NOC · 10-K filed 27 Jan 2026 · year to 31 Dec 2025

Northrop Grumman

27 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. government

earns from · 84 percent of our sales in 2025named as a risk

Our primary customer is the U.S. government, from which we derived 84 percent of our sales in 2025.Risk factors (Item 1A)

Also named by ADI, AIR, APH, ASTS, ATI, AVAV, AWK, BA and 46 more

U.S. Department of War (DoW)

earns fromnamed as a risk

We have a number of large programs with the DoW, in particular.Risk factors (Item 1A)

Also named by AIR, BA, CACI, CDRE, CVLG, GD, HII, LHX and 4 more

NASA

earns from

•Cygnus spacecraft, used in the execution of our Commercial Resupply Services (CRS) contracts with NASA to resupply and re-boost the International Space Station;Business (Item 1)

Also named by BA, LHX, LMT, RKLB, SPIR, TDY

Suppliers

Sole-source suppliers

depends onnamed as a risk

For example, for some components, we may have had, or have, only one supplier, or one domestic supplier, that meets our needs.Risk factors (Item 1A)

Also named by AVAV, AYI, BA, BDX, HII, IONQ, KMB, LHX and 6 more

Other companies

Fixed-price contracts

approximately half of our salesnamed as a risk

In 2025, approximately half of our sales were derived from fixed-price contracts.Risk factors (Item 1A)

Also named by AVAV, LHX, MYRG

Space insurance market

depends onnamed as a risk

For example, the space insurance market is experiencing increased price volatility and capacity constraints.Risk factors (Item 1A)

Vista Outdoor

named as a risk

In addition, we may be subject to future tax audits and legal challenges involving OATK, which we acquired in 2018, or the spinoff of its then subsidiary Vista Outdoor, and we may be unable to obtain indemnification or we may be required to indemnify Vista.Risk factors (Item 1A)

Competitors

Lockheed Martin Corporation

competes with

We compete with many companies in the defense, intelligence and federal civil markets, including The Boeing Company, General Dynamics Corporation, L3Harris Technologies, Inc., Lockheed Martin Corporation, and RTX Corporation, as well as, increasingly, new entrants and startups.Business (Item 1)

Also named by AVAV, BA

Places

Florida

operates innamed as a risk

We expect our facilities, operations, employees and communities to continue to be at risk for future natural disasters or other weather events, particularly at facilities prone to extreme weather events, such as in Florida and California.Risk factors (Item 1A)

Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more

California

operates innamed as a risk

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Hazards

Hurricanes

operates innamed as a risk

We have significant operations, including centers of excellence, located in regions that have been, and may in the future be, exposed to hurricanes, earthquakes, water levels, fires, windstorms, heat waves, other extreme weather conditions, acts of terrorism, power shortages and blackouts, telecommunications failures, epidemics, pandemics, and similar outbreaks, and other significant disruptions.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Bethpage environmental contamination

named as a risk

For example, please see Note 10 for a discussion of certain disputes and lawsuits related to legacy Bethpage environmental conditions.Risk factors (Item 1A)

Commodities and inputs

Microelectronics

depends onnamed as a risk

For example, we require access to certain microelectronics and our ability to produce and/or deliver products will be significantly impacted if the microelectronics manufacturing supply chain is cut off or significantly limited or delayed.Risk factors (Item 1A)

Also named by RTX

Energetic materials

depends onnamed as a risk

We use and provide energetic materials, including in propulsion systems, which are highly explosive and flammable.Risk factors (Item 1A)

Regulators

Defense Contract Audit Agency (DCAA)

subject tonamed as a risk

We operate in a highly regulated environment and are routinely audited and reviewed by the U.S. government and its agencies, such as the DCAA, Defense Contract Management Agency (DCMA) and the DoW Inspector General.Risk factors (Item 1A)

Also named by ACN, BA, CACI, CDRE, FLR, HII, KTOS, LDOS and 6 more

Laws and programs

Clean Air Act

subject tonamed as a risk

If we are found to be in violation of the Federal Clean Air Act or the Clean Water Act, the facility or facilities involved in the violation could be placed by the Environmental Protection Agency on a list of facilities that generally cannot be used in performing on U.S. government contracts until the violation is corrected.Risk factors (Item 1A)

Also named by AEE, CTAS, CWST, EMN, FIX, HESM, KGS, NRP and 6 more

Foreign Military Sales (FMS)

earns fromnamed as a risk

Changes to the U.S. government’s policies regarding FMS could significantly impact our international business.Risk factors (Item 1A)

Also named by AVAV, BA, GD

Price-Anderson Nuclear Industries Indemnity Act

subject tonamed as a risk

Under some circumstances, the U.S. government and prime contractors may provide for certain indemnification and other protection, including pursuant to, or in connection with, Public Law 85-804, 10 U.S.C. 3861, the Price-Anderson Nuclear Industries Indemnity Act, the NASA Space Act, the Commercial Space Launch Act and the Terrorism Risk Insurance Reauthorization Act, for certain risks, but those protections may not be available or adequate.Risk factors (Item 1A)

Also named by TDY

Nunn-McCurdy Act

subject tonamed as a risk

Certain of our programs have been, and in the future, one or more of our programs could be, subject to notification under the Nunn-McCurdy Act, and if we are unable to achieve certification for continuance, or if the cost of such efforts exceeds our expectations, it could have a material adverse effect on such program and/or our reputation, financial position, results of operations and/or cash flows.Risk factors (Item 1A)

Executive order on defense contractor share repurchases and dividends

subject tonamed as a risk

If our contracts with the U.S. government include such terms and we are determined to have triggered any of the foregoing circumstances, we may be prohibited from engaging in share repurchases or dividends for a period of time.Risk factors (Item 1A)

U.S. federal budget appropriations and debt ceiling

subject tonamed as a risk

If the statutory debt limit is reached and not increased adequately, we could be obligated to work without receiving timely payments, and a prolonged breach could have far-reaching adverse consequences.Risk factors (Item 1A)

Other Transaction Authority (OTA)

subject tonamed as a risk

Further, certain non-Federal Acquisition Regulation-based procurement methods, such as OTA awards, are not subject to all of the procurement requirements that typically apply to DoW contracts and rights to protest such awards may be more limited than for other contracts.Risk factors (Item 1A)

Cybersecurity Maturity Model Certification (CMMC)

subject to

We continue to invest in our compliance capabilities, maintaining readiness for Cybersecurity Maturity Model Certification requirements and meeting evolving DoW standards.Cybersecurity (Item 1C)

Also named by ADI, AVAV, BWXT, GE, HEI, HLIO, HON, HWM and 15 more

Federal Acquisition Regulation (FAR)

subject to

Unless otherwise specified in a contract, allowable and allocable costs are billed to contracts with the U.S. government pursuant to the Federal Acquisition Regulation (FAR) and U.S. government Cost Accounting Standards (CAS), which are regulations that govern cost accounting requirements for government contracts.Business (Item 1)

Also named by ACN, AIR, ALSN, ASTS, AXON, BWXT, CACI, CDRE and 12 more

F-35 Lightning II

earns from

•Fuselage production for the F-35 Lighting II Joint Strike Fighter and F/A-18 Super Hornet for use by U.S. and international forces;Business (Item 1)

Also named by RTX

B-21 Raider

earns from

•Development and production of the U.S. Air Force B-21 Raider long-range strike aircraft that define sixth-generation technologies;Business (Item 1)

Sentinel ICBM program

earns from

•Sentinel Engineering & Manufacturing Development (EMD) program, initial phase of the modernization of the intercontinental ballistic missile (ICBM) system that will serve as the ground-based strategic deterrent for the U.S. nuclear triad;Business (Item 1)