Huntington Ingalls Industries
HII · NYSEShip & Boat Building & Repairing · Fiscal year ends Dec 31
Huntington Ingalls Industries reported revenue of $12.5B in the fiscal year ended Dec 2025, up 8.2% from the year before. Operating income was $657M, an operating margin of 5.3%, and net income was $605M. Operating cash flow of $1.2B less capital expenditure of $402M left free cash flow of $794M. Net debt was $1.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $9.5B | $10.7B | $11.5B | $11.5B | $12.5B |
| Research & development | $34M | $40M | $35M | $27M | $26M |
| Operating income | $513M | $565M | $781M | $535M | $657M |
| Interest expense | $89M | $102M | $95M | $95M | $105M |
| Pre-tax income | $622M | $719M | $853M | $643M | $777M |
| Income tax | $78M | $140M | $172M | $93M | $172M |
| Net income | $544M | $579M | $681M | $550M | $605M |
| Diluted EPS | 13.50 | 14.44 | 17.07 | 13.96 | 15.39 |
| Diluted shares | 40M | 40M | 40M | 39M | 39M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $627M | $467M | $430M | $831M | $774M |
| Receivables | $433M | $636M | $461M | $212M | $339M |
| Current assets | $2.8B | $2.7B | $2.9B | $3.2B | $3.5B |
| Net PP&E | $3.1B | $3.2B | $3.3B | $3.5B | $3.7B |
| Goodwill | $2.6B | $2.6B | $2.6B | $2.6B | $2.7B |
| Total assets | $10.6B | $10.9B | $11.2B | $12.1B | $12.7B |
| Payables | $603M | $642M | $554M | $598M | $556M |
| Deferred revenue | $651M | $766M | $1.1B | $774M | $1.2B |
| Current liabilities | $2.4B | $2.9B | $3B | $3B | $3B |
| Short-term debt | – | $399M | $231M | $503M | – |
| Long-term debt | $3.3B | $2.5B | $2.2B | $2.7B | $2.7B |
| Total liabilities | $7.8B | $7.4B | $7.1B | $7.5B | $7.7B |
| Shareholders' equity | $2.8B | $3.5B | $4.1B | $4.7B | $5.1B |
| Backlog (remaining obligations) | $48.5B | $47.1B | $48.1B | $48.7B | $53.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $760M | $766M | $970M | $393M | $1.2B |
| Capital expenditure | $331M | $284M | $292M | $367M | $402M |
| Free cash flow | $429M | $482M | $678M | $26M | $794M |
| Depreciation & amortisation | $293M | $358M | $347M | $326M | $329M |
| Stock-based compensation | $33M | $36M | $34M | $23M | $54M |
| Acquisitions | $1.6B | – | – | – | $132M |
| Share buybacks | $101M | $52M | $75M | $162M | – |
| Dividends paid | $186M | $192M | $200M | $206M | $213M |
| Dividend per share | 4.60 | 4.78 | 5.02 | 5.25 | 5.43 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.1% | 7.3% | 0.7% | 8.2% |
| Operating income growth (YoY) | – | 10.1% | 38.2% | −31.5% | 22.8% |
| EPS growth (YoY) | – | 7.0% | 18.2% | −18.2% | 10.2% |
| Operating margin | 5.4% | 5.3% | 6.8% | 4.6% | 5.3% |
| Net margin | 5.7% | 5.4% | 5.9% | 4.8% | 4.8% |
| Return on equityBlank when equity is negative | 19.4% | 16.6% | 16.6% | 11.8% | 11.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.3% | 7.1% | 9.5% | 5.8% | 6.8% |
| Free cash flow margin | 4.5% | 4.5% | 5.9% | 0.2% | 6.4% |
| Cash conversion (CFO ÷ net income) | 1.40x | 1.32x | 1.42x | 0.71x | 1.98x |
| Receivable days | 17 | 22 | 15 | 7 | 10 |
| Interest cover | 5.76x | 5.54x | 8.22x | 5.63x | 6.26x |
| Debt ÷ equity | 1.17x | 0.83x | 0.60x | 0.69x | 0.53x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.7B | $2.4B | $2B | $2.4B | $1.9B |
| Current ratio | 1.15x | 0.95x | 0.95x | 1.08x | 1.13x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.