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Oct 30, 2026, 10:00 AM ET
Huntington Ingalls Industries (HII) appointed Renee Swan as executive vice president and chief human resources officer, effective Dec. 7, 2026, succeeding Edmond Hughes, who retires in April 2027.
NYSE: $HIIDefense · Naval shipbuilding and maritime systems
HII Stock Hub: Huntington Ingalls News, Naval Shipbuilding and Maritime Autonomy
HII builds major U.S. naval vessels and provides defense technologies. September backlog reached $86.181 billion, including $37.905 billion funded. Q3 operating cash was strong, while nine-month free cash flow remained negative $182 million. The next financial test is the conversion of the enlarged workload into production, margins and cash after investment.
Full research report · PDF
Huntington Ingalls Industries, Inc. research · November 1, 2026
19 pages covering the business, financial position, catalysts, risks, scenarios and sources. A dated snapshot for personal use; redistribution prohibited.
Next catalyst
2026-11-27 · Declared dividend record date
Board-announced record date for the $1.41 quarterly distribution; this is a distribution event. Announcement and terms
HII stock at a glance
Calculated reference equity value
12.49
USD billion · 2026-10-30 · Price multiplied by 39,406,060 shares reported outstanding on October 23; reference dates differ.
SourceLong-term debt carrying value
2,704.0
USD million · 2026-09-30 · Balance-sheet carrying value, distinct from liquidity facilities and operating leases.
SourceFunded backlog
37.91
USD billion · 2026-09-30 · The remaining $48.276 billion was unfunded firm orders under the filing definition.
SourceNine-month free cash flow
-182.0
USD million · Nine months ended September 30, 2026 · Company non-GAAP: operating cash less capex net of related grants. Q3 alone was positive $429m.
SourceWhere Huntington Ingalls Industries, Inc. stands now
The October results strengthened demand visibility and raised the annual shipbuilding revenue range. The operating task is to deliver the work with a capable workforce and supplier network while managing funding, collections and capital spending.
Strategic demand does not guarantee attractive contract returns. Unfunded backlog, estimate revisions, schedule delays and working-capital needs can affect earnings and financial flexibility.
The constructive case
A funded workload, stronger throughput and reliable collections can turn a long naval order book into more dependable cash generation. Maritime autonomy adds a broader program opportunity.
The cautious case
Labor and supplier constraints, cost revisions and working-capital pressure can reduce returns even while strategic demand stays strong. Much of the September backlog was unfunded.
Latest Huntington Ingalls Industries, Inc. news
Oct 29, 2026
September results raise the shipbuilding revenue outlook
Q3 revenue was $3.537 billion and net earnings were $217 million. Management raised expected 2026 shipbuilding revenue to $10.5bn–$10.7bn while retaining the 6.0%–6.5% shipbuilding margin range and $500m–$600m free-cash-flow outlook.
Oct 28, 2026
ROMULUS surface-vessel production advances in Louisiana
HII marked progress on the first ROMULUS 151 vessel and described a Navy contract for ten vessels. The event marked production progress within the program; construction, testing and delivery remain further steps.
Oct 21, 2026
Board raises the declared quarterly dividend
The board declared $1.41 per share, payable December 11 to holders of record at the close of November 27. The amount increased from the previous $1.38 quarterly dividend.
Oct 19, 2026
Ingalls receives DDG 1002 sea-trials modification
The $99 million Navy modification covers sea trials for the Zumwalt-class destroyer Lyndon B. Johnson. The ship is undergoing combat-system work and modernization at Ingalls.
Oct 13, 2026
Newport News wins AUKUS engineering and design work
The $56 million base award supports AUKUS engineering and design. An option could bring cumulative contract value to $91 million if exercised.
Jul 29, 2026
Submarine construction team receives multiyear contracts
Combined modifications of about $76.6 billion cover the team including Newport News and General Dynamics Electric Boat, with five additional Columbia-class submarines, nine additional Virginia-class submarines and infrastructure funding. HII described its own delivery and module responsibilities.
HII stock catalysts
- 2026-11-27 · Declared dividend record dateBoard-announced record date for the $1.41 quarterly distribution; this is a distribution event.
- 2026-12-11 · Declared dividend payment dateAnnounced payment for eligible holders under the declared distribution.
- Remainder of fiscal 2026 · Delivery against annual production and cash expectationsCompany outlook remains forward-looking: $500m–$600m annual free cash flow and $10.5bn–$10.7bn shipbuilding revenue.
- Program milestones; dates to be announced · ROMULUS construction, testing and delivery progressTen-vessel production award announced; later execution remains subject to program progress.
Naval orders and the work attributable to HII
The July $76.6bn combined submarine announcement covers the construction team, including General Dynamics Electric Boat. Newport News is the delivery yard for six planned Virginia-class vessels and supplies six module sections per Columbia-class vessel.
The full-year cash outlook requires a further recovery
Nine-month free cash flow was negative $182m. Reaching the $500m–$600m annual company outlook would require $682m–$782m in Q4, calculated using the same definition. This arithmetic bridge is distinct from separately issued quarterly guidance.
HII defines free cash flow as operating cash less capital expenditures net of related grants. The reported nine-month bridge is $99m − $288m + $7m = −$182m.
Autonomy and international engineering add opportunities
ROMULUS has a ten-vessel Navy production award, with construction, testing and delivery still relevant. The AUKUS engineering base award is $56m; an option could increase cumulative value to $91m if exercised.
Merlintrader Health Score · $HII
3.30out of 5
Assessed November 1, 2026. An editorial assessment of financial and operating resilience over twelve to eighteen months; no price target or recommendation is implied.
Red flags
- September backlog included $48.276bn of unfunded firm orders.
- Nine-month free cash flow remained negative despite a strong third quarter.
- Long contract estimates and revisions can materially affect reported earnings.
- Workforce, supplier and capacity constraints can increase cost and delay delivery.
- Government procurement decisions, funding and contract terms influence the timing and economics of work.
HII Stock FAQ: Huntington Ingalls Industries, Inc. Questions Answered
What does an investor own through HII common stock?
HII common stock is the NYSE-listed equity of Huntington Ingalls Industries. The business includes Ingalls Shipbuilding, Newport News Shipbuilding and Mission Technologies. The shareholder participates in the results of the whole company, including corporate costs, financing obligations and capital allocation. The security therefore provides broader exposure than a single submarine or autonomous-vessel program.
Is the combined July submarine contract value all HII revenue?
The July announcement's approximately $76.6 billion described combined modifications for the construction team, including Newport News and General Dynamics Electric Boat, together with infrastructure funding. HII identified its own delivery-yard and module-production responsibilities. Its financial statements recognize the revenue attributable to its contracted work under the applicable accounting, with that work extending over time.
How much of the September backlog was funded?
HII's September filing reported $37.905 billion funded and $48.276 billion unfunded, for total backlog of $86.181 billion. Funded backlog has customer funding contractually obligated; unfunded backlog comprises firm orders without current obligated funding. These are workload and funding categories. They are different from completed revenue and from cash already collected.
Why were third-quarter and nine-month free cash flow so different?
The company reported positive $429 million free cash flow for the quarter and negative $182 million for the nine months. The nine-month total includes earlier cash uses, while the third quarter benefited from substantial operating collections. HII defines free cash flow as operating cash flow less capital expenditures net of related grant proceeds. The distinction between the periods is essential to understanding the year's cash pattern.
What is the next announced dividend event?
The board declared $1.41 per share payable on December 11, 2026, to holders of record at the close of November 27. Those dates relate to the announced distribution. The company's operating and investment needs continue alongside the dividend, and future distribution decisions remain subject to the board's judgment and the company's financial circumstances.
Primary sources and market references
- October earnings release
- September Form 10-Q
- Newport News overview
- Ingalls overview
- Sea-trials modification
- July company announcement
- Contract-type disclosure
- GAO shipbuilding review
- ROMULUS production announcement
- AUKUS contract details
- Dividend announcement
- Historical price record
- 2026 proxy statement
- FMR ownership amendment
Disclaimer. Published by Merlintrader for educational and informational purposes only. This content does not constitute investment advice or a recommendation to buy, sell or hold securities. Verify figures against the dated primary disclosures. Investors can lose part or all of their capital.
Naval and defense contractors face procurement and funding risk, contract-estimation changes, labor and supplier constraints, schedule delays, quality and safety obligations, cybersecurity threats and substantial investment requirements. A large strategic workload does not guarantee profitable execution or timely cash collection.
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