Company: NOC
Filing Date: 2025-10-21
Form Type: 10-Q
Source: 0001133421-25-000053
Chunk: 57

Company: NORTHROP GRUMMAN CORP /DE/
Filing Date: 2025-10-21
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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30, 2025, we had $2.0 billion in cash and cash equivalents. We expect cash and cash equivalents and cash generated from operating activities, supplemented by borrowings under credit facilities, commercial paper and/or in the capital markets through our shelf registration with the SEC, if needed, to be sufficient to provide liquidity to the company in the short-term and long-term. In September 2025, the company entered into a new five-year senior unsecured revolving credit facility in an aggregate principal amount of $3.0 billion. The 2025 Credit Agreement replaced the company’s prior five-year, $2.5 billion revolving credit facility entered into in August 2022. 

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Table of ContentsNORTHROP GRUMMAN CORPORATION                        

In April 2025, we renewed our one-year $500 million uncommitted credit facility. At September 30, 2025, there were no borrowings outstanding under these credit facilities. In May 2025, we issued $1.0 billion of unsecured senior notes for general corporate purposes, including debt repayment, share repurchases, and working capital.

Cash Flow Measures

In addition to our cash position, we consider various cash flow measures in capital deployment decision-making, including cash provided by operating activities and free cash flow, a non-GAAP measure described in more detail below. 

Operating Cash Flow

The table below summarizes key components of cash provided by operating activities: 

Nine Months Ended September 30%$ in millions20252024ChangeNet earnings$2,755 $2,910 (5)%B-21 loss provision477 — NMGain on sale of business(231)— NMNon-cash items(1)1,219 302 304 %Pension and OPB contributions(94)(93)1 %Changes in trade working capital(3,227)(1,346)140 %Other, net(39)37 NMNet cash provided by operating activities$860 $1,810 (52)%

(1)Includes depreciation and amortization, stock based compensation expense, deferred income taxes and net periodic pension and OPB income.

Year to date 2025 net cash provided by operating activities decreased $950 million as compared with the same period in 2024, primarily due to $1.0 billion of higher net cash taxes, due, in part, to a $500 million federal tax refund received in the prior year. Higher cash earnings were offset by