Huntington Ingalls Industries (HII) 10-K Summary — Year Ended Dec 31, 2023
Huntington Ingalls Industries reported higher revenue and net earnings for the latest annual period. The company generated strong operating cash flow and improved its trade working capital position.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Huntington Ingalls Industries reported higher revenue and net earnings for the latest annual period. The company generated strong operating cash flow and improved its trade working capital position.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$11.5B
Revenue reported for the fiscal year.
Operating income
$781M
Income from operations reported for the year.
Net income
$681M
Net income reported for the year.
Operating cash flow
$970M
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $9.5B | n/a |
| Dec 31, 2022 | $10.7B | +12.1% |
| Dec 31, 2023 | $11.5B | +7.3% |
Business overview
Huntington Ingalls Industries is a defense contractor that designs, builds, and maintains naval ships and provides related services. The company operates through segments focused on shipbuilding and technical solutions for government customers.
Financial performance
Revenue increased compared to the prior year, driven by higher volume across the company's operations. Operating income and net earnings also rose, reflecting improved profitability. Cash from operations grew significantly, supported by a reduction in trade working capital.
Material risks
The filing identifies risks related to the company's reliance on U.S. government contracts, which may be subject to funding delays or changes in defense priorities. Cybersecurity threats and the need to manage complex, long-term shipbuilding programs are also noted as material risk factors.
Liquidity and capital
The company aims to efficiently convert operating results into cash to fund operations, execute its business strategy, and maximize stockholder value. It maintains a mix of equity and debt financing and expects to meet debt obligations through internal funds or refinancing.
What to watch
Monitor changes in trade working capital, as a significant improvement contributed to cash flow in the latest period.