Northrop Grumman raises 2026 adjusted EPS outlook after Q3

By AlphaYouOct 20, 2026, 5:14 PM UTC

Northrop Grumman (NOC) raised its 2026 guidance for mark-to-market-adjusted earnings per share to $29.35-$29.75 from $28.60-$29.10 on October 20. The outlook uses a non-GAAP measure and is distinct from the quarter’s reported diluted earnings.[1]

Quarterly results

Third-quarter sales increased 7 percent to $11.1 billion from $10.4 billion a year earlier. Reported diluted earnings were $7.89 per share, compared with $7.67 in the third quarter of 2025.[1]

Operating margin declined to 11.4 percent from 11.9 percent. Backlog reached $109.6 billion.[1]

What matters for shareholders

Analysis.The higher adjusted earnings outlook signals stronger expectations for the full year. The margin decline adds a counterweight to sales growth: investors still need to assess how effectively that growth converts into operating profit. Backlog indicates future work, rather than revenue already earned.[1]

Sources

1.Northrop Grumman October 20 earnings release, SEC exhibitOct 20, 2026

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