For the year ending 2025-12-31, NOC had $50M increase in cash & cash equivalents over the period. $3,307M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net earnings | 4,182 | 4,174 | 2,056 | 4,896 |
| Depreciation and amortization | 1,472 | 1,370 | 1,338 | 1,342 |
| Stock-based compensation | 119 | 101 | 87 | 99 |
| Deferred income taxes | 548 | -582 | -988 | -321 |
| B-21 loss provisions | 477 | 0 | 1,559 | - |
| Gain on sale of business | 231 | - | 0 | 0 |
| Mark-to-market pension and opb (benefit) expense | -527 | -443 | 422 | -1,232 |
| Net periodic pension and opb income | -346 | -438 | -308 | -1,193 |
| Pension and opb contributions | 130 | 129 | 139 | 136 |
| Accounts receivable, net | 108 | -182 | -54 | 44 |
| Unbilled receivables, net | 754 | 215 | -247 | 646 |
| Inventoried costs, net | -97 | 358 | 220 | 205 |
| Prepaid expenses and other assets | -8 | -35 | 86 | -2 |
| Trade accounts payable | 646 | - | - | - |
| Advance payments and billings in excess of costs incurred | 19 | - | - | - |
| Accounts payable and other liabilities | - | -513 | 519 | 572 |
| Other liabilities | -212 | - | - | - |
| Income taxes payable, net | -559 | 1,143 | -658 | -279 |
| Other operating activities | -56 | -61 | 8 | -46 |
| Net cash provided by operating activities | 4,757 | 4,388 | 3,875 | 2,901 |
| Capital expenditures | 1,450 | 1,767 | 1,775 | 1,435 |
| Proceeds from sale of equipment to a customer | - | 0 | 0 | 155 |
| Proceeds from divestiture of businesses | 333 | - | 0 | 0 |
| Proceeds from sale, maturity and collection of investments | 0 | 0 | 197 | - |
| Other investing activities | 38 | -18 | 4 | -39 |
| Net cash used in investing activities | -1,155 | -1,749 | -1,582 | -1,241 |
| Net proceeds from issuance of long-term debt | 998 | 2,495 | 1,995 | 0 |
| Payments of long-term debt | 1,500 | 0 | 1,050 | 0 |
| Payments to credit facilities | - | - | - | 0 |
| Common stock repurchases | 1,624 | 2,514 | 1,500 | 1,504 |
| Cash dividends paid | 1,293 | 1,186 | 1,116 | 1,052 |
| Payments of employee taxes withheld from share-based awards | 39 | 58 | 52 | 50 |
| Other financing activities | -94 | -132 | -38 | -7 |
| Net cash used in financing activities | -3,552 | -1,395 | -1,761 | -2,613 |
| Increase in cash and cash equivalents | 50 | 1,244 | 532 | -953 |
| Cash and cash equivalents at beginning of period | 4,353 | 3,109 | 2,577 | 3,530 |
| Cash and cash equivalents at end of period | 4,403 | 4,353 | 3,109 | 2,577 |
NORTHROP GRUMMAN CORP DE (NOC)
NORTHROP GRUMMAN CORP DE (NOC)