Northrop Grumman Corporation (NOC) Earnings Call Transcripts
Northrop Grumman Corporation's Latest Earnings Call - September 17, 2026
In the Q3 2026 earnings call, Northrop Grumman Corporation (NOC:US) reported a robust demand environment, leading to a record backlog and increased revenue visibility. The company highlighted a significant growth trajectory in national security space and munitions, with revenue expected to exceed $7 billion this fiscal year. Management maintained their guidance for free cash flow at $3.1 billion to $3.5 billion despite higher capital expenditures associated with the B-21 program, signaling confidence in future profitability.
Reported metrics
| Metric | Value |
|---|---|
| Revenue | $7B (positive) |
| Free Cash Flow | $3.1B - $3.5B (inline) |
| Aeronautics Segment Margin | 10.3% (positive) |
| International Sales Target | $10B (positive) |
| Backlog | Record level (positive) |
| Munitions Opportunity | $10B (positive) |
Guidance from management
Management maintained their free cash flow guidance at $3.1 billion to $3.5 billion for 2026, indicating confidence in their operational performance despite increased capital expenditures.
What management said
We could see it exceeding. Munitions is the top, probably 1, 2 and 3, where we see growth, tactical missiles and ammunition inclusive of what we would provide for Counter-UAS support. And so that area we expect to be the fastest growing for our international portfolio, but also areas like command and control, understanding the battle space. We see our Aeronautics platforms being extended in production largely through...
What analysts pressed on
Analysts expressed concerns regarding the potential impacts of the continuing resolution on funding levels and the complexity of modeling the Mission Systems segment, which could lead to uncertainties in revenue projections.
Main topics on the call
- Robust Demand Environment — Kathy Warden stated, "we are in a very robust demand environment" which is translating into a record backlog and awards. This demand is not only domestic but also international, indicating strong growth potential across ...
- B-21 Program Developments — The Air Force is analyzing a potential increase in the B-21 program beyond 100 aircraft, with Warden noting, "I do expect them to share their conclusions with the Congress later this year." This could significantly impac...
- Munitions Acceleration Opportunities — Northrop Grumman identified 10 multiyear agreements with a potential $10 billion opportunity over the next 7 years, with Warden emphasizing, "we are feeling very good about how that's progressing." This positions the com...
- International Sales Growth — Management set a goal to double international sales to $10 billion by 2031, with Warden noting, "we could see it exceeding" this target due to high demand in munitions and tactical missiles.
Read the full Northrop Grumman Corporation transcript (September 17, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Northrop Grumman Corporation
Northrop Grumman Corporation (NOC) is a publicly listed company in the Aerospace and Defense industry, within the Industrials sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 61 calls on record spanning January 30, 2020 to September 17, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 61 Northrop Grumman Corporation earnings call transcripts on record, spanning January 30, 2020 to September 17, 2026. Based on this history, Northrop Grumman Corporation reports quarterly. The most recent call on file is dated September 17, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- NOC
- Exchange
- NYSE
- Country
- US
- Sector
- Industrials
- Industry
- Aerospace and Defense
- Calls on record
- 61
- First call
- January 30, 2020
- Most recent
- September 17, 2026
- Reporting cadence
- quarterly