Huntington Ingalls Industries reported strong full-year 2025 results with revenue growth driven by all business segments and significant improvements in operating income and diluted EPS. The company achieved key shipbuilding milestones and demonstrated robust cash flow generation, positioning it for continued momentum in 2026.
Full year 2025 revenue increased 8.2% to $12.5 billion, driven by growth across all business segments.
positiveFull year 2025 diluted earnings per share increased 10.2% to $15.39.
positiveFull year 2025 operating income increased 22.8% to $657 million, with operating margin improving to 5.3% from 4.6% in 2024.
positiveFull year 2025 segment operating income increased 25.1% to $717 million, with segment operating margin improving to 5.7% from 5.0% in 2024.
positiveNet cash provided by operating activities in 2025 was $1,196 million, a significant increase from $393 million in 2024.
positiveFree cash flow in 2025 was $800 million, a substantial increase from $40 million in 2024.
positiveIngalls Shipbuilding revenues increased 20.8% in Q4 2025 and 11.2% for the full year, driven by higher volumes in amphibious assault ships and surface combatants.
positiveNewport News Shipbuilding revenues increased 19.1% in Q4 2025 and 9.0% for the full year, driven by higher volumes in submarines and aircraft carriers.
positiveMission Technologies revenues increased 2.5% in Q4 2025 and 3.6% for the full year, driven by higher volumes in Warfare Systems, Global Security, and Unmanned Systems.
positiveInventoried costs increased by $11 million in 2025 compared to a decrease of $22 million in 2024, indicating a potential build-up.
attentionContract assets increased by $75 million in 2025 compared to a decrease of $146 million in 2024, suggesting a potential slowdown in contract realization.
attentionAccounts payable and accruals decreased by $449 million in 2025 compared to an increase of $315 million in 2024, potentially indicating faster payments or reduced liabilities.
attentionRetiree benefits decreased by $154 million in 2025 compared to a decrease of $112 million in 2024, which could reflect changes in benefit obligations or funding.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Ingalls Shipbuilding | N/A | — | — | — |
Newport News Shipbuilding | N/A | — | — | — |
Mission Technologies | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
We made solid progress on our operational initiatives in 2025 and enter 2026 with strong momentum.
With more than 40 ships at Ingalls and Newport News in active construction or modernization, our focus in 2026 is clear: We must build on this momentum, and continue to increase our shipbuilding throughput.
The U.S. Navy and all of our defense customers need our ships and technologies now more than ever and we are committed to delivering for our customer and the nation.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.