Northrop Grumman is like Boeing, but solely focused on advanced military aircraft, spacecraft, and defense systems rather than commercial airliners.

Alternatively, think of them as an IBM for national security, developing cutting-edge defense software, hardware, and integrated systems for governments.

• B-21 Raider Stealth Bomber: Developing the next-generation strategic stealth bomber for the U.S. Air Force.
• E-2D Advanced Hawkeye: Provides an airborne early warning and control aircraft for surveillance and battle management.
• Global Hawk Unmanned Aircraft System: Delivers high-altitude, long-endurance intelligence, surveillance, and reconnaissance capabilities.
• Space Systems (Satellites & Components): Manufactures and integrates satellites, including major components for observatories like the James Webb Space Telescope, and various defense and intelligence satellites.
• Launch Vehicles & Propulsion: Develops and produces launch vehicles (e.g., Antares) and solid rocket propulsion systems for space and missile applications.
• Sentinel (formerly GBSD): Prime contractor for the modern replacement of the U.S. intercontinental ballistic missile (ICBM) system.
• Integrated Air and Missile Defense Systems: Provides command and control systems like IBCS to integrate various air and missile defense assets.
• Advanced Radar and Sensor Systems: Develops sophisticated radar and sensor technologies for airborne, naval, and ground-based platforms.
• Cyber and C4ISR Solutions: Offers cybersecurity services and develops Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance (C4ISR) systems.

Northrop Grumman (NOC) primarily sells its advanced systems, products, and services to government entities, rather than primarily to other companies or individuals. Therefore, the conditions for listing customer companies with symbols or describing categories of individual customers do not directly apply in the conventional sense.

Its major customers are:

• The U.S. Government: This is Northrop Grumman's principal customer, accounting for the vast majority of its sales. Within the U.S. government, key customers include:
  • U.S. Department of Defense (DoD): This encompasses all branches of the U.S. military (Air Force, Navy, Army, Marine Corps) and various defense agencies. Northrop Grumman supplies a wide array of products and services, including strategic bombers (e.g., B-2 Spirit, B-21 Raider), autonomous systems, missile defense, advanced electronics, and cybersecurity solutions.
  • U.S. Intelligence Community: Various U.S. intelligence agencies procure specialized systems, platforms, and services for intelligence gathering and analysis.
  • NASA (National Aeronautics and Space Administration): Northrop Grumman provides critical support for space exploration missions, satellite systems, and scientific instruments.
• International Governments: While a smaller portion of overall revenue compared to U.S. government sales, Northrop Grumman also sells its products and services to allied foreign governments and their respective defense ministries. These sales often occur through U.S. government Foreign Military Sales (FMS) programs or direct commercial sales, involving items such as military aircraft, unmanned systems, radar technology, and related support services.

• RTX Corporation (RTX)
• General Electric (GE)
• Honeywell International Inc. (HON)
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• Spirit AeroSystems Holdings, Inc. (SPR)
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Kathy Warden, Chair, Chief Executive Officer and President

Kathy Warden joined Northrop Grumman in 2008 and has served as Chair, CEO, and President since 2019. Prior to her current role, she was President and Chief Operating Officer, overseeing the company's four sectors and enterprise services organization. Before joining Northrop Grumman, Warden held leadership positions at General Dynamics and Veridian Corporation. She was also a principal in a venture internet firm, helping companies improve their business models and electronic publishing services, and spent nearly a decade with General Electric Company working in commercial industries.

David Keffer, Corporate Vice President and Chief Financial Officer

David Keffer was elected Corporate Vice President and Chief Financial Officer of Northrop Grumman in 2020. Prior to his tenure at Northrop Grumman, Keffer served as a general partner at Blue Delta Capital Partners, a private equity firm. He also held the position of Chief Financial Officer for CSRA, Inc., where he was involved in the integration of SRA International and CSC Government Services to form CSRA, and helped take CSRA public in late 2015. CSRA was subsequently acquired by General Dynamics in 2018. Earlier in his career, he was the CFO of SRA International.

Mark Caylor, Corporate Vice President and President, Mission Systems

Mark Caylor joined Northrop Grumman in 2002 and is currently the Corporate Vice President and President of the Mission Systems sector. In this role, he leads the development and production of large-scale, mission-critical platforms and systems. His previous positions at Northrop Grumman include corporate vice president and president of Enterprise Services, chief strategy officer, and treasurer, where he was responsible for capital structure management and mergers and acquisitions.

Thomas (Tom) H. Jones, Corporate Vice President and President, Aeronautics Systems

Thomas H. Jones serves as the Corporate Vice President and President of Northrop Grumman's Aeronautics Systems sector, overseeing military aircraft, autonomous systems, and aerospace structures. Before this role, he held various leadership positions within the Mission Systems sector, including Vice President and General Manager of the Airborne Sensors & Networks division.

Roshan Roeder, Corporate Vice President and President, Defense Systems

Roshan Roeder is the Corporate Vice President and President of Northrop Grumman's Defense Systems sector. Previously, she served as vice president and general manager of airborne multifunction sensors within Northrop Grumman's mission systems business.

• The rise of agile, software-first defense technology companies such as Anduril and Palantir. These companies are demonstrating the ability to rapidly develop and deploy advanced artificial intelligence, autonomous systems, and data integration platforms, challenging the traditional defense acquisition model and potentially capturing market share in critical software-defined capabilities that are increasingly central to modern warfare.
• Disruption in the space sector from commercial players like SpaceX. Companies such as SpaceX are driving down launch costs, increasing the cadence of launches, and demonstrating highly scalable satellite constellations (e.g., Starlink/Starshield). This shifts the paradigm for space capabilities, potentially leading government procurement towards more cost-effective, rapidly deployable, and resilient commercial solutions, thus threatening Northrop Grumman's traditional business in high-cost, bespoke satellite systems and launch services.

Northrop Grumman (NOC) operates across several critical sectors within the defense, aerospace, and technology industries. The addressable markets for its main products and services vary by segment and region.

Overall Defense and Aerospace Market

• The global aerospace and defense market is projected to reach $1,102.16 billion by 2029, growing from $796.24 billion in 2024.
• The global defense market was valued at approximately $473.47 billion in 2024 and is expected to grow to $682.10 billion by 2029.
• Another estimate places the global defense market at USD 2,619.58 billion in 2025, with a projected increase to USD 4,268.06 billion by 2035.
• Global defense spending is anticipated to exceed USD 6.38 trillion by 2035.

Aeronautics Systems (Military Aircraft, Unmanned Systems, Aerospace Parts)

• The global aerospace market size was valued at USD 373.61 billion in 2024 and is projected to reach USD 791.78 billion by 2034. North America accounts for over 46% of this market.
• The U.S. aerospace market alone was valued at USD 120.30 billion in 2024 and is expected to reach USD 259.57 billion by 2034.
• The global aerospace parts manufacturing market was estimated at USD 913.13 billion in 2023 and is expected to grow to USD 1,233.24 billion by 2030. North America held the largest revenue share in this market, at 51.7% in 2023.

Space Systems (Spacecraft, Missile Systems, Satellites)

• Northrop Grumman's Space Systems segment reported $11.7 billion in sales in 2024. The company holds an estimated 8.7% market share in the U.S. Space Vehicle & Missile Manufacturing industry.
• A specific total addressable market size for "Space Vehicle & Missile Manufacturing" globally or for the U.S. was not found to provide an overarching market size beyond Northrop Grumman's direct revenue and market share in the U.S. segment.

Mission Systems (Military Radar, Sensors, C4ISR, Cybersecurity)

• The global cybersecurity market was estimated at USD 245.62 billion in 2024 and is projected to reach USD 500.70 billion by 2030. North America dominated this market with a revenue share exceeding 34% in 2024.
• Another estimate for the global cybersecurity market indicates a size of USD 299.6 billion in 2024, with expectations to reach USD 644.4 billion by 2033. North America's market share was over 35.0% in 2024.
• The mission systems segment of the broader defense market, which includes military radar and sensors, accounted for 37.71% or $178.55 billion of the total defense market in 2024.

Autonomous Systems (Unmanned Systems, Autonomous Platforms)

• The global autonomous systems market was estimated at USD 4.10 billion in 2024 and is predicted to increase to approximately USD 14.58 billion by 2034. North America held the largest share of this market at 38% in 2024.
• Another projection for the global autonomous system market indicates a growth to over USD 11.3 billion by 2032, from approximately USD 4.7 billion in 2025.
• The global autonomous systems hardware market, a component of autonomous systems, was valued at $20.6 billion in 2025 and is expected to reach $61.7 billion by 2033.

Northrop Grumman (NOC) is poised for future revenue growth over the next 2-3 years, driven by several key factors stemming from robust demand in the global defense sector and strategic program execution.

1. Growing Demand for Advanced Defense Systems and Modernization: Northrop Grumman anticipates sustained demand for advanced defense systems and modernization initiatives from both the U.S. and international allies. This includes a focus on areas such as air and missile defense, ground-based intelligence, surveillance, and reconnaissance (ISR), and advanced weapons systems. The company's strong order backlog, which reached $91.45 billion in the latest quarter and grew 7.6% year-on-year, underscores this demand and provides multi-year revenue visibility.
2. Ramp-up of Key Programs and New Contract Awards: Significant programs like the B-21 Raider stealth bomber, the Sentinel intercontinental ballistic missile program (formerly GBSD), and continued involvement in the F-35 (primarily through Mission Systems) are expected to be major revenue contributors. Management has also highlighted progress on the Integrated Battle Command System (IBCS) with a strong flight test record. Discussions are ongoing regarding accelerating the B-21 production rate, which could further boost future sales. New contract awards, totaling $12.2 billion in a recent quarter, consistently replenish the company's robust backlog.
3. International Market Expansion: Northrop Grumman is experiencing significant acceleration in its international business, with international sales growing 32% in a recent quarter and expected to outpace U.S. sales growth in 2025. This expansion is fueled by increased demand from allied nations prioritizing investments in air and missile defense, ground-based ISR, and advanced weapons systems.
4. Increased U.S. and Allied Defense Spending: Analysts and company management point to accelerating defense spending by the U.S. and its allies as a fundamental driver. This includes substantial increases in procurement and Research, Development, Test, and Evaluation (RDT&E) budgets. Bipartisan support for defense spending is viewed as a key pillar for long-term growth.