Northrop Grumman (NOC) Stock Buyback History
TTM buyback yield 1.25% · Shareholder yield (TTM) 1.25%.
TTM buyback yield
1.25%
Shareholder yield (TTM)
1.25%
5Y share count change
-14.2%
TTM buyback spend
$1.21B
SBC coverage (TTM)
10.18x
YoY change in spend
-35.4%
5Y CAGR of spend
+27.1%
Peak year (2021)
$3.71B
Cumulative spend
$35.29B
TTM metrics calculated from the four most recent reported quarters, ending (reported ).
Key takeaways
- Northrop Grumman (NOC) repurchased about $1.21B of stock over the trailing twelve months.
- Diluted share count is down 14.2% over the last ~5 fiscal years — buybacks are net-shrinking the share base.
- TTM buyback ÷ stock-based-comp ratio of 10.18× — repurchases more than cover SBC dilution.
- Cash buyback spend has compounded at +27.1% per year over the latest 5-year window.
- TTM repurchases used about 61% of free cash flow remaining after dividends.
Buyback context per fiscal year
Annual repurchases alongside stock-based compensation, diluted share count and the year-over-year change — useful for SBC-coverage and dilution-offset reading at a glance.
| Year | Buybacks | SBC | Net | Shares (dil.) | YoY shares | Buyback yield |
|---|---|---|---|---|---|---|
| 2025 | $1.62B | $119.00M | $1.50B | 0.14B | -2.4% | 1.99% |
| 2024 | $2.51B | $101.00M | $2.41B | 0.15B | -3.1% | 3.64% |
| 2023 | $1.50B | $87.00M | $1.41B | 0.15B | -2.3% | 2.12% |
| 2022 | $1.50B | $99.00M | $1.41B | 0.16B | -3.3% | 1.80% |
| 2021 | $3.71B | $94.00M | $3.61B | 0.16B | -4.0% | 5.99% |
| 2020 | $490.00M | $90.00M | $400.00M | 0.17B | -1.4% | 0.96% |
| 2019 | $809.00M | $127.00M | $682.00M | 0.17B | -2.6% | 1.40% |
| 2018 | $1.26B | $86.00M | $1.18B | 0.17B | -0.6% | 3.03% |
| 2017 | $393.00M | $94.00M | $299.00M | 0.18B | -2.7% | 0.74% |
| 2016 | $1.55B | $93.00M | $1.45B | 0.18B | -5.8% | 3.81% |
| 2015 | $3.18B | $99.00M | $3.08B | 0.19B | -9.7% | 9.30% |
| 2014 | $2.67B | $134.00M | $2.53B | 0.21B | -9.3% | 9.16% |
| 2013 | $2.37B | $144.00M | $2.23B | 0.23B | -7.7% | 9.56% |
| 2012 | $1.32B | $183.00M | $1.13B | 0.25B | -10.0% | 8.24% |
| 2011 | $2.29B | $140.00M | $2.15B | 0.28B | -6.5% | 15.51% |
| 2010 | $1.18B | $136.00M | $1.04B | 0.30B | -6.9% | 6.86% |
| 2009 | $1.10B | $105.00M | $995.00M | 0.32B | -3.3% | 7.18% |
| 2008 | $1.55B | $48.00M | $1.51B | 0.33B | -5.6% | 11.65% |
| 2007 | $1.18B | $52.00M | $1.12B | 0.35B | -1.2% | 4.87% |
| 2006 | $825.00M | $57.00M | $768.00M | 0.36B | -1.3% | 3.89% |
| 2005 | $1.21B | $172.00M | $1.04B | 0.36B | -0.5% | 6.46% |
| 2004 | $786.00M | $154.00M | $632.00M | 0.36B | -10.7% | 4.42% |
| 2003 | $200.00M | $0.00 | $200.00M | 0.41B | 78.6% | 1.28% |
| 2002 | $0.00 | $0.00 | $0.00 | 0.23B | 32.6% | — |
| 2001 | $0.00 | $0.00 | $0.00 | 0.17B | 21.7% | — |
| 2000 | $0.00 | $0.00 | $0.00 | 0.14B | 1.5% | — |
| 1999 | $0.00 | $0.00 | $0.00 | 0.14B | 0.4% | — |
| 1998 | $0.00 | $0.00 | $0.00 | 0.14B | 2.2% | — |
| 1997 | $0.00 | $0.00 | $0.00 | 0.14B | 7.0% | — |
| 1996 | $0.00 | $0.00 | $0.00 | 0.13B | — | — |
| 1995 | $79.00M | $0.00 | $79.00M | — | — | — |
| 1994 | $0.00 | $0.00 | $0.00 | — | — | — |
| 1993 | $0.00 | $0.00 | $0.00 | — | — | — |
| 1992 | $0.00 | $0.00 | $0.00 | — | — | — |
| 1991 | $0.00 | $0.00 | $0.00 | — | — | — |
| 1990 | $0.00 | $0.00 | $0.00 | — | — | — |
| 1989 | $0.00 | $0.00 | $0.00 | — | — | — |
Cash buyback spend (USD) — annual & quarterly history
Trailing-twelve-month and per-period cash repurchases for Northrop Grumman (NOC) from the consolidated cash flow statement (line: common stock repurchased), in USD as filed.
Cash buyback spend over time for Northrop Grumman (NOC)
Per-period cash repurchases
Cash buyback spend annual + quarterly history for Northrop Grumman (NOC)
| Fiscal year | Period ended | Reported | Buyback Spend | YoY | YoY change |
|---|---|---|---|---|---|
| 2025 | $1.62B | -35.4% | -$890.00M | ||
| 2024 | $2.51B | +67.6% | +$1.01B | ||
| 2023 | $1.50B | -0.3% | -$4.00M | ||
| 2022 | $1.50B | -59.4% | -$2.20B | ||
| 2021 | $3.71B | +656.1% | +$3.21B | ||
| 2020 | $490.00M | -39.4% | -$319.00M | ||
| 2019 | $809.00M | -35.9% | -$454.00M | ||
| 2018 | $1.26B | +221.4% | +$870.00M | ||
| 2017 | $393.00M | -74.6% | -$1.15B | ||
| 2016 | $1.55B | -51.4% | -$1.64B | ||
| 2015 | $3.18B | +19.3% | +$514.00M | ||
| 2014 | $2.67B | +12.5% | +$297.00M | ||
| 2013 | $2.37B | +80.2% | +$1.05B | ||
| 2012 | $1.32B | -42.7% | -$979.00M | ||
| 2011 | $2.29B | +95.0% | +$1.12B | ||
| 2010 | $1.18B | +7.0% | +$77.00M | ||
| 2009 | $1.10B | -29.3% | -$455.00M | ||
| 2008 | $1.55B | +32.3% | +$380.00M | ||
| 2007 | $1.18B | +42.4% | +$350.00M | ||
| 2006 | $825.00M | -31.8% | -$385.00M | ||
| 2005 | $1.21B | +53.9% | +$424.00M | ||
| 2004 | $786.00M | +293.0% | +$586.00M | ||
| 2003 | $200.00M | — | +$200.00M | ||
| 2002 | $0 | — | $0 | ||
| 2001 | $0 | — | $0 | ||
| 2000 | $0 | — | $0 | ||
| 1999 | $0 | — | $0 | ||
| 1998 | $0 | — | $0 | ||
| 1997 | $0 | — | $0 | ||
| 1996 | $0 | -100.0% | -$79.00M | ||
| 1995 | $79.00M | — | +$79.00M | ||
| 1994 | $0 | — | $0 | ||
| 1993 | $0 | — | $0 | ||
| 1992 | $0 | — | $0 | ||
| 1991 | $0 | — | $0 | ||
| 1990 | $0 | — | $0 | ||
| 1989 | $0 | — | — |
Northrop Grumman (NOC) most recent annual buyback spend stands at $1.62B (2025) – plunged 35.4% year-over-year.
Over 2020–2025 (5 years), Northrop Grumman buyback spend expanded at a +27.1% compound annual rate, with the latest reading among the more recent periods of the dataset.
Northrop Grumman buyback spend plunged from $3.71B in 2021 to $1.62B in 2025, a 56.2% drawdown.
2021 marks the peak buyback spend at $3.71B, with the historical low of $0 recorded in 1989.
Among 8 Industrials peers, Northrop Grumman (NOC) ranks 6th; the peer median for buyback spend is $2.27B.
Northrop Grumman Buyback Spend 2025: $1.62B
Northrop Grumman buyback spend in 2025 was $1.62B, plunged 35.4% below 2024.
Northrop Grumman Buyback Spend 2024: $2.51B
Northrop Grumman buyback spend in 2024 was $2.51B, surged 67.6% from 2023.
Northrop Grumman Buyback Spend 2023: $1.50B
Northrop Grumman buyback spend in 2023 was $1.50B, edged down 0.3% below 2022.
Northrop Grumman Buyback Spend 2022: $1.50B
Northrop Grumman buyback spend in 2022 was $1.50B, plunged 59.4% below 2021.
Northrop Grumman Buyback Spend 2021: $3.71B
Northrop Grumman buyback spend in 2021 was $3.71B.
See more financial history for Northrop Grumman (NOC).
Sector peers by buyback spend
Companies in the same sector as Northrop Grumman, ranked by their latest buyback spend.
| Company | Buyback Spend | Sector |
|---|---|---|
| GE Aerospace (GE) | $7.55B | Industrials |
| Caterpillar (CAT) | $5.19B | Industrials |
| Honeywell International (HON) | $3.80B | Industrials |
| Union Pacific (UNP) | $2.68B | Industrials |
| Eaton Corporation (ETN) | $1.86B | Industrials |
| Deere & Company (DE) | $1.14B | Industrials |
| RTX (RTX) | $50.00M | Industrials |
| Boeing (BA) | $0 | Industrials |
Share count history
Diluted weighted-average shares drive the EPS denominator and per-share capital-return maths. A falling diluted share count means buybacks are outpacing dilution from stock-based compensation and option exercises.
Diluted vs basic shares (annual)
Year-over-year change in diluted shares
Green is fewer shares vs the prior fiscal year (net repurchase); red is growth (dilution). The earliest year shown has no prior year to compare.
Dividend & buyback yield over time
Stacked annual yields — buyback yield (TTM cash repurchases ÷ market cap) plus dividend yield from the same fiscal-year-end key-metrics period — show how total cash return per dollar of equity has evolved.
Buybacks vs stock-based compensation
Annual cash repurchases set against stock-based compensation. Coverage above 1× means buybacks fully offset the equity dilution from SBC. TTM coverage: 10.18×.
Capital allocation mix
How Northrop Grumman splits cash returned to shareholders between dividends and buybacks, plus the headroom on free cash flow that's still available for additional repurchases.
Buybacks vs dividends (share of cash returned)
Buyback capacity (TTM)
Free cash flow minus dividends paid versus actual TTM repurchases — the headroom bar shows how much of post-dividend FCF is still being deployed elsewhere.
Headroom $1.98B (TTM FCF − TTM dividends, clamped at zero).
Data & methodology
Where do buyback, dividend and compensation figures come from?
Cash buyback spend (common stock repurchased), dividends paid and stock-based compensation come from Northrop Grumman's consolidated cash flow statements — quarterly 10-Q and annual 10-K SEC filings, in USD as reported.
How are diluted shares and yields calculated?
Diluted weighted-average share counts come from the income statement (EPS denominator). Trailing twelve-month (TTM) aggregates sum the four most recent reported quarters. Buyback and dividend yields divide TTM cash flows by market capitalisation at the latest quarter-end.
How is buyback capacity defined?
Capacity compares TTM repurchases to free cash flow after dividends: operating cash flow minus capital expenditure, minus dividends paid, versus actual buybacks over the same trailing window.
Is this investment advice?
No. Figures are for informational and educational use only. Past buybacks and dividends do not predict future returns.
Frequently asked questions
Does Northrop Grumman buy back its own stock?
Yes, Northrop Grumman (NOC) has repurchased shares in recent periods. See the history table and charts on this page for amounts and trends.
How much does Northrop Grumman spend on share buybacks?
Trailing twelve months (TTM) buyback spend is about $1.21B (sum of the last four quarterly cash-flow periods in our data). Figures are illustrative; verify in filings.
What is Northrop Grumman's buyback yield?
TTM buyback yield is about 1.25% (TTM buyback spend divided by market cap at the latest quarter-end in our data).
What is Northrop Grumman's shareholder yield?
Shareholder yield combines dividend yield and buyback yield. For the latest period we show approximately 1.25% combined (TTM-based where available).
Is Northrop Grumman diluting shareholders?
Compare stock-based compensation (SBC) to buybacks in the chart above. Net effect varies by year; see annual buyback vs SBC bars and the history table.
How has Northrop Grumman's share count changed?
Diluted weighted average shares changed by about -14.2% over roughly five fiscal years (annual income statement data).
What is Northrop Grumman's buyback spend?
Latest reported buyback spend for Northrop Grumman (NOC) is $1.21B (period ending March 31, 2026).
How has Northrop Grumman buyback spend changed year-over-year?
Northrop Grumman (NOC) buyback spend changed -35.4% year-over-year on the latest annual filing.
What is the long-term growth rate of Northrop Grumman buyback spend?
Northrop Grumman (NOC) buyback spend compound annual growth rate is +27.1% over the most recent 5 years available.
When did Northrop Grumman buyback spend hit its highest annual value?
Northrop Grumman buyback spend reached its highest annual value of $3.71B in 2021.
What was Northrop Grumman buyback spend in 2024?
Northrop Grumman (NOC) buyback spend in 2024 was $2.51B.
What was Northrop Grumman buyback spend in 2025?
Northrop Grumman (NOC) buyback spend in 2025 was $1.62B.
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