Sector ranking · Shipbuilding

Shipbuilding: how dependent each company is on the U.S. government

1 companyData as of October 16, 2026

Huntington Ingalls is the most dependent company we cover. Its FY2025 10-K puts 99.9% of its revenue, $12.5B, in its "Federal" customer line. The filing describes its customers as "substantially all" U.S. government.

The contract record points to one buyer. In federal fiscal year 2025, the Department of the Navy awarded 84.4% of the company's matched prime contract obligations. Those obligations came to $11.0B, 0.88 times the U.S. government revenue the company reports. Obligations are commitments to pay, not revenue, so the two rarely match exactly.

General Dynamics, which also builds Navy ships, is ranked with the defense primes because a large part of its revenue comes from other businesses.

$12.5Bcombined U.S. government revenue calculated

99.9%median reported share

1company covered

U.S. government share of total revenue, latest fiscal year

Company-reported percentages. Dashed line marks 80%; companies below it are shown lighter.

The table below holds the same data.

Shipbuilding: 1 company

Click a column to sort. Grey dollar figures are calculated as share × revenue. Contract obligations are from USAspending.gov for the federal fiscal year (FFY) that ends inside each company's fiscal year.

Shipbuilding: 1 company
Company	Sector	U.S. gov share	Adjusted share (ex-FMS)	U.S. gov revenue	Total revenue	Contract obligations	Obligations ÷ gov rev	Fiscal year	What the company counts
HIIHuntington Ingalls	Shipbuilding	99.9%	99.9% not adj.	$12.5B	$12.5B	$11.0BFFY2025	0.88	FY2025ends Dec 2025	Federal customers line; 10-K says "substantially all" FMS not statedVerified 2026-10-16 against the sec.gov 10-K customer-type table: Federal $12,470M of $12,484M.

Download this table as CSV (exactly the rows and columns shown) · All downloads and the data dictionary · How we measure

Adjusted ex-FMS share. Some companies count foreign military sales (FMS), which flow through the Pentagon, as U.S. government revenue; others count them as international. The adjusted column removes FMS only where a company discloses the FMS amount; "not adj." marks companies that include FMS without saying how much. See definitions.

Other sectors: Defense prime · Government services · Defense tech · Technology · Aerospace · Engineering · Nuclear · All companies

Sources

Huntington Ingalls, FY2025 annual report (accessed October 15, 2026)