An articulating exhaust nozzle thrust reverser includes an outer articulating panel comprising an outer skin and an outer thrust reverser door and an inner articulating panel comprising a forward inner skin, an aft inner skin, and an inner thrust reverser door. The outer articulating panel is configured to pivot to vary a nozzle exit area. The forward inner skin is configured to pivot to vary a nozzle throat area. The outer thrust reverser door is pivotally coupled to the outer skin. The inner thrust reverser door is pivotally coupled to the aft inner skin. The outer articulating panel and the inner articulating panel may be individually operated to independently vary the exhaust nozzle throat area and/or the exhaust nozzle exit area.