Northrop Grumman Stock in 2026: NOC Price and Key Risks

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Data correct as of the close of trading on 17 September 2026 unless stated otherwise. All prices are in US dollars.

Northrop Grumman is one of the largest US defence contractors. It builds the B-21 stealth bomber, the Sentinel missile and satellites. This article looks at its latest results, backlog, key programmes and the risks that tend to move NOC shares.

Northrop Grumman stock closed at $524.00 on 17 September 2026. That is about 31% below its record close of $761.19, set on 2 March 2026 (MacroTrends). The shares trade in New York under the ticker NYSE: NOC. With Admirals, you can trade NOC as a share CFD, subject to availability in your region. CFDs carry a high risk of losing money rapidly due to leverage. Past performance is not a reliable indicator of future results.

The business itself is still growing. Second-quarter sales rose 5% to $10.9bn and the backlog hit a record $104.7bn, according to the Q2 2026 earnings release. Management also raised its full-year guidance for sales and earnings per share.

So why did the shares slide? Investors focused on margins. The operating margin fell to 10.1% from 13.8% a year earlier, partly because of cost overruns on two programmes.

The next big date is Tuesday 20 October 2026. That is when Northrop Grumman reports its third-quarter results (company announcement).

Below, we look at the numbers behind the business. We also cover the risks that tend to move the share price, so you can form your own view.

The information in this article is provided for educational purposes only and does not constitute financial advice. Consult a financial advisor before making investment decisions.

Northrop Grumman at a Glance

Northrop Grumman Stock Price in September 2026

Here is where the NOC share price stood in mid-September 2026.

Past performance is not a reliable indicator of future results.

At $524, the shares traded at about 16.7 times trailing earnings, based on our calculation from company filings. A lower multiple can reflect the risks investors see, so it says little on its own.

How we calculated these figures: market value = share price of $524.00 × about 142.1m shares outstanding ≈ $74bn. Dividend yield = annualised dividend of $9.88 ÷ $524.00 ≈ 1.9%. Trailing P/E = $524.00 ÷ diluted EPS for the last four reported quarters (about $31.45) ≈ 16.7.

Why Did the Northrop Grumman Share Price Fall From Its March Record?

The shares peaked on 2 March 2026. The US conflict with Iran had begun days earlier, on 28 February, and defence names rallied (The Hill). Past performance is not a reliable indicator of future results. Several things have weighed on the price since then.

• A ceasefire in the spring cooled the conflict-driven rally across defence stocks.
• First-quarter results in April highlighted cost overruns on fixed-price work such as the B-21 (The Motley Fool).
• Second-quarter results revealed a $68m charge on the SiAW missile and a $91m charge on the GEM 63XL rocket motor.
• The shares fell 5.8% in pre-market trading on results day as investors focused on margins (StockStory).
• Congress passed a short-term funding measure that put the $1.5trn FY2027 defence request on hold (Air & Space Forces Magazine).

Northrop Grumman Corporation: Who They Are

Northrop Grumman Corporation is one of the largest defence contractors in the world. It builds stealth bombers and strategic missiles. It also makes satellites and solid rocket motors.

The US government is by far its biggest customer. That means decisions in Washington matter a great deal for Northrop Grumman stock.

Northrop Grumman Headquarters and Northrop Grumman Locations

Northrop Grumman headquarters sit at 2980 Fairview Park Drive in Falls Church, Virginia. The company runs sites across the US, and a few of them matter directly to the investment story.

Careers and Northrop Grumman Layoffs

The company employed roughly 97,000 people at the end of 2025, down from about 101,000 in 2024, based on figures compiled by Zero G Talent. News about Northrop Grumman layoffs tends to get attention, since labour is one of the biggest costs in the business.

For job seekers, the Northrop Grumman careers site lists open Northrop Grumman jobs. Students can find Northrop Grumman internships there too.

Northrop Grumman Subsidiaries and Past Deals

Northrop Grumman subsidiaries have changed through deals over the years. The biggest recent purchase was Orbital ATK in 2018, which became today's Space Systems segment.

In 2025, the company sold its training services business. The sale produced a $231m gain in the second quarter of 2025 (Q2 2026 earnings release).

The Four Business Segments

The business runs through four segments. Here is how each one did in the second quarter of 2026.

Source: Northrop Grumman Q2 2026 earnings release.

Northrop Grumman Aerospace: Aeronautics Systems

This is the Northrop Grumman aerospace arm. It builds the B-21 and makes major parts for the F-35. Sales jumped 13%, helped by higher B-21 volume and the E-130J TACAMO programme.

Northrop Grumman Defense Systems

The Northrop Grumman Defense Systems unit handles the Sentinel missile and tactical weapons. Its margin fell to 7.5% from 12.7% after a $68m charge on the Stand-in Attack Weapon (SiAW).

Mission Systems

Mission Systems makes radars and electronics. It had the strongest quarter of the four, with operating income up 14% and a 15.4% margin.

Northrop Grumman Space Systems

Northrop Grumman Space Systems builds satellites and missile interceptors. It also flies Cygnus cargo missions to the International Space Station.

Its margin fell to 8.6% after a $91m charge on the GEM 63XL rocket motor. The motor needed a redesign after a launch anomaly earlier in 2026 (Yahoo Finance).

Northrop Grumman Earnings: Q2 2026 Results in Numbers

Northrop Grumman earnings for the second quarter came out on 21 July 2026. Diluted EPS of $7.68 beat the average analyst estimate of $6.84 (MarketBeat).

Source: Northrop Grumman Q2 2026 earnings release.

The year-ago quarter included the $231m gain from the training services sale. Without that gain, operating income would have fallen by about 8%, based on our calculation ($1.10bn in Q2 2026 compared with $1.43bn minus the $231m gain, or about $1.20bn, in Q2 2025).

Tax helped the bottom line. The effective tax rate dropped to 6.3% from 17.7% after a remeasurement of uncertain tax positions. That kind of benefit may not repeat in future quarters.

What Hurt Margins?

• A $68m charge on SiAW reflected higher expected costs to develop and qualify the missile.
• A $91m charge on GEM 63XL followed a redesign of the rocket motor.
• The prior year had a $76m favourable adjustment on Sentinel, which did not recur.
• The FAS/CAS pension adjustment fell by $56m year on year.

2026 Guidance

These figures are the company's own guidance. They rest on management assumptions and can change. Forecasts are not a reliable indicator of future performance.

Northrop Grumman Backlog and Northrop Grumman Contracts

The Northrop Grumman backlog reached $104.7bn on 30 June 2026. That is up 9% since the start of the year.

Funded backlog covers orders where the money has been authorised and appropriated. More than half of the total, about $58.7bn, was unfunded at the end of June. Unfunded work can be delayed or cut back, so backlog gives visibility without guaranteeing future revenue.

The Biggest Northrop Grumman Contracts in 2026

Several large Northrop Grumman contracts landed in the second quarter.

More awards followed in September. They included an $862.85m Army contract and a $508.49m Missile Defense Agency contract (CNN Markets).

The Programmes Behind the Share Price

Northrop Grumman B-21 Raider

The Northrop Grumman B-21 Raider is the US Air Force's new stealth bomber. The programme of record calls for at least 100 aircraft (Army Recognition).

In early 2026, the Air Force and the company agreed to expand production capacity (US Air Force). Northrop plans to invest $2.5bn of its own cash to speed things up, with $200m of that in 2026 (Breaking Defense).

The catch is the contract type. The early production lots are largely fixed-price, so cost overruns land on Northrop. The Northrop Grumman B-21 programme has already produced about $2.0bn of cumulative losses on those lots, according to the latest 10-Q.

Northrop Grumman Sentinel

Northrop Grumman Sentinel is the new intercontinental ballistic missile that will replace Minuteman III. The programme brought in a $7.6bn award in the second quarter. It also drove higher sales at Defense Systems.

Northrop Grumman Global Hawk and the Northrop Grumman MQ-4C Triton

Northrop Grumman Global Hawk is a high-altitude surveillance drone that can stay airborne for more than a day. The Northrop Grumman MQ-4C Triton is its maritime cousin, built for the US Navy to watch huge stretches of ocean. Australia flies Triton as well.

Drones are a small share of group sales. They keep Northrop in the unmanned systems market, which the FY2027 budget request lists among its priorities (The Hill).

F/A-XX: The Decision the Market Is Waiting For

F/A-XX is the US Navy's planned sixth-generation carrier fighter. Boeing and Northrop Grumman are the two finalists after Lockheed Martin was knocked out in 2025 (Hoodline).

The Navy had said it would pick a winner in August 2026. As of mid-September, the award had yet to be announced (Defense News).

A win would give Northrop its first prime contract for a Navy fighter since the F-14 Tomcat.

The outcome is one of the events the market may react to. A win or a loss could move the shares in either direction, and the size of any move cannot be known in advance.

The Budget Backdrop: FY2027 and Golden Dome

The White House asked for $1.5trn in total defence resources for fiscal 2027. That is a 42% rise on 2026 (White House fact sheet).

Sources: White House and Breaking Defense.

Congress has not approved the full amount. House appropriators backed $1.07trn for defence in June, and a short-term funding measure has since put the wider plan on hold (Air & Space Forces Magazine).

Northrop builds missile defence hardware such as the Glide Phase Interceptor. That links part of its space and defence business to how Golden Dome is eventually funded.

Northrop Grumman vs Lockheed Martin

Lockheed Martin is the obvious comparison. It is larger, and it reported faster growth in the second quarter.

Sources: company filings (NOC and LMT) and Investing.com. Past performance is not a reliable indicator of future results.

Guidance figures are company estimates and may change. Forecasts are not a reliable indicator of future performance.

For more names in the sector, see our guides to European defence stocks and UK defence stocks.

Northrop Grumman Dividend and Buybacks

The Northrop Grumman dividend rose 7% in May 2026 to $2.47 a quarter, or $9.88 a year (10-Q). The latest payment went out on 16 September 2026 to holders of record on 31 August (company release).

Dividends are set by the board and can be reduced or suspended. US dividends paid to non-US holders are usually subject to withholding tax. The tax treatment depends on your individual circumstances and may change in the future.

Northrop Grumman News: The 2026 Timeline

Northrop Grumman news has come thick and fast this year. These are the headlines that shaped the story.

Past performance is not a reliable indicator of future results.

Northrop Grumman Stock Outlook: Factors That Could Support or Pressure the Shares

This article does not set a price target for NOC. Analyst estimates vary widely and change often, so we have left them out. The table below sets out factors that could support or pressure the share price. Treat it as a starting point for your own research.

These scenarios are illustrations only. Share prices can move for reasons not listed here.

What the Market Watches Next

These are the checkpoints that often draw attention from market participants.

• The Q3 2026 results on 20 October will show whether margins recovered after the Q2 charges.
• Any F/A-XX announcement could shift views on long-term growth.
• The final FY2027 funding level will shape new orders for missiles and space programmes.
• Deliveries of the redesigned GEM 63XL motors, which management expects to start by year-end, will test execution.
• Second-half cash flow matters because adjusted free cash flow was minus $845m in the first half.

How to Buy Northrop Grumman Shares or Trade NOC CFDs

There are two main ways to get exposure to NOC with Admirals. You can invest in the shares themselves or trade share CFDs. Product availability depends on your country of residence and your client classification.

Admirals clients may be able to invest in shares through an Invest.MT5 account, subject to availability in their region. Costs and conditions vary, so check the current terms before opening a position. Costs can include spreads, commissions, overnight swap fees and currency conversion fees, depending on the product and account.

How the Process Works

1. Open an Admirals account and complete the verification process.
2. Choose an account type that matches how you want to access the market.
3. Consider practising on a demo account first if the platform is new to you.
4. Search for Northrop Grumman or NOC on the platform to open the instrument page.
5. Check the costs and trading hours for the instrument before placing any order.
6. Set your position size and any stop-loss level in line with your own risk limits.

You can follow live quotes and market updates on our share prices page.

Risk Habits Many Traders Use

• Many traders risk only a small part of their account on any single position.
• Stop-loss orders can be used as a risk management tool. They are not guaranteed, and prices can gap past them on major news.
• Earnings days such as 20 October can bring sharp price gaps.
• Spreading money across sectors can help manage exposure to a single company, although it does not protect against losses.

Defence stocks and defensive stocks are different things, despite the similar names. Our guide to defensive stocks explains the difference.

Northrop Grumman Investor Relations: Where to Check the Facts

The Northrop Grumman investor relations site at investor.northropgrumman.com hosts earnings releases and webcast replays. Full filings sit on the SEC's EDGAR database, including the 2025 annual report on Form 10-K.

In German-speaking markets, the share is known as the Northrop Grumman Aktie. The ISIN is the same everywhere, US6668071029.

FAQ

What is the Northrop Grumman stock price?

NOC closed at $524.00 on 17 September 2026, about 31% below its record close in March. Past performance is not a reliable indicator of future results.

Why did Northrop Grumman stock fall in 2026?

Investors worried about weaker margins and programme charges. Budget uncertainty and a cooling conflict trade also weighed on the shares.

When are the next Northrop Grumman earnings?

Northrop Grumman plans to release third-quarter 2026 results on Tuesday 20 October 2026, before the US market opens.

What is the Northrop Grumman backlog?

Backlog reached a record $104.7bn on 30 June 2026. About $58.7bn of it was still unfunded.

Does Northrop Grumman pay a dividend?

Yes. The quarterly dividend is $2.47 per share, raised 7% in May 2026. Dividends can change at any time.

Who makes the B-21 Raider?

Northrop Grumman builds the B-21 Raider. Final assembly happens in Palmdale, California, and the first base is Ellsworth.

How does Northrop Grumman compare with Lockheed Martin?

Lockheed Martin is larger, with a $230bn backlog and 11% Q2 sales growth, against Northrop's $104.7bn and 5%.

Can I trade Northrop Grumman stock with Admirals?

Admirals offers NOC exposure through shares or CFDs, depending on your region. CFDs carry a high risk of rapid losses.

What is the Northrop Grumman stock forecast?

This article does not set a price target. Future prices depend on factors such as budgets and contract awards.