v3.25.2
Revenue (Tables)
6 Months Ended
Jun. 30, 2025
Disaggregation of Revenue [Abstract]  
Disaggregation of Revenue [Table Text Block]
The following tables present revenues on a disaggregated basis:
Three Months Ended June 30, 2025
($ in millions)IngallsNewport NewsMission TechnologiesIntersegment EliminationsTotal
Revenue Type
Product sales$610 $1,319 $28 $— $1,957 
Service revenues111 283 731 — 1,125 
Intersegment32 (36)— 
Sales and service revenues$724 $1,603 $791 $(36)$3,082 
Customer Type
Federal$721 $1,601 $756 $— $3,078 
Commercial— — 
State and local government agencies— — — 
Intersegment32 (36)— 
Sales and service revenues$724 $1,603 $791 $(36)$3,082 
Contract Type
Firm fixed-price$$$104 $— $111 
Fixed-price incentive605 808 — 1,414 
Cost-type111 792 619 — 1,522 
Time and materials— — 35 — 35 
Intersegment32 (36)— 
Sales and service revenues$724 $1,603 $791 $(36)$3,082 
Three Months Ended June 30, 2024
($ in millions)IngallsNewport NewsMission TechnologiesIntersegment EliminationsTotal
Revenue Type
Product sales$631 $1,263 $32 $— $1,926 
Service revenues80 271 700 — 1,051 
Intersegment33 (35)— 
Sales and service revenues$712 $1,535 $765 $(35)$2,977 
Customer Type
Federal$711 $1,533 $730 $— $2,974 
Commercial— — 
State and local government agencies— — — 
Intersegment33 (35)— 
Sales and service revenues$712 $1,535 $765 $(35)$2,977 
Contract Type
Firm fixed-price$$$85 $— $88 
Fixed-price incentive630 812 — 1,445 
Cost-type80 720 599 — 1,399 
Time and materials— — 45 — 45 
Intersegment33 (35)— 
Sales and service revenues$712 $1,535 $765 $(35)$2,977 

Six Months Ended June 30, 2025
($ in millions)IngallsNewport NewsMission TechnologiesIntersegment EliminationsTotal
Revenue Type
Product sales$1,136 $2,479 $55 $— $3,670 
Service revenues218 519 1,409 — 2,146 
Intersegment62 (70)— 
Sales and service revenues$1,361 $2,999 $1,526 $(70)$5,816 
Customer Type
Federal$1,354 $2,997 $1,457 $— $5,808 
Commercial— — 
State and local government agencies— — — 
Intersegment62 (70)— 
Sales and service revenues$1,361 $2,999 $1,526 $(70)$5,816 
Contract Type
Firm fixed-price$$$201 $— $210 
Fixed-price incentive1,131 1,574 — 2,708 
Cost-type218 1,419 1,188 — 2,825 
Time and materials— 72 — 73 
Intersegment62 (70)— 
Sales and service revenues$1,361 $2,999 $1,526 $(70)$5,816 
Six Months Ended June 30, 2024
($ in millions)IngallsNewport NewsMission TechnologiesIntersegment EliminationsTotal
Revenue Type
Product sales$1,217 $2,439 $57 $— $3,713 
Service revenues147 528 1,394 — 2,069 
Intersegment64 (69)— 
Sales and service revenues$1,367 $2,969 $1,515 $(69)$5,782 
Customer Type
Federal$1,364 $2,966 $1,447 $— $5,777 
Commercial— — 
State and local government agencies— — — 
Intersegment64 (69)— 
Sales and service revenues$1,367 $2,969 $1,515 $(69)$5,782 
Contract Type
Firm fixed-price$$$167 $— $173 
Fixed-price incentive1,216 1,600 — 2,821 
Cost-type146 1,363 1,192 — 2,701 
Time and materials— — 87 — 87 
Intersegment64 (69)— 
Sales and service revenues$1,367 $2,969 $1,515 $(69)$5,782 

Three Months Ended June 30Six Months Ended June 30
($ in millions)2025202420252024
Major Programs
Amphibious assault ships$324 $413 $656 $765 
Surface combatants and coast guard cutters397 297 696 597 
Other3 9 
Total Ingalls724 712 1,361 1,367 
Aircraft carriers794 831 1,552 1,623 
Submarines663 563 1,179 1,079 
Other146 141 268 267 
Total Newport News1,603 1,535 2,999 2,969 
C5ISR; cyber, electronic warfare & space; live, virtual, and constructive training solutions668 638 1,296 1,264 
Other123 127 230 251 
Total Mission Technologies791 765 1,526 1,515 
Intersegment eliminations(36)(35)(70)(69)
Sales and service revenues$3,082 $2,977 $5,816 $5,782 
Schedule of Change in Accounting Estimate
The following table presents the effect of net cumulative catch-up revenue adjustments on operating income and diluted earnings per share:
Three Months Ended June 30Six Months Ended June 30
($ in millions, except per share amounts)2025202420252024
Effect on operating income$(10)$24 $(10)$26 
Effect on diluted earnings per share$(0.20)$0.48 $(0.20)$0.51 
Contract with Customer, Contract Asset, Contract Liability, and Receivable Net contract assets were comprised as follows:
($ in millions)June 30, 2025December 31, 2024
Contract assets$1,811 $1,683 
Contract liabilities969 774 
Net contract assets$842 $909