BWX Technologies, Inc. Earnings Recaps
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.