BWX Technologies, Inc. Earnings Recaps
Q2 2026
Aug 6, 2026
BWXT's shares rose modestly by 2.2% post-earnings, reflecting a generally in-line quarter that showed steady backlog growth and operational execution, but without a meaningful catalyst to drive a stronger market response.
Key takeaways
- Revenue increased 18%, supported by 9% organic growth and continued demand in nuclear solutions across national security and commercial power markets.
- Adjusted EBITDA grew 7%, and adjusted EPS rose 5%, reflecting solid but not accelerating profitability improvements.
- Backlog stood at $8.4 billion, up 40% year-over-year, though sequentially down slightly due to normal timing of large contract awards.
- Government Operations segment delivered strong margins supported by productivity gains and benefited from an updated Navy shipbuilding plan enhancing production stability.
- BWXT continues to invest in U.S. commercial manufacturing capabilities, including the recent acquisition of Precision Components Group and potential expansion projects supported by government awards.
Q1 2026
May 6, 2026
BWXT’s shares declined modestly by 0.7% following its Q1 2026 report, reflecting cautious investor response despite solid revenue and backlog growth, likely due to ongoing margin pressure and mixed segment performance.
Key takeaways
- Consolidated revenue grew 26% year-over-year, with 11% organic growth; adjusted EBITDA increased 14%, and EPS rose 22%.
- Backlog ended at $8.7 billion, up 77% year-over-year and 19% sequentially, supported by government and commercial bookings.
- Government Operations revenue increased 4% and adjusted EBITDA by 1%, with strong naval propulsion bookings but only modest margin improvement.
- Commercial Operations saw 39% organic revenue growth and 121% total revenue increase, driven by commercial nuclear, medical, and Kinectrics contributions; backlog was flat sequentially.
- Management emphasized strategic investments in U.S. manufacturing capacity and advanced nuclear initiatives, but near-term margin compression and uneven segment performance may temper enthusiasm.
Q3 2025
Nov 4, 2025
BWX Technologies reported a robust third quarter for 2025, achieving 12% organic revenue growth and strong profitability driven by increased demand in government and commercial operations.
Key takeaways
- Revenue reached $866 million, with adjusted EBITDA growing by approximately 20%.
- Book-to-bill ratio of 2.6, leading to a record backlog of $7.4 billion, up 23% sequentially and 119% year-over-year.
- Significant contracts awarded include a $1.5 billion uranium enrichment initiative and a $1.6 billion supply contract for high-purity depleted uranium, highlighting government market strength.
- Commercial operations revenue surged 122%, bolstered by acquisitions and growth in medical isotopes and nuclear power sectors.
- Strong outlook for 2026, with expectations to exceed medium-term financial targets, driven by operational excellence and expansion in key markets.