The raised EPS and segment operating income guidance, combined with record backlog and strong free cash flow, signal accelerating operational momentum. Monitor Q4 for continued Sentinel and restricted program ramp, and the 2027 outlook expected on the earnings call.
Price Chart
Executive Summary
Northrop Grumman reported Q3 2026 sales of $11.1B (+7% YoY) and diluted EPS of $7.89, slightly below the consensus estimate of $7.93. The company raised its 2026 MTM-adjusted EPS guidance midpoint by $0.70 to $29.55 and its segment operating income midpoint by $65M, while maintaining sales and free cash flow guidance. Backlog reached a record $109.6B, up 15% YTD, driven by strong awards including Sentinel and restricted programs.
Key Financial Metrics
Key Facts
- Q3 2026 sales of $11.1B, +7% YoY vs $10.4B
- Diluted EPS of $7.89, +3% YoY vs $7.67
- 2026 MTM-adjusted EPS guidance raised to $29.35-$29.75 (midpoint +$0.70)
- Segment operating income guidance raised to $4,940-$5,040M (midpoint +$65M)
- Record backlog of $109.6B, up 15% from year-end 2025
- Net awards of $16.4B in Q3, book-to-bill of 1.5x
- Adjusted free cash flow of $1.81B in Q3, +44% YoY
- All four sectors posted YoY sales growth, led by Aeronautics Systems +14%
Financial Impact
Q3 sales $11.1B, EPS $7.89; 2026 guidance raised: MTM-adjusted EPS $29.35-$29.75, segment operating income $4,940-$5,040M
Risk Factors
- Execution risk on large programs like Sentinel and B-21
- Potential impacts from government shutdown or budget delays
- Supply chain and inflationary pressures on program costs
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001133421-26-000037 |
| Document: noc-20261020.htm | 0001133421-26-000037 |
| Document: 0001133421-26-000037-index-headers.html | 0001133421-26-000037 |
| Document: 0001133421-26-000037-index.html | 0001133421-26-000037 |
| Document: 0001133421-26-000037.txt | 0001133421-26-000037 |
| 8-K Data (Synthetic) | 0001133421-26-000037 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | GOVT-CONTRACT | $565.41 | awaiting T+5 | — | $551.23 (−2.51%) |
Oct 20, 2026 7d ago | 3/A | $534.00 $551.23 | ▲ +3.23% | ▲ +3.15% | $551.23 (+3.23%) |
Oct 20, 2026 7d ago | 8-K | $534.00 $551.23 | ▲ +3.23% | ▲ +3.15% | $551.23 (+3.23%) |
Sep 23, 2026 4w ago | GOVT-CONTRACT | $508.98 $482.00 | ▼ −5.30% | ▼ −4.88% | $551.23 (+8.30%) |
Sep 17, 2026 5w ago | Press Release | $524.00 $508.98 | ▼ −2.87% | ▼ −3.72% | $551.23 (+5.20%) |
Aug 21, 2026 9w ago | 8-K | $549.28 $539.70 | ▼ −1.74% | ▼ −2.21% | $551.23 (+0.36%) |
Jul 22, 2026 13w ago | GOVT-CONTRACT | $533.48 $534.85 | ▲ +0.26% | ▼ −0.22% | $551.23 (+3.33%) |
Jul 22, 2026 13w ago | GOVT-CONTRACT | $533.48 $534.85 | ▲ +0.26% | ▼ −0.22% | $551.23 (+3.33%) |
Jul 21, 2026 14w ago | Press Release | $512.29 $547.58 | ▲ +6.89% | ▲ +8.12% | $551.23 (+7.60%) |
Jul 21, 2026 14w ago | 8-K | $512.29 $547.58 | ▲ +6.89% | ▲ +8.12% | $551.23 (+7.60%) |
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