NORTHROP GRUMMAN CORP (NOC) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Aerospace Systems						12,131	10,853	9,940
Mission Systems	10,396	10,134	10,080	9,410	8,949	11,470	11,161	10,674
Technology Services						4,687	4,765	4,819
Other	26,206	25,533	26,719	24,431	21,146
Total revenues [+]	36,602	35,667	36,799	33,841	30,095	26,004	24,706	23,526
Products								13,966
Services								9,560
Revenue growth [+]	2.6%	-3.1%	8.7%	12.4%	15.7%	5.3%	5.0%	-1.9%
Aerospace Systems						11.8%	9.2%	0.3%
Mission Systems	2.6%	0.5%	7.1%	5.2%	-22.0%	2.8%	4.6%	-3.0%
Technology Services						-1.6%	-1.1%	-1.7%
Cost of goods sold [+]	33,001	31,996	32,734	29,872	23,304	20,074	18,798	17,884
Cost of product sales								10,333
Cost of services								7,551
Gross profit	3,601	3,671	4,065	3,969	6,791	5,930	5,908	5,642
Gross margin	9.8%	10.3%	11.0%	11.7%	22.6%	22.8%	23.9%	24.0%
Selling, general and administrative [+]	3,873	3,597	3,413	3,290	3,011	2,712	2,632	2,566
General and administrative	3,873	3,597	3,413	3,290	3,011	2,712	2,632	2,566
Other operating expenses	-3,873	-5,577	-3,413	-3,290			-1
EBITDA [+]	4,943	6,890	5,332	5,234	4,580	3,693	3,733	3,543
EBITDA growth	-28.3%	29.2%	1.9%	14.3%	24.0%	-1.1%	5.4%	-3.1%
EBITDA margin	13.5%	19.3%	14.5%	15.5%	15.2%	14.2%	15.1%	15.1%
Depreciation	1,145	1,035	1,005	933	597	461	440	445
EBITA	3,798	5,855	4,327	4,301	3,983	3,232	3,293	3,098
EBITA margin	10.4%	16.4%	11.8%	12.7%	13.2%	12.4%	13.3%	13.2%
Amortization of intangibles	197	204	262	332	203	14	16	22
EBIT [+]	3,601	5,651	4,065	3,969	3,780	3,218	3,277	3,076
EBIT growth	-36.3%	39.0%	2.4%	5.0%	17.5%	-1.8%	6.5%	-3.8%
EBIT margin	9.8%	15.8%	11.0%	11.7%	12.6%	12.4%	13.3%	13.1%
Interest expense	506	556	593	528	562	360	301	301
Interest expense	506	556	593	528	562	360	301	301
Other income (expense), net [+]	2,741	3,843	256	-893	524	1,371	-295	15
Other	4	19	92	107	130	136	44	15
Pre-tax income	5,836	8,938	3,728	2,548	3,742	4,229	2,681	2,790
Income taxes	940	1,933	539	300	513	1,360	638	800
Tax rate	16.1%	21.6%	14.5%	11.8%	13.7%	32.2%	23.8%	28.7%
Net income	4,896	7,005	3,189	2,248	3,229	2,869	2,043	1,990
Net margin	13.4%	19.6%	8.7%	6.6%	10.7%	11.0%	8.3%	8.5%

Basic EPS [+]	$31.61	$43.70	$19.08	$13.28	$18.59	$16.45	$11.42	$10.51
Growth	-27.7%	129.0%	43.7%	-28.6%	13.0%	44.1%	8.7%	6.0%
Diluted EPS [+]	$31.47	$43.54	$19.03	$13.22	$18.49	$16.34	$11.32	$10.39
Growth	-27.7%	128.8%	43.9%	-28.5%	13.2%	44.3%	9.0%	6.5%

Dividends per share [+]	$6.76	$6.16	$5.67	$5.16	$4.70	$3.90	$3.50	$3.10
Growth	9.7%	8.6%	9.9%	9.8%	20.5%	11.4%	12.9%	14.4%

Shares outstanding (basic) [+]	155	160	167	169	174	174	179	189
Growth	-3.4%	-4.1%	-1.3%	-2.5%	-0.4%	-2.5%	-5.5%	-9.3%
Shares outstanding (diluted) [+]	156	161	168	170	175	176	181	192
Growth	-3.3%	-4.0%	-1.4%	-2.6%	-0.6%	-2.7%	-5.8%	-9.7%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.