BWX Technologies (BWXT) FY2024 results: revenue $2.7 billion, up 8.3% on the year

BWX Technologies, Inc. (BWXT) reported revenue of $2.7 billion for fiscal 2024, the year ended 31 December 2024, up 8.3% on the year before. Net income was $282 million, up 14.7%, and diluted earnings per share $3.07. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2025.

Revenue

$2.7 billion

+8.3% on the year

FY2017FY2024

Operating margin

14.1%

15.3% a year earlier

FY2017FY2024

Net income

$282 million

+14.7% on the year

FY2017FY2024

Diluted EPS

$3.07

+14.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,704	2,496	2,233	+8.3%
Cost of revenue	2,048	1,876	1,681	+9.2%
Gross profit	655	621	552	+5.6%
Gross margin	24.2%	24.9%	24.7%
Research and development	7.5	7.6	9.5	-1.8%
Selling, general and administrative	319	280	234	+13.9%
Operating income	381	383	349	-0.6%
Operating margin	14.1%	15.3%	15.6%
Interest expense	39.5	47.0	36.4	-16.1%
Pre-tax income	349	321	314	+8.5%
Income tax	66.4	75.1	75.8	-11.5%
Effective tax rate	19.0%	23.4%	24.1%
Net income	282	246	238	+14.7%
Net margin	10.4%	9.8%	10.7%
Diluted EPS	$3.07	$2.68	$2.60	+14.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	408	364	245	+12.3%
Capital expenditure	154	151	198	+1.6%
Free cash flow	255	212	46.4	+19.9%
Free cash flow margin	9.4%	8.5%	2.1%
Cash from investing	-155	-156	-256
Cash from financing	-253	-169	14.0
Depreciation and amortisation	85.9	78.6	73.8	+9.3%
Share-based compensation	21.7	15.9	14.1	+36.4%
Buybacks	20.0	0.0	20.0
Dividends paid	88.3	85.0	81.1	+4.0%
Dividend per share	$0.96	$0.92	$0.88	+4.3%
Diluted shares, weighted	92m	92m	92m	-0.0%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,081	933	748	+15.8%
Non-controlling interest	-0.3	-0.1	0.0
Debt	1,055	1,210	1,289	-12.7%
Other liabilities	734	604	582	+21.5%
Total liabilities and equity	2,870	2,747	2,619	+4.5%
Fixed assets	1,278	1,229	1,135	+4.0%
Goodwill	287	297	293	-3.3%
Intangible assets	165	186	194	-10.9%
Investments	n/a	0.0	3.8
Cash and equivalents	74.1	75.8	35.2	-2.2%
Receivables	99.1	70.2	60.8	+41.2%
Inventory	40.3	27.4	22.9	+47.1%
Other assets	926	863	875	+7.3%
Total assets	2,870	2,747	2,619	+4.5%

10-K for the year ended 31 December 2024, filed 24 February 2025: the filing.