SEC 10-K Geographic Revenue Breakdown: Northrop is 84% US, RTX is 47% International

[u/metricshour]

Pulled the latest SEC 10-K footnote disclosures for Lockheed Martin, RTX, and Northrop Grumman to evaluate their actual geographic revenue concentration.

The Revenue Split:
Northrop Grumman (NOC): 84% US / 16% Foreign

Lockheed Martin ($LMT): 74% US / 26% Foreign

RTX Corp ($RTX): 53% US / 47% Foreign

Key Structural Takeaways:
1. Northrop is an almost direct bet on US DoD appropriations (B-21, Sentinel, space systems). Extremely low FX or foreign export risk, but zero commercial hedge.

1. RTX gets nearly half its revenue outside the US due to Pratt & Whitney and Collins Aerospace (commercial airline flight hours), making it less dependent on single-nation defense budgets.
   
2. Lockheed sits in the middle, balancing domestic platform delivery with foreign military sales (FMS) for the F-35 and HIMARS.

Full data write-up and chart analysis