HII

Huntington Ingalls Industries, Inc.

Next est. report 2026-10-29 · BMO

Drones '26: Subsea Drones & UUVs Fiscal Spend '25: US Defense Modernization & Shipbuilding Global Defense '26: U.S. Warfare & Defense Modern Warfare '26: Core Shipbuilders Modern Warfare '26: Defense Primes Modern Warfare '26: Greenland & Arctic Defense Modern Warfare '26: Submarines Shipbuilding '26: Global Shipbuilders Shipbuilding '26: Icebreakers Shipbuilding '26: Maritime Services & Lifecycle Support Shipbuilding '26: Shipyard Equipment & Tech

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Overview

Huntington Ingalls Industries (HII) designs, builds, and maintains military vessels for the U.S. Navy and Coast Guard. Its Newport News Shipbuilding division co

Huntington Ingalls Industries (HII) designs, builds, and maintains military vessels for the U.S. Navy and Coast Guard. Its Newport News Shipbuilding division constructs nuclear aircraft carriers and submarines, while Ingalls Shipbuilding delivers non-nuclear surface combatants and amphibious ships. Mission Technologies provides advanced defense technologies like unmanned systems and cyber solutions. Shipbuilding generates roughly 75% of revenue, with Mission Technologies contributing 25%.

Search Keywords Brand Product

REMUS AUV
Lionfish UUV
Romulus USV
Odyssey autonomy software
Virginia-class submarine
Columbia-class submarine
Ford-class aircraft carrier
Arleigh Burke-class destroyer
Amphibious Assault Ship
National Security Cutter
military shipbuilding
naval defense technology
unmanned systems
autonomous underwater vehicles
unmanned surface vessels
AI-defined capabilities
maritime manned-unmanned teaming
submarine industrial base
distributed shipbuilding

Search Keywords Event Phrases

HII earnings
Q2 2026 results
submarine contract awards
CVN 79 Kennedy trials
CVN 80 Enterprise progress
SSN-800 Arkansas delivery

Search Keywords Policy Regulatory

FY27 defense budget
VCS Block VI contract
Columbia submarine contracts
Defense Authorization Bill
Appropriation Bills

What They Do (Plain English & Analogies): HII is America's largest military shipbuilder. They design, build, and maintain the U.S. Navy's most complex ships, such as nuclear-powered aircraft carriers (which are like floating cities) and nuclear submarines (stealthy skyscrapers that operate underwater). They also construct other vital military vessels, including destroyers and amphibious assault ships. Beyond building the physical ships, HII also develops and integrates the advanced 'brains' for the fleet, such as unmanned underwater drones (UUVs), autonomous surface vessels (USVs), and the sophisticated software and sensors that enable these machines to operate, sometimes without human intervention. You can think of them as the exclusive factory that builds the U.S. Navy's heavy trucks and also the tech company that writes the self-driving software for them. Additionally, HII provides various technical services for defense, intelligence, and federal agencies, including nuclear support and environmental services.
Very Brief History: HII's origins trace back to 1886 with Newport News Shipbuilding and 1938 for Ingalls Shipbuilding. These shipyards were part of Northrop Grumman until HII was spun off as an independent company in 2011. In 2021, HII significantly diversified its business by acquiring Alion Science and Technology, which became the core of its Mission Technologies division. In 2022, the company officially rebranded its trade name to 'HII' to reflect its evolution beyond traditional shipbuilding.
"Street Stereotype": HII is traditionally viewed as the 'pure-play Navy yard'—a reliable but low-margin 'utility' of the defense world with a massive, multi-decade backlog. Investors often see it as a 'labor and schedule' story where the stock moves based on whether they can hire enough welders and deliver ships on time. However, the narrative is shifting toward a 'tech-inflection' story as the Mission Technologies segment grows and the company pushes into high-margin unmanned systems and autonomy software.
Subsidiaries On Linked In*: Newport News Shipbuilding — A division of HII; LinkedIn: newport-news-shipbuilding
Ingalls Shipbuilding — A division of HII; LinkedIn: ingalls-shipbuilding
Mission Technologies — A division of HII, formerly Technical Solutions; LinkedIn: hii-mission-technologies
Customer Sectors & Example Clients: HII's primary customer is the U.S. Government, specifically the U.S. Navy (for aircraft carriers, submarines, destroyers, amphibious ships, and unmanned systems), the U.S. Coast Guard (for national security cutters), and the U.S. Marine Corps (for amphibious ships). Other customer sectors include the Department of Energy (for nuclear site management) and international defense ministries, such as AUKUS partners like the UK and Australia, and the Royal Australian Navy. Specific clients include the Naval Sea Systems Command (NAVSEA) and the U.S. Army (for high-energy lasers).
New Customers / Segments They'Re Targeting: HII is actively targeting growth in autonomous products, including unmanned surface vessels (MUSV) and small unmanned undersea vehicles (UUVs) like the Lionfish program, which has evolved from their commercial REMUS-300. They are broadening their MUSV industrial base through new partnerships with companies like Bayou Metals and Halimar Shipbuilding. Additionally, HII is partnering with commercial technology leaders such as Applied Intuition to develop and integrate AI-defined capabilities for next-generation naval platforms and maritime manned-unmanned teaming. The Navy's "Golden Fleet" initiative, which includes a new Trump-class battleship and a frigate program, represents significant future opportunities. They are also exploring international partnerships for shipbuilding capacity and technology, as evidenced by their collaboration with HD Hyundai Heavy Industries.
Supply Chain And Sourcing Geographies: HII employs a "distributed shipbuilding" strategy, which involves outsourcing work to partners along the Gulf Coast and utilizing thousands of suppliers across the United States. The company is actively working to increase its distributed shipbuilding efforts by 30% in 2026. They also procure long-lead-time materials for various programs. While specific country or region details for all components are not explicitly provided, the company emphasizes strengthening the domestic industrial base, with a clear focus on U.S. suppliers. International collaborations, such as the partnership with HD Hyundai Heavy Industries, aim to leverage combined expertise and potentially expand the U.S. shipbuilding industrial base.
Sales Geographies And Expansion Plans: HII primarily sells its products and services to the U.S. Government, including the U.S. Navy, U.S. Coast Guard, U.S. Marine Corps, and the Department of Energy. Internationally, they serve defense ministries, notably AUKUS partners like the UK and Australia, and the Royal Australian Navy for unmanned systems. The company has identified a "strong domestic and international pipeline" for its autonomous products, indicating a strategic focus on expanding sales of these advanced technologies globally. Partnerships, such as the one with HD Hyundai Heavy Industries, also suggest an exploration of international commercial and military shipbuilding opportunities.
How Key Themes May Help/Hurt: The primary theme, 'Modern Warfare '26: Defense Primes,' is largely beneficial for HII. The theme highlights a massive fiscal realignment towards defense, with the FY2026 US defense budget exceeding $1 trillion and projections for sustained increases, directly translating into robust funding for HII's core shipbuilding programs and its Mission Technologies segment. The emphasis on advanced technologies like autonomous systems and AI aligns perfectly with HII's Mission Technologies division, offering higher-margin growth opportunities through products like Romulus USV and the Remus AUV line, and partnerships for AI-defined capabilities. The theme also notes a shift towards procurement of hard assets, benefiting HII as a primary builder of complex naval platforms. However, the theme also points to potential challenges: persistent supply chain constraints and labor attrition in the defense industrial base, which HII has experienced with labor growth at Ingalls, can hurt throughput and margins. While overall spending is up, political and budgetary uncertainties could lead to delays in future programs, impacting HII's long-term visibility. Lastly, the cost asymmetry challenge (cheap drones vs. expensive systems) could, in the very long term, influence naval investment priorities, though current demand for large ships remains strong.

3 Main Long-Term Bull Details

Unprecedented Backlog Visibility & Demand: HII benefits from a massive backlog exceeding $56 billion and multi-decade programs, including the Columbia-class submarine and Ford-class aircraft carriers. The recent agreement on Virginia Class Block VI and Columbia submarine contracts further solidifies a stable, long-term demand signal for its core shipbuilding business.
Throughput Inflection & Industrial Base Expansion: The company has demonstrated successful execution in increasing shipbuilding throughput (14% in 2025, targeting 15% in 2026) and is actively expanding its capacity through a "distributed shipbuilding" strategy, including a 30% increase in outsourcing. This strategy effectively converts its substantial backlog into revenue despite national labor constraints.
Mission Technologies Growth & Diversification into High-Tech Defense: The Mission Technologies segment has achieved record revenues of over $3 billion, pivoting HII towards higher-margin defense technology. The success of unmanned systems like the Romulus USV and the Remus AUV line, coupled with strategic partnerships for AI-defined capabilities, positions HII as a leader in the Navy's evolving 'hybrid fleet' concept, offering critical diversification and higher EBITDA margins.

3 Main Long-Term Bear Details

Persistent Shipbuilding Margin Constraints: HII's shipbuilding margins remain in the 5.5% to 6.5% range, significantly below historical levels of 9-10%. This is primarily due to high overtime costs, inefficiencies from initial outsourcing efforts, and the lingering impact of legacy pre-COVID contracts that are not expected to fully roll off until 2027, thereby capping near-term profitability.
Labor and Attrition Risks: Shipbuilding is an extremely labor-intensive industry, requiring HII to hire thousands of skilled shipbuilders annually. Any significant increase in attrition rates or a failure to meet aggressive hiring targets, such as the "slow start" experienced at Ingalls related to labor growth in Q1/Q2 2026, could lead to schedule delays, potential liquidated damages, and continued cost pressures.
Capex Intensity & Free Cash Flow Volatility: The necessity to maintain and modernize two of the world's largest shipyards demands substantial annual capital expenditures, typically 4-5% of sales. This high capital intensity, coupled with historically lumpy free cash flow generation (e.g., a negative $31 million in Q2 2026), limits the company's ability to consistently return significant capital to shareholders through share buybacks in the near term.

Competitors And Differentiation: HII's competitors include General Dynamics (specifically Electric Boat for submarines and Bath Iron Works for surface combatants), other global shipbuilders (though HII also partners with some, like HD Hyundai Heavy Industries), and defense technology companies specializing in unmanned systems and AI. HII differentiates itself through several key aspects: its unique position as America's largest military shipbuilder and the sole builder of nuclear-powered aircraft carriers and a co-builder of nuclear submarines for the U.S. Navy; its "distributed shipbuilding" strategy to expand production capacity and meet demand; and its technological leadership in Mission Technologies, particularly with open-architecture autonomy software (Odyssey) and successful unmanned systems like REMUS and Romulus. The company also emphasizes its commitment to workforce development and retention through pipeline programs and labor agreements.
Recent Performance & What The Market'S Focused On: HII reported a solid second quarter 2026, with sales of $3.4 billion and diluted earnings per share of $5.27, surpassing analysts' consensus estimates. Shipbuilding sales reached $2.7 billion, demonstrating a 16% year-over-year increase and marking the fourth consecutive quarter of double-digit growth. Mission Technologies contributed $760 million in sales with an EBITDA margin above 10%. The company raised its 2026 shipbuilding revenue guidance to between $10.2 billion and $10.4 billion and its shipbuilding margin guidance to between 6% and 6.5%. Key contract awards included a $418 million recompete for shipboard elevators and the next production option for the Navy's Lionfish small unmanned undersea vehicle program. A significant development was the agreement on VCS Block VI and Columbia submarine contracts, securing approximately $25 billion for Newport News and $5.5 billion for the Columbia program. The market is currently focused on: 1) **Shipbuilding Margin Expansion:** Investors are closely watching for sustained improvement in shipbuilding margins beyond the current 6-6.5% range, particularly as legacy pre-COVID contracts are retired. 2) **Throughput and Workforce Productivity:** Continued execution on the 15% throughput improvement target and successful hiring/retention, especially at Ingalls, are critical for meeting delivery schedules. 3) **Free Cash Flow Generation:** Despite reiterating full-year free cash flow guidance of $500 million to $600 million, Q2 saw cash used in operations, making significant Q4 cash generation crucial. 4) **Unmanned Systems Growth:** Progress and contract wins in Mission Technologies' unmanned systems portfolio (Romulus, Lionfish/Remus) are key indicators of diversification into higher-margin defense technology.

Revenue Segments And Estimated Mix: Shipbuilding — Mix: ~78.0% (Q2 2026); Source: Q2 2026 transcript: $2.7 billion in sales out of $3.4 billion total sales.; Trend: Increased 15.7% year-over-year, marking the fourth consecutive quarter of double-digit growth.
Mission Technologies — Mix: ~22.0% (Q2 2026); Source: Q2 2026 transcript: $760 million in sales out of $3.4 billion total sales.; Trend: Decreased 3.9% compared to Q2 2025, but grew modestly year-over-year on an organic basis excluding a non-recurring contract resolution in Q2 2025.
Product Brands: REMUS
Lionfish
Romulus
Odyssey

Bull / Bear Details

As of August 28, 2026, HII's investment case is strengthened by the definitive award of major submarine contracts and raised 2026 shipbuilding revenue and margi

Thesis

As of August 28, 2026, HII's investment case is strengthened by the definitive award of major submarine contracts and raised 2026 shipbuilding revenue and margin guidance. Accelerating throughput, robust customer demand, and strategic investments in unmanned systems and AI position HII for sustained growth. While near-term free cash flow remains lumpy and Mission Technologies' margins face investment-related pressures, the long-term outlook for defensive growth remains compelling for patient investors.

Bull case

HII reported its fourth consecutive quarter of double-digit shipbuilding revenue growth (15.7% Y/Y in Q2 2026) and raised its 2026 shipbuilding revenue guidance to $10.2-$10.4 billion. This acceleration is supported by a 12% year-to-date throughput improvement, targeting 15% for the full year, demonstrating effective conversion of its substantial backlog into revenue despite labor challenges.
The definitive agreement on VCS Block VI and Columbia submarine contracts, securing approximately $25 billion for Block VI and $5.5 billion for Columbia at Newport News, provides multi-decade revenue visibility and industrial base stability. Furthermore, advancements in unmanned systems, including ROMULUS USV at-sea testing and Lionfish UUV production options, strengthen the high-growth Mission Technologies segment.
HII raised its 2026 shipbuilding margin guidance to 6%-6.5%, reflecting management's confidence in improving profitability. Strong customer demand is evidenced by $6.7 billion in Q2 contract awards and consistent bipartisan support for defense programs, including funding for the submarine industrial base and potential new battleship and frigate programs.

Bear case

Despite raised guidance, shipbuilding margins remain below historical levels, with Q3 Mission Technologies margins guided lower to approximately 4% due to strategic investments. Ingalls Shipbuilding experienced a "slow start" in labor growth, indicating persistent execution challenges and cost pressures associated with workforce development and scaling production.
Free cash flow remains volatile, with Q2 results falling below forecast due to timing of receipts and disbursements, even though full-year guidance is maintained. This lumpiness, coupled with ongoing heavy capital expenditures required to support throughput targets and expand capacity, continues to limit HII's ability to return significant capital to shareholders in the near term.
While Mission Technologies offers diversification, its Q2 revenue decreased 3.9% year-over-year (though modest organic growth excluding a one-time item), and Q3 margins are guided lower due to strategic investments. This indicates that the segment's performance can be volatile and subject to investment cycles, potentially impacting its contribution to overall profitability in the short term.

Bull / Bear Case

Bear Case: The bear case for Huntington Ingalls Industries centers on persistent margin pressures and execution challenges. Despite raised guidance, shipbuilding margins remain below historical levels, and Q3 Mission Technologies margins are guided lower to approximately 4% due to strategic investments, indicating potential volatility in profitability. Ingalls Shipbuilding experienced a 'slow start' in labor growth, highlighting ongoing workforce development and scaling production hurdles that could impact schedule adherence and costs. Free cash flow remains volatile, with Q2 results falling below forecast and significant generation required in Q4 to meet the full-year guidance of $500M-$600M. This lumpiness, combined with heavy capital expenditures needed to support throughput targets and expand capacity, limits the company's ability to consistently return capital to shareholders. While Mission Technologies offers diversification, its Q2 revenue decreased 3.9% year-over-year (though modest organic growth excluding a one-time item), and lower Q3 margin guidance suggests the segment's performance can be inconsistent and subject to investment cycles, potentially impacting overall profitability in the short term.
Bull Case: Huntington Ingalls Industries presents a compelling bull case driven by robust demand and strategic execution. The company reported its fourth consecutive quarter of double-digit shipbuilding revenue growth (15.7% Y/Y in Q2 2026) and raised its 2026 shipbuilding revenue guidance to $10.2-$10.4 billion, alongside an improved margin outlook of 6%-6.5%. This acceleration is supported by a 12% year-to-date throughput improvement, targeting 15% for the full year, and an expansion of distributed shipbuilding. The definitive agreement on VCS Block VI and Columbia submarine contracts, securing approximately $30.5 billion for Newport News, provides multi-decade revenue visibility and industrial base stability. Furthermore, advancements in the Mission Technologies segment, particularly in unmanned systems like ROMULUS USV and Lionfish UUV, coupled with strategic AI partnerships, position HII for growth in high-tech defense. Strong customer demand and bipartisan support for defense programs, including potential new battleship and frigate programs, reinforce the long-term outlook.
More Compelling & Why: Bull. HII's Forward P/E ratio of 15.95 is significantly below the Aerospace & Defense industry median of approximately 30.56, suggesting it is undervalued relative to its peers. The definitive, multi-decade submarine contracts provide unparalleled revenue visibility and stability, anchoring future growth. My view would flip to Bear if shipbuilding operating margins fail to consistently expand beyond the 6-6.5% range, or if free cash flow remains negative or highly volatile beyond 2026, indicating a failure to convert backlog into sustainable profitability.

Key Factors5 rows

Key Factor	Why It Matters	What To Watch	What It Signals	Where/How To Track	Free Alt Data	Paid Alt Data
Execution Against Raised 2026 Shipbuilding Revenue and Margin Guidance	HII has raised its 2026 shipbuilding revenue and margin guidance, signaling increased confidence in its operational performance. Execution against these revised targets is a critical 'prove-it' metric, validating the effectiveness of throughput improvements, contract pricing, and cost management.	HII's reported 2026 full-year shipbuilding revenue (raised to between $10.2 billion and $10.4 billion) and shipbuilding operating margin (raised to between 6% and 6.5%). Specifically, monitor Q3 2026 shipbuilding revenue (expected approximately $2.6 billion) and operating margin (expected similar to Q2's 6.3%).	Bullish: HII meets or exceeds its raised 2026 full-year shipbuilding revenue and margin guidance. Q3 2026 results align with or surpass management's expectations for both revenue and margin, indicating strong operational execution.	HII quarterly earnings calls and press releases.	Major financial news outlets and business publications covering HII's quarterly earnings reports and guidance updates.	S&P Capital IQ: HII financial statements, analyst consensus estimates for revenue and margin. FactSet: Company guidance tracking and historical performance analysis.
Mission Technologies Unmanned Systems Progress and Operating Margins	Mission Technologies is a key segment for HII's diversification into higher-margin defense technology, with unmanned systems representing a significant growth vector. Progress in programs like Romulus and Lionfish, coupled with segment margin performance, indicates execution effectiveness and future growth potential.	Results and updates from the Romulus USV at-sea testing phase (scheduled for September). Announcements of new production options or major contract awards for the Lionfish UUV program. Mission Technologies' operating margin for Q3 2026 (guided at approximately 4%) and subsequent quarters.	Bullish: Successful completion of Romulus at-sea testing, securing new significant production options for Lionfish, or Mission Technologies operating margin exceeding the 4% Q3 guidance.	HII quarterly earnings calls and press releases, company website (ir.hii.com), US Navy official announcements.	Google Trends: Search volume for 'Romulus USV HII' and 'Lionfish UUV Navy'. Defense News, Janes.com for industry-specific news and program updates.	Janes.com: Unmanned systems contract awards and program status. Bloomberg Terminal: HII Mission Technologies segment financials and analyst estimates.
Performance and Realization of Incentives from VCS Block VI and Columbia Submarine Contracts	The recently awarded multi-billion dollar submarine contracts provide long-term revenue visibility and industrial base stability. Realizing associated incentives directly impacts HII's profitability and cash flow, validating the company's ability to execute on these critical programs.	Newport News Shipbuilding's segment operating income and margin in Q3 2026 and Q4 2026, specifically looking for positive 'contract adjustments and incentives'. Also, monitor the progress towards delivery of SSN-800 Arkansas by late 2026 and the keel laying for CVN 81 later this year.	Bullish: Consistent positive contract adjustments and incentives contributing to shipbuilding margins at the upper end of the 6%-6.5% guidance range. Timely delivery of SSN-800 Arkansas and successful keel laying for CVN 81.	HII quarterly earnings calls and press releases, SEC filings (10-Q, 10-K).	USASpending.gov: Search for HII contract modifications and payment schedules related to Virginia-class and Columbia-class submarines.	Bloomberg Terminal: HII segment financials, analyst estimates for shipbuilding margin.
Shipbuilding Throughput Improvement and Workforce Productivity Acceleration	Increasing shipbuilding throughput is critical for HII to meet urgent Navy demand, convert its substantial backlog into revenue, and improve operational efficiency. Sustained workforce growth and productivity are foundational to achieving these targets and ultimately expanding margins.	HII's reported year-to-date shipbuilding throughput improvement (currently 12% over 2025, targeting 15% for the full year). Quarterly updates on total shipbuilders hired (3,500 year-to-date) and retention rates, particularly at Ingalls Shipbuilding. Progress on increasing distributed shipbuilding by 30% in 2026.	Bullish: Throughput improvement accelerating in the second half of 2026 to meet or exceed the 15% full-year target. Continued positive hiring trends and improved retention rates, especially at Ingalls, indicating successful workforce development initiatives.	HII quarterly earnings calls and press releases.	Local news outlets in Newport News, VA, and Pascagoula, MS, for workforce development and hiring initiatives. LinkedIn: HII job postings for 'Shipbuilder' or related roles.	Thinknum: HII job postings growth (e.g., 'Shipbuilder' roles). Emsi Burning Glass: Regional labor market data for shipbuilding trades and attrition rates.
FY2027 Navy Budget Funding for Frigate and Battleship Programs	The 'Golden Fleet' initiatives, including new frigate and battleship programs, represent significant unmodeled upside opportunities for HII's long-term revenue. Securing specific funding and design contracts in the FY2027 budget solidifies these future revenue streams and demand signals.	The final outcomes of the FY2027 Congressional appropriations bills (House and Senate positions, conference committee negotiations) for specific line items related to frigate and battleship funding. Updates on Ingalls Shipbuilding's activities under the frigate lead yard support contract.	Bullish: The FY2027 budget includes advanced procurement funding for the frigate or design contracts for the battleship, and continued strong bipartisan support for these programs. Positive updates on Ingalls' design work and pre-construction activities for the frigate.	Congressional websites (e.g., House Appropriations Committee, Senate Armed Services Committee), DoD press releases, HII quarterly updates.	Defense News, Breaking Defense, and other defense industry publications for analysis of budget proposals and legislative progress.	Quorum: Congressional bill tracking for defense appropriations. GovExec: Federal contract awards for naval programs and R&D.

Key Reported Metrics, Reratings Triggers & Results3 rows

This segment offers critical diversification and higher EBITDA margins, positioning HII in high-growth defense technology. Investors will monitor its ability to

Upcoming print · 2026-10-29

Key reported metrics
Metric	Last period	Why it matters
Mission Technologies Revenue Growth	-3.9%	This segment offers critical diversification and higher EBITDA margins, positioning HII in high-growth defense technology. Investors will monitor its ability to maintain growth and pivot towards higher-margin solutions.
Shipbuilding Operating Margin	5.9%	Margins are the 'prove-it' metric for HII's recovery. Investors are looking for evidence that higher throughput and new, more favorably priced contracts are driving margins back towards historical levels.
Shipbuilding Revenue Growth	15.7%	This is the primary indicator of HII's success in accelerating production and converting its substantial backlog, validating the 'throughput inflection' bull point. Investors will watch for sustained double-digit growth.

Last reported · 2026-05-05

Key reported metrics
Metric	Last period	Why it matters
Mission Technologies Revenue Growth	2.5%	As HII pivots toward high-tech defense solutions, Mission Technologies' ability to maintain growth above its $3 billion record is critical. Investors are monitoring the ramp-up of unmanned systems like Romulus and Remus to diversify the company's profile beyond traditional heavy shipbuilding.
Shipbuilding Operating Margin	64.7%	Margins are the 'prove-it' metric for HII's recovery. The market is looking for evidence that higher throughput and the retirement of legacy pre-COVID contracts are driving margins back toward the 9-10% historical range, despite current headwinds from expensive overtime and outsourcing costs.
Shipbuilding Revenue Growth	19.5%	This is the primary indicator of whether HII's 15% throughput improvement target and 'distributed shipbuilding' strategy are successfully accelerating production. Investors are watching for sustained double-digit growth to validate management's decision to raise medium-term shipbuilding revenue guidance to 6%.

Key Questions

Will HII's shipbuilding segment sustain its double-digit revenue growth in the second half of 2026, particularly given the implied flat to slightly negative Q4

Will HII's shipbuilding segment sustain its double-digit revenue growth in the second half of 2026, particularly given the implied flat to slightly negative Q4 year-over-year comparison, and validate its raised full-year guidance?

Question 2: Can HII's shipbuilding margins demonstrate continued stabilization and progress towards the upper end of its raised 6%-6.5% guidance, or will persistent costs from accelerating throughput, including labor growth and distributed shipbuilding, continue to limit profitability?
Question 3: Will HII achieve its reiterated full-year free cash flow guidance of $500M-$600M, driven by significant Q4 generation and the realization of contract advances and incentives from the newly finalized submarine awards, or will timing issues continue to create volatility?

Earnings Transcript Summary3 rows

2026-07-30 · 2026Q2 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Increasing Shipbuilding Throughput and Deliveries: Management emphasized continued focus and progress on increasing throughput, aiming for a 15% improvement in 2026, and plans to deliver 5 ships over the next 12 months. 2. Workforce Development and Distributed Shipbuilding: The company is focused on attracting and retaining shipbuilders, having hired over 3,500 year-to-date, and is on track to increase distributed shipbuilding by 30% this year to enhance production capacity. 3. Securing and Executing Major Contracts: Management highlighted the recently reached agreement on VCS Block VI and the next Columbia submarine contracts, which represent critical demand signals and stability for the workforce and suppliers.	Call Takeaway & ToneThe overall takeaway from the call was one of cautious optimism and disciplined execution. HII reported a solid second quarter, showing positive momentum from continued investments in shipbuilding and the maritime industrial base, leading to raised 2026 shipbuilding revenue and margin guidance. Management emphasized their focus on meeting operational commitments, increasing throughput, developing the workforce, and successfully executing major contracts like the recently secured submarine awards. The tone was confident in the company's progress and future outlook, despite acknowledging ongoing efforts in labor growth and production pace.	Prior Quarter'S Y/Y Growth By SegmentIn Q1 2026, total HII revenue was up 13.4% year-over-year. Shipbuilding revenue increased 17.6% year-over-year. Ingalls Shipbuilding revenue grew 13.8% year-over-year. Newport News Shipbuilding revenue increased 19.3% year-over-year. Mission Technologies revenue was up 1.8% year-over-year.	3 Things Analysts Most Pressed On (And Mgmt Responses)1. Shipbuilding Margins and Outlook: Analysts questioned the trajectory of shipbuilding margins for the remainder of the year. Management responded that Q3 margins are expected to be similar to Q2 (6.3%) and that the full-year guidance reflects a progressive improvement, with Q2 already including some incentives from the sub agreements and Q3 guidance incorporating additional incentives. 2. Submarine Contract Details and Impact: Analysts inquired about the specifics of the $76.6 billion submarine contract modifications, including the allocation to Newport News and the reason for 9 Virginia-class ships instead of 10. Management clarified that Newport News receives approximately $25 billion for Block VI and $5.5 billion for the Columbia program, and that the 9-ship award includes material for the 10th ship, serving as a funding mechanism that does not impact the class's production. 3. Throughput and Workforce Productivity Improvements: Analysts pressed for more data points on improving throughput, productivity, and cost reduction. Management stated a 12% year-to-date throughput improvement over 2025, with a full-year goal of 15%. They also highlighted the positive impact of the new collective bargaining agreement at Ingalls on retention and hiring, and the ongoing success of pipeline programs.	Revenue SegmentsTotal HII revenue increased 10.9% year-over-year. Shipbuilding sales were up 15.7% year-over-year. Ingalls revenues increased by 16.7% compared to the second quarter of 2025. Newport News revenues increased by 15.3% compared to the second quarter of 2025. Mission Technologies revenues decreased by 3.9% compared to the second quarter of 2025, although on an organic basis, excluding a non-recurring contract resolution, revenues grew modestly year-over-year.

2026-02-05 · 2025Q4 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Shipbuilding Throughput: Achieving a 15% increase in throughput for 2026 (following 14% in 2025) to meet urgent Navy demand and improve schedule performance. 2. Workforce & Industrial Base: Hiring 6,600+ shipbuilders annually and increasing distributed shipbuilding (outsourcing) by 30% in 2026 to expand capacity beyond the physical yards. 3. Major Contract Awards: Finalizing the Virginia Class Block VI and Columbia Build II submarine contracts in the first half of 2026 to lock in long-term revenue and margin visibility.	Call Takeaway & ToneTakeaway: HII is successfully pivoting to a higher growth profile (raising mid-term shipbuilding growth guidance to 6%), driven by record yard activity and a supportive defense budget. However, the 'inflection point' for margins and free cash flow is being pushed out as the company prioritizes schedule adherence and throughput (via expensive overtime and outsourcing) over immediate profitability. Tone: Disciplined and execution-oriented; management is confident in the demand signal but remains conservative on near-term margin targets until legacy contracts are retired.	Prior Quarter'S Y/Y Growth By SegmentTotal HII: +16.1% y/y; Ingalls Shipbuilding: +24.7% y/y; Newport News Shipbuilding: +14.5% y/y; Mission Technologies: +11% y/y. (Comparison: Newport News accelerated, while Ingalls and Mission Technologies decelerated vs. Q3).	3 Things Analysts Most Pressed On (And Mgmt Responses)1. Margin Expansion Timing: Analysts questioned why shipbuilding margins remain in the 5.5%-6.5% range despite high revenue growth. Management responded that margins are currently weighed down by high overtime costs, first-time outsourcing inefficiencies, and a mix of pre-COVID legacy contracts that won't fully roll off until 2027. 2. Submarine Contract Delays: Analysts pressed for clarity on the delayed Block VI and Columbia awards. Management noted these are complex three-party negotiations (HII, Electric Boat, Navy) but expressed confidence in reaching an agreement by H1 2026. 3. Capital Allocation & CapEx: Analysts asked about the step-up in CapEx to 4-5% of sales. Management explained that the 'unprecedented demand' requires significant investment in manufacturing centers of excellence and pier updates to support higher throughput.	Revenue SegmentsTotal HII: +16% y/y ($3.5B); Ingalls Shipbuilding: +21% y/y ($889M); Newport News Shipbuilding: +19% y/y ($1.9B); Mission Technologies: +2.5% y/y ($731M).

2025-10-30 · 2025Q3 Earnings

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Throughput, workforce & industrial base • Delivering ~15% throughput improvement in 2025 (revised from 20%), with improvement “accelerating throughout the year.” • 4,600+ shipbuilders hired YTD, better retention, more experienced workforce, and heavy use of apprentice/technical pipelines. • Distributed shipbuilding / outsourcing to 23+ partners to expand capacity and improve schedule adherence. 2. Securing long-cycle sub awards (Virginia Block VI & Columbia Build II) • Very focused on closing these negotiations by year-end. • Strong philosophical push to award all 10 boats as a block to give a stable demand signal to HII and suppliers (vs slicing into smaller orders). • Timing of these awards is a key swing factor versus the midpoint of shipbuilding margin guidance. 3. Cost reduction & cash flow trajectory • $250M annualized cost-reduction program – fully baked into 2025 guidance (not incremental upside). • Raised 2025 FCF guidance to $550–650M and set a 2025–26 cumulative FCF target of $1.2B (~$600M/year). • Balancing this against priorities: maintain investment-grade rating, keep investing in shipyards and tech, grow dividend, use excess FCF for buybacks.	Call Takeaway & ToneTakeaway: • Q3 was a strong, clean quarter: record revenue, broad-based double-digit growth, and clear acceleration vs Q2 in every major segment. Shipbuilding in particular is showing that throughput and material flow are improving. • Margins are stable but still in “prove-it” mode – shipbuilding margin is within the guided band, but management is clearly reluctant to raise the bar until they have more quarters of consistent performance and the submarine block awards locked in. • The FCF story is improving but still a late-decade rerating: 2025 guidance nudged up and a new two-year FCF target adds credibility, but the bigger upside depends on the contract mix shift and long-cycle execution. • Overall tone: cautiously optimistic, pragmatic, and execution-focused – management is pleased with Q3 progress and throughput gains, but keeps stressing discipline, risk retirement, and not getting ahead of themselves on margins or cash until the data (and awards) fully support it.	Prior Quarter'S Y/Y Growth By SegmentTotal HII: +3.5% y/y to ~$3.1B – Q3 clearly accelerated vs Q2. Ingalls: +1.7% y/y in Q2 vs +24.7% in Q3 → sharp acceleration. Newport News: +4.4% y/y in Q2 vs +14.5% in Q3 → strong acceleration. Mission Technologies: +3.4% y/y in Q2 vs +11% in Q3 → clear acceleration.	3 Things Analysts Most Pressed On (And Mgmt Responses)1. Timing/structure of Virginia Block VI & Columbia Build II • Analyst concern: Will shutdown/furloughs delay awards? Should the Navy commit to all 10 subs at once, or is that too aggressive given cost/schedule risk? • Mgmt response: Furloughs aren't holding up the talks; both sides are working hard to get it done by year-end. HII strongly prefers a full 10-boat block; incremental awards undermine the industrial base's need for a stable, long-term demand signal. 2. Sustainability of revenue growth vs flat margins • Analyst concern: Q3 shipbuilding revenue beat internal plan by ~$250M but full-year revenue guide only ticked up slightly, and shipbuilding margin guide is unchanged. Is Q3 a one-off (pull-forward, outlay timing), or a new run-rate from higher throughput? Why aren't margins moving more given the growth and labor improvements? • Mgmt response: Some revenue was pulled forward from Q4 into Q3 (material receipts), but there are real tailwinds: higher earned throughput, Charleston Operations ramp, and more qualified outsourcing partners. Mid-term 4% shipbuilding growth is now “in the rearview mirror” (likely higher), but they want to roll up plans before formally resetting. On margins, one good 13-week quarter isn't enough to change long-term EACs; throughput helps retire risk, but they need several solid quarters before booking higher margins. 3. Cash flow, longer-term FCF and pre- vs post-COVID contracts • Analyst concern: Why guide 2025–26 FCF to roughly flat $600M/year when revenue and capex profile should improve? How and when do they get to the previously discussed $700–800M+ FCF range? How quickly does the drag from legacy pre-COVID contracts fade? • Mgmt response: The two-year FCF guide is deliberately conservative, given timing risk around awards and big receipts/disbursements. The real FCF step-up is tied to: (i) higher revenue, and (ii) structurally better shipbuilding margins as pre-COVID contracts roll off and post-COVID contracts (priced with realistic costs/schedules) become >50% of the work by 2027. That's when they see a more meaningful FCF inflection toward the higher range.	Revenue SegmentsTotal HII: revenue +16.1% y/y to $3.2B. Shipbuilding total: +18% y/y to $2.4B. Ingalls: $828M, +24.7% y/y (surface combatants, higher material volume). Newport News: $1.6B, +14.5% y/y (higher volumes across submarines and carriers). Mission Technologies: $787M, +11% y/y (C5ISR, cyber/EW/space, LVC training, unmanned systems).

Transcript Tidbits3 rows

2026-07-30

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
About Expanding Eligible MarketHII's ROMULUS unmanned surface vessel (MUSV) advanced to the US Navy's MUSV at-sea testing phase, a major development milestone. The company broadened its MUSV industrial base through new partnerships with Bayou Metals and Halimar Shipbuilding to strengthen production capacity and scalability. HII also secured the next production option for the Navy's Lionfish small unmanned undersea vehicle (UUV) program, demonstrating the evolution of its commercial REMUS-300 into the Navy's preferred next-generation UUV. The growth in budgets for autonomous products, coupled with a strong domestic and international pipeline, points to potential significant growth in this market space. HII partnered with Applied Intuition to develop and integrate AI-defined capabilities for next-generation naval platforms and maritime manned-unmanned teaming. The company continues to evaluate meaningful opportunities to bring more capacity into the shipbuilding space, including additional shipyard facilities.	About CompetitionHII is leveraging partnerships with commercial technology leaders, such as Applied Intuition for AI-defined capabilities, to position itself in the market. The company also broadened its MUSV industrial base through new partnerships, strengthening its production capacity and scalability. The agreement on VCS Block VI and Columbia submarine contracts, involving Newport News and Electric Boat, highlights the collaborative yet competitive nature of major defense programs.	About The Broader IndustryCustomer demand for HII's products and services remains strong. There is significant growth in budgets for autonomous products, driven by strong domestic and international pipelines. Increasing shipbuilding throughput continues to be a main focus across the industry. The agreement on VCS Block VI and Columbia submarine contracts provides critical demand signals and stability for the workforce and thousands of suppliers. The president's fiscal year 2027 budget request is under consideration, with bipartisan support for defense programs reflected in House and Senate bills. The House appropriations bill specifically adds funding for the submarine industrial base, targeting supplier capacity, capability, strategic outsourcing, workforce training, technology, and infrastructure. There is positive momentum from continued investments in shipbuilding in the maritime industrial base.	Where Things Are HeadedHII is raising its 2026 shipbuilding revenue guidance to between $10.2 billion and $10.4 billion and its 2026 shipbuilding margin guidance to between 6% and 6.5%. The company plans to deliver 5 ships over the next year. CVN 79 Kennedy is expected to achieve preliminary acceptance later this year with final ship delivery in 2027, while CVN 80 Enterprise has achieved 64% erected, and the keel for CVN 81 is expected to be laid later this year. SSN-800 Arkansas is progressing towards delivery later this year. Throughput improvements are expected to accelerate in the second half of the year. HII is on track to increase distributed shipbuilding by 30% this year. The company reiterates its 2026 guidance for Mission Technologies revenue between $3 billion and $3.2 billion and a margin of approximately 5%. New battleship and frigate programs are seen as meaningful upside opportunities for the medium-term outlook. For Q3, shipbuilding revenue is expected to be approximately $2.6 billion with a margin similar to Q2's 6.3%, and Mission Technologies revenues are expected to be similar to Q2's $760 million with a margin of approximately 4%. Free cash flow in Q3 is expected to be approximately $100 million, with significant generation in Q4 to meet the full-year guidance of $500 million to $600 million.	Updates On ThemeDefense	Broader Themes EmergingThe emergence of AI-defined capabilities for naval platforms and manned-unmanned teaming, significant growth in budgets for autonomous products, and the expansion of distributed shipbuilding and industrial base capacity are broader themes emerging across the industry.	Bullish-Leaning Quotes (Short)We reported second quarter sales of $3.4 billion and diluted earnings per share of $5.27. Shipbuilding sales were $2.7 billion 16% ahead year over year and reflect our fourth consecutive quarter of double digit growth. We are raising our 2026 shipbuilding revenue guidance to between $10.2 billion and $10.4 billion and our 2026 shipbuilding margin guidance to between 6% and 6.5%. Customer demand for our products and services remains strong. Second quarter contract awards were $6.7 billion. Mission Technologies, we delivered another strong quarter with $760 million in sales and an above 10% EBITDA margin. The growth in budgets for autonomous products, coupled with a strong domestic and international pipeline, point to a potential significant growth in this market space. An agreement has been reached on VCS Block VI and the next Columbia submarine contracts. We had a solid second quarter and are beginning to see positive momentum from continued investments in shipbuilding in the maritime industrial base. We are pleased to improve the shipbuilding expectations for the year and remain focused on executing our plan.	Bearish-Leaning Quotes (Short)Mission Technologies revenues of $760 million, decreased by 3.9% compared to the second quarter of 25, primarily due to lower volumes in all-domain operations and global security, partially offset by higher volumes in warfare systems and unmanned systems. Free cash flow results in the quarter came in below the forecast we provided on the last earnings call largely due to timing of receipts and disbursements between quarters. Ingalls had a bit of a slow start this year. Related to labor and labor growth. I would not overly focus the year over year guide being flat or maybe slightly negative to Q4.	HiringYear to date, HII has hired over 3,500 shipbuilders. The company continues to gain traction attracting new shipbuilders from pipeline programs, providing a foundation for its future workforce. Ingalls Shipbuilding experienced a slow start to the year related to labor and labor growth, which was tied to finalizing their labor agreement in March. Ingalls is focused on workforce development by pairing targeted hiring with advanced training and onboarding technologies to build a stronger workforce pipeline, increase readiness, and improve retention. Early indications suggest that higher wages from the updated collective bargaining agreement have a positive impact on the ability to hire and retain skilled shipbuilders. The apprentice school is near full capacity, and high school programs are performing well, with the biggest class ever for their signing day ceremony in the spring.

2026-02-05

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)
About Expanding Eligible MarketMission Technologies reached record revenues exceeding $3 billion for the first time. The company unveiled the Romulus family of unmanned surface vessels (USVs) powered by its Odyssey autonomy software and delivered its 750th Remus autonomous underwater vehicle. Strategic expansion includes a memorandum of agreement with HD Hyundai Heavy Industries to explore future partnership opportunities and the announcement of the Navy's 'Golden Fleet,' which includes a new Trump class battleship and a frigate program leveraging the Legend class national security cutter design.	About CompetitionHII is reinforcing strategic collaboration with HD Hyundai Heavy Industries and working with BIW on battleship design. Management noted that the aperture is open for foreign investors (Japanese or Korean) to potentially bring more capacity into the US industrial base. The company differentiates itself through open-architecture autonomy software, allowing for 'plug and play' integration of various providers into the unmanned space.	About The Broader IndustryThe industry is seeing unprecedented demand driven by a global security environment that requires urgency. There is strong bipartisan support for shipbuilding, evidenced by the FY2026 NDAA and defense appropriations bills. A structural shift is occurring toward 'distributed shipbuilding,' where primes outsource significant work to a broader network of suppliers to overcome capacity constraints.	Where Things Are HeadedHII raised its medium-term shipbuilding revenue growth guidance from 4% to 6%, with additional upside expected from the new battleship and frigate programs. The company is targeting a 15% increase in shipbuilding throughput for 2026 and plans to increase outsourcing by another 30%. Key contract awards for Virginia class Block VI and Columbia Build II are expected in the first half of 2026.	Updates On ThemeThe	Broader Themes EmergingThe emergence of a 'hybrid fleet' or 'hedge fleet' strategy combining large manned capital ships with unmanned surface and undersea vessels; the transition of the manufacturing model toward 'distributed shipbuilding' to expand the industrial base; and international industrial collaboration to address domestic capacity shortages.	Bullish-Leaning Quotes (Short)“Raising our medium-term shipbuilding revenue growth guidance from approximately 4% to approximately 6%.”; “The US Navy and all of our defense customers need our ships and technologies now more than ever.”; “We believe this shipbuilding growth has additional upside as the forecast does not yet account for the recently announced frigate and battleship programs.”; “Mission Technologies delivered another year of top-line growth with record revenues topping the $3 billion mark.”	Bearish-Leaning Quotes (Short)“Shipbuilding margins in the range of 5.5% to 6.5%.”; “We expect first quarter free cash flow to be negative, representing a use of approximately $600 million.”; “It's just a big complicated contract, and we need to get to the finish line here.”; “We have had a... premium additional overtime... there's a little bit of drawing on cost efficiency on that.”

2025-10-30

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)
About Expanding Eligible Market• International expansion via Babcock, Thales, and Shield AI partnerships. • REMUS 620 validated for torpedo-tube deployment → opens new submarine-launched unmanned markets. • New ROMULUS surface unmanned vehicle line—expands addressable market in autonomy.	About Competition• Comments on Hanwha entering the Philly Navy Yard suggest new possible entrants in submarine construction. • HII stresses open-architecture autonomy to differentiate from competitors.	About The Broader Industry• Heavy emphasis on rebuilding the U.S. maritime industrial base (labor, suppliers, outsourcing). • Strong Congressional support for submarines, carriers, DDGs, and the broader shipbuilding ecosystem. • Demand for unmanned systems accelerating across Navy + allies.	Where Things Are Headed• Management implies shipbuilding growth will exceed prior 4% mid-term guide. • Moving toward a post-COVID contract mix with higher margins. • Large block submarine awards intended to stabilize the multi-decade industrial base.	Updates On Theme•	Broader Themes Emerging• Increase in autonomy + AI partnerships across defense primes. • Government pressure to expand submarine production capacity. • Executive-branch scrutiny on ship designs (e.g., EMALS/steam discussions).	Bullish-Leaning Quotes (Short)• “We are making good progress… we expect a 15% throughput improvement for the full year 2025.” • “4,600 shipbuilders hired year-to-date… retention rates have improved.” • “Mid-term 4% shipbuilding growth is probably in the rearview mirror.” • “Backlog is $56 billion… demand remains strong.”	Bearish-Leaning Quotes (Short)• “We expect some choppiness in performance during the contract mix transition.” • “If the submarine awards push into 2026, margins likely finish below the midpoint.” • “We had to trim our throughput improvement expectation.” • Mission Technologies faces risk from funding lapses.

Notes3 rows

Date	Comment	Comment Type	Comment Sentiment	Link	Price Reaction
2025-10-30	HII delivered a strong Q3 with major acceleration in shipbuilding and Mission Technologies growth, improving throughput, and rising workforce stability. Management signaled mid-term growth above prior expectations and highlighted expanding unmanned/autonomy opportunities. Submarine block awards remain the key catalyst. Margins are stable but poised to improve as pre-COVID contracts roll off. Overall tone was disciplined but clearly more confident.	Earnings Transcript	Bullish		+7.91% (vs SPY: +8.50%)
2026-02-05	HII raised medium-term shipbuilding growth guidance to 6% following record 2025 revenue and improved throughput. However, shares fell 3.72% as 2026 free cash flow guidance ($500-$600M) significantly lagged 2025's $800M. Market skepticism persists regarding flat shipbuilding margins and delayed submarine contract awards. While top-line momentum is strong, elevated CapEx and labor costs continue to weigh on near-term profitability and cash conversion.	Earnings Transcript	Mixed	https://ir.hii.com/financial-information/quarterly-results	-3.72% (vs SPY: -4.85%)
2026-07-30	HII's Q2 2026 earnings revealed robust shipbuilding growth and raised 2026 revenue/margin guidance, significantly boosted by definitive submarine contract awards. Despite Q2 free cash flow timing issues, the market reacted very positively, with the stock surging 16.42% (vs. SPY's 3.87%) in two days. This indicates strong market confidence in HII's operational execution and long-term naval program demand.	Earnings Transcript	Mixed		+16.42% (vs SPY: +12.55%)

Upcoming Events4 rows

Catalyst ID	Estimated Timing	Estimated Date Start	Estimated Date End	Catalyst	Why It Matters	Ticker Or Theme Specific	Transcript Date	Source Type
HII_b0531b72	scheduled for September	2026-09-09	2026-09-23	ROMULUS unmanned surface vessel (MUSV) advances to US Navy's at-sea testing phase.	This is a critical development milestone for HII's unmanned systems, a high-growth area for the Mission Technologies segment and a key part of the 'hybrid fleet' strategy.	Ticker	2026-07-30	earnings_transcript
HII_05a52c09	delivery towards the end of the year	2026-10-01	2026-12-31	Delivery of the LPD 30 Harrisburg amphibious assault ship, following trials in Q3.	This represents a significant revenue event for Ingalls Shipbuilding and demonstrates successful execution on amphibious programs.	Ticker	2026-07-30	earnings_transcript
HII_896a9465	later this year	2026-10-01	2026-12-31	Delivery of the SSN-800 Arkansas submarine.	This is a major revenue event and demonstrates HII's execution on critical nuclear submarine programs, impacting shipbuilding segment performance.	Ticker	2026-07-30	earnings_transcript
HII_3794a1c6	later this year	2026-10-01	2026-12-31	Preliminary acceptance of the CVN 79 Kennedy aircraft carrier.	This is a significant step towards final ship delivery in 2027, impacting revenue recognition and demonstrating progress on a flagship program.	Ticker	2026-07-30	earnings_transcript