# EDGAR Filing Document

**Accession Number:** 0001501585
**File Stem:** 0001501585-25-000097
**Filing Date:** 2025-7
**Character Count:** 60622
**Document Hash:** 7644b11481d3903e22bb4663098a110f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001501585-25-000097.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001501585-25-000097

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250731

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HUNTINGTON INGALLS INDUSTRIES, INC.
- **CENTRAL INDEX KEY:** 0001501585
- **STANDARD INDUSTRIAL CLASSIFICATION:** SHIP & BOAT BUILDING & REPAIRING [3730]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 900607005
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34910
- **FILM NUMBER:** 251169415

**BUSINESS ADDRESS:**
- **STREET 1:** 4101 WASHINGTON AVENUE
- **STREET 2:** 909-7, 7J2
- **CITY:** NEWPORT NEWS
- **STATE:** VA
- **ZIP:** 23607
- **BUSINESS PHONE:** (757) 380-2000

**MAIL ADDRESS:**
- **STREET 1:** 4101 WASHINGTON AVENUE
- **STREET 2:** 909-7, 7J2
- **CITY:** NEWPORT NEWS
- **STATE:** VA
- **ZIP:** 23607

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Huntington Ingalls Industries, Inc.
- **DATE OF NAME CHANGE:** 20101124

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** New Ships, Inc.
- **DATE OF NAME CHANGE:** 20101006

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW S HOLDCO, INC.
- **DATE OF NAME CHANGE:** 20100917

?xml version='1.0' encoding='ASCII'? hii-20250731

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_____________________________________

**FORM 8-K** 

_____________________________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported)**

**July 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;_____________________________________

**HUNTINGTON INGALLS INDUSTRIES, INC.** 

(Exact name of registrant as specified in its charter)

_____________________________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-34910** | **90-0607005** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| **4101 Washington Avenue** | **4101 Washington Avenue** | **4101 Washington Avenue** |
| **Newport News** | **Virginia** | **23607** |
| (Address of principal executive offices) | | (Zip Code) |

---

 **(757) 380-2000** 

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock** | **HII** | **New York Stock Exchange** |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On July 31, 2025, Huntington Ingalls Industries, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 hereto. Also furnished as Exhibit 99.2 is the corporation's earnings presentation for the second quarter 2025 earnings release conference call.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |
| (d) | Exhibits. |

---

---

| | |
|:---|:---|
| Exhibit No. | Description |
| 99.1 | <u>[Press Release dated July 31, 2025.](hii2025q2earningsrelease.htm)</u> |
| 99.2 | <u>[Earnings Presentation dated July 31, 2025.](hiiq22025earningspresent.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **HUNTINGTON INGALLS INDUSTRIES, INC.** | **HUNTINGTON INGALLS INDUSTRIES, INC.** |
| July 31, 2025 | By: | /s/ Thomas E. Stiehle |
|  |  | Thomas E. Stiehle |
|  |  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ![hii_logox2023xlogoa.jpg](hii_logox2023xlogoa.jpg) | Exhibit 99.1 <br>News Release |

---

Contacts:

Brooke Hart (Media)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

brooke.hart@hii-co.com

202-264-7108

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Christie Thomas (Investors)

christie.thomas@hii-co.com

757-380-2104&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>HII Reports Second Quarter 2025 Results</u>

NEWPORT NEWS, Va. (July 31, 2025) - HII (NYSE: HII) today reported results for the second quarter of fiscal 2025.

**<u>Highlights</u>**

• Second quarter revenues were $3.1 billion

• Second quarter net earnings were $152 million or $3.86 diluted earnings per share

• New contract awards of $11.9 billion, resulting in record backlog of $56.9 billion

• Entered into a strategic partnership with C3 AI to expand our use of digital technologies and apply artificial intelligence to accelerate shipbuilding throughput

• Reaffirming FY25 segment revenue and operating margin guidance<sup>1</sup>

**<u>Second Quarter Results</u>**

Second quarter 2025 revenues of $3.1 billion were up 3.5% from the second quarter of 2024, driven by growth at Newport News Shipbuilding, Mission Technologies and Ingalls Shipbuilding.

Operating income in the second quarter of 2025 was $163 million and operating margin was 5.3%, compared to $189 million and 6.3%, respectively, in the second quarter of 2024.

Segment operating income<sup>2</sup> in the second quarter of 2025 was $172 million and segment operating margin<sup>2</sup> was 5.6%, compared to $203 million and 6.8%, respectively, in the second quarter of 2024. The decreases were driven primarily by less favorable segment results at Newport News Shipbuilding compared to the prior year period.

Net earnings in the quarter were $152 million, compared to $173 million in the second quarter of 2024. Diluted earnings per share in the quarter was $3.86, compared to $4.38 in the second quarter of 2024.

Net cash provided by operating activities in the quarter was $823 million and free cash flow<sup>2</sup> was $730 million, compared to net cash used in operating activities of $9 million and free cash flow<sup>1</sup> of negative $99 million in the second quarter of 2024.

New contract awards in the second quarter of 2025 were $11.9 billion, bringing total backlog to a record $56.9 billion as of June 30, 2025.

"Second quarter results were largely in line with our expectations as we continue to make steady progress on our operational initiatives for 2025. We have seen early signs that targeted investments are helping to stabilize the workforce and supply chain, in support of the broader maritime industrial base," said Chris Kastner, HII's president and CEO.

<sup>1</sup>The financial outlook, expectations and other forward looking statements provided by the company for 2025 and beyond reflect the company's judgment based on information available at the time of this release. Please see the "Forward-looking Statements" section in this release and our Form 10-Q for factors that may impact the company's ability to meet expectations.

<sup>2</sup>Non-GAAP measures. See Exhibit B for definitions and reconciliations.

**HII**

4101 Washington Ave. • Newport News, VA 23607

www.HII.com

Page 1 of 12

------

**Results of Operations**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | | | **Six Months Ended** | **Six Months Ended** | | |
| | **June 30** | **June 30** | | | **June 30** | **June 30** | | |
|<br>*($ in millions, except per share amounts)* | **2025** | **2024** |<br>**$ Change** |<br>**% Change** | **2025** | **2024** |<br>**$ Change** |<br>**% Change** |
| Sales and service revenues | $**3082** | $2977 | $105 | 3.5% | $**5816** | $5782 | $34 | 0.6% |
| Operating income | **163** | 189 | (26) | (13.8)% | **324** | 343 | (19) | (5.5)% |
| *Operating margin %* | ***5.3*** *%*** | *6.3 %* |  | *(106) bps* | ***5.6*** *%*** | *5.9 %* |  | *(36) bps* |
| Segment operating income<sup>1</sup> | **172** | 203 | (31) | (15.3)% | **343** | 373 | (30) | (8.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Segment operating margin %*<sup>1</sup> | ***5.6*** *%*** | *6.8 %* |  | *(124) bps* | ***5.9*** *%*** | *6.5 %* |  | *(55) bps* |
| Net earnings | **152** | 173 | (21) | (12.1)% | **301** | 326 | (25) | (7.7)% |
| Diluted earnings per share | $**3.86** | $4.38 | $(0.52) | (11.9)% | $**7.66** | $8.25 | $(0.59) | (7.2)% |
| <sup>1</sup> Non-GAAP measures that exclude non-segment factors affecting operating income. See Exhibit B for definitions and reconciliations. | <sup>1</sup> Non-GAAP measures that exclude non-segment factors affecting operating income. See Exhibit B for definitions and reconciliations. | <sup>1</sup> Non-GAAP measures that exclude non-segment factors affecting operating income. See Exhibit B for definitions and reconciliations. | <sup>1</sup> Non-GAAP measures that exclude non-segment factors affecting operating income. See Exhibit B for definitions and reconciliations. | <sup>1</sup> Non-GAAP measures that exclude non-segment factors affecting operating income. See Exhibit B for definitions and reconciliations. | <sup>1</sup> Non-GAAP measures that exclude non-segment factors affecting operating income. See Exhibit B for definitions and reconciliations. | <sup>1</sup> Non-GAAP measures that exclude non-segment factors affecting operating income. See Exhibit B for definitions and reconciliations. | <sup>1</sup> Non-GAAP measures that exclude non-segment factors affecting operating income. See Exhibit B for definitions and reconciliations. | <sup>1</sup> Non-GAAP measures that exclude non-segment factors affecting operating income. See Exhibit B for definitions and reconciliations. |

---

**Segment Operating Results**

*Ingalls Shipbuilding*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | | | **Six Months Ended** | **Six Months Ended** | | |
| | **June 30** | **June 30** | | | **June 30** | **June 30** | | |
|<br>*($ in millions)* | **2025** | **2024** |<br>**$ Change** |<br>**% Change** | **2025** | **2024** |<br>**$ Change** |<br>**% Change** |
| Revenues | $**724** | $712 | $12 | 1.7% | $**1361** | $1367 | $(6) | (0.4)% |
| Segment operating income | **54** | 56 | (2) | (3.6)% | **100** | 116 | (16) | (13.8)% |
| *Segment operating margin %* | ***7.5*** *%*** | *7.9 %* |  | *(41) bps* | ***7.3*** *%*** | *8.5 %* |  | *(114) bps* |

---

Ingalls Shipbuilding revenues for the second quarter of 2025 were $724 million, an increase of $12 million, or 1.7%, from the same period in 2024, primarily driven by higher volumes in surface combatants, partially offset by lower volumes in amphibious assault ships.

Ingalls Shipbuilding segment operating income for the second quarter of 2025 was $54 million, a decrease of $2 million from the same period in 2024. Segment operating margin in the second quarter of 2025 was 7.5%, compared to 7.9% in the same period last year. The decreases were primarily driven by lower performance and lower contract incentives on amphibious assault ships, partially offset by contract adjustments in surface combatants. Prior year amphibious assault ship results benefited from a delivery contract incentive for USS *Richard M. McCool Jr.* (LPD 29).

Key Ingalls Shipbuilding milestones for the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Christened guided missile destroyer *Jeremiah Denton* (DDG 129)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Signed MOU with HD Hyundai Heavy Industries to explore opportunities to collaborate on accelerating ship production

**HII**

4101 Washington Ave. • Newport News, VA 23607

www.HII.com

Page 2 of 12

------

*Newport News Shipbuilding*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | | | **Six Months Ended** | **Six Months Ended** | | |
| | **June 30** | **June 30** | | | **June 30** | **June 30** | | |
|<br>*($ in millions)* | **2025** | **2024** |<br>**$ Change** |<br>**% Change** | **2025** | **2024** |<br>**$ Change** |<br>**% Change** |
| Revenues | $**1603** | $1535 | $68 | 4.4% | $**2999** | $2969 | $30 | 1.0% |
| Segment operating income | **82** | 111 | (29) | (26.1)% | **167** | 193 | (26) | (13.5)% |
| *Segment operating margin %* | ***5.1*%*** | *7.2**%* |  | *(212) bps* | ***5.6*%*** | *6.5**%* |  | *(93) bps* |

---

Newport News Shipbuilding revenues for the second quarter of 2025 were $1.6 billion, an increase of $68 million, or 4.4%, from the same period in 2024. The increase was primarily driven by higher volumes in the *Columbia-*class submarine program and the *Virginia*-class submarine program, partially offset by unfavorable cumulative adjustments on aircraft carrier construction, and favorable contract adjustments and incentives in the second quarter of 2024 on the aircraft carrier Refueling and Complex Overhaul (RCOH) program.

Newport News Shipbuilding segment operating income for the second quarter of 2025 was $82 million, a decrease of $29 million from the same period in 2024. Segment operating margin in the second quarter of 2025 was 5.1% compared to 7.2% in the same period last year. The decreases were primarily driven by lower performance in the *Virginia*-class submarine program and aircraft carrier construction, partially offset by contract incentives on the *Virginia*-class submarine program and aircraft carrier construction, as well as higher risk retirement on the *Columbia*-class submarine program. Additionally, prior year results benefited from favorable contract

adjustments and incentives on the aircraft carrier RCOH program.

Key Newport News Shipbuilding milestones for the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Awarded contract modification for construction of two additional Block V *Virginia*-class submarines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Launched *Virginia*-class submarine *Arkansas* (SSN 800)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Celebrated first meal aboard *Virginia*-class submarine *Massachusetts* (SSN 798)

*Mission Technologies*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | | | **Six Months Ended** | **Six Months Ended** | | |
| | **June 30** | **June 30** | | | **June 30** | **June 30** | | |
|<br>($ in millions) | **2025** | **2024** |<br>**$ Change** |<br>**% Change** | **2025** | **2024** |<br>**$ Change** |<br>**% Change** |
| Revenues | $**791** | $765 | $26 | 3.4% | $**1526** | $1515 | $11 | 0.7% |
| Segment operating income | **36** | 36 |  | —% | **76** | 64 | 12 | 18.8% |
| *Segment operating margin %* | ***4.6*** *%*** | *4.7 %* |  | *(15) bps* | ***5.0*** *%*** | *4.2 %* |  | *76 bps* |

---

Mission Technologies revenues for the second quarter of 2025 were $791 million, an increase of $26 million, or <br>3.4%, from the same period in 2024. The increases were primarily due to higher volumes in C5ISR and live, virtual, and constructive training solutions.

Mission Technologies segment operating income for the second quarter of 2025 was $36 million, consistent with results in the second quarter of 2024. Segment operating margin in the second quarter of 2025 was 4.6%, compared to 4.7% in the same period last year as changes in contract mix offset the higher volumes noted above.

Mission Technologies results included approximately $23 million of amortization of purchased intangible assets in the second quarter of 2025, compared to approximately $25 million in the same period last year.

Mission Technologies EBITDA margin<sup>1</sup> in the second quarter of 2025 was 8.1%, compared to 8.5% in the second quarter of 2024.

**HII**

4101 Washington Ave. • Newport News, VA 23607

www.HII.com

Page 3 of 12

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Key Mission Technologies milestones for the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Received multiple award contract to provide live training solutions to the U.S. Army's Program Executive Office for Simulation, Training and Instrumentation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivered initial Lionfish small uncrewed undersea vehicles (SUUVs) to the U.S. Navy under multi-year program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Announced the order of more than a dozen REMUS 300 SUUVs by Hitachi

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Achieved a successful forward-deployed launch and recovery of the Yellow Moray uncrewed undersea vehicle (UUV), a variant of the REMUS 600, from the HII-built USS *Delaware* (SSN 791), a *Virginia*-class submarine

<sup>1</sup>Non-GAAP measures. See Exhibit B for definitions and reconciliations.

**HII**

4101 Washington Ave. • Newport News, VA 23607

www.HII.com

Page 4 of 12

------

**HII Financial Outlook**<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Reaffirming FY25 segment revenue and operating margin guidance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FY25 shipbuilding revenue between $8.9 and $9.1 billion; expect shipbuilding operating margin<sup>2</sup> between 5.5% and 6.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FY25 Mission Technologies revenue between $2.9 to $3.1 billion, Mission Technologies segment operating margin between 4.0% and 4.5%; and Mission Technologies EBITDA margin<sup>2</sup> between 8.0% and 8.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Increasing FY25 free cash flow<sup>2</sup> guidance to between $500 and $600 million

---

| | |
|:---|:---|
| | **FY25 Outlook**<sup>1</sup> |
| Shipbuilding Revenue | $8.9B - $9.1B |
| Shipbuilding Operating Margin<sup>2</sup> | 5.5% - 6.5% |
| Mission Technologies Revenue | $2.9B - $3.1B |
| Mission Technologies Segment Operating Margin | 4.0% - 4.5% |
| Mission Technologies EBITDA Margin<sup>2</sup> | 8.0% - 8.5% |
| Operating FAS/CAS Adjustment | ($40M) |
| Non-current State Income Tax Expense<sup>3</sup> | ($15M) |
| Interest Expense | ($110M) |
| Non-operating Retirement Benefit | $191M |
| Effective Tax Rate | ~21% |
| Depreciation & Amortization | ~$340M |
| Capital Expenditures | ~4% of Sales |
| Free Cash Flow<sup>2</sup> | $500M - $600M |

---

<sup>1</sup>The financial outlook, expectations and other forward-looking statements provided by the company for 2025 and beyond reflect the company's judgment based on the information available at the time of this release. Please see the "Forward-looking Statements" section in this release and our Form 10-Q for factors that may impact the company's ability to meet expectations.

<sup>2</sup>Non-GAAP measures. See Exhibit B for definitions. In reliance upon Item 10(e)(1)(i)(B) of Regulation S-K, reconciliations of forward–looking GAAP and non–GAAP measures are not provided because of the unreasonable effort associated with providing such reconciliations due to the variability in the occurrence and the amounts of certain components of GAAP and non-GAAP measures. For the same reasons, we are unable to address the significance of the unavailable information, which could be material to future results.

<sup>3</sup> Outlook is based on current tax law. Variability exists based on how and when individual states conform to recent federal tax law changes.

**About HII**

HII is a global, all-domain defense provider. HII's mission is to deliver the world's most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world.

As the nation's largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII's workforce is 44,000 strong. For more information, please visit www.HII.com.

**HII**

4101 Washington Ave. • Newport News, VA 23607

www.HII.com

Page 5 of 12

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**Conference Call Information**

HII will webcast its earnings conference call at 9 a.m. Eastern time today. A live audio broadcast of the conference call and supplemental presentation will be available on the investor relations page of the company's website: www.HII.com. A telephone replay of the conference call will be available from noon today through Thursday, August 7th by calling (866) 813-9403 or (929) 458-6194 and using access code 808356.

**Cautionary Statement Regarding Forward-Looking Statements and Projections**

Statements in this earnings release and in our other filings with the SEC, as well as other statements we may make from time to time, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "guidance," "outlook," "predicts," "potential," "continue," and similar words or phrases or the negative of these words or phrases. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable when made, we cannot guarantee future results, levels of activity, performance, or achievements. There are a number of important factors that could cause our actual results to differ materially from the results anticipated by our forward-looking statements, which include, but are not limited to: our dependence on the U.S. Government for substantially all of our business; significant delays or reductions in appropriations for our programs and/or changes in customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans);our ability to estimate our future contract costs, including cost increases due to inflation, labor challenges, changes in trade policy, or other factors and our efforts to recover or offset such costs and/or changes in estimated contract costs, and perform our contracts effectively; changes in business practices, procurement processes and government regulations and our ability to comply with such requirements; adverse economic conditions in the United States and globally; our level of indebtedness and ability to service our indebtedness; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; our ability to attract, retain, and train a qualified workforce; subcontractor and supplier performance and the availability and pricing of raw materials and components; our ability to execute our strategic plan, including with respect to share repurchases, dividends, capital expenditures, and strategic acquisitions; investigations, claims, disputes, enforcement actions, litigation (including criminal, civil, and administrative), and/or other legal proceedings, and improper conduct of employees, agents, subcontractors, suppliers, business partners, or joint ventures in which we participate, including the impact on our reputation or ability to do business; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; natural and environmental disasters and political instability; health epidemics, pandemics and similar outbreaks; and other risk factors discussed herein and in our other filings with the SEC. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligation to update or revise any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make.

This release also contains non-GAAP financial measures and includes a GAAP reconciliation of these financial measures. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures.

**HII**

4101 Washington Ave. • Newport News, VA 23607

www.HII.com

Page 6 of 12

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**Exhibit A: Financial Statements**

**HUNTINGTON INGALLS INDUSTRIES, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30** | **Three Months Ended June 30** | **Six Months Ended June 30** | **Six Months Ended June 30** |
|<br>(in millions, except per share amounts) | **2025** | **2024** | **2025** | **2024** |
| Sales and service revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Product sales | $**1957** | $1926 | $**3670** | $3713 |
| &nbsp;&nbsp;&nbsp;Service revenues | **1125** | 1051 | **2146** | 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and service revenues | **3082** | 2977 | **5816** | 5782 |
| Cost of sales and service revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of product sales | **1696** | 1627 | **3147** | 3164 |
| &nbsp;&nbsp;&nbsp;Cost of service revenues | **991** | 918 | **1880** | 1811 |
| &nbsp;&nbsp;&nbsp;Income from operating investments, net | **8** | 11 | **21** | 23 |
| &nbsp;&nbsp;&nbsp;Other income and gains (losses), net | **1** | 1 | **1** |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | **241** | 255 | **487** | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | **163** | 189 | **324** | 343 |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | **(28)** | (24) | **(56)** | (45) |
| &nbsp;&nbsp;&nbsp;Non-operating retirement benefit | **47** | 46 | **95** | 90 |
| &nbsp;&nbsp;&nbsp;Other, net | **6** | 5 | **12** | 12 |
| Earnings before income taxes | **188** | 216 | **375** | 400 |
| Federal and foreign income tax expense | **36** | 43 | **74** | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings | $**152** | $173 | $**301** | $326 |
| Basic earnings per share | $**3.86** | $4.38 | $**7.66** | $8.25 |
| Weighted-average common shares outstanding | **39.4** | 39.5 | **39.3** | 39.5 |
| Diluted earnings per share | $**3.86** | $4.38 | $**7.66** | $8.25 |
| Weighted-average diluted shares outstanding | **39.4** | 39.5 | **39.3** | 39.5 |
| Dividends declared per share | $**1.35** | $1.30 | $**2.70** | $2.60 |
| Net earnings from above | $**152** | $173 | $**301** | $326 |
| Other comprehensive income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in unamortized benefit plan costs | **1** | 4 | **2** | 9 |
| &nbsp;&nbsp;&nbsp;Tax expense for items of other comprehensive income | **—** |  | **—** | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income, net of tax | **1** | 4 | **2** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income | $**153** | $177 | $**303** | $333 |

---

**HII**

4101 Washington Ave. • Newport News, VA 23607

www.HII.com

Page 7 of 12

------

**HUNTINGTON INGALLS INDUSTRIES, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| ($ in millions) | **June 30,<br>2025** | **December 31, 2024** |
| ***Assets*** |  |  |
| **Current Assets** |  |  |
| Cash and cash equivalents | $**343** | $831 |
| Accounts receivable, net of allowance for expected credit losses of $2 million as of 2025 and 2024  | **377** | 212 |
| Contract assets | **1811** | 1683 |
| Inventoried costs | **215** | 208 |
| Income taxes receivable | **153** | 204 |
| Prepaid expenses and other current assets | **74** | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | **2973** | 3228 |
| Property, Plant, and Equipment, net of accumulated depreciation of $2,663 million as of 2025 and $2,583 million as of 2024 | **3576** | 3450 |
| Operating lease assets | **242** | 239 |
| Goodwill | **2651** | 2618 |
| Other intangible assets, net of accumulated amortization of $1,170 million as of 2025 and $1,118 million as of 2024 | **746** | 782 |
| Pension plan assets | **1492** | 1422 |
| Miscellaneous other assets | **418** | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**12098** | $12141 |
| ***Liabilities and Stockholders' Equity*** |  |  |
| **Current Liabilities** |  |  |
| Trade accounts payable | **650** | 598 |
| Accrued employees' compensation | **384** | 392 |
| Short-term debt and current portion of long-term debt | **3** | 503 |
| Current portion of postretirement plan liabilities | **124** | 124 |
| Current portion of workers' compensation liabilities | **203** | 201 |
| Contract liabilities | **969** | 774 |
| Other current liabilities | **417** | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | **2750** | 2991 |
| Long-term debt | **2700** | 2700 |
| Pension plan liabilities | **142** | 142 |
| Other postretirement plan liabilities | **199** | 209 |
| Workers' compensation liabilities | **449** | 443 |
| Long-term operating lease liabilities | **206** | 205 |
| Deferred tax liabilities | **359** | 378 |
| Other long-term liabilities | **411** | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **7216** | 7475 |
| **Commitments and Contingencies** |  |  |
| **Stockholders' Equity** |  |  |
| Common stock, $0.01 par value; 150,000,000 shares authorized; 53,824,958 shares issued and 39,240,249 shares outstanding as of 2025, and 53,714,128 shares issued and 39,129,419 shares outstanding as of 2024 | **1** | 1 |
| Additional paid-in capital | **2066** | 2045 |
| Retained earnings | **5290** | 5097 |
| Treasury stock | **(2449)** | (2449) |
| Accumulated other comprehensive loss | **(26)** | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | **4882** | 4666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $**12098** | $12141 |

---

**HII**

4101 Washington Ave. • Newport News, VA 23607

www.HII.com

Page 8 of 12

------

**HUNTINGTON INGALLS INDUSTRIES, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30** | **Six Months Ended June 30** |
|<br>($ in millions) | **2025** | **2024** |
| **Operating Activities** |  |  |
| Net earnings | $**301** | $326 |
| Adjustments to reconcile net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | **110** | 106 |
| &nbsp;&nbsp;&nbsp;Amortization of purchased intangibles | **52** | 54 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | **33** | 7 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | **(19)** | (28) |
| &nbsp;&nbsp;&nbsp;Gain on investments in marketable securities | **(10)** | (11) |
| &nbsp;&nbsp;&nbsp;Other non-cash transactions, net | **9** | 2 |
| &nbsp;&nbsp;Change in |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | **(165)** | (239) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract assets | **(128)** | (157) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventoried costs | **(7)** | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | **57** | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accruals | **272** | (164) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retiree benefits | **(77)** | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | **428** | (211) |
| **Investing Activities:** |  |  |
| Capital expenditures |  |  |
| &nbsp;&nbsp;Capital expenditure additions | **(163)** | (165) |
| &nbsp;&nbsp;Grant proceeds for capital expenditures | **3** | 3 |
| Acquisitions of businesses | **(133)** |  |
| Other investing activities, net | **2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | **(291)** | (162) |
| **Financing Activities:** |  |  |
| Repayment of long-term debt | **(500)** | (229) |
| Proceeds from revolving credit facility borrowings | **—** | 42 |
| Repayment of revolving credit facility borrowings | **—** | (42) |
| Net borrowings on commercial paper | **—** | 440 |
| Dividends paid | **(106)** | (102) |
| Repurchases of common stock | **—** | (127) |
| Employee taxes on certain share-based payment arrangements | **(14)** | (25) |
| Other financing activities, net | **(5)** | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | **(625)** | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in cash and cash equivalents | **(488)** | (419) |
| Cash and cash equivalents, beginning of period | **831** | 430 |
| **Cash and cash equivalents, end of period** | $**343** | $11 |
| **Supplemental Cash Flow Disclosure** |  |  |
| Cash paid for income taxes (net of refunds) | $**55** | $157 |
| Cash paid for interest | $**42** | $51 |
| **Non-Cash Investing and Financing Activities** |  |  |
| Capital expenditures accrued in accounts payable | $**6** | $9 |

---

**HII**

4101 Washington Ave. • Newport News, VA 23607

www.HII.com

Page 9 of 12

------

**Exhibit B: Non-GAAP Measures Definitions & Reconciliations**

This earnings release contains non-GAAP (accounting principles generally accepted in the United States of America) financial measures as defined by SEC Regulation G and indicated by a footnote in the text of this release. Definitions for the non-GAAP measures, and related reconciliations, are provided below. Because not all companies use identical definitions or calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies.

**Segment Operating Income and Segment Operating Margin** We internally manage our operations by reference to segment operating income and segment operating margin and use these measures to evaluate our core operating performance. We believe that segment operating income and segment operating margin reflect additional ways of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These measures should be considered in addition to, and not as alternatives for, operating income and operating margin or any other performance measure presented in accordance with GAAP.

**Segment operating income** is defined as operating income for the relevant segment(s) before the Operating FAS/CAS Adjustment and non-current state income taxes.

**Segment operating margin** is defined as segment operating income as a percentage of sales and service revenues.

**Shipbuilding operating margin, Mission Technologies EBITDA and Mission Technologies EBITDA margin**. We use shipbuilding operating margin, Mission Technologies EBITDA and Mission Technologies EBITDA margin to evaluate our core operating performance. We believe these measures reflect additional ways of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These measures should be considered in addition to, and not as alternatives for, operating income and operating margin or any other performance measure presented in accordance with GAAP.

**Shipbuilding operating margin** is defined as the combined segment operating income of our Newport News Shipbuilding segment and Ingalls Shipbuilding segment as a percentage of shipbuilding revenue. Shipbuilding revenue is the sum of revenues of our Newport News Shipbuilding segment and Ingalls Shipbuilding segment.

**Mission Technologies EBITDA** is defined as Mission Technologies segment operating income before interest expense, income taxes, depreciation, and amortization.

**Mission Technologies EBITDA margin** is defined as Mission Technologies EBITDA as a percentage of Mission Technologies revenues.

**Free Cash Flow.** We use free cash flow as a key operating metric in assessing the performance of our business and as a key performance measure in evaluating management performance and determining incentive compensation. We believe free cash flow is an important measure that may be useful to investors and other users of our financial statements because it provides insight into our current and period-to-period performance and our ability to generate cash from continuing operations. Free cash flow has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, net income as a measure of our performance or net cash provided by operating activities as a measure of our liquidity.

**Free cash flow** is defined as net cash provided by (used in) operating activities less capital expenditures net of related grant proceeds.

In reliance upon Item 10(e)(1)(i)(B) of Regulation S-K, reconciliations of forward-looking GAAP and non-GAAP measures are not provided because of the unreasonable effort associated with providing such reconciliations due to the variability in the occurrence and the amounts of certain components of GAAP and non-GAAP measures. For the same reasons, we are unable to address the significance of the unavailable information, which could be material to future results.

**HII**

4101 Washington Ave. • Newport News, VA 23607

www.HII.com

Page 10 of 12

------

**Reconciliations of Segment Operating Income and Segment Operating Margin**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30** | **June 30** | **June 30** | **June 30** |
|<br>*($ in millions)* | **2025** | **2024** | **2025** | **2024** |
| Ingalls revenues | $**724** | $712 | $**1361** | $1367 |
| Newport News revenues | **1603** | 1535 | **2999** | 2969 |
| Mission Technologies revenues | **791** | 765 | **1526** | 1515 |
| Intersegment eliminations | **(36)** | (35) | **(70)** | (69) |
| **Sales and Service Revenues** | **3082** | 2977 | **5816** | 5782 |
| **Operating Income** | **163** | 189 | **324** | 343 |
| &nbsp;&nbsp;&nbsp;Operating FAS/CAS Adjustment | **6** | 15 | **16** | 32 |
| &nbsp;&nbsp;&nbsp;Non-current state income taxes | **3** | (1) | **3** | (2) |
| **Segment Operating Income** | **172** | 203 | **343** | 373 |
| &nbsp;&nbsp;&nbsp; *As a percentage of sales and service revenues* | *5.6 %* | *6.8 %* | *5.9 %* | *6.5 %* |
| &nbsp;&nbsp;&nbsp;Ingalls segment operating income | **54** | 56 | **100** | 116 |
| &nbsp;&nbsp;&nbsp; *As a percentage of Ingalls revenues* | *7.5 %* | *7.9 %* | *7.3 %* | *8.5 %* |
| &nbsp;&nbsp;&nbsp;Newport News segment operating income | **82** | 111 | **167** | 193 |
| &nbsp;&nbsp;&nbsp; *As a percentage of Newport News revenues* | *5.1 %* | *7.2 %* | *5.6 %* | *6.5 %* |
| &nbsp;&nbsp;&nbsp;Mission Technologies segment operating income | **36** | 36 | **76** | 64 |
| &nbsp;&nbsp;&nbsp; *As a percentage of Mission Technologies revenues* | *4.6 %* | *4.7 %* | *5.0 %* | *4.2 %* |

---

**Reconciliation of Free Cash Flow**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30** | **June 30** | **June 30** | **June 30** |
|<br>*($ in millions)* | **2025** | **2024** | **2025** | **2024** |
| Net cash provided by (used in) operating activities | $**823** | $(9) | $**428** | $(211) |
| Less capital expenditures: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditure additions | **(96)** | (90) | **(163)** | (165) |
| &nbsp;&nbsp;&nbsp;Grant proceeds for capital expenditures | **3** |  | **3** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Free cash flow | $**730** | $(99) | $**268** | $(373) |

---

**HII**

4101 Washington Ave. • Newport News, VA 23607

www.HII.com

Page 11 of 12

------

**Reconciliation of Mission Technologies EBITDA and EBITDA Margin**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30** | **June 30** | **June 30** | **June 30** |
|<br>*($ in millions)* | **2025** | **2024** | **2025** | **2024** |
| **Mission Technologies sales and service revenues** | $**791** | $765 | $**1526** | $1515 |
| **Mission Technologies segment operating income** | $**36** | $36 | $**76** | $64 |
| Mission Technologies depreciation expense | **3** | 2 | **6** | 5 |
| Mission Technologies amortization expense | **23** | 25 | **45** | 50 |
| Mission Technologies state tax expense | **2** | 2 | **4** | 4 |
| **Mission Technologies EBITDA** | $**64** | $65 | $**131** | $123 |
| **Mission Technologies EBITDA margin** | **8.1%** | 8.5% | **8.6%** | 8.1% |

---

**HII**

4101 Washington Ave. • Newport News, VA 23607

www.HII.com

Page 12 of 12

## Exhibit 99.2

![](hiiq22025earningspresent001.jpg)

Q2 2025 Earnings Call Chris Kastner President and CEO Tom Stiehle EVP and CFO July 31, 2025 Recently launched Virginia-class submarine Arkansas (SSN 800) Exhibit 99.2

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![](hiiq22025earningspresent002.jpg)

Q2 2025 EARNINGS Cautionary Statement Regarding Forward-looking Statements Statements in this presentation and in our other filings with the SEC, as well as other statements we may make from time to time, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "guidance," "outlook," "predicts," "potential," "continue," and similar words or phrases or the negative of these words or phrases. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable when made, we cannot guarantee future results, levels of activity, performance, or achievements. There are a number of important factors that could cause our actual results to differ materially from the results anticipated by our forward-looking statements, which include, but are not limited to: our dependence on the U.S. Government for substantially all of our business; significant delays or reductions in appropriations for our programs and/or changes in customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to estimate our future contract costs, including cost increases due to inflation, labor challenges, changes in trade policy, or other factors and our efforts to recover or offset such costs and/or changes in estimated contract costs, and perform our contracts effectively; changes in business practices, procurement processes and government regulations and our ability to comply with such requirements; adverse economic conditions in the United States and globally; our level of indebtedness and ability to service our indebtedness; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; our ability to attract, retain, and train a qualified workforce; subcontractor and supplier performance and the availability and pricing of raw materials and components; our ability to execute our strategic plan, including with respect to share repurchases, dividends, capital expenditures, and strategic acquisitions; investigations, claims, disputes, enforcement actions, litigation (including criminal, civil, and administrative), and/or other legal proceedings, and improper conduct of employees, agents, subcontractors, suppliers, business partners, or joint ventures in which we participate, including the impact on our reputation or ability to do business; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; natural and environmental disasters and political instability; health epidemics, pandemics and similar outbreaks; and other risk factors discussed herein and in our other filings with the SEC. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligation to update or revise any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make. 2

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![](hiiq22025earningspresent003.jpg)

Q2 2025 EARNINGS 3 HII INVESTMENT THESIS Largest U.S. military seapower provider with leading all-domain, integrated defense technologies Margin expansion opportunity driven by operational execution and new post-COVID contracts Free cash flow1 growth enabling disciplined capital allocation and increasing total shareholder value Working through the majority of challenged pre-COVID contracts, focused on enhancing throughput and reducing cost – Top priority to get these ships delivered to the Navy Expect over $50B of contract awards, establishing balanced risk equation and margins more consistent with industry norms Over the course of 2025 and 2026: Mid to Long Term: Top line growth of 4%+; $15B enterprise revenue by 2030 1 Non-GAAP measure. See appendix for definitions and reconciliations.

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![](hiiq22025earningspresent004.jpg)

Q2 2025 EARNINGS Pursuing Multiple Throughput Enablers » Signed MOU with HD Hyundai Heavy Industries to explore opportunities to collaborate on accelerating ship production » Entered into a strategic artificial intelligence partnership with C3 AI to support U.S. Navy shipbuilding » Acquired Charleston production site that enhances capacity and throughput enabling improved build rates to meet generational customer demand Enhancing Shipbuilding Throughput » Targeting 20% overall throughput improvement over 2024 » Multiple workforce improvement initiatives » Ramp up new South Carolina facility » Increase outsourcing to trusted providers » Utilize contract labor to address critical skill gaps Reducing Cost » $250M in annualized cost take out by year-end » Overhead and support labor reduction » Shared service and technology utilization New Contract Awards » Ensuring contract awards that reflect current operating environment » Expect $50B+ in new awards across 2025 & 2026, including submarines, RCOH of CVN 75 and amphibious ship bundle 2025 Operational Initiatives Update 4

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![](hiiq22025earningspresent005.jpg)

Q2 2025 EARNINGS Shipbuilding Milestones1 5 2025 2026 4 Deliveries Planned for 2025-2026; CVN 79 Delivery Moved to 2027 Ingalls Shipbuilding ✓ Launch DDG 129 » Sea Trials DDG 1000 Newport News Shipbuilding » Deliver SSN 798 ✓ Float off SSN 800 Ingalls Shipbuilding » Deliver DDG 128 » Launch DDG 131 » Deliver LHA 8 Newport News Shipbuilding » Lay Keel CVN 81 » Deliver SSN 800 1 All future milestones are based upon current expectations and subject to change based upon future events. List is alphabetical by program designation.

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![](hiiq22025earningspresent006.jpg)

Q2 2025 EARNINGS HII Q2 2025 Revenue 6.1% 9.8% 3.7% CONSOLIDATED REVENUE ($M) $2,977 $3,082 Q224 Q225 Three Months Ended June 30 ($M) 2024 2025 % Change Ingalls Shipbuilding 712 724 1.7% Newport News Shipbuilding 1,535 1,603 4.4% Mission Technologies 765 791 3.4% Eliminations (35) (36) - Total 2,977 3,082 3.5% YoY variance driven by higher submarine volume at Newport News Shipbuilding, C5ISR results at Mission Technologies and higher surface combatant volume at Ingalls Shipbuilding 6

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![](hiiq22025earningspresent007.jpg)

Q2 2025 EARNINGS HII Q2 2025 Segment Operating Income1 6.1% 9.8% 3.7% 1 Non-GAAP measure. See appendix for definitions and reconciliations. Three Months Ended June 30 ($M) 2024 2025 % Change Ingalls Shipbuilding 56 54 (3.6%) Newport News Shipbuilding 111 82 (26.1%) Mission Technologies 36 36 0.0% Total 203 172 (15.3%) SEGMENT OPERATING INCOME1 ($M) & MARGIN % $203 $172 Q224 Q225 6.8% 5.6% YoY variance driven by Virginia-class and aircraft carrier construction performance at Newport News Shipbuilding 7

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![](hiiq22025earningspresent008.jpg)

Q2 2025 EARNINGS HII Q2 2025 Capital Deployment 1 Non-GAAP measure. See appendix for definition and reconciliation. 8 ($9) $823 ($90) ($93)($99) $730 ($200) $0 $200 $400 $600 $800 $1,000 Cash provided by (used in) Ops. CAPEX Free Cash Flow CASH FLOW GENERATION ($M) Q225Q224 1 $0 $20 $40 $60 $80 $100 $120 $140 Q224 Q225 Dividends Share Repurchases (at cost) SHAREHOLDER DISTRIBUTIONS ($M) TOTAL $53 TOTAL $116 $162 $53 $65 $51 • Cash balance of $343 million and liquidity of $2.0 billion at quarter end • Net capital expenditures of $93 million were 3.0% of revenues in Q2 2025 • $53 million distributed to shareholders in Q2 2025 • Paid dividends totaling $53 million • Did not repurchase shares in the quarter

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![](hiiq22025earningspresent009.jpg)

Q2 2025 EARNINGS HII Outlook1 Reaffirming 2025 segment revenue and operating margin guidance Increasing 2025 free cash flow2 guidance to between $500M and $600M Q3 2025 Expectations • Shipbuilding revenue of ~$2.2B and shipbuilding operating margin2 near the low end of the annual guidance range • Mission Technologies revenues of ~$730M; Mission Technologies operating margin of ~3.5% • Non-current state income tax expense of ~$10M • Free cash flow2 of ~($150M) FY25 Outlook1 Shipbuilding Revenue $8.9B - $9.1B Shipbuilding Operating Margin2 5.5% - 6.5% Mission Technologies Revenue $2.9B - $3.1B Mission Technologies Segment Operating Margin 4.0% - 4.5% Mission Technologies EBITDA Margin2 8.0% - 8.5% Operating FAS/CAS Adjustment ($40M) Non-current State Income Tax Expense3 ($15M) Interest Expense ($110M) Non-operating Retirement Benefit $191M Effective Tax Rate ~21% Depreciation & Amortization ~$340M Capital Expenditures ~4% of Sales Free Cash Flow2 $500M - $600M FY25 OUTLOOK1 1 The financial outlook, expectations and other forward looking statements provided by the company for 2025 and beyond reflect the company's judgment based on the information available at the time of this presentation. Please see the "Forward-looking Statements" section in this presentation and our Form 10-Q for factors that may impact the company's ability to meet expectations. 2 Non-GAAP measures. See appendix for definitions. In reliance upon Item 10(e)(1)(i)(B) of Regulation S-K, reconciliations of forward–looking GAAP and non–GAAP measures are not provided because of the unreasonable effort associated with providing such reconciliations due to the variability in the occurrence and the amounts of certain components of GAAP and non-GAAP measures. For the same reasons, we are unable to address the significance of the unavailable information, which could be material to future results. 3 Outlook is based on current tax law. Variability exists based on how and when individual states conform to recent federal tax law changes. 9

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![](hiiq22025earningspresent010.jpg)

Q2 2025 EARNINGS Appendix 10

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![](hiiq22025earningspresent011.jpg)

Q2 2025 EARNINGS Non-GAAP Information This earnings presentation contains non-GAAP (accounting principles generally accepted in the United States of America) financial measures as defined by SEC Regulation G and indicated by a footnote in the text of this presentation. Definitions for the non-GAAP measures, and related reconciliations, are provided below. Because not all companies use identical definitions or calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies. Segment Operating Income and Segment Operating Margin Rate. We internally manage our operations by reference to segment operating income and segment operating margin and use these measures to evaluate our core operating performance. We believe that segment operating income and segment operating margin reflect additional ways of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These measures should be considered in addition to, and not as alternatives for, operating income and operating margin or any other performance measure presented in accordance with GAAP. Segment operating income is defined as operating income for the relevant segment(s) before the Operating FAS/CAS Adjustment and non-current state income taxes. Segment operating margin is defined as segment operating income as a percentage of sales and service revenues. Shipbuilding operating margin, Mission Technologies EBITDA and Mission Technologies EBITDA margin. We use shipbuilding operating margin, Mission Technologies EBITDA and Mission Technologies EBITDA margin to evaluate our core operating performance. We believe these measures reflect additional ways of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These measures should be considered in addition to, and not as alternatives for, operating income and operating margin or any other performance measure presented in accordance with GAAP. Shipbuilding operating margin is defined as the combined segment operating income of our Newport News Shipbuilding segment and Ingalls Shipbuilding segment as a percentage of shipbuilding revenue. Shipbuilding revenue is the sum of revenues of our Newport News Shipbuilding segment and Ingalls Shipbuilding segment. Mission Technologies EBITDA is defined as Mission Technologies segment operating income before interest expense, income taxes, depreciation, and amortization. Mission Technologies EBITDA margin is defined as Mission Technologies EBITDA as a percentage of Mission Technologies revenues. Free Cash Flow. We use free cash flow as a key operating metric in assessing the performance of our business and as a key performance measure in evaluating management performance and determining incentive compensation. We believe free cash flow is an important measure that may be useful to investors and other users of our financial statements because it provides insight into our current and period-to- period performance and our ability to generate cash from continuing operations. Free cash flow has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, net income as a measure of our performance or net cash provided by operating activities as a measure of our liquidity. Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures net of related grant proceeds. In reliance upon Item 10(e)(1)(i)(B) of Regulation S-K, reconciliations of forward-looking GAAP and non-GAAP measures are not provided because of the unreasonable effort associated with providing such reconciliations due to the variability in the occurrence and the amounts of certain components of GAAP and non-GAAP measures. For the same reasons, we are unable to address the significance of the unavailable information, which could be material to future results. 11

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Q2 2025 EARNINGS Non-GAAP Reconciliations Segment Operating Income & Segment Operating Margin 12 ($ in millions) 2025 2024 2025 2024 Ingalls revenues 724 712 1,361 1,367 Newport News revenues 1,603 1,535 2,999 2,969 Mission Technologies revenues 791 765 1,526 1,515 Intersegment eliminations (36) (35) (70) (69) Sales and Service Revenues 3,082 2,977 5,816 5,782 Operating Income 163 189 324 343 Operating FAS/CAS Adjustment 6 15 16 32 Non-current state income taxes 3 (1) 3 (2) Segment Operating Income 172 203 343 373 As a percentage of sales and service revenues 5.6 % 6.8 % 5.9 % 6.5 % Ingalls segment operating income 54 56 100 116 As a percentage of Ingalls revenues 7.5 % 7.9 % 7.3 % 8.5 % Newport News segment operating income 82 111 167 193 As a percentage of Newport News revenues 5.1 % 7.2 % 5.6 % 6.5 % Mission Technologies segment operating income 36 36 76 64 As a percentage of Mission Technologies revenues 4.6 % 4.7 % 5.0 % 4.2 % Three Months Ended June 30 June 30 Six Months Ended

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Q2 2025 EARNINGS Non-GAAP Reconciliations Shipbuilding Revenues & Margin 13 ($ in millions) 2025 2024 2025 2024 Sales and service revenues 3,082 2,977 5,816 5,782 Mission Technologies (791) (765) (1,526) (1,515) Intersegment eliminations 36 35 70 69 Shipbuilding Revenues 2,327 2,247 4,360 4,336 Operating Income 163 189 324 343 Operating FAS/CAS Adjustment 6 15 16 32 Non-current state income taxes 3 (1) 3 (2) Segment Operating Income 172 203 343 373 Mission Technologies (36) (36) (76) (64) Shipbuilding operating income 136 167 267 309 As a precentage of shipbuilding revenues 5.8 % 7.4 % 6.1 % 7.1 % Three Months Ended June 30 June 30 Six Months Ended

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Q2 2025 EARNINGS Non-GAAP Reconciliations Free Cash Flow 14 ($ in millions) 2025 2024 2025 2024 Net cash provided by (used in) operating activities 823 (9) 428 (211) Less capital expenditures: Capital expenditure additions (96) (90) (163) (165) Grant proceeds for capital expenditures 3 — 3 3 Free cash flow 730 (99) 268 (373) Three Months Ended June 30 June 30 Six Months Ended

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Q2 2025 EARNINGS Non-GAAP Reconciliations Mission Technologies EBITDA & EBITDA Margin 15 (in millions) 2025 2024 2025 2024 Mission Technologies sales and service revenues 791 765 1,526 1,515 Mission Technologies segment operating income 36 36 76 64 Mission Technologies depreciation expense 3 2 6 5 Mission Technologies amortization expense 23 25 45 50 Mission Technologies state tax expense 2 2 4 4 Mission Technologies EBITDA 64 65 131 123 Mission Technologies EBITDA margin 8.1 % 8.5 % 8.6 % 8.1 % Three Months Ended Six Months Ended June 30June 30

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