BWX Technologies, Inc. Q3 2026 Earnings Recap

BWXT reported double-digit revenue and Adjusted EBITDA growth, with growth across both operating segments. The stock rose 1.0% after earnings, a roughly flat reaction.

Key Takeaways

• Revenue grew 10% and Adjusted EBITDA grew 19%; management said both operating segments delivered double-digit growth.
• Government Operations posted a 22.6% Adjusted EBITDA margin. A $189 million annual Naval Propulsion fuel contract was booked, while defense fuels and high-purity depleted uranium programs drove most of the segment’s revenue growth.
• Commercial Operations’ organic revenue rose 15% and total revenue rose 25%, including contribution from the PCG acquisition. The Cambridge expansion adds about 50% to heavy-component manufacturing capacity.
• BWXT cited new advanced nuclear awards, including the U.S. Army’s Janus Program and a Canadian project with Prodigy; it also signed a multiyear agreement to supply Antares an initial 1 metric ton of TRISO fuel.
• The company is still defining the Janus program’s costs, execution approach and operating plan, and expects a final investment decision on a new U.S. commercial manufacturing facility by year-end.