Most fighters use the convergent-divergent nozzle configuration to accelerate into the supersonic realm. This nozzle configuration greatly increases the thrust potential of the aircraft compared to the simpler convergent nozzle. The nozzle design is not only crucial for thrust, but also for the drag since the afterbody drag can be as high as 15% of the total. Engine manufacturers optimize the engine and the nozzle configurations for the uninstalled conditions, but these may not be optimal when the engine is installed in the aircraft. The purpose of this study is to develop a methodology to optimize axisymmetric nozzle settings in order to maximize the net thrust. This was accomplished by combining both simulations of thrust and drag. The thrust model was created in an engine performance tool, called EVA, with the installed engine performance of a low bypass turbofan jet engine at maximum afterburner power setting. The drag model was created with CFD, where the mesh was built in ICEM Mesh and the simulations were run with the CFD solver M-Edge. Five Mach numbers in the range from 0.6 to 1.6 were simulated at an altitude of 12 km. The results showed that the afterbody drag generally decreased when increasing jet pressure ratio at both subsonic and supersonic velocities. At subsonic conditions, increasing nozzle area ratio for underexpanded nozzles would decrease the drag. Increasing nozzle area ratio for fully expanded or overexpanded nozzles would instead increase the drag to an intermediate point from where it would decrease. At supersonic condition, increasing nozzle area ratio would generally cause reduction in drag for all cases. The optimization showed that a net thrust increase of 0.02% to 0.09% could be gained for subsonic conditions while the supersonic optimization had negligible gain in thrust.