Northrop Grumman Q2 2026: Sales Beat, Backlog Hits $105B, Guidance Raised
NOC is trading near its 52-week low of $479.02 (6.9% above the low) on elevated volume (2.5× avg).
Summary
Northrop Grumman reported Q2 2026 sales of $10.9B and EPS of $7.68, beating estimates. The company raised full-year guidance and announced a record $105B backlog, signaling strong future growth.
Key Events · Earnings and Guidance · NOC
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Q2 Sales and EPS Beat
Sales of $10.9B exceeded the $10.81B consensus, and diluted EPS of $7.68 reflected strong operational execution.
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Full-Year Guidance Raised
Management increased 2026 sales guidance to $42.5B - $43.0B and EPS guidance to $28.50 - $29.00, up from prior ranges.
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Record $105B Backlog
Total backlog reached $104.7B, with 35% expected to convert to revenue in the next 12 months, providing exceptional visibility.
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Tax Rate Benefit
The effective tax rate fell to 6.3% from 17.7% a year ago, driven by a $115M remeasurement of uncertain tax positions, adding $0.81 to EPS.
Analysis · NOC · Manufacturing
A strong Q2 2026 saw Northrop Grumman deliver sales of $10.9B, beating consensus, and diluted EPS of $7.68. Robust demand across the portfolio prompted management to raise full-year guidance for both sales and EPS. Revenue visibility is exceptional, thanks to a record $105B backlog, 35% of which is expected to convert within the next 12 months. Net earnings got a further lift from the effective tax rate, which plummeted to 6.3% after a favorable resolution of uncertain tax positions. While segment results were mixed—Space Systems and Defense Systems faced margin pressure from program-specific charges—the overall picture is one of accelerating growth and improving profitability. Removing a long-standing overhang, the DOJ closed its criminal inquiry into CAS pension assumptions. This report confirms the company's position as a prime beneficiary of the elevated global defense spending environment.
How filings like this one have moved
In the 30 days to Sep 14, 2026, 35.8% of the 1051 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.43%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, NOC was trading at $512.29 on NYSE in the Manufacturing sector, with a market capitalization of approximately $72.8B. The 52-week trading range was $479.02 to $774.00. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.