Northrop Grumman Corporation (NOC) Balance Sheet

NYSE: NOCAssets, liabilities, debt and equity over 10 years.

NOC balance sheet, 2025

December 31, 2025 · U.S. dollars

$51.38B assets = $34.70B liabilities + $16.67B equity

Both columns are drawn to the same scale: what NOC owns equals what it owes plus shareholders’ equity. Hover a block for its value.

NOC financial health

Current ratio1.09

Adequate · current assets cover current liabilities 1.09×

Debt / equity1.18

Moderate leverage · $1.18 of debt for each $1 of equity

Equity / assets32.5%

Balanced · of assets funded by shareholders

Cash / debt22.3%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles34.3%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

NOC balance sheet trends, 2016–2025

Northrop Grumman Corporation balance sheet trends
Metric	Then	Latest	Change
Total assets	$25.61B2016	$51.38B2025	+8.0%/yr
Total liabilities	$20.36B2016	$34.70B2025	+6.1%/yr
Shareholders’ equity	$5.26B2016	$16.67B2025	+13.7%/yr
Cash & short-term investments	$2.54B2016	$4.40B2025	+6.3%/yr
Total debt	$8.40B2016	$19.74B2025	+10.0%/yr
Net cash (debt)	−$5.86B2016	−$15.34B2025	−$9.5B
Working capital	$1.23B2016	$1.22B2025	−$10.0M
Book value per share	$29.142016	$115.952025	+16.6%/yr
Current ratio	1.222016	1.092025	−0.13
Debt / equity	1.602016	1.182025	−0.41
Shares outstanding	180.5M2016	143.8M2025	−2.5%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

NOC assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

NOC liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

NOC debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

NOC balance sheet

Northrop Grumman Corporation annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$4.40B	$4.35B	$3.11B	$2.58B	$3.53B	$4.91B	$2.25B	$1.58B	$11.22B	$2.54B
Cash & equivalents	$4.40B	$4.35B	$3.11B	$2.58B	$3.53B	$4.91B	$2.25B	$1.58B	$11.22B	$2.54B
Short-term investments	—	—	—	—	—	—	—	—	$0	$0
Receivables	$8.84B	$7.70B	$8.65B	$7.49B	$6.96B	$6.64B	$6.66B	$6.47B	$3.98B	$3.30B
Inventory	$1.31B	$1.46B	$1.11B	$978.0M	$811.0M	$759.0M	$783.0M	$654.0M	$780.0M	$816.0M
Other current assets	$543.0M	$583.0M	$635.0M	$1.26B	$944.0M	$2.83B	$997.0M	$973.0M	$368.0M	$200.0M
Total current assets	$15.10B	$14.09B	$13.50B	$12.31B	$12.24B	$15.13B	$10.69B	$9.68B	$16.35B	$6.86B
Property, plant & equipment (net)	$12.83B	$12.31B	$11.47B	$10.61B	$9.55B	$8.60B	$8.42B	$6.37B	$4.22B	$3.59B
Goodwill & intangible assets	$17.64B	$17.77B	$17.82B	$17.90B	$18.09B	$18.30B	$19.75B	$20.04B	$12.51B	$12.51B
Long-term investments	$0	$0	$0	$0	$0	$0	$382.0M	$335.0M	$353.0M	$0
Other non-current assets	$5.80B	$5.20B	$3.75B	$2.94B	$2.69B	$2.43B	$1.85B	$1.22B	$1.48B	$2.66B
Total assets	$51.38B	$49.36B	$46.54B	$43.76B	$42.58B	$44.47B	$41.09B	$37.65B	$34.92B	$25.61B
Liabilities
Accounts payable	$3.24B	$2.60B	$2.11B	$2.59B	$2.20B	$1.81B	$2.23B	$2.18B	$1.66B	$1.55B
Short-term debt	$865.0M	$1.91B	$370.0M	$1.37B	$290.0M	$1.00B	$1.86B	$1.68B	$1.38B	$1.34B
Deferred revenue	$4.09B	$4.07B	$4.19B	$3.61B	$3.03B	$2.52B	$2.24B	$1.92B	$1.62B	$1.47B
Total current liabilities	$13.88B	$14.13B	$11.94B	$11.59B	$9.53B	$9.58B	$9.43B	$8.27B	$6.96B	$5.63B
Long-term debt	$15.16B	$14.69B	$13.79B	$11.80B	$12.78B	$14.26B	$12.77B	$13.88B	$14.40B	$7.06B
Lease obligations	$1.86B	$1.80B	$1.89B	$1.82B	$1.59B	$1.34B	$1.31B	—	—	—
Other long-term liabilities	$5.66B	$5.25B	$6.02B	$5.05B	$7.35B	$10.05B	$10.07B	$7.31B	$6.50B	$7.67B
Total liabilities	$34.70B	$34.07B	$31.75B	$28.44B	$29.65B	$33.89B	$32.27B	$29.47B	$27.87B	$20.36B
Shareholders' equity
Common stock & paid-in capital	$142.0M	$145.0M	$150.0M	$153.0M	$156.0M	$167.0M	$168.0M	$171.0M	$174.0M	$175.0M
Retained earnings (deficit)	$16.66B	$15.30B	$14.77B	$15.31B	$12.91B	$10.48B	$8.75B	$8.07B	$11.55B	$10.63B
Treasury stock	—	—	—	—	—	—	—	—	$0	$0
Accumulated other comprehensive income	−$126.0M	−$152.0M	−$128.0M	−$153.0M	−$143.0M	−$128.0M	−$97.0M	−$52.0M	−$4.72B	−$5.55B
Minority interest	—	—	—	—	—	—	—	—	$0	$0
Total shareholders' equity	$16.67B	$15.29B	$14.79B	$15.31B	$12.93B	$10.58B	$8.82B	$8.19B	$7.05B	$5.26B
Key figures
Total debt	$19.74B	$20.19B	$17.94B	$16.82B	$16.25B	$17.95B	$14.63B	$15.56B	$15.78B	$8.40B
Net cash (debt)	−$15.34B	−$15.84B	−$14.83B	−$14.25B	−$12.72B	−$13.04B	−$12.39B	−$13.98B	−$4.56B	−$5.86B
Working capital	$1.22B	−$40.0M	$1.56B	$721.0M	$2.71B	$5.55B	$1.25B	$1.41B	$9.38B	$1.23B
Tangible book value	−$971.0M	−$2.48B	−$3.03B	−$2.59B	−$5.17B	−$7.72B	−$10.93B	−$11.86B	−$5.46B	−$7.25B
Book value per share	$115.95	$103.80	$97.34	$98.41	$80.34	$63.12	$51.88	$46.89	$40.14	$29.14
Shares outstanding	143.8M	147.3M	152.0M	155.6M	160.9M	167.6M	170.0M	174.6M	175.6M	180.5M
Current ratio	1.09	1.00	1.13	1.06	1.28	1.58	1.13	1.17	2.35	1.22
Quick ratio	0.95	0.85	0.98	0.87	1.10	1.21	0.94	0.97	2.18	1.04
Debt / equity	1.18	1.32	1.21	1.10	1.26	1.70	1.66	1.90	2.24	1.60
Equity / assets	32.5%	31.0%	31.8%	35.0%	30.4%	23.8%	21.5%	21.7%	20.2%	20.5%

Northrop Grumman Corporation quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$2.31B	$2.09B	$4.40B	$1.96B	$1.90B	$1.69B	$4.35B	$3.33B	$3.27B	$3.06B	$3.11B	$2.08B
Cash & equivalents	$2.31B	$2.09B	$4.40B	$1.96B	$1.90B	$1.69B	$4.35B	$3.33B	$3.27B	$3.06B	$3.11B	$2.08B
Receivables	$10.26B	$10.46B	$8.84B	$9.80B	$9.33B	$8.66B	$7.70B	$8.53B	$8.71B	$9.58B	$8.65B	$8.03B
Inventory	$1.42B	$1.45B	$1.31B	$1.61B	$1.55B	$1.58B	$1.46B	$1.65B	$1.50B	$1.37B	$1.11B	$1.35B
Other current assets	$1.60B	$571.0M	$543.0M	$550.0M	$1.07B	$1.17B	$583.0M	$628.0M	$568.0M	$575.0M	$635.0M	$1.68B
Total current assets	$15.59B	$14.57B	$15.10B	$13.92B	$13.85B	$13.10B	$14.09B	$14.13B	$14.05B	$14.59B	$13.50B	$13.15B
Property, plant & equipment (net)	$12.20B	$12.17B	$12.83B	$12.32B	$12.32B	$12.35B	$12.31B	$11.86B	$11.59B	$11.45B	$11.47B	$10.89B
Goodwill & intangible assets	$17.44B	$17.44B	$17.64B	$17.66B	$17.67B	$17.68B	$17.77B	$17.79B	$17.80B	$17.80B	$17.82B	$17.84B
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$5.54B	$5.83B	$5.80B	$5.40B	$5.62B	$5.35B	$5.20B	$4.52B	$4.22B	$3.97B	$3.75B	$3.02B
Total assets	$50.76B	$50.01B	$51.38B	$49.30B	$49.45B	$48.47B	$49.36B	$48.29B	$47.67B	$47.82B	$46.54B	$44.90B
Liabilities
Accounts payable	$2.90B	$2.68B	$3.24B	$2.80B	$2.59B	$2.50B	$2.60B	$2.52B	$2.35B	$2.58B	$2.11B	$2.26B
Short-term debt	—	$758.0M	$865.0M	$533.0M	$551.0M	$605.0M	$1.91B	$1.59B	$1.59B	$1.58B	$370.0M	$1.93B
Deferred revenue	$3.82B	$3.70B	$4.09B	$3.56B	$4.00B	$3.71B	$4.07B	$3.16B	$3.29B	$3.53B	$4.19B	$3.46B
Total current liabilities	$13.35B	$12.82B	$13.88B	$12.72B	$13.46B	$13.97B	$14.13B	$13.10B	$12.91B	$13.13B	$11.94B	$10.30B
Long-term debt	$14.43B	$14.41B	$15.16B	$15.16B	$15.16B	$14.17B	$14.69B	$14.69B	$14.71B	$14.74B	$13.79B	$13.79B
Lease obligations	$1.86B	$1.91B	$1.86B	$1.80B	$1.80B	$1.85B	$1.80B	$1.82B	$1.87B	$1.83B	$1.89B	$1.74B
Other long-term liabilities	$5.11B	$5.66B	$5.66B	$5.43B	$5.36B	$5.35B	$5.25B	$5.75B	$5.75B	$5.72B	$6.02B	$4.87B
Total liabilities	$32.88B	$32.89B	$34.70B	$33.31B	$33.98B	$33.48B	$34.07B	$33.54B	$33.37B	$33.59B	$31.75B	$28.97B
Shareholders' equity
Common stock & paid-in capital	$142.0M	$142.0M	$142.0M	$143.0M	$143.0M	$144.0M	$145.0M	$146.0M	$146.0M	$148.0M	$150.0M	$151.0M
Retained earnings (deficit)	$17.84B	$17.10B	$16.66B	$15.97B	$15.45B	$14.98B	$15.30B	$14.74B	$14.30B	$14.22B	$14.77B	$15.92B
Accumulated other comprehensive income	−$134.0M	−$131.0M	−$126.0M	−$123.0M	−$124.0M	−$142.0M	−$152.0M	−$136.0M	−$146.0M	−$143.0M	−$128.0M	−$147.0M
Total shareholders' equity	$17.88B	$17.11B	$16.67B	$15.99B	$15.47B	$14.98B	$15.29B	$14.75B	$14.30B	$14.22B	$14.79B	$15.93B
Key figures
Total debt	$16.29B	$17.07B	$19.74B	$19.29B	$19.32B	$18.48B	$20.19B	$19.92B	$20.04B	$19.98B	$17.94B	$15.72B
Net cash (debt)	−$13.98B	−$14.98B	−$15.34B	−$17.33B	−$17.42B	−$16.80B	−$15.84B	−$16.59B	−$16.76B	−$16.92B	−$14.83B	−$13.64B
Working capital	$2.25B	$1.75B	$1.22B	$1.20B	$391.0M	−$871.0M	−$40.0M	$1.03B	$1.15B	$1.46B	$1.56B	$2.85B
Tangible book value	$445.0M	−$324.0M	−$971.0M	−$1.67B	−$2.19B	−$2.69B	−$2.48B	−$3.04B	−$3.50B	−$3.58B	−$3.03B	−$1.91B
Book value per share	$125.59	$120.11	$116.68	$111.41	$107.44	$103.41	$103.80	$100.67	$96.82	$95.26	$97.92	$105.00
Shares outstanding	142.4M	142.5M	142.9M	143.5M	144.0M	144.9M	147.3M	146.5M	147.7M	149.3M	151.1M	151.7M
Current ratio	1.17	1.14	1.09	1.09	1.03	0.94	1.00	1.08	1.09	1.11	1.13	1.28
Quick ratio	0.94	0.98	0.95	0.92	0.83	0.74	0.85	0.90	0.93	0.96	0.98	0.98
Debt / equity	0.91	1.00	1.18	1.21	1.25	1.23	1.32	1.35	1.40	1.41	1.21	0.99
Equity / assets	35.2%	34.2%	32.5%	32.4%	31.3%	30.9%	31.0%	30.5%	30.0%	29.7%	31.8%	35.5%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed January 27, 2026); data from EODHD.

NOC financial position

At the end of fiscal 2025 (December 31, 2025), Northrop Grumman had total assets of $51.4 billion (up 4.1% from a year earlier), total liabilities of $34.7 billion and shareholders' equity of $16.7 billion. It held $4.4 billion in cash and short-term investments against $19.7 billion of debt, net debt of $15.3 billion. Its current ratio was 1.09. In the latest quarter (ended June 30, 2026) total assets were $50.8 billion and equity $17.9 billion.

Related: NOC income statement, NOC cash flow statement, NOC key metrics. See the NOC stock overview for the latest quote and news.

NOC balance sheet FAQ

What are Northrop Grumman's total assets?

Northrop Grumman reported total assets of $51.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $49.4 billion a year earlier.

How much debt does Northrop Grumman have?

Northrop Grumman had $19.7 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.18.

How much cash does Northrop Grumman have?

Northrop Grumman held $4.4 billion in cash and short-term investments at the end of fiscal 2025; with $19.7 billion of debt that is net debt of $15.3 billion.

What is Northrop Grumman's book value?

Northrop Grumman's shareholders' equity (book value) was $16.7 billion at the end of fiscal 2025, or $115.95 per share.

What is Northrop Grumman's current ratio?

Northrop Grumman had current assets of $15.1 billion and current liabilities of $13.9 billion, a current ratio of 1.09 (it can cover its short-term obligations).

How much goodwill does Northrop Grumman have?

Northrop Grumman carried $17.6 billion of goodwill and intangible assets, 34.3% of total assets, at the end of fiscal 2025.