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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“the Secretary of the Navy commented that it might be preferable to have Huntington Ingalls and Electric Boat each build Virginia-class submarine separately rather than in a teaming arrangement.”
Huntington Ingalls currently co-builds Virginia-class submarines with General Dynamics' Electric Boat in a teaming arrangement; a Navy proposal to split construction separately would change HII's submarine workload and capacity needs.
“support U.S. shipbuilding, including Huntington Ingalls, the largest naval shipbuilding company in the United States and one of our largest customers.”
Dominion frames its Coastal Virginia Offshore Wind project as critical infrastructure supporting Huntington Ingalls' naval shipbuilding operations, one of Dominion's largest power customers.
“customers like Huntington Ingalls, the largest military shipbuilding company in the United States and one of our largest customers”
Dominion Energy names Huntington Ingalls as one of its largest customers, framing the Coastal Virginia Offshore Wind project's grid capacity as critical to supporting Huntington Ingalls' shipbuilding operations.
“I think you got another 500 employees from W International's acquisition.”
HII added roughly 500 employees from its acquisition of W International, expanding its shipbuilding workforce.
“We're still engaged with the Navy on understanding how that design's gonna unfold. With us, the Navy, and BIW.”
HII is working with General Dynamics Bath Iron Works and the Navy on the new battleship design, a collaboration read-through for GD's shipbuilding unit.
“we're engaged heavily with electric boat and the navy to get it behind us.”
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Noah Poponak | Goldman Sachs | 12 (33%) |
| Myles Walton | Wolfe Research | 11 (27%) |
| Gautam Khanna | TD Cowen | 10 (0%) |
| Scott Mikus | Melius Research | 10 (10%) |
| Seth Seifman | JPMorgan | 10 (20%) |
| Ron Epstein | Bank of America | 8 (0%) |
| Scott Deuschle | Deutsche Bank | 8 (25%) |
| Doug Harned | Bernstein | 6 (50%) |
| Dave Strauss | Wells Fargo | 6 (33%) |
| Pete Skibitski | Alembic Global | 5 (20%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 | 12 (33%) |
| Bank of America | 3 | 11 (0%) |
| Wolfe Research | 1 | 11 (27%) |
| JPMorgan | 1 |
HII is teaming with General Dynamics Electric Boat and the Navy on the next Virginia and Columbia class submarine contracts, a joint-build partnership.
“We also signed a memorandum of agreement with HD Hyundai Heavy Industries reinforcing our strategic collaboration to explore future partnership opportunities.”
HII signed a memorandum of agreement with HD Hyundai Heavy Industries to explore shipbuilding partnership opportunities, a read-through on the Korean yard's expanding US collaboration.
“the Trump administration suggested that Hanwha is going to be making nuclear submarines into the Philadelphia Navy Yard”
An analyst raises Hanwha potentially building nuclear submarines at the Philadelphia Navy Yard as a strategic development in U.S. naval shipbuilding; HII declines to comment on specifics.
“Shield AI made a lot of sense. C3 AI makes a lot of sense.”
HII cites C3 AI as a fitting partner to add capability into its Odyssey autonomy software for unmanned systems.
“a partnership with Thales to develop advanced autonomous undersea mine countermeasure capabilities”
HII partnered with Thales to develop autonomous undersea mine countermeasure capabilities within Mission Technologies.
“We also announced a partnership with Shield AI to accelerate cross-domain and modular mission autonomy solutions”
HII partnered with Shield AI to add autonomy capability into its Odyssey open-architecture software for unmanned vessels.
“we joined forces with Babcock International to integrate HII's unmanned underwater vehicles with the Babcock submarine weapon handling and launch systems, while REMUS 620 was validated for torpedo tube deployment”
HII partnered with Babcock International to integrate its unmanned underwater vehicles with Babcock's submarine weapon handling and launch systems, positioning HII's torpedo-tube launch/recovery for international markets.
“From other international shipbuilders, we have taken the steps, because we saw this coming, we have developed a strategic relationship with HHI out of Korea to evaluate both defense opportunities and commercial opportunities.”
HII has formed a strategic relationship with Korean shipbuilder HHI (Hyundai Heavy Industries) to evaluate joint defense and commercial opportunities, including potential investment in industrial-base capacity.
“From our perspective, we do have a footprint down there now. We've got a great partner in Babcock. We've got some good wins under our belt, and we're competing for some also very interesting wins that should show up over the back half of the year.”
Babcock International is HII's partner in Australia under the AUKUS submarine program, described positively with wins already secured and more being pursued.
“Right now, we're happy with the teaming arrangement that we have with General Dynamics on the Virginia-class program.”
Asked whether the Navy might split Virginia-class submarine construction away from teaming, HII's CEO reaffirms satisfaction with its existing teaming arrangement with General Dynamics (Electric Boat), while noting a shift would require significant additional capital.
| 10 (20%) |
| TD Cowen | 1 | 10 (0%) |
| Melius Research | 1 | 10 (10%) |
| Deutsche Bank | 1 | 8 (25%) |
| Bernstein | 1 | 6 (50%) |
Huntington Ingalls closed fiscal 2025 with Q4 revenue of $3.2 billion, up 8% year-over-year, and full-year free cash flow of $712 million exceeding the twice-raised guidance. Shipbuilding margins reached 8.5% for the year as labor force stabilization and throughput improvements drove operating leverage, and the backlog remained at $56 billion with a book-to-bill above 1.0x. Management introduced 2026 guidance calling for 4-6% revenue growth and free cash flow of $650-$750 million, anchored by the submarine, carrier, and amphibious programs.
Demand | Margin | Guidance Reliability | Labor Market | Revenue Growth | Cost Pressure | Regulation Policy | Capital Allocation | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 7 | 4 | 1 | 1 | 3 | 1 | 2 |
| 2025Q1 | 4 | 5 | 3 | 3 | 1 | 2 | 1 | 1 |
| 2025Q2 | 5 | 2 | 4 | 2 | 3 | 1 | 2 | 2 |
| 2025Q3 | 4 | 4 | 6 | 2 | 2 | 2 | 2 | 1 |
| 2025Q4 | 7 | 7 | 6 | 3 | 3 | 2 | 1 | 1 |
| 2026Q1 | 8 | 5 | 5 | 2 | 3 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 4 | 4 | 5 | 4 | 7 | 8 |
| Margin | 7 | 5 | 2 | 4 | 7 | 5 |
| Guidance Reliability | 4 | 3 | 4 | 6 | 6 | 5 |
| Labor Market | 1 | 3 | 2 | 2 | 3 | 2 |
| Revenue Growth | 1 | 1 | 3 | 2 | 3 | 3 |
| Cost Pressure | 3 | 2 | 1 | 2 | 2 | 2 |
| Regulation Policy | 1 | 1 | 2 | 2 | 1 | 1 |
| Capital Allocation | 2 | 1 | 2 | 1 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
HII Huntington Ingalls Industries | 6 | +13.3% | |
| AXON Axon Enterprise Inc. | 10 | +33.8% | |
| BA The Boeing Company | 7 | +14.0% | |
| GD General Dynamics | 8 | +10.3% | |
| GE GE Aerospace | 7 | +24.7% | |
| LHX L3Harris | 8 | +11.9% | |
| LMT Lockheed Martin | 4 | +0.3% | |
| NOC Northrop Grumman | 6 | +4.4% | |
| RKLB Rocket Lab USA, Inc. | 8 | +63.5% | |
| RTX RTX Corporation | 9 | +8.7% | |
| TDG TransDigm Group | 10 | +18.3% | |
| TXT Textron | 7 | +11.8% |