Cover and table of contents

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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM10-K
☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2024

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission file number 1-16411

NORTHROP GRUMMAN CORPORATION

(Exact name of registrant as specified in its charter)

Delaware80-0640649
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
2980 Fairview Park Drive
Falls Church,Virginia22042
(Address of principal executive offices)(Zip code)

(703) 280-2900

(Registrant’s telephone number, including area code)

Securities registered pursuant to section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockNOCNew York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.

Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large Accelerated Filer ☒ Accelerated Filer ☐ Smaller Reporting Company ☐

Non-accelerated Filer ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ☐ No ☒

As of June 30, 2024, the aggregate market value of the common stock (based upon the closing price of the stock on the New York Stock Exchange) of the registrant held by non-affiliates was approximately $63.7 billion.

As of January 27, 2025, 144,755,659 shares of common stock were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of Northrop Grumman Corporation’s Proxy Statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A for the 2025 Annual Meeting of Shareholders are incorporated by reference in Part III of this Form 10-K.

NORTHROP GRUMMAN CORPORATION

TABLE OF CONTENTS

Page
PART I
Item 1.Business1
Item 1A.Risk Factors8
Item 1B.Unresolved Staff Comments21
Item 1C.Cybersecurity21
Item 2.Properties24
Item 3.Legal Proceedings25
Item 4.Mine Safety Disclosures25
PART II
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities26
Item 6.[Reserved]27
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations28
Overview28
Consolidated Operating Results30
Segment Operating Results32
Product and Service Analysis37
Backlog38
Liquidity and Capital Resources38
Critical Accounting Policies and Estimates40
Item 7A.Quantitative and Qualitative Disclosures About Market Risk46
Item 8.Financial Statements and Supplementary Data47
Report of Independent Registered Public Accounting Firm47
Consolidated Statements of Earnings and Comprehensive Income49
Consolidated Statements of Financial Position50
Consolidated Statements of Cash Flows51
Consolidated Statements of Changes in Shareholders’ Equity52
Notes to Consolidated Financial Statements53
1. Summary of Significant Accounting Policies53
2. Earnings Per Share, Share Repurchases and Dividends on Common Stock61
3. Accounts Receivable, Net62
4. Unbilled Receivables, Net62
5. Inventoried Costs, Net63
6. Income Taxes64
7. Goodwill and Other Purchased Intangible Assets67
8. Fair Value of Financial Instruments67
9. Debt68
10. Investigations, Claims and Litigation70
11. Commitments and Contingencies70
12. Retirement Benefits72
13. Stock Compensation Plans and Other Compensation Arrangements77
14. Leases79

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Page
15. Segment Information80
16. Subsequent Event87
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure88
Item 9A.Controls and Procedures88
Item 9B.Other Information88
Management’s Report on Internal Control over Financial Reporting88
Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting89
Certain Trading Agreements90
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections90
PART III
Item 10.Directors, Executive Officers and Corporate Governance91
Item 11.Executive Compensation92
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters92
Item 13.Certain Relationships and Related Transactions, and Director Independence92
Item 14.Principal Accountant Fees and Services92
PART IV
Item 15.Exhibits, Financial Statement Schedules93
Item 16.Form 10-K Summary100
Signatures101

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NORTHROP GRUMMAN CORPORATION

PART I

Next: Item 1. Business