Northrop Grumman (NOC) Q3 2026 Earnings: $16 Billion of Awards, Backlog Hits $110 Billion

Northrop Grumman reported third-quarter 2026 results on October 20. The release shows sales of $11.1 billion, up 7% from $10.4 billion, and net earnings of $1.1 billion, or $7.89 per diluted share, compared with $7.67 a year earlier.

Segments#

Aeronautics Systems sales rose 14% to $3.6 billion with operating income up 24%. Defense Systems grew 12% to $2.3 billion. Mission Systems and Space Systems each grew about 2%, with Mission Systems operating income down 3%. Segment operating margin was 12.1%, 20 basis points lower than a year earlier; the company-level operating margin was 11.4%.

Awards and backlog#

Net awards of $16 billion produced a book-to-bill ratio of 1.5 and lifted backlog to a record $110 billion. Chief executive Kathy Warden said the backlog and the company’s capacity investments support its 2027 outlook.

Guidance#

Northrop raised 2026 guidance for key metrics, increasing the segment operating income midpoint by $65 million and the mark-to-market-adjusted EPS midpoint by $0.70.

What to compare next#

For readers following NOC, the 1.5 book-to-bill is the most forward-looking figure in the release, since each quarter of awards above sales extends the revenue runway. Margins slipped slightly even as sales grew, so segment margin in the fourth quarter is the counterweight to watch.

Published October 21, 2026. Informational reporting, not investment advice. Figures come from the company's own release unless stated; forward-looking guidance is management's current forecast and can change.