Northrop Grumman Sets Record Backlog as 2025 Sales, EPS Beat Guidance
Management signals continued investment in U.S. manufacturing, supported by robust awards, a steady book-to-bill, progress on flagship programs.
Overview
- The company ended 2025 with more than $95 billion in backlog, powered by about $46 billion in net awards during the year.
- Full-year sales and earnings per share exceeded the high end of guidance, reflecting strong execution across the portfolio.
- Free cash flow reached $3.3 billion in 2025, up 26% year over year and marking a third consecutive year of at least 25% growth.
- Backlog has expanded by nearly $20 billion since 2021, with a five-year average book-to-bill ratio of 1.1 times.
- The B21 program advanced through ground and flight testing milestones, with production tracking to company estimates as Northrop prioritizes growth investments and U.S. capacity expansion.