
BUILD IT. HII is America’s largest shipbuilder, delivering the world’smost powerful ships and all-domain mission technologies,including unmanned systems, to U.S. and allied defensecustomers. HII is the largest producer of unmannedunderwater vehicles for the U.S. Navy and the world. With a more than 140-year history of advancing U.S. nationalsecurity, HII builds and integrates defense capabilitiesextending from the core fleet to C6ISR, AI/ML, EW andsynthetic training. Headquartered in Virginia, HII’s workforceis 44,000 strong. For more information, visit HII.com. DEAR FELLOW SHAREHOLDERS (SSN 802), launchedArkansas(SSN 800),and delivered the firstColumbia-classballistic missile submarine bow, acritical milestone in the U.S. Navy’s topacquisition priority. NNS also completeddock trials onJohn F. Kennedy(CVN 79),moving another step closer towarddelivery of the secondFord-classaircraft carrier in the fleet. Beyond these wins, Mission Technologiesreached a milestone in 2025 with thedelivery of its 750th REMUS unmannedunderwater vehicle (UUV). Customersin more than 30 countries now field ourREMUS line of UUVs. We also unveiledthe ROMULUS family of unmannedsurface vessels, powered by ourOdyssey autonomy software, andbegan construction of the flagshipROMULUS 190 with a team of leadingtechnology and manufacturing partners.We are investing and competingaggressively for the programs thatwill define naval warfare in the 2030sand beyond. At a time of urgent demand to strengthenU.S. seapower, we are proud to reportthat in 2025 HII made meaningfulprogress across every dimension of ourbusiness: operational performance,strategic positioning, technologicalinnovation, and financial results. For 2025, we recorded $12.5 billion inrevenue and $16.9 billion in new contractawards, bringing our total backlog to$53.1 billion. All three of our divisionsreached record revenue levels and hitkey milestones, reflecting how closelyour portfolio maps to our defensecustomers’ needs. Strategic Positioning andMajor Contracts The strategic environment has neverbeen more favorable for our business.Bipartisan consensus in Washingtonrecognizes that a larger, more capablefleet is essential to deterring aggressionand maintaining American leadership.The Navy’s shipbuilding plans andthe broader defense budget point tosustained investment over the comingdecades in the core fleet, autonomoussystems, and the technologies thatconnect and strengthen the future force.We are uniquely positioned to capturethis demand. Operational Improvement We are also expanding our industrialintegration internationally, partneringwith shipyards and fabricators acrossthe country and around the globe. Amore resilient supply chain benefitssubmarine program execution forthe U.S. Navy, and shores up futurecapability upon which the U.S. andalliances such as AUKUS will depend. Operational excellence remains ourguiding priority. In 2025, we increasedour shipbuilding throughput by 14%, andwe delivered two ships that immediatelyadded capability to the U.S. Navy. Newport News Shipbuilding deliveredtheVirginia-class fast-attack submarineMassachusetts(SSN 798) to the U.S.Navy. Ingalls Shipbuilding deliveredArleigh Burke-class guided missiledestroyer USSTed Stevens(DDG 128),further strengthening the Navy’ssurface fleet. Mission Technologies division revenuestopped $3 billion in 2025 for the firsttime, and the team secured majorawards including:• Investing in Our Workforceand Facilities Ships are built by people, and in2025 we invested considerably inour workforce. We added 6,600shipbuilders, and expect to hire at leastthis many in 2026. We also improvedretention through competitive wagesand benefits. Building a skilled workforceis challenging, but we are makingprogress and remain committed tobeing the employer of choice in everycommunity where we operate. A task order for approximately $296million to support global air and spaceoperations.•A $70 million task order to protect U.S.Air Force systems and software.•A contract to develop a high-energylaser weapon system for the U.S. Army.•Selection to support the nation’scombat-ready force with a $182 millionpilot training contract.•Award of an Air National Guard trainingcontract to enhance readiness.•Selection for the U.S. Army’s livetraining contract. We also advanced construction acrossmultiple programs. Ingalls beganfabricating the amphibious transportdockPhiladelphia(LPD 32), christenedHarrisburg(LPD 30), and launched andchristened the guided missile destroyerJeremiah Denton(DDG 129). Ingalls alsoauthenticated the keel ofThad Cochran(DDG 135), marking another importantstep in our destroyer program. NNSauthenticated the keelVirginia-classsubmarineBarb(SSN 804), reachedpressure hull complete onOklahoma We also intend to continue to rampour distributed shipbuilding strategy,moving work to where the labor is andincreasing our throughput. In SouthCarolina, we ramped up production $12.5BANNUAL REVENUE $53.1BBACKLOG of su