# EDGAR Filing Document

**Accession Number:** 0001501585
**File Stem:** 0001501585-26-000004
**Filing Date:** 2026-2
**Character Count:** 69998
**Document Hash:** 61394a2e27412b4837eae6b6a5cea822
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001501585-26-000004.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001501585-26-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20260205

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**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:** 26600431

**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-20260205

**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)**

**February 5, 2026**

&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 February 5, 2026, Huntington Ingalls Industries, Inc. issued a press release announcing its financial results for the quarter ended December 31, 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 fourth quarter 2025 earnings release conference call.

---

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

---

---

| | |
|:---|:---|
| Exhibit No. | Description |
| 99.1 | <u>[Press Release dated February 5, 2026.](hiiq42025earningsrelease.htm)</u> |
| 99.2 | <u>[Earnings Presentation dated February 5, 2026.](hiiq42025earningspresent.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.** |
| February 5, 2026 | By: | /s/ Thomas E. Stiehle |
|  |  | Thomas E. Stiehle |
|  |  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

---

| | |
|:---|:---|
| ![hii_logox2023xicona.jpg](hii_logox2023xicona.jpg) | **Exhibit 99.1**<br>News Release |

---

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

Contacts:

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

brooke.hart@hii-co.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202) 264-7108

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

Christie Thomas (Investors)

christie.thomas@hii-co.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(757) 380-2104&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>HII Reports Fourth Quarter and Full Year 2025 Results</u>

&nbsp;&nbsp;&nbsp;&nbsp;• 2025 revenue increased 8.2% to $12.5 billion

&nbsp;&nbsp;&nbsp;&nbsp;• 2025 diluted earnings per share increased 10.2% to $15.39

&nbsp;&nbsp;&nbsp;&nbsp;• Achieved critical shipbuilding milestones in 2025, including delivery of *Virginia*-class submarine *Massachusetts* (SSN 798) and guided missile destroyer *Ted Stevens* (DDG 128)

&nbsp;&nbsp;&nbsp;&nbsp;• Invested over $400 million in capital improvements in 2025

&nbsp;&nbsp;&nbsp;&nbsp;• Achieved ~14% shipbuilding throughput growth in 2025, targeting ~15% growth in 2026

NEWPORT NEWS, Va. (February 5, 2026) - HII (NYSE:HII) reported fourth quarter 2025 revenues of $3.5 billion compared to $3.0 billion in the fourth quarter of 2024. The increase was driven by growth across all business segments.

Fourth quarter 2025 operating income of $172 million and operating margin of 4.9%, compared to $110 million and 3.7%, respectively, in the fourth quarter of 2024.

Segment operating income<sup>1</sup> in the fourth quarter of 2025 was $195 million and segment operating margin<sup>1</sup> was 5.6%, compared to $103 million and 3.4%, respectively, in the fourth quarter of 2024. The increases were driven by improved operating results across all business segments.

Diluted earnings per share in the quarter was $4.04, compared to $3.15 in the fourth quarter of 2024.

For the full year, revenues of $12.5 billion increased 8.2% over 2024, due to growth across all business segments.

Operating income in 2025 was $657 million and operating margin was 5.3%, compared to $535 million and 4.6%, respectively, in 2024.

Segment operating income<sup>1</sup> in 2025 was $717 million and segment operating margin<sup>1</sup> was 5.7%, compared to $573 million and 5.0%, respectively, in 2024, the increase was driven by improved operating results across all business segments.

Diluted earnings per share for the full year was $15.39, compared to $13.96 in 2024.

Net cash provided by operating activities in 2025 was $1,196 million and free cash flow<sup>1</sup> was $800 million, compared to $393 million and $40 million, respectively, in 2024.

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

**HII**

4101 Washington Ave. • Newport News, VA 23607

HII.com

Page 1 of 14

------

---

| | |
|:---|:---|
| ![hii_logox2023xicona.jpg](hii_logox2023xicona.jpg) | **Exhibit 99.1**<br>News Release |

---

Chris Kastner, HII's president and CEO, said, "We made solid progress on our operational initiatives in 2025 and enter 2026 with strong momentum. With more than 40 ships at Ingalls and Newport News in active construction or modernization, our focus in 2026 is clear: We must build on this momentum, and continue to increase our shipbuilding throughput. The U.S. Navy and all of our defense customers need our ships and technologies now more than ever and we are committed to delivering for our customer and the nation."

**HII**

4101 Washington Ave. • Newport News, VA 23607

HII.com

Page 2 of 14

------

**Results of Operations**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | | | **Year Ended** | **Year Ended** | | |
| | **December 31** | **December 31** | | | **December 31** | **December 31** | | |
|<br>*($ in millions, except per share amounts)* | **2025** | **2024** |<br>**$ Change** |<br>**% Change** | **2025** | **2024** |<br>**$ Change** |<br>**% Change** |
| Sales and service revenues | $**3476** | $3004 | $472 | 15.7% | $**12484** | $11535 | $949 | 8.2% |
| Operating income | **172** | 110 | 62 | 56.4% | **657** | 535 | 122 | 22.8% |
| *Operating margin %* | ***4.9*** *%*** | *3.7 %* |  | *129 bps* | ***5.3*** *%*** | *4.6 %* |  | *62 bps* |
| Segment operating income<sup>1</sup> | **195** | 103 | 92 | 89.3% | **717** | 573 | 144 | 25.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Segment operating margin %*<sup>1</sup> | ***5.6*** *%*** | *3.4 %* |  | *218 bps* | ***5.7*** *%*** | *5.0 %* |  | *78 bps* |
| Net earnings | **159** | 123 | 36 | 29.3% | **605** | 550 | 55 | 10.0% |
| Diluted earnings per share | $**4.04** | $3.15 | $0.89 | 28.3% | $**15.39** | $13.96 | $1.43 | 10.2% |
| <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** | | | **Year Ended** | **Year Ended** | | |
| | **December 31** | **December 31** | | | **December 31** | **December 31** | | |
|<br>*($ in millions)* | **2025** | **2024** |<br>**$ Change** |<br>**% Change** | **2025** | **2024** |<br>**$ Change** |<br>**% Change** |
| Sales and service revenues | $**889** | $736 | $153 | 20.8% | $**3078** | $2767 | $311 | 11.2% |
| Segment operating income | **68** | 46 | 22 | 47.8% | **233** | 211 | 22 | 10.4% |
| *Segment operating margin %* | ***7.6*** *%*** | *6.3 %* |  | *140 bps* | ***7.6*** *%*** | *7.6 %* |  | *(6) bps* |

---

Ingalls Shipbuilding revenues for the fourth quarter of 2025 were $889 million, an increase of $153 million, or 20.8%, from the same period in 2024, driven by higher volumes in amphibious assault ships and surface combatants.

Ingalls Shipbuilding segment operating income for the fourth quarter of 2025 was $68 million and segment operating margin was 7.6%, compared to $46 million and 6.3% in the same period in the prior year, respectively. These increases were primarily due to higher volumes and lower unfavorable cumulative catch-up adjustments for amphibious assault ships and surface combatants compared to the prior year period.

Ingalls Shipbuilding 2025 revenues were $3.1 billion, an increase of $311 million, or 11.2%, compared to 2024, primarily driven by higher volumes in surface combatants and amphibious assault ships.

Ingalls Shipbuilding segment operating income in 2025 was $233 million and segment operating margin was 7.6%, compared to $211 million and 7.6% in 2024, respectively. The increase in operating income was primarily due to higher volumes and contract adjustments in surface combatants, partially offset by lower performance in amphibious assault ships.

Key 2025 Ingalls Shipbuilding milestones:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Launched and christened guided missile destroyer *Jeremiah Denton* (DDG 129)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Christened amphibious transport dock *Harrisburg* (LPD 30)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Began fabrication of amphibious transport dock *Philadelphia* (LPD 32)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Selected by the U.S. Navy to design and build the future frigate FF(X)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivered guided missile destroyer *Ted Stevens* (DDG 128) to the U.S. Navy

**HII**

4101 Washington Ave. • Newport News, VA 23607

HII.com

Page 3 of 14

------

*Newport News Shipbuilding*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | | | **Year Ended** | **Year Ended** | | |
| | **December 31** | **December 31** | | | **December 31** | **December 31** | | |
|<br>*($ in millions)* | **2025** | **2024** |<br>**$ Change** |<br>**% Change** | **2025** | **2024** |<br>**$ Change** |<br>**% Change** |
| Sales and service revenues | $**1891** | $1588 | $303 | 19.1% | $**6507** | $5969 | $538 | 9.0% |
| Segment operating income | **84** | 38 | 46 | 121.1% | **331** | 246 | 85 | 34.6% |
| *Segment operating margin %* | ***4.4*%*** | *2.4**%* |  | *205 bps* | ***5.1*%*** | *4.1**%* |  | *97 bps* |

---

Newport News Shipbuilding revenues for the fourth quarter of 2025 were $1.9 billion, an increase of $303 million, or 19.1%, from the same period in 2024, primarily driven by higher volumes in submarines and aircraft carriers.

Newport News Shipbuilding segment operating income for the fourth quarter of 2025 was $84 million and segment operating margin was 4.4%, compared to $38 million and 2.4% in the same period in the prior year, respectively.

These increases were primarily due to lower unfavorable cumulative catch-up adjustments for *Virginia*-class submarine construction compared to the prior year period, as well as favorable contract adjustments on the *Virginia*-class submarine program in the current period, partially offset by contract incentives on the *Columbia*-class program received in the fourth quarter of 2024.

Newport News Shipbuilding 2025 revenues were $6.5 billion, an increase of $538 million, or 9.0%, compared to 2024, primarily driven by higher volumes in submarines and aircraft carriers.

Newport News Shipbuilding segment operating income for 2025 was $331 million and segment operating margin was 5.1%, compared to $246 million and 4.1% in 2024, respectively. The increases were primarily driven by contract adjustments in the *Virginia*-class submarine program, partially offset by contract adjustments and incentives in 2024 in the aircraft carrier refueling and complex overhaul program.

Key 2025 Newport News Shipbuilding milestones:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed the acquisition of South Carolina advanced manufacturing facility and began work at Newport News Shipbuilding - Charleston Operations

&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;• Celebrated the keel laying of *Virginia*-class attack submarine *Barb* (SSN 804)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivered *Virginia*-class submarine *Massachusetts* (SSN 798) to the U.S. Navy

**HII**

4101 Washington Ave. • Newport News, VA 23607

HII.com

Page 4 of 14

------

*Mission Technologies*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | | | **Year Ended** | **Year Ended** | | |
| | **December 31** | **December 31** | | | **December 31** | **December 31** | | |
|<br>*($ in millions)* | **2025** | **2024** |<br>**$ Change** |<br>**% Change** | **2025** | **2024** |<br>**$ Change** |<br>**% Change** |
| Sales and service revenues | $**731** | $713 | $18 | 2.5% | $**3044** | $2937 | $107 | 3.6% |
| Segment operating income | **43** | 19 | 24 | 126.3% | **153** | 116 | 37 | 31.9% |
| *Segment operating margin %* | ***5.9*** *%*** | *2.7 %* |  | *322 bps* | ***5.0*** *%*** | *3.9 %* |  | *108 bps* |

---

Mission Technologies revenues for the fourth quarter of 2025 were $731 million, an increase of $18 million, or 2.5%, from the same period in 2024. The increase was primarily due to higher volumes in Warfare Systems, Global Security, and Unmanned Systems, partially offset by lower volumes in All-Domain Operations.

Mission Technologies segment operating income in the fourth quarter of 2025 was $43 million and segment operating margin was 5.9%, compared to $19 million and 2.7% in the same period in the prior year, respectively. The increases were primarily due to higher performance in Warfare Systems, Global Security and Unmanned Systems, as well as the higher volumes noted above.

Mission Technologies 2025 revenues were $3.0 billion, an increase of $107 million, or 3.6%, compared to 2024, primarily due to higher volumes in Warfare Systems, Global Security, and Unmanned Systems, partially offset by lower volumes in All-Domain Operations.

Mission Technologies segment operating income in 2025 was $153 million and segment operating margin was 5.0%, compared to $116 million and 3.9% in 2024, respectively. The increases were primarily due to lower purchased intangible amortization, higher performance in Warfare Systems, as well as the higher volumes described above.

Mission Technologies results included approximately $89 million of amortization of purchased intangible assets in 2025, compared to approximately $99 million in 2024.

Mission Technologies EBITDA margin<sup>1</sup> for full year 2025 was 8.6%, compared to 7.9% in 2024.

Key 2025 Mission Technologies highlights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Australian Submarine Supplier Qualification (AUSSQ): Awarded a multi-year contract to accelerate integration of Australian suppliers into the U.S. submarine industrial base

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directed Energy Leadership: Selected to develop an open architecture High-Energy Laser weapon system for the U.S. Army's Rapid Capabilities and Critical Technologies Office

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Naval Training Support: Secured a $147 million contract to provide shipboard and shore-based combat training services for the U.S. Navy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Army Training Solutions: Received multiple-award contract to deliver live training capabilities for the U.S. Army's Program Executive Office for Simulation, Training and Instrumentation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unmanned Systems Expansion:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Announced orders for more than a dozen REMUS 300 SUUVs by Hitachi

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Achieved successful forward-deployed launch and recovery of the Yellow Moray UUV, a REMUS 600 variant, from the USS Delaware (SSN 791)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Completed production of the 750th REMUS UUV, a REMUS 300, at HII's Pocasset, MA facility

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strategic Partnerships and Investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Partnered with Shield AI to advance modular, cross-domain mission autonomy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Invested in a new integration and test facility to support the U.S. Army's Enduring High-Energy Laser (E-HEL) weapon system program

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

**HII**

4101 Washington Ave. • Newport News, VA 23607

HII.com

Page 5 of 14

------

**HII's Financial Outlook**<sup>1</sup> **includes the following expectations:**

&nbsp;&nbsp;&nbsp;&nbsp;• Medium term<sup>2</sup> HII revenue growth of approximately 6%

&nbsp;&nbsp;&nbsp;&nbsp;• Medium term<sup>2</sup> shipbuilding revenue growth of approximately 6%

&nbsp;&nbsp;&nbsp;&nbsp;• Medium term<sup>2</sup> Mission Technologies revenue growth of approximately 5%

&nbsp;&nbsp;&nbsp;&nbsp;• FY26 shipbuilding revenue between $9.7 and $9.9 billion; expect shipbuilding operating margin<sup>3</sup> between <br>5.5% and 6.5%

&nbsp;&nbsp;&nbsp;&nbsp;• FY26 Mission Technologies revenue between $3.0 to $3.2 billion, Mission Technologies segment operating margin of approximately 5%; and Mission Technologies EBITDA margin<sup>3</sup> between 8.4% and 8.6%

&nbsp;&nbsp;&nbsp;&nbsp;• FY26 free cash flow<sup>3</sup> between $500 and $600 million

---

| | |
|:---|:---|
| | **FY26 Outlook**<sup>1</sup> |
| Shipbuilding Revenue | $9.7B - $9.9B |
| Shipbuilding Operating Margin<sup>3</sup> | 5.5% - 6.5% |
| Mission Technologies Revenue | $3.0B - $3.2B |
| Mission Technologies Segment Operating Margin | ~5% |
| Mission Technologies EBITDA Margin<sup>3</sup> | 8.4% - 8.6% |
| Operating FAS/CAS Adjustment | ($44M) |
| Non-current State Income Tax Expense<sup>4</sup> | ~($20M) |
| Interest Expense | ($105M) |
| Non-operating Retirement Benefit | $213M |
| Effective Tax Rate | ~17% |
| Depreciation & Amortization | ~$330M |
| Capital Expenditures | 4% - 5% of Sales |
| Free Cash Flow<sup>3</sup> | $500M - $600M |

---

<sup>1</sup>The financial outlook, expectations and other forward-looking statements provided by the company for 2026 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-K for factors that may impact the company's ability to meet expectations.

<sup>2</sup>Medium term growth represents our expected compound annual growth rate over the next three to five years.

<sup>3</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>4</sup>Outlook is based on current tax law. Variability exists based on how and when individual states conform to recent federal tax law changes.

**HII**

4101 Washington Ave. • Newport News, VA 23607

HII.com

Page 6 of 14

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**About Huntington Ingalls Industries**

HII is America's largest shipbuilder, delivering the world's most powerful ships and all-domain mission technologies, including unmanned systems, to U.S. and allied defense customers. HII is the largest producer of unmanned underwater vehicles for the U.S. Navy and the world.

With a more than 140-year history of advancing U.S. national security, HII builds and integrates defense capabilities extending from the core fleet to C6ISR, AI/ML, EW and synthetic training. Headquartered in Virginia, HII's workforce is 44,000 strong. For more information, visit HII.com.

**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: HII.com. A telephone replay of the conference call will be available from noon today through Thursday, February 19th by calling (866) 813-9403 or (929) 458-6194 and using access code 952060.

**Cautionary Statement Regarding Forward-Looking Statements**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on the U.S. Government for substantially all of our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant delays or reductions in appropriations for our programs and/or changes in customer priorities and requirements (including government budgetary constraints, government shutdowns, shifts in defense spending, and changes in customer short-range and long-range plans);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in business practices, procurement processes and government regulations and our ability to comply with such requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse economic conditions in the United States and globally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our level of indebtedness and ability to service our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to deliver our products and services at an affordable life cycle cost and compete within our markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract, retain, and train a qualified workforce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subcontractor and supplier performance and the availability and pricing of raw materials and components;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to execute our strategic plan, including with respect to share repurchases, dividends, capital expenditures, and strategic acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in key estimates and assumptions regarding our pension and retiree health care costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• security threats, including cyber security threats, and related disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• natural and environmental disasters and political instability;

**HII**

4101 Washington Ave. • Newport News, VA 23607

HII.com

Page 7 of 14

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• health epidemics, pandemics and similar outbreaks; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

HII.com

Page 8 of 14

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**Exhibit A: Financial Statements**

**HUNTINGTON INGALLS INDUSTRIES, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31** | **Three Months Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|<br>(in millions, except per share amounts) | **2025** | **2024** | **2025** | **2024** |
| Sales and service revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Product sales | $**2391** | $1990 | $**8133** | $7464 |
| &nbsp;&nbsp;&nbsp;Service revenues | **1085** | 1014 | **4351** | 4071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and service revenues | **3476** | 3004 | **12484** | 11535 |
| Cost of sales and service revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of product sales | **2119** | 1780 | **7081** | 6500 |
| &nbsp;&nbsp;&nbsp;Cost of service revenues | **955** | 903 | **3818** | 3585 |
| &nbsp;&nbsp;&nbsp;Income from operating investments, net | **13** | 14 | **46** | 49 |
| &nbsp;&nbsp;&nbsp;Other income and gains, net | **2** | 9 | **3** | 9 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | **245** | 234 | **977** | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | **172** | 110 | **657** | 535 |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | **(26)** | (27) | **(105)** | (95) |
| &nbsp;&nbsp;&nbsp;Non-operating retirement benefit | **47** | 45 | **190** | 179 |
| &nbsp;&nbsp;&nbsp;Other, net | **5** | 3 | **35** | 24 |
| Earnings before income taxes | **198** | 131 | **777** | 643 |
| Federal and foreign income tax expense | **39** | 8 | **172** | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings | $**159** | $123 | $**605** | $550 |
| Basic earnings per share | $**4.05** | $3.15 | $**15.39** | $13.96 |
| Weighted-average common shares outstanding | **39.3** | 39.1 | **39.3** | 39.4 |
| Diluted earnings per share | $**4.04** | $3.15 | $**15.39** | $13.96 |
| Weighted-average diluted shares outstanding | **39.4** | 39.1 | **39.3** | 39.4 |
| Dividends declared per share | $**1.38** | $1.35 | $**5.43** | $5.25 |
| Net earnings from above | $**159** | $123 | $**605** | $550 |
| Other comprehensive income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in unamortized benefit plan costs | **(36)** | 514 | **(33)** | 528 |
| &nbsp;&nbsp;&nbsp;Tax benefit (expense) for items of other comprehensive income | **9** | (130) | **8** | (134) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss), net of tax | **(27)** | 384 | **(25)** | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income | $**132** | $507 | $**580** | $944 |

---

**HII**

4101 Washington Ave. • Newport News, VA 23607

HII.com

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**HUNTINGTON INGALLS INDUSTRIES, INC.**

**CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

---

| | | |
|:---|:---|:---|
| ($ in millions) | **December 31,<br>2025** | **December 31,<br>2024** |
| ***Assets*** |  |  |
| **Current Assets** |  |  |
| Cash and cash equivalents | $**774** | $831 |
| Accounts receivable, net | **339** | 212 |
| Contract assets | **1758** | 1683 |
| Inventoried costs, net | **219** | 208 |
| Income taxes receivable | **284** | 204 |
| Prepaid expenses and other current assets | **77** | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | **3451** | 3228 |
| Property, Plant, and Equipment, net of accumulated depreciation of $2,754 million as of 2025 and $2,583 million as of 2024 | **3726** | 3450 |
| **Other Assets** |  |  |
| Operating lease assets | **267** | 239 |
| Goodwill | **2650** | 2618 |
| Other intangible assets, net of accumulated amortization of $1,222 million as of 2025 and $1,118 million as of 2024 | **694** | 782 |
| Pension plan assets | **1544** | 1422 |
| Miscellaneous other assets | **417** | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other assets | **5572** | 5463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**12749** | $12141 |
| ***Liabilities and Stockholders' Equity*** |  |  |
| **Current Liabilities** |  |  |
| Trade accounts payable | **556** | 598 |
| Accrued employees' compensation | **443** | 392 |
| Current portion of long-term debt | **—** | 503 |
| Current portion of postretirement plan liabilities | **119** | 124 |
| Current portion of workers' compensation liabilities | **217** | 201 |
| Contract liabilities | **1220** | 774 |
| Other current liabilities | **490** | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | **3045** | 2991 |
| Long-term debt | **2700** | 2700 |
| Pension plan liabilities | **155** | 142 |
| Other postretirement plan liabilities | **200** | 209 |
| Workers' compensation liabilities | **442** | 443 |
| Long-term operating lease liabilities | **223** | 205 |
| Deferred tax liabilities | **572** | 378 |
| Other long-term liabilities | **339** | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **7676** | 7475 |
| **Commitments and Contingencies** |  |  |
| **Stockholders' Equity** |  |  |
| Common stock, $0.01 par value; 150,000,000 shares authorized; 53,826,236 issued and 39,241,527 outstanding as of December 31, 2025, and 53,714,128 issued and 39,129,419 outstanding as of December 31, 2024 | **1** | 1 |
| Additional paid-in capital | **2087** | 2045 |
| Retained earnings | **5487** | 5097 |
| Treasury stock | **(2449)** | (2449) |
| Accumulated other comprehensive loss | **(53)** | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | **5073** | 4666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $**12749** | $12141 |

---

**HII**

4101 Washington Ave. • Newport News, VA 23607

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**HUNTINGTON INGALLS INDUSTRIES, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31** | **Year Ended December 31** |
|<br>($ in millions) | **2025** | **2024** |
| **Operating Activities** |  |  |
| Net earnings | $**605** | $550 |
| Adjustments to reconcile to net cash provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | **225** | 217 |
| &nbsp;&nbsp;&nbsp;Amortization of purchased intangibles | **104** | 109 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | **54** | 23 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | **203** | (122) |
| &nbsp;&nbsp;Loss (gain) on investments in marketable securities | **(34)** | (22) |
| &nbsp;&nbsp;&nbsp;Other non-cash transactions, net | **23** | 10 |
| &nbsp;&nbsp;&nbsp;Change in |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | **(127)** | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets | **(75)** | (146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventoried costs | **(11)** | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | **(66)** | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accruals | **449** | (315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retiree benefits | **(154)** | (112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | **1196** | 393 |
| **Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditure additions | **(402)** | (367) |
| &nbsp;&nbsp;&nbsp;&nbsp;Grant proceeds for capital expenditures | **6** | 14 |
| &nbsp;&nbsp;&nbsp;Acquisitions of businesses | **(132)** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of investments | **5** |  |
| &nbsp;&nbsp;&nbsp;Other investing activities, net | **2** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | **(521)** | (348) |
| **Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of long-term debt | **—** | 1000 |
| &nbsp;&nbsp;&nbsp;Repayment of long-term debt | **(500)** | (229) |
| &nbsp;&nbsp;&nbsp;Proceeds from line of credit borrowings | **—** | 42 |
| &nbsp;&nbsp;&nbsp;Repayment of line of credit borrowings | **—** | (42) |
| &nbsp;&nbsp;&nbsp;Debt issuance costs | **—** | (17) |
| &nbsp;&nbsp;&nbsp;Dividends paid | **(213)** | (206) |
| &nbsp;&nbsp;&nbsp;Repurchases of common stock | **—** | (162) |
| &nbsp;&nbsp;&nbsp;Employee taxes on certain share-based payment arrangements | **(14)** | (25) |
| &nbsp;&nbsp;&nbsp;Other financing activities, net | **(5)** | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | **(732)** | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in cash and cash equivalents | **(57)** | 401 |
| Cash and cash equivalents, beginning of period | **831** | 430 |
| Cash and cash equivalents, end of period | $**774** | $831 |
| **Supplemental Cash Flow Disclosure** |  |  |
| Cash paid for income taxes (net of refunds) | $**96** | $255 |
| Cash paid for interest | $**108** | $101 |
| **Non-Cash Investing and Financing Activities** |  |  |
| Capital expenditures accrued in accounts payable | $**23** | $23 |

---

**HII**

4101 Washington Ave. • Newport News, VA 23607

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**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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31** | **December 31** | **December 31** | **December 31** |
|<br>*($ in millions)* | **2025** | **2024** | **2025** | **2024** |
| Ingalls revenues | $**889** | $736 | $**3078** | $2767 |
| Newport News revenues | **1891** | 1588 | **6507** | 5969 |
| Mission Technologies revenues | **731** | 713 | **3044** | 2937 |
| Intersegment eliminations | **(35)** | (33) | **(145)** | (138) |
| **Sales and Service Revenues** | **3476** | 3004 | **12484** | 11535 |
| **Operating Income** | **172** | 110 | **657** | 535 |
| &nbsp;&nbsp;&nbsp;Operating FAS/CAS Adjustment | **10** | 14 | **35** | 62 |
| &nbsp;&nbsp;&nbsp;Non-current state income taxes | **13** | (21) | **25** | (24) |
| **Segment Operating Income** | **195** | 103 | **717** | 573 |
| &nbsp;&nbsp;&nbsp; *As a percentage of sales and service revenues* | *5.6 %* | *3.4 %* | *5.7 %* | *5.0 %* |
| &nbsp;&nbsp;&nbsp;Ingalls segment operating income | **68** | 46 | **233** | 211 |
| &nbsp;&nbsp;&nbsp; *As a percentage of Ingalls revenues* | *7.6 %* | *6.3 %* | *7.6 %* | *7.6 %* |
| &nbsp;&nbsp;&nbsp;Newport News segment operating income | **84** | 38 | **331** | 246 |
| &nbsp;&nbsp;&nbsp; *As a percentage of Newport News revenues* | *4.4 %* | *2.4 %* | *5.1 %* | *4.1 %* |
| &nbsp;&nbsp;&nbsp;Mission Technologies segment operating income | **43** | 19 | **153** | 116 |
| &nbsp;&nbsp;&nbsp; *As a percentage of Mission Technologies revenues* | *5.9 %* | *2.7 %* | *5.0 %* | *3.9 %* |

---

**Reconciliation of Free Cash Flow**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31** | **December 31** | **December 31** | **December 31** |
|<br>*($ in millions)* | **2025** | **2024** | **2025** | **2024** |
| Net cash provided by operating activities | $**650** | $391 | $**1196** | $393 |
| Less capital expenditures: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditure additions | **(134)** | (114) | **(402)** | (367) |
| &nbsp;&nbsp;&nbsp;Grant proceeds for capital expenditures | **—** |  | **6** | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Free cash flow | $**516** | $277 | $**800** | $40 |

---

**HII**

4101 Washington Ave. • Newport News, VA 23607

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31** | **December 31** | **December 31** | **December 31** |
|<br>*($ in millions)* | **2025** | **2024** | **2025** | **2024** |
| **Mission Technologies sales and service revenues** | $**731** | $713 | $**3044** | $2937 |
| **Mission Technologies segment operating income** | $**43** | $19 | $**153** | $116 |
| Mission Technologies depreciation expense | **5** | 3 | **14** | 11 |
| Mission Technologies amortization expense | **22** | 24 | **89** | 99 |
| Mission Technologies state tax expense | **(1)** | 1 | **5** | 7 |
| **Mission Technologies EBITDA** | $**69** | $47 | $**261** | $**233** |
| **Mission Technologies EBITDA margin** | **9.4%** | 6.6% | **8.6%** | 7.9% |

---

**HII**

4101 Washington Ave. • Newport News, VA 23607

HII.com

Page 14 of 14

## Exhibit 99.2

![](hiiq42025earningspresent001.jpg)

Q4 2025 Earnings Call Chris Kastner President and CEO Tom Stiehle EVP and CFO February 5, 2026 Exhibit 99.2

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![](hiiq42025earningspresent002.jpg)

Q4 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, government shutdowns, 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 cybersecurity 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

------

![](hiiq42025earningspresent003.jpg)

Q4 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 significant contract awards that establish balanced risk equation and have margins more consistent with historical norms Over the course of 2026 & 2027: Medium Term Opportunity: Top line CAGR of ~6%; $16B+ enterprise revenue by 2030 1 Non-GAAP measure. See appendix for definition and reconciliation.

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![](hiiq42025earningspresent004.jpg)

Q4 2025 EARNINGS Enhancing Shipbuilding Throughput » Throughput improvement target of 15% YoY » Building on ~14% improvement achieved in 2025 » Multiple workforce improvement initiatives » Continue to expand new Charleston facility » Utilize contract labor to address critical gaps Rapidly Growing Trusted Industrial Base Network » Building on significant momentum » Doubled outsourced hours in 2025 » Continue to rapidly grow outsourced hours in 2026 New Contract Awards » Ensuring contract awards reflect current operating environment 2026 Operational Initiatives Update 4 Shipbuilding Key Performance Indicators 1 Total shipbuilding earned progress hours 2 Outsourced hours are included in overall throughput earned hours 3 Total HII annual capital expenditures, net of grants 2025 Actual 2026 Target Throughput YoY (Earned hours)1 +14% +15% Outsourcing YoY (Earned hours)2 +100% +30% Capital Investment ($M)3 $396 $500-$600

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![](hiiq42025earningspresent005.jpg)

Q4 2025 EARNINGS Shipbuilding Milestones1 5 2026 2027 Ingalls Shipbuilding ✓ Deliver DDG 128\* ✓ Sea Trials DDG 1000† » Launch DDG 131 » Deliver LPD 30 Newport News Shipbuilding » Preliminary Acceptance CVN 79 » Lay Keel CVN 81 » Redeliver SSN 796 » Deliver SSN 800 Ingalls Shipbuilding » Deliver DDG 129 » Deliver LHA 8 » Launch LPD 31 Newport News Shipbuilding » Redeliver CVN 74 » Deliver CVN 79 1 All future milestones are based upon current expectations and subject to change based upon future events. List is alphabetical by program designation. \*Achieved in December 2025. † 2025 milestone achieved in early 2026. 5 Deliveries Planned for 2026-2027

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Q4 2025 EARNINGS HII Q4 2025 Revenue 6.1% 9.8% 3.7% CONSOLIDATED REVENUE ($M) Three Months Ended December 31 ($M) 2024 2025 % Change Ingalls Shipbuilding 736 889 20.8% Newport News Shipbuilding 1,588 1,891 19.1% Mission Technologies 713 731 2.5% Eliminations (33) (35) - Total 3,004 3,476 15.7% YoY growth driven by higher volumes in submarines and aircraft carriers at Newport News Shipbuilding, higher volumes in amphibious assault ships and surface combatants at Ingalls Shipbuilding, and higher volumes in Warfare Systems, Global Security, and Unmanned Systems at Mission Technologies 6 $3,004 $3,476 Q424 Q425

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Q4 2025 EARNINGS HII Q4 2025 Segment Operating Income1 6.1% 9.8% 3.7% Three Months Ended December 31 ($M) 2024 2025 % Change Ingalls Shipbuilding 46 68 47.8% Newport News Shipbuilding 38 84 121.1% Mission Technologies 19 43 126.3% Total 103 195 89.3% SEGMENT OPERATING INCOME1 ($M) & MARGIN1 % $103 $195 Q424 Q425 3.4% 5.6% YoY improvement was driven by lower unfavorable adjustments compared to the prior period and favorable contract adjustments in the Virginia-class submarine program at Newport News, improved volumes and lower unfavorable adjustments at Ingalls, and improved volumes and performance in Warfare Systems, Global Security and Unmanned Systems at Mission Technologies 71 Non-GAAP measure. See appendix for definition and reconciliation.

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Q4 2025 EARNINGS HII 2025 Revenue 6.1% 9.8% 3.7% CONSOLIDATED REVENUE ($M) $0 $0 Twelve Months Ended December 31 ($M) 2024 2025 % Change Ingalls Shipbuilding 2,767 3,078 11.2% Newport News Shipbuilding 5,969 6,507 9.0% Mission Technologies 2,937 3,044 3.6% Eliminations (138) (145) - Total 11,535 12,484 8.2% YoY growth driven by higher volumes in submarines and aircraft carriers at Newport News Shipbuilding, higher volumes in surface combatants and amphibious assault ships at Ingalls Shipbuilding, and higher volumes in Warfare Systems, Global Security, and Unmanned Systems at Mission Technologies 8 $11,535 $12,484 2024 2025

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Q4 2025 EARNINGS HII 2025 Segment Operating Income1 6.1% 9.8% 3.7% Twelve Months Ended December 31 ($M) 2024 2025 % Change Ingalls Shipbuilding 211 233 10.4% Newport News Shipbuilding 246 331 34.6% Mission Technologies 116 153 31.9% Total 573 717 25.1% SEGMENT OPERATING INCOME1 ($M) & MARGIN1 % 5.6% YoY improvement driven primarily by contract adjustments in the Virginia-class submarine program at Newport News Shipbuilding, higher volumes and contract adjustments in surface combatants at Ingalls Shipbuilding, as well lower purchased intangible amortization, higher performance in Warfare Systems, and higher volumes at Mission Technologies 91 Non-GAAP measure. See appendix for definition and reconciliation. $573 $717 2024 2025 5.0% 7

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Q4 2025 EARNINGS HII Q4 & FY 2025 Cash Flow & Liquidity 1 Non-GAAP measure. See appendix for definition and reconciliation. 10 $35 $52 • Cash balance of $774 million and liquidity of $2.5 billion at year end • Net capital expenditures of $396 million were 3.2% of revenues in 2025 • Paid dividends totaling $213 million in 2025 • No shares repurchased in 2025 $650 $1,196 ($134) ($396) $516 $800 ($600) ($400) ($200) $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 Cash provided by Ops. CAPEX Free Cash Flow CASH FLOW GENERATION ($M) Q425 FY25 1

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Q4 2025 EARNINGS HII Outlook1 FY26 OUTLOOK1 1 The financial outlook, expectations and other forward looking statements provided by the company for 2026 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-K for factors that may impact the company's ability to meet expectations. 2 Medium term growth represents our expected compounded annual growth rate over the next three to five years. 3 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. 4 Outlook is based on current tax law. Variability exists based on how and when individual states conform to recent federal tax law changes. 11 FY26 Outlook1 Shipbuilding Revenue $9.7B - $9.9B Shipbuilding Operating Margin3 5.5% - 6.5% Mission Technologies Revenue $3.0B - $3.2B Mission Technologies Segment Operating Margin ~5% Mission Technologies EBITDA Margin3 8.4% - 8.6% Operating FAS/CAS Adjustment ($44M) Non-current State Income Tax Expense4 ~($20M) Interest Expense ($105M) Non-operating Retirement Benefit $213M Effective Tax Rate ~17% Depreciation & Amortization ~$330M Capital Expenditures 4%-5% of Sales Free Cash Flow3 $500M - $600M HII Medium Term2 Revenue Growth of ~6% • Shipbuilding medium term2 revenue growth of ~6% • Additional upside from recently announced programs • Mission Technologies medium term2 revenue growth of ~5% 2026 Expectations • Shipbuilding revenue of $9.7B to $9.9B • Shipbuilding operating margin3 of 5.5% to 6.5% • Includes throughput and contract award assumptions • Mission Technologies revenue of $3.0B to $3.2B • Mission Technologies operating margin of ~5% Q126 Look Ahead • Shipbuilding revenue of ~$2.3B, op. margin3 of ~5.5% • Mission Technologies revenue of $700M to $750M, op. margin of 4.0% to 4.5% • Free cash flow3 of ($600M) given Q425 pull forward

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Q4 2025 EARNINGS Appendix 12

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Q4 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. 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. 13

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Q4 2025 EARNINGS 14 Pension Outlook1 ($ in millions) 2025 (Actual) 2026 2027 2028 2029 2030 Pension Discount Rate 5.98% 5.72% 5.72% 5.72% 5.72% 5.72% Return on Assets4 10.7% CAS Recoveries Over/(Under) Cash Contributions2,3 $1 ($4) ($1) ($3) ($4) ($4) FAS Benefit3 $100 $123 $127 $134 $138 $148 CAS Expense3 $55 $46 $48 $44 $40 $39 FAS/CAS Adjustment3 $155 $169 $175 $178 $179 $187 Operating FAS/CAS Adjustment3 ($35) ($44) ($39) ($41) ($42) ($41) Non-Operating Retirement (Expense)/Income3 $190 $213 $214 $219 $220 $228 Pension and Postretirement Benefits Cash Contributions2 $54 $50 $49 $47 $44 $43 1 2026-2030 projected and subject to change. 2 2025 cash contributions of $54 million include $14 million of discretionary pension contributions ($<1 million qualified; $14 million non-qualified) and $40 million of postretirement benefits contributions. 2026 projected cash contributions of $50 million include $15 million of discretionary pension contributions ($2 million qualified; $13 million non-qualified) and $35 million of postretirement benefits contributions. 3 Includes pension & other postretirement benefits. 4 We expect our long-term return on assets to moderate as we de-risk our portfolio given the strong funded status.

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Q4 2025 EARNINGS Non-GAAP Reconciliations Segment Operating Income & Segment Operating Margin 15 ($ in millions) 2025 2024 2025 2024 Ingalls revenues 889 736 3,078 2,767 Newport News revenues 1,891 1,588 6,507 5,969 Mission Technologies revenues 731 713 3,044 2,937 Intersegment eliminations (35) (33) (145) (138) Sales and Service Revenues 3,476 3,004 12,484 11,535 Operating Income 172 110 657 535 Operating FAS/CAS Adjustment 10 14 35 62 Non-current state income taxes 13 (21) 25 (24) Segment Operating Income 195 103 717 573 As a percentage of sales and service revenues 5.6 % 3.4 % 5.7 % 5.0 % Ingalls segment operating income 68 46 233 211 As a percentage of Ingalls revenues 7.6 % 6.3 % 7.6 % 7.6 % Newport News segment operating income 84 38 331 246 As a percentage of Newport News revenues 4.4 % 2.4 % 5.1 % 4.1 % Mission Technologies segment operating income 43 19 153 116 As a percentage of Mission Technologies revenues 5.9 % 2.7 % 5.0 % 3.9 % Three Months Ended December 31 December 31 Year Ended

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Q4 2025 EARNINGS Non-GAAP Reconciliations Shipbuilding Revenues & Margin 16 ($ in millions) 2025 2024 2025 2024 Sales and service revenues 3,476 3,004 12,484 11,535 Mission Technologies (731) (713) (3,044) (2,937) Intersegment eliminations 35 33 145 138 Shipbuilding Revenues 2,780 2,324 9,585 8,736 Operating Income 172 110 657 535 Operating FAS/CAS Adjustment 10 14 35 62 Non-current state income taxes 13 (21) 25 (24) Segment Operating Income 195 103 717 573 Mission Technologies (43) (19) (153) (116) Shipbuilding Operating Income 152 84 564 457 As a percentage of shipbuilding revenues 5.5 % 3.6 % 5.9 % 5.2 % Three Months Ended December 31 December 31 Year Ended

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Q4 2025 EARNINGS Non-GAAP Reconciliations Free Cash Flow 17 ($ in millions) 2025 2024 2025 2024 Net cash provided by operating activities 650 391 1,196 393 Less capital expenditures: Capital expenditure additions (134) (114) (402) (367) Grant proceeds for capital expenditures — — 6 14 Free cash flow 516 277 800 40 Three Months Ended December 31 Year Ended December 31

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Q4 2025 EARNINGS Non-GAAP Reconciliations Mission Technologies EBITDA & EBITDA Margin 18 (in millions) 2025 2024 2025 2024 Mission Technologies sales and service revenues 731 713 3,044 2,937 Mission Technologies segment operating income 43 19 153 116 Mission Technologies depreciation expense 5 3 14 11 Mission Technologies amortization expense 22 24 89 99 Mission Technologies state tax expense (1) 1 5 7 Mission Technologies EBITDA 69 47 261 233 Mission Technologies EBITDA margin 9.4 % 6.6 % 8.6 % 7.9 % December 31December 31 Three Months Ended Year Ended

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