%740
FY 2013 Q2Jun 30, 2013—4,904—————14.2×1.7×237.5234-6.7%465
FY 2013 Q1Mar 31, 2013—3,183—————14.59×1.41×241236.4—456
FY 2012 Q4Dec 31, 20123,9353,862730.41×14.83%0.02×1.7×14.76×1.39×248.9243.4-5.73%470
FY 2012 Q3Sep 30, 2012—3,525—————14.72×1.39×252.1247.2-10.08%291
FY 2012 Q2Jun 30, 2012—3,148—————14.86×1.37×254.7250.8-11.25%292
FY 2011 Q4Dec 31, 20113,9403,0029380.38×15.51%0.25×2.42×14.82×1.26×262.7258.2-11.51%697
FY 2011 Q3Sep 30, 20113,9592,9461,0130.33×15.77%—2.67×14.01×1.34×279.3274.9-15.38%585
FY 2011 Q2Jun 30, 20113,9602,8101,1500.33×15.6%—2.71×13.28×1.35×287.2282.6-14.78%1,000
FY 2011 Q1Mar 31, 20113,9624,019-570.31×14.79%—1.88×12.03×1.47×296.9291.8-12.85%13
FY 2010 Q4Dec 31, 20104,8193,7011,1180.36×15.34%0.31×2.86×10.93×1.18×296.9291.8-15.2%117
FY 2010 Q3Sep 30, 20104,1942,5281,6660.32×13.9%—3.04×10.48×1.16×329.39324.85-7.44%205
FY 2010 Q2Jun 30, 20104,1982,0442,1540.33×14.14%—4.34×9.67×1.09×336.25331.6-6.96%348
FY 2010 Q1Mar 31, 20104,2011,9612,2400.33×14.12%—3.66×9.39×1.12×338.79334.81—507
FY 2009 Q4Dec 31, 20094,2823,2751,0070.34×14.15%0.33×2.9×8.84×1.24×348.63344.1—450
FY 2009 Q3Sep 30, 20094,6851,9242,7610.38×15.19%———1.11×354.84350.97—227
FY 2009 Q2Jun 30, 20093,8411,0562,7850.32×12.74%———1×360.6356.39—273
Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · NOC, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt
Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents
Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt
Total debt − cash and equivalents. Negative means net cash.
Debt / equity
Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets
Total debt / total assets × 100.
Net debt / EBITDA
Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF
Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage
TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio
Current assets / positive current liabilities.
Diluted shares
Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares
Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth
Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases
Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.