Northrop Grumman Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	4,182	4,174	2,056	4,896	7,005
Depreciation & Amortization	1,472	1,370	1,338	1,342	1,239
Loss (Gain) From Sale of Assets	-231	-	-	-	-1,980
Stock-Based Compensation	119	101	87	99	94
Other Operating Activities	78	-1,531	538	-2,836	-2,972
Change in Accounts Receivable	-862	-33	301	-690	-424
Change in Inventory	97	-358	-220	-205	-52
Change in Accounts Payable	646	485	-469	572	376
Change in Unearned Revenue	19	-123	587	-	-
Change in Income Taxes	-559	1,143	-658	-279	215
Change in Other Net Operating Assets	-204	-840	315	2	66
Operating Cash Flow	4,757	4,388	3,875	2,901	3,567
Operating Cash Flow Growth	8.41%	13.24%	33.58%	-18.67%	-17.14%
Capital Expenditures	-1,450	-1,767	-1,775	-1,435	-1,415
Sale of Property, Plant & Equipment	-	-	-	155	84
Divestitures	333	-	-	-	3,400
Investment in Securities	-	-	197	-	-
Other Investing Activities	-38	18	-4	39	-11
Investing Cash Flow	-1,155	-1,749	-1,582	-1,241	2,058
Long-Term Debt Issued	998	2,495	1,995	-	-
Total Debt Issued	998	2,495	1,995	-	-
Long-Term Debt Repaid	-1,500	-	-1,050	-	-2,236
Total Debt Repaid	-1,500	-	-1,050	-	-2,236
Net Debt Issued (Repaid)	-502	2,495	945	-	-2,236
Repurchase of Common Stock	-1,663	-2,572	-1,552	-1,554	-3,739
Common Dividends Paid	-1,293	-1,186	-1,116	-1,052	-983
Other Financing Activities	-94	-132	-38	-7	-44
Financing Cash Flow	-3,552	-1,395	-1,761	-2,613	-7,002
Net Cash Flow	50	1,244	532	-953	-1,377
Free Cash Flow	3,307	2,621	2,100	1,466	2,152
Free Cash Flow Growth	26.17%	24.81%	43.25%	-31.88%	-25.41%
Free Cash Flow Margin	7.88%	6.39%	5.34%	4.00%	6.03%
Free Cash Flow Per Share	23.00	17.79	13.82	9.42	13.38
Cash Income Tax Paid	-	880	1,200	1,500	1,300
Levered Free Cash Flow	2,900	4,060	1,633	3,612	6,461
Unlevered Free Cash Flow	3,316	4,448	1,973	3,928	6,808
Change in Working Capital	-863	274	-144	-600	181

Source: S&P Global Market Intelligence. Standard template. Financial Sources.