The validity of the cosmic no-hair theorem is investigated in the context of Newtonian cosmology with a perfect fluid matter model and a positive cosmological constant. It is shown that if the initial data for an expanding cosmological model of this type is subjected to a small perturbation then the corresponding solution exists globally in the future and the perturbation decays in a way which can be described precisely. It is emphasized that no linearization of the equations or special symmetry assumptions are needed. The result can also be interpreted as a proof of the nonlinear stability of the homogeneous models. In order to prove the theorem we write the general solution as the sum of a homogeneous background and a perturbation. As a by-product of the analysis it is found that there is an invariant sense in which an inhomogeneous model can be regarded as a perturbation of a unique homogeneous model. A method is given for associating uniquely to each Newtonian cosmological model with compact spatial sections a spatially homogeneous model which incorporates its large-scale dynamics. This procedure appears very natural in the Newton-Cartan theory which we take as the starting point for Newtonian cosmology.
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