Huntington Ingalls Industries, Inc. (HII) reported a significant increase in financial performance for the second quarter of 2026, with total sales and service revenues reaching $3.418 billion, up 11% from $3.082 billion in the same period last year. For the first half of 2026, revenues also rose by 12% to $6.517 billion compared to $5.816 billion in the first half of 2025. The company's net earnings for the second quarter were $208 million, a 37% increase from $152 million in the prior year, while earnings for the first half of 2026 totaled $357 million, up 19% from $301 million in 2025. Basic earnings per share increased to $5.27 from $3.86 year-over-year.
The growth in revenue was primarily driven by higher volumes in both the Ingalls and Newport News segments, which saw increases in product sales of 16% and 15%, respectively. The Ingalls segment, which focuses on non-nuclear shipbuilding, reported revenues of $845 million, up from $724 million, while Newport News, specializing in nuclear shipbuilding, generated $1.849 billion, compared to $1.603 billion in the previous year. The Mission Technologies segment, however, experienced a slight decline in revenues, reporting $760 million, down from $791 million.
In terms of operational developments, HII's total backlog increased to $57.3 billion as of June 30, 2026, compared to $53.1 billion at the end of 2025. This backlog includes both funded and unfunded orders, with the majority stemming from U.S. Government contracts. The company secured approximately $10.7 billion in new contract awards during the first half of 2026, reflecting strong demand for its defense capabilities. The company also reported a significant increase in net contract assets, which rose by $926 million, attributed to the timing of billings across various programs.
HII's financial position remains stable, with total assets reported at $12.682 billion, slightly down from $12.749 billion at the end of 2025. The company’s cash and cash equivalents decreased significantly to $12 million from $774 million, primarily due to changes in working capital. The company’s long-term debt remained relatively stable at $2.702 billion. Looking ahead, HII anticipates continued growth driven by ongoing investments in shipbuilding and defense technologies, although it acknowledges potential challenges from geopolitical tensions and economic uncertainties. The company expects to convert approximately 22% of its backlog into sales in 2026, indicating a positive outlook for the upcoming fiscal periods.
About HUNTINGTON INGALLS INDUSTRIES, INC.
Huntington Ingalls Industries is a leading U.S. defense contractor specializing in designing, building, and maintaining naval ships, including aircraft carriers, submarines, and surface combatants. Its segments focus on shipbuilding for the Navy and Coast Guard, and developing advanced defense technologies such as C5ISR, cyber, uncrewed systems, and nuclear support. The company primarily serves the U.S. government, leveraging its expertise, long-term contracts, and extensive workforce.
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