HUNTINGTON INGALLS INDUSTRIES, INC.
For the period ended Sep 30, 2026. Filed Oct 29, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 29, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Revenue
- REVENUE
Disaggregation of Revenue
The following tables present revenues on a disaggregated basis:
| ($ in millions) | Ingalls | Newport News | Mission Technologies | Intersegment Eliminations | Total |
|---|---|---|---|---|---|
| Revenue Type | |||||
| Product sales | $760 | $1,609 | $68 | $— | $2,437 |
| Service revenues | 114 | 300 | 686 | — | 1,100 |
| Intersegment | 2 | 1 | 38 | (41) | — |
| Sales and service revenues | $876 | $1,910 | $792 | $(41) | $3,537 |
| Customer Type | |||||
| Federal | $874 | $1,909 | $749 | $— | $3,532 |
| Commercial | — | — | 4 | — | 4 |
| State and local government agencies | — | — | 1 | — | 1 |
| Intersegment | 2 | 1 | 38 | (41) | — |
| Sales and service revenues | $876 | $1,910 | $792 | $(41) | $3,537 |
| Contract Type | |||||
| Firm fixed-price | $1 | $1 | $166 | $— | $168 |
| Fixed-price incentive | 758 | 1,006 | — | — | 1,764 |
| Cost-type | 115 | 902 | 555 | — | 1,572 |
| Time and materials | — | — | 33 | — | 33 |
| Intersegment | 2 | 1 | 38 | (41) | — |
| Sales and service revenues | $876 | $1,910 | $792 | $(41) | $3,537 |
| ($ in millions) | Ingalls | Newport News | Mission Technologies | Intersegment Eliminations | Total |
|---|---|---|---|---|---|
| Revenue Type | |||||
| Product sales | $697 | $1,330 | $45 | $— | $2,072 |
| Service revenues | 128 | 287 | 705 | — | 1,120 |
| Intersegment | 3 | — | 37 | (40) | — |
| Sales and service revenues | $828 | $1,617 | $787 | $(40) | $3,192 |
| Customer Type | |||||
| Federal | $825 | $1,617 | $747 | $— | $3,189 |
| Commercial | — | — | 3 | — | 3 |
| Intersegment | 3 | — | 37 | (40) | — |
| Sales and service revenues | $828 | $1,617 | $787 | $(40) | $3,192 |
| Contract Type | |||||
| Firm fixed-price | $6 | $1 | $96 | $— | $103 |
| Fixed-price incentive | 692 | 819 | 1 | — | 1,512 |
| Cost-type | 127 | 797 | 618 | — | 1,542 |
| Time and materials | — | — | 35 | — | 35 |
| Intersegment | 3 | — | 37 | (40) | — |
| Sales and service revenues | $828 | $1,617 | $787 | $(40) | $3,192 |
| ($ in millions) | Ingalls | Newport News | Mission Technologies | Intersegment Eliminations | Total |
|---|---|---|---|---|---|
| Revenue Type | |||||
| Product sales | $2,095 | $4,493 | $124 | $— | $6,712 |
| Service revenues | 344 | 930 | 2,068 | — | 3,342 |
| Intersegment | 7 | 1 | 108 | (116) | — |
| Sales and service revenues | $2,446 | $5,424 | $2,300 | $(116) | $10,054 |
| Customer Type | |||||
| Federal | $2,439 | $5,423 | $2,179 | $— | $10,041 |
| Commercial | — | — | 12 | — | 12 |
| State and local government agencies | — | — | 1 | — | 1 |
| Intersegment | 7 | 1 | 108 | (116) | — |
| Sales and service revenues | $2,446 | $5,424 | $2,300 | $(116) | $10,054 |
| Contract Type | |||||
| Firm fixed-price | $15 | $3 | $377 | $— | $395 |
| Fixed-price incentive | 2,080 | 2,594 | 1 | — | 4,675 |
| Cost-type | 344 | 2,826 | 1,721 | — | 4,891 |
| Time and materials | — | — | 93 | — | 93 |
| Intersegment | 7 | 1 | 108 | (116) | — |
| Sales and service revenues | $2,446 | $5,424 | $2,300 | $(116) | $10,054 |
| ($ in millions) | Ingalls | Newport News | Mission Technologies | Intersegment Eliminations | Total |
|---|---|---|---|---|---|
| Revenue Type | |||||
| Product sales | $1,833 | $3,809 | $100 | $— | $5,742 |
| Service revenues | 346 | 806 | 2,114 | — | 3,266 |
| Intersegment | 10 | 1 | 99 | (110) | — |
| Sales and service revenues | $2,189 | $4,616 | $2,313 | $(110) | $9,008 |
| Customer Type | |||||
| Federal | $2,179 | $4,614 | $2,204 | $— | $8,997 |
| Commercial | — | 1 | 9 | — | 10 |
| State and local government agencies | — | — | 1 | — | 1 |
| Intersegment | 10 | 1 | 99 | (110) | — |
| Sales and service revenues | $2,189 | $4,616 | $2,313 | $(110) | $9,008 |
| Contract Type | |||||
| Firm fixed-price | $11 | $5 | $297 | $— | $313 |
| Fixed-price incentive | 1,823 | 2,393 | 4 | — | 4,220 |
| Cost-type | 345 | 2,216 | 1,806 | — | 4,367 |
| Time and materials | — | 1 | 107 | — | 108 |
| Intersegment | 10 | 1 | 99 | (110) | — |
| Sales and service revenues | $2,189 | $4,616 | $2,313 | $(110) | $9,008 |
| Three Months Ended September 30 | Nine Months Ended September 30 | |||
|---|---|---|---|---|
| ($ in millions) | 2026 | 2025 | 2026 | 2025 |
| Major Programs | ||||
| Amphibious assault ships | $444 | $375 | $1,236 | $1,031 |
| Surface combatants and coast guard cutters | 429 | 448 | 1,200 | 1,144 |
| Other | 3 | 5 | 10 | 14 |
| Total Ingalls | 876 | 828 | 2,446 | 2,189 |
| Aircraft carriers | 970 | 854 | 2,827 | 2,406 |
| Submarines | 795 | 617 | 2,122 | 1,796 |
| Other | 145 | 146 | 475 | 414 |
| Total Newport News | 1,910 | 1,617 | 5,424 | 4,616 |
| All-domain operations and warfare systems | 516 | 524 | 1,526 | 1,538 |
| Global security, unmanned systems, and other | 276 | 263 | 774 | 775 |
| Total Mission Technologies | 792 | 787 | 2,300 | 2,313 |
| Intersegment eliminations | (41) | (40) | (116) | (110) |
| Sales and service revenues | $3,537 | $3,192 | $10,054 | $9,008 |
As of September 30, 2026, the Company had $86.2 billion of remaining performance obligations. The Company expects to recognize approximately 20% of its remaining performance obligations as revenue through 2027, an additional 30% through 2029, and the balance thereafter.
Cumulative Catch-up Revenue Adjustments
The following table presents the effect of net cumulative catch-up revenue adjustments on operating income and diluted earnings per share:
| Three Months Ended September 30 | Nine Months Ended September 30 | |||
|---|---|---|---|---|
| ($ in millions, except per share amounts) | 2026 | 2025 | 2026 | 2025 |
| Effect on operating income(1) | $76 | $(3) | $87 | $(13) |
| Effect on diluted earnings per share (net of tax) | $1.52 | $(0.06) | $1.74 | $(0.26) |
(1)For each of the three and nine months ended September 30, 2026 and 2025, the effect of net cumulative catch-up revenue adjustments on operating income is materially consistent with the effect on revenue.
For the three months ended September 30, 2026, cumulative catch-up revenue adjustments included a favorable adjustment of $65 million on the Columbia class (SSBN 826) submarine program at the Company's Newport News segment.
For the three months ended September 30, 2026, no individual unfavorable cumulative catch-up revenue adjustment was material to the Company's unaudited condensed consolidated statements of operations and comprehensive income.
For the nine months ended September 30, 2026, cumulative catch-up revenue adjustments included a favorable adjustment of $81 million on the Columbia class (SSBN 826) submarine program at the Company's Newport News segment.
For the nine months ended September 30, 2026, no individual unfavorable cumulative catch-up revenue adjustment was material to the Company's unaudited condensed consolidated statements of operations and comprehensive income.
For thethree and nine months ended September 30, 2025, no individual favorable cumulative catch-up revenue adjustment was material to the Company's unaudited condensed consolidated statements of operations and comprehensive income.
For thethree and nine months ended September 30, 2025, no individual unfavorable cumulative catch-up revenue adjustment was material to the Company's unaudited condensed consolidated statements of operations and comprehensive income.
Contract Balances
The Company reports contract balances in a net contract asset or contract liability position on a contract-by-contract basis at the end of each reporting period. Net contract assets were comprised as follows:
| ($ in millions) | September 30, 2026 | December 31, 2025 |
|---|---|---|
| Contract assets | $2,125 | $1,758 |
| Contract liabilities | 780 | 1,220 |
| Net contract assets | $1,345 | $538 |
The Company’s net contract assets increased $807 million from December 31, 2025 to September 30, 2026, primarily as a result of the timing of billings across programs on certain U.S. Navy contracts. For the three and nine months ended September 30, 2026, the Company recognized revenue of $4 million and $959 million, respectively, related to its contract liabilities as of December 31, 2025. For the three and nine months ended September 30, 2025, the Company recognized revenue of $11 million and $615 million, respectively, related to its contract liabilities as of December 31, 2024.
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