Open the filing on EDGARBWX Technologies Reports Fourth Quarter and Full Year 2025 Results, Initiates 2026 Guidance
- 4Q25 diluted GAAP EPS of $1.01, diluted non-GAAP EPS of $1.08
- 4Q25 net income of $93.7 million, adjusted EBITDA of $147.5 million
- 2025 diluted GAAP EPS of $3.58, diluted non-GAAP EPS of $4.01
- 2025 net income of $329.9 million, adjusted EBITDA of $574.3 million
- 2025 operating cash flow of $479.8 million, free cash flow of $295.3 million
- Ended 2025 with backlog of $7.3 billion, up 50% year-over-year, driven by large multi-year naval propulsion, special materials, and commercial nuclear power awards
- Initiates 2026 guidance for non-GAAP EPS of $4.55-$4.70, adjusted EBITDA of $645 million-$660 million, and free cash flow of $305 million-$320 million
Lynchburg, VA - Feb. 23, 2026 - BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported fourth quarter and full year 2025 results. A reconciliation of non-GAAP results is detailed in Exhibit 1.
“We delivered a strong fourth quarter, and a record year for BWXT,” said Rex D. Geveden, president and chief executive officer. “In our tenth year as a standalone public company, 2025 was monumental for BWXT as we expanded our service and product offerings with two acquisitions and captured significant high-value awards across both Government and Commercial segments, driving 50% backlog growth.”
“BWXT operates at the intersection of national security and commercial nuclear power markets, where demand for both remains exceptionally strong,” continued Geveden. “Our strategy goes beyond capturing new awards; we are strengthening our competitive position through operational excellence and targeted investments to continue to expand our industrial scale and technical capabilities enabling our ability to deliver on our customers’ most critical missions.”
"In 2026, we expect to further build on the momentum of the last several years,” said Geveden. “We are initiating guidance that calls for robust growth across all key financial metrics including $4.55-$4.70 of non-GAAP EPS, $645-$660 million of adjusted EBITDA and $305-$320 million of free cash flow.”
(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.
Financial Results Summary
| Three Months Ended December 31, | Year Ended December 31, |
|---|
| 2025 | 2024 | $ Change | % Change | 2025 | 2024 | $ Change | % Change |
|---|
| (Unaudited) (In millions, except per share amounts) |
|---|
| Revenue | | | | | | | | |
| Government Operations | $589.1 | | $595.0 | | $(5.9) | (1)% | $2,350.1 | | $2,183.0 | | $167.1 | 8% |
| Commercial Operations | $297.7 | | $152.3 | | $145.3 | 95% | $853.1 | | $524.0 | | $329.1 | 63% |
| Consolidated | $885.8 | | $746.3 | | $139.6 | 19% | $3,198.4 | | $2,703.7 | | $494.8 | 18% |
| Operating Income | | | | | | | | |
| Government Operations | $90.3 | | $98.1 | | $(7.7) | (8)% | $394.9 | | $377.9 | | $17.0 | 4% |
| Commercial Operations | $20.4 | | $14.9 | | $5.6 | 37% | $57.7 | | $46.8 | | $10.9 | 23% |
| Unallocated Corporate (Expense) | $(18.7) | | $(20.7) | | $2.0 | NM | $(48.1) | | $(44.1) | | $(4.0) | NM |
| Consolidated | $92.1 | | $92.3 | | $(0.2) | - % | $404.5 | | $380.6 | | $23.9 | 6% |
| Non-GAAP Operating Income | | | | | | | | |
| Government Operations | $93.4 | | $100.6 | | $(7.2) | (7)% | $411.0 | | $380.9 | | $30.1 | 8% |
| Commercial Operations | $37.2 | | $19.1 | | $18.0 | 94% | $86.8 | | $55.9 | | $30.9 | 55% |
| Unallocated Corporate (Expense) | $(9.5) | | $(11.9) | | $2.4 | NM | $(22.1) | | $(24.0) | | $1.9 | NM |
| Consolidated | $121.1 | | $107.9 | | $13.2 | 12% | $475.7 | | $412.8 | | $62.9 | 15% |
| EPS (Diluted) | | | | | | | | |
| GAAP | $1.01 | | $0.77 | | $0.24 | 31% | $3.58 | | $3.07 | | $0.51 | 17% |
| Non-GAAP | $1.08 | | $0.92 | | $0.16 | 17% | $4.01 | | $3.33 | | $0.68 | 20% |
| Net Income | | | | | | | | |
| GAAP | $93.7 | | $71.1 | | $22.6 | 32% | $329.9 | | $282.3 | | $47.6 | 17% |
| Non-GAAP | $100.0 | | $84.8 | | $15.2 | 18% | $368.9 | | $306.6 | | $62.2 | 20% |
| Adjusted EBITDA | | | | | | | | |
| Government Operations | $110.9 | | $116.7 | | $(5.8) | (5)% | $479.1 | | $441.9 | | $37.3 | 8% |
| Commercial Operations | $44.4 | | $23.7 | | $20.7 | 87% | $110.1 | | $73.6 | | $36.4 | 49% |
| Corporate | $(7.7) | | $(10.1) | | $2.4 | NM | $(14.9) | | $(16.9) | | $1.9 | NM |
| Consolidated | $147.5 | | $130.3 | | $17.2 | 13% | $574.3 | | $498.7 | | $75.6 | 15% |
| Cash Flows | | | | | | | | |
| Operating Cash Flow | $127.0 | | $276.9 | | $(149.9) | (54)% | $479.8 | | $408.4 | | $71.4 | 17% |
| Capital Expenditures | $70.2 | | $52.5 | | $17.7 | 34% | $184.6 | | $153.6 | | $30.9 | 20% |
| Free Cash Flow | $56.8 | | $224.4 | | $(167.6) | (75)% | $295.3 | | $254.8 | | $40.5 | 16% |
| Share Repurchases | $ - | | $ - | | $ - | NM | $30.0 | | $20.0 | | $10.0 | NM |
| Dividends Paid | $22.8 | | $22.0 | | $0.7 | 3% | $92.5 | | $88.3 | | $4.1 | 5% |
NM = Not Meaningful
(2) Items named in the Financial Results Summary differ from names in BWXT Financial Statement. Operating Cash Flow = Net Cash Provided by Operating Activities; Capital Expenditures = Purchases of Property, Plant and Equipment; Share Repurchases = Repurchases of Common Stock; Dividends Paid = Dividends Paid to Common Shareholders
Revenues
Fourth quarter revenue increased driven by strong growth in Commercial Operations, partially offset by slightly lower Government Operations. The Government Operations decrease was due to lower naval nuclear component material procurement and slightly lower microreactor revenue, which was partially offset by higher special materials processing, and contribution from A.O.T. The Commercial Operations increase was driven by higher field services, fuel, components and medical sales, as well as contribution from Kinectrics.
Full year revenue increased, driven by growth in both operating segments. The Government Operations increase was driven by higher naval nuclear component production, special materials processing and contribution from A.O.T, partially offset by lower microreactor revenue. The Commercial Operations increase was driven by higher nuclear components, fuel and fuel handling and medical sales, as well as contribution from Kinectrics, which was partially offset by slightly lower field services sales.
(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.
Operating Income and Adjusted EBITDA
Fourth quarter GAAP operating income decreased modestly as slightly lower Government Operations operating income was partially offset by higher Commercial Operations operating income and lower corporate expense. Fourth quarter Non-GAAP operating income increased primarily due to an increase in Commercial Operations and lower corporate expense, partially offset by lower Government Operations operating income. The Government Operations decline was mainly due lower revenue and fewer favorable contract adjustments relative to 2024, as well as business mix, which was partially offset by higher technical services income and contribution from A.O.T. The Commercial Operations increase was due to higher revenue as noted above, partially offset by growth investment spend. Corporate expenses were lower compared to 2024.
Full year GAAP and non-GAAP operating income increased in both segments. The Government Operations increase was due to the higher revenue noted above as well as higher technical services income, partially offset by higher acquisition integration and restructuring expenses. The Commercial Operations increase was due to the revenue increases noted above, partially offset by acquisition due diligence, integration, and restructuring expenses.
Fourth quarter and full year total adjusted EBITDA changes are in-line with the reasons noted above.
EPS
Fourth quarter GAAP EPS increased due to higher operating and other income, a lower tax rate and a mark-to-market gain on the pension. Non-GAAP EPS increased due to higher Non-GAAP operating income and other income along with lower interest expense and was partially offset by a higher tax rate.
Full year GAAP EPS and non-GAAP EPSincreased due to higher operating and other income, a lower tax rate, and a mark-to-market gain on the pension, partially offset by higher interest expense.
Cash Flows
Fourth quarter operating cash flow was lower due to the timing of cash flows throughout the year. Capital expenditures increased due to ongoing growth investments, including the previously announced expansion of the Cambridge manufacturing plant that supports the commercial nuclear market.
Full year operating cash flow increased due to higher net income, working capital management, and timing of advanced billings on new awards. Capital expenditures increased due to ongoing growth investments as well as spend necessary to support the build-out of facilities and infrastructure to support new government program awards.
Dividend
BWXT paid $22.0 million, or $0.25 per common share, to shareholders in the fourth quarter 2025 and paid $92.5 million to shareholders for the full year 2025. On February 18, 2026, the BWXT Board of Directors declared a quarterly cash dividend of $0.27 per common share payable on March 27, 2026, to shareholders of record on March 11, 2026.
(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.
2026 Guidance
BWXT announced its expectations for fiscal year 2026 financial results, providing the following guidance:
| December 31, 2025 | December 31, 2026 |
|---|
| Results | Guidance |
|---|
| (In millions, except per share amounts) | Year Ended | Year Ending |
| Revenue | $3,198 | ~$3,750 |
| Adjusted EBITDA | $574 | $645 - $660 |
| Non-GAAP Earnings Per Share | $4.01 | $4.55 - $4.70 |
| Free Cash Flow | $295 | $305 - $320 |
(2) BWXT has not included a reconciliation of provided non-GAAP guidance to comparable GAAP measures due to the difficulty of estimating any mark-to-market adjustments for pension and post-retirement benefits, which are determined at the end of the year.
Additional information can be found in the 2025 fourth quarter earnings call presentation on the BWXT investor relations website at investors.bwxt.com. The Company does not provide GAAP guidance because it is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. These items could cause GAAP results to differ materially from non-GAAP results.
Conference Call to Discuss Fourth Quarter 2025 Results
Date: Monday, February 23, 2026, at 5:00 p.m. EST
Live Webcast: BWXT Investor Relations website at investors.bwxt.com
Full Earnings Release Available on BWXT Website
A full version of this earnings release is available on our Investor Relations website at http://investors.bwxt.com/4Q2025-release.
BWXT may use its website (www.bwxt.com) as a channel of distribution of material Company information. Financial and other important information regarding BWXT is routinely accessible through and posted on our website. In addition, you may elect to automatically receive e-mail alerts and other information about BWXT by enrolling through the “Email Alerts” section of our website at http://investors.bwxt.com.
Non-GAAP Measures
BWXT uses and makes reference to adjusted EBITDA, non-GAAP EPS, free cash flow and free cash flow conversion, which are not recognized measures under GAAP. BWXT is providing these non-GAAP measures to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. Definitions for the non-GAAP measures are provided below and reconciliations are detailed in Exhibit 1, except that reconciliations of forward-looking GAAP measures are not provided because the company is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. Other companies may define these measures differently or may utilize different non-GAAP measures, thus impacting comparability.
Non-GAAP Earnings Per Share (EPS) is calculated using GAAP EPS less the non-operational tax effected per share impact of pension & OPEB mark-to-market gains or losses and other one-time items, such as restructuring, transformation, acquisition-related costs, and acquisition-related amortization.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is calculated using non-GAAP net income, plus provision for income taxes, less other - net, less interest income, plus interest expense, plus depreciation and amortization.
(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.
Adjusted pre-tax income is non-GAAP income before provision for income taxes.
Free Cash Flow (FCF) is calculated using net income to derive net cash provided by (used in) operating activities less purchases of property, plant and equipment.
Free Cash Flow conversion is free cash flow divided by net income.
Non-GAAP Adjustments
Our GAAP financial results detailed in Exhibit 1 have been adjusted for the following items:
Restructuring and Transformation Costs: Restructuring and transformation costs include restructuring charges as well as costs associated with our efforts to optimize underlying business processes through investments in information technology, process improvements and the implementation of strategic actions and initiatives which we deem to be incremental and non-recurring in nature.
Acquisition-related Costs: Acquisition-related costs relate to third-party professional service costs and one-time incremental costs associated with due diligence activities and efforts to integrate the acquired business with our legacy operations.
Forward-Looking Statements
Forward-looking statements notice
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent they may be viewed as an indicator of future revenues; our plans and expectations for each of our reportable segments, including growth opportunities and the expectations, timing and revenue of our strategic initiatives, such as medical radioisotopes, SMR components and recent acquisitions; disruptions to our supply chain and/or operations, changes in government regulations and other factors; and our expectations and guidance for 2026 and beyond. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to execute contracts in backlog; federal budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms and the debt ceiling, the potential for government shutdowns and changing funding and acquisition priorities; the demand for and competitiveness of nuclear products and services; capital priorities of power generating utilities and other customers; the timing of technology development, regulatory approvals and automation of production; the receipt and/or timing of government approvals; the potential recurrence of subsequent waves or strains of COVID-19 or similar diseases; labor market challenges, including employee retention and recruitment; adverse changes in the industries in which we operate; and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see BWXT’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2025 and subsequent Form 10-Q filings. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. A U.S.-based company with approximately 10,000 employees, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, nuclear medicine, space exploration and environmental restoration. BWXT owns and operates 15 manufacturing facilities globally, and its 14 strategic partnerships support the U.S. and Canadian governments at more than two dozen additional locations.
For more information, visit www.bwxt.com. Follow us on LinkedIn, X, Facebook and Instagram.
(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.
(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.
EXHIBIT 1
RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)
(In millions, except per share amounts)
| GAAP | Pension & OPEB MTM (Gain) / Loss | Restructuring & Transformation Costs | Acquisition-related Costs | Acquisition Related Amortization | Non-GAAP |
|---|
| Three Months Ended December 31, 2025 |
| Operating Income | $92.1 | | $ - | $10.7 | $15.2 | $3.1 | $121.1 |
| Interest Income (Expense), net | (8.9) | | - | - | - | - | (8.9) |
| Other - net | 17.8 | | (7.3) | 1.5 | $ - | $ - | $12.0 |
| Income before Provision for Income Taxes | 101.0 | | (7.3) | 12.2 | $15.2 | $3.1 | 124.2 |
| Provision for Income Taxes | (7.3) | | 1.8 | (14.4) | (3.6) | (0.8) | (24.2) |
| Net Income | 93.7 | | (5.4) | (2.2) | $11.6 | $2.3 | 100.0 |
| Net Income Attributable to Noncontrolling Interest | (0.7) | | - | - | - | - | (0.7) |
| Net Income Attributable to BWXT | $93.0 | | $(5.4) | $(2.2) | $11.6 | $2.3 | $99.3 |
| Diluted Shares Outstanding | 92.1 | | | | | | 92.1 |
| Diluted Earnings per Common Share | $1.01 | | $(0.06) | $(0.02) | $0.13 | $0.03 | $1.08 |
| Effective Tax Rate | | 7.2% | | | | | 19.5% |
| Government Operations Operating Income | $90.3 | | $ - | $0.7 | $0.7 | $1.6 | $93.4 |
| Commercial Operations Operating Income | $20.4 | | $ - | $4.3 | $11.0 | $1.4 | $37.2 |
| Unallocated Corporate Operating Income | $(18.7) | | $ - | $5.8 | $3.4 | $ - | $(9.5) |
| GAAP | Pension & OPEB MTM (Gain) / Loss | Restructuring Costs | Acquisition-related Costs | Loss on Asset Disposal | Non-GAAP |
|---|
| Three Months Ended December 31, 2024 |
| Operating Income | $92.3 | | $ - | $7.8 | $4.2 | $3.6 | $107.9 |
| Interest Income (Expense), net | (8.8) | | - | - | - | - | $(8.8) |
| Other - net | (5.4) | | 10.9 | $ - | $ - | $ - | $5.5 |
| Income before Provision for Income Taxes | 78.1 | | 10.9 | 7.8 | 4.2 | 3.6 | 104.6 |
| Provision for Income Taxes | (7.0) | | (2.4) | (8.5) | (0.9) | (0.9) | (19.8) |
| Net Income | 71.1 | | 8.4 | (0.7) | 3.3 | 2.7 | 84.8 |
| Net Income Attributable to Noncontrolling Interest | (0.1) | | - | | | | (0.1) |
| Net Income Attributable to BWXT | $71.0 | | $8.4 | $(0.7) | $3.3 | $2.7 | $84.7 |
| Diluted Shares Outstanding | 91.9 | | | | | | 91.9 |
| Diluted Earnings per Common Share | $0.77 | | $0.09 | $(0.01) | $0.04 | $0.03 | $0.92 |
| Effective Tax Rate | | 9.0% | | | | | 18.9% |
| Government Operations Operating Income | $98.1 | | $ - | $0.7 | $0.2 | $1.7 | $100.6 |
| Commercial Operations Operating Income | $14.9 | | $ - | $2.7 | $1.6 | $ - | $19.1 |
| Unallocated Corporate Operating Income | $(20.7) | | $ - | $4.5 | $2.4 | $1.9 | $(11.9) |
EXHIBIT 1 (continued)
RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)
(In millions, except per share amounts)
| GAAP | Pension & OPEB MTM (Gain) / Loss | Restructuring & Transformation Costs | Acquisition-related Costs | Acquisition Related Amortization | Non-GAAP |
|---|
| Year Ended December 31, 2025 |
| Operating Income | $404.5 | | $ - | $29.6 | $31.0 | $10.6 | $475.7 | |
| Interest Income (Expense), net | (40.3) | | - | - | - | - | $(40.3) | |
| Other - net | 34.0 | | (7.3) | 1.5 | $ - | $ - | 28.2 | |
| Income before Provision for Income Taxes | 398.1 | | (7.3) | 31.1 | 31.0 | 10.6 | 463.6 | |
| Provision for Income Taxes | (68.3) | | 1.8 | (18.2) | (7.5) | (2.6) | (94.7) | |
| Net Income | 329.9 | | (5.4) | 12.9 | 23.5 | 8.0 | 368.9 | |
| Net Income Attributable to Noncontrolling Interest | (0.9) | | - | - | - | - | (0.9) | |
| Net Income Attributable to BWXT | $328.9 | | $(5.4) | $12.9 | $23.5 | $8.0 | $368.0 | |
| Diluted Shares Outstanding | 91.9 | | | | | | 91.9 | |
| Diluted Earnings per Common Share | $3.58 | | $(0.06) | $0.14 | $0.26 | $0.09 | $4.01 | |
| Effective Tax Rate | | 17.1% | | | | | | 20.4% |
| Government Operations Operating Income | $394.9 | | $ - | $1.8 | $7.3 | $7.0 | $411.0 | |
| Commercial Operations Operating Income | $57.7 | | $ - | $10.3 | $15.3 | $3.6 | $86.8 | |
| Unallocated Corporate Operating Income | $(48.1) | | $ - | $17.5 | $8.5 | $ - | $(22.1) | |
| GAAP | Pension & OPEB MTM (Gain) / Loss | Restructuring Costs | Acquisition-related Costs | Loss on Asset Disposal | Non-GAAP |
|---|
| Year Ended December 31, 2024 |
| Operating Income | $380.6 | | $ - | $21.2 | $7.4 | $3.6 | $412.8 | |
| Interest Income (Expense), net | (36.9) | | - | - | - | - | $(36.9) | |
| Other - net | 5.0 | | 10.9 | - | $ - | - | 15.9 | |
| Income before Provision for Income Taxes | 348.7 | | 10.9 | 21.2 | 7.4 | 3.6 | 391.8 | |
| Provision for Income Taxes | (66.4) | | (2.4) | (13.8) | (1.7) | (0.9) | (85.1) | |
| Net Income | 282.3 | | 8.4 | 7.4 | 5.8 | 2.7 | 306.6 | |
| Net Income Attributable to Noncontrolling Interest | (0.4) | | - | - | - | - | (0.4) | |
| Net Income Attributable to BWXT | $281.9 | | $8.4 | $7.4 | $5.8 | $2.7 | $306.3 | |
| Diluted Shares Outstanding | 91.9 | | | | | | 91.9 | |
| Diluted Earnings per Common Share | $3.07 | | $0.09 | $0.08 | $0.06 | $0.03 | $3.33 | |
| Effective Tax Rate | | 19.0% | | | | | | 21.7 |
| Government Operations Operating Income | $377.9 | | $ - | $1.1 | $0.2 | $1.7 | $380.9 | |
| Commercial Operations Operating Income | $46.8 | | $ - | $6.7 | $2.4 | $ - | $55.9 | |
| Unallocated Corporate Operating Income | $(44.1) | | $ - | $13.4 | $4.8 | $1.9 | $(24.0) | |
| (1) | Tables may not foot due to rounding. |
| (2) | BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. |
| (3) | BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty of estimating any mark-to-market adjustments for pension and post-retirement benefits, which are determined at the end of the year. |
EXHIBIT 1 (continued)
RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3)
(In millions)
| GAAP | Pension & OPEB MTM (Gain) / Loss | Restructuring & Transformation Costs | Acquisition-related Costs | Acquisition Related Amortization | Non-GAAP |
|---|
| Three Months Ended December 31, 2025 |
| Net Income | $93.7 | $(5.4) | $(2.2) | $11.6 | 2.3 | $100.0 |
| Provision for Income Taxes | 7.3 | (1.8) | 14.4 | 3.6 | 0.8 | 24.2 |
| Other - net | (17.8) | 7.3 | (1.5) | - | | (12.0) |
| Interest Expense | 10.5 | - | - | - | | 10.5 |
| Interest Income | (1.6) | - | - | - | | (1.6) |
| Depreciation & Amortization | 29.6 | - | - | - | (3.1) | 26.5 |
| Adjusted EBITDA | $121.6 | $ - | $10.7 | $15.2 | $ - | $147.5 |
| GAAP | Pension & OPEB MTM (Gain) / Loss | Restructuring Costs | Acquisition-related Costs | Loss on Asset Disposal | Non-GAAP |
|---|
| Three Months Ended December 31, 2024 |
| Net Income | $71.1 | $8.4 | $(0.7) | $3.3 | $2.7 | $84.8 |
| Provision for Income Taxes | 7.0 | 2.4 | 8.5 | 0.9 | 0.9 | 19.8 |
| Other - net | 5.4 | (10.9) | - | - | - | (5.5) |
| Interest Expense | 9.3 | - | 0.0 | - | - | 9.3 |
| Interest Income | (0.5) | - | - | - | - | (0.5) |
| Depreciation & Amortization | 22.4 | - | - | - | - | 22.4 |
| Adjusted EBITDA | $114.7 | $ - | $7.8 | $4.2 | $3.6 | $130.3 |
| GAAP | Pension & OPEB MTM (Gain) / Loss | Restructuring & Transformation Costs | Acquisition-related Costs | Acquisition Related Amortization | Non-GAAP |
|---|
| Year Ended December 31, 2025 |
| Net Income | $329.9 | $(5.4) | $12.9 | $23.5 | 8.0 | $368.9 |
| Provision for Income Taxes | 68.3 | (1.8) | 18.2 | 7.5 | 2.6 | 94.7 |
| Other - net | (34.0) | 7.3 | (1.5) | - | | (28.2) |
| Interest Expense | 44.2 | - | - | - | | 44.2 |
| Interest Income | (3.9) | - | - | - | | (3.9) |
| Depreciation & Amortization | 109.2 | - | - | - | (10.6) | 98.6 |
| Adjusted EBITDA | $513.6 | $ - | $29.6 | $31.0 | $ - | $574.3 |
| GAAP | Pension & OPEB MTM (Gain) / Loss | Restructuring Costs | Acquisition-related Costs | Loss on Asset Disposal | Non-GAAP |
|---|
| Year Ended December 31, 2024 |
| Net Income | $282.3 | $8.4 | $7.4 | $5.8 | $2.7 | $306.6 |
| Provision for Income Taxes | 66.4 | 2.4 | 13.8 | 1.7 | 0.9 | 85.1 |
| Other - net | (5.0) | (10.9) | - | - | - | (15.9) |
| Interest Expense | 39.5 | - | 0.0 | - | - | 39.5 |
| Interest Income | (2.6) | - | - | - | - | (2.6) |
| Depreciation & Amortization | 85.9 | - | - | - | - | 85.9 |
| Adjusted EBITDA | $466.5 | $ - | $21.2 | $7.4 | $3.6 | $498.7 |
EXHIBIT 1 (continued)
RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3)
(In millions)
| Operating Income (GAAP) | Non-GAAP Adjustments | Acquisition Related Amortization | Depreciation & Amortization | Adjusted EBITDA |
|---|
| Three Months Ended December 31, 2025 | |
| Government Operations | $90.3 | $3.1 | $1.6 | $17.5 | $110.9 |
| Commercial Operations | $20.4 | $16.7 | $1.4 | $7.2 | $44.4 |
| Unallocated Corporate | $(18.7) | $9.2 | $ - | $1.8 | $(7.7) |
| Operating Income (GAAP) | Non-GAAP Adjustments | Depreciation & Amortization | Adjusted EBITDA |
|---|
| Three Months Ended December 31, 2024 | |
| Government Operations | $98.1 | $2.6 | $16.1 | $116.7 |
| Commercial Operations | $14.9 | $4.3 | $4.6 | $23.7 |
| Unallocated Corporate | $(20.7) | $8.8 | $1.8 | $(10.1) |
| Operating Income (GAAP) | Non-GAAP Adjustments | Acquisition Related Amortization | Depreciation & Amortization | Adjusted EBITDA |
|---|
| Year Ended December 31, 2025 | |
| Government Operations | $394.9 | $16.1 | $7.0 | $68.2 | $479.1 |
| Commercial Operations | $57.7 | $29.1 | $3.6 | $23.2 | $110.1 |
| Unallocated Corporate | $(48.1) | $26.0 | $ - | $7.2 | $(14.9) |
| Operating Income (GAAP) | Non-GAAP Adjustments | Depreciation & Amortization | Adjusted EBITDA |
|---|
| Year Ended December 31, 2024 | |
| Government Operations | $377.9 | $3.0 | $61.0 | $441.9 |
| Commercial Operations | $46.8 | $9.1 | $17.7 | $73.6 |
| Unallocated Corporate | $(44.1) | $20.1 | $7.1 | $(16.9) |
RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3)
(In millions)
| Three Months Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| Net Cash Provided By Operating Activities | $127.0 | | $276.9 | |
| Purchases of Property, Plant and Equipment | (70.2) | | (52.5) | |
| Free Cash Flow | $56.8 | | $224.4 | |
| Year Ended December 31, | |
|---|
| 2025 | 2024 |
|---|
| Net Cash Provided By Operating Activities | $479.8 | | $408.4 | |
| Purchases of Property, Plant and Equipment | (184.6) | | (153.6) | |
| Free Cash Flow | $295.3 | | $254.8 | |
- Tables may not foot due to rounding.
- BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations.
- For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share.
CONSOLIDATED STATEMENTS OF INCOME
| Three Months Ended December 31, | Year Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| (Unaudited) (In thousands, except share and per share amounts) |
|---|
| Revenues | $885,842 | | $746,266 | | $3,198,425 | | $2,703,654 | |
| Costs and Expenses: | | | | |
| Cost of operations | 698,567 | | 571,892 | | 2,465,566 | | 2,048,447 | |
| Research and development costs | 3,810 | | 2,637 | | 13,867 | | 7,478 | |
| Losses (gains) on asset disposals and impairments, net | (555) | | 4,394 | | (4,972) | | 4,390 | |
| Selling, general and administrative expenses | 110,526 | | 90,694 | | 394,416 | | 318,663 | |
| Total Costs and Expenses | 812,348 | | 669,617 | | 2,868,877 | | 2,378,978 | |
| Equity in Income of Investees | 18,562 | | 15,612 | | 74,911 | | 55,931 | |
| Operating Income | 92,056 | | 92,261 | | 404,459 | | 380,607 | |
| Other Income (Expense): | | | | |
| Interest income | 1,604 | | 505 | | 3,893 | | 2,554 | |
| Interest expense | (10,453) | | (9,285) | | (44,207) | | (39,475) | |
| Other - net | 17,769 | | (5,392) | | 33,975 | | 5,034 | |
| Total Other Income (Expense) | 8,920 | | (14,172) | | (6,339) | | (31,887) | |
| Income before Provision for Income Taxes | 100,976 | | 78,089 | | 398,120 | | 348,720 | |
| Provision for Income Taxes | 7,294 | | 7,012 | | 68,259 | | 66,422 | |
| Net Income | $93,682 | | $71,077 | | $329,861 | | $282,298 | |
| Net Income Attributable to Noncontrolling Interest | (693) | | (59) | | (916) | | (357) | |
| Net Income Attributable to BWX Technologies, Inc. | $92,989 | | $71,018 | | $328,945 | | $281,941 | |
| Earnings per Common Share: | | | | |
| Basic: | | | | |
| Net Income Attributable to BWX Technologies, Inc. | $1.02 | | $0.78 | | $3.59 | | $3.08 | |
| Diluted: | | | | |
| Net Income Attributable to BWX Technologies, Inc. | $1.01 | | $0.77 | | $3.58 | | $3.07 | |
| Shares used in the computation of earnings per share: | | | | |
| Basic | 91,562,973 | | 91,596,519 | | 91,566,280 | | 91,572,674 | |
| Diluted | 92,060,042 | | 91,889,756 | | 91,856,013 | | 91,859,732 | |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | (In thousands) |
| Net Income | $329,861 | | $282,298 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | |
| Depreciation and amortization | 109,186 | | 85,862 | |
| Income of investees, net of dividends | 19,139 | | (10,598) | |
| Losses (gains) on asset disposals and impairments - net | (4,972) | | 4,390 | |
| Provision for deferred taxes | 49,417 | | 19,845 | |
| Recognition of (gains) losses for pension and postretirement plans | (5,933) | | 14,147 | |
| Stock-based compensation expense | 26,072 | | 21,680 | |
| Other, net | (13,423) | | (83) | |
| Changes in assets and liabilities, net of effects from acquisitions: | | |
| Accounts receivable | (80,622) | | (47,571) | |
| Accounts payable | (23,562) | | 34,532 | |
| Retainages | (12,644) | | 21,514 | |
| Contracts in progress and advance billings on contracts | 133,604 | | (7,155) | |
| Income taxes | (29,626) | | 1,650 | |
| Accrued and other current liabilities | 6,997 | | 865 | |
| Pension liabilities, accrued postretirement benefit obligations and employee benefits | (23,472) | | 881 | |
| Other, net | (174) | | (13,829) | |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 479,848 | | 408,428 | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | | |
| Purchases of property, plant and equipment | (184,557) | | (153,647) | |
| Acquisition of businesses | (535,147) | | - | |
| Purchases of securities | - | | - | |
| Sales and maturities of securities | 3,397 | | - | |
| Investments, net of return of capital, in equity method investees | (29,676) | | (197) | |
| Other, net | 3,874 | | (717) | |
| NET CASH USED IN INVESTING ACTIVITIES | (742,109) | | (154,561) | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | | |
| Payments of short-term borrowing and long-term debt | (12,500) | | - | |
| Proceeds from issuance of convertible senior notes | 1,250,000 | | - | |
| Borrowings of long-term debt | 1,030,000 | | 456,000 | |
| Repayments of long-term debt | (1,280,000) | | (612,250) | |
| Payment of debt issuance costs | (33,494) | | - | |
| Purchase of capped calls related to convertible senior notes | (131,875) | | - | |
| Repurchases of common stock | (30,000) | | (20,000) | |
| Dividends paid to common shareholders | (92,467) | | (88,349) | |
| Cash paid for shares withheld to satisfy employee taxes | (13,624) | | (7,570) | |
| Settlements of forward contracts, net | 6,267 | | 19,591 | |
| Other, net | 1,333 | | (207) | |
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 693,640 | | (252,785) | |
| EFFECTS OF EXCHANGE RATE CHANGES ON CASH | (4,746) | | (2,126) | |
| TOTAL INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | 426,633 | | (1,044) | |
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 80,571 | | 81,615 | |
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD | $507,204 | | $80,571 | |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | | |
| Cash paid during the period for: | | |
| Interest | $65,163 | | $72,426 | |
| Income taxes (net of refunds) | $47,892 | | $45,508 | |
| SCHEDULE OF NON-CASH INVESTING ACTIVITY: | | |
| Accrued capital expenditures included in accounts payable | $12,295 | | $17,537 | |
CONSOLIDATED BALANCE SHEETS
ASSETS
| December 31, |
|---|
| 2025 | 2024 |
|---|
| (In thousands) |
|---|
| Current Assets: | | |
| Cash and cash equivalents | $499,779 | | $74,109 | |
| Restricted cash and cash equivalents | 3,085 | | 2,785 | |
| Investments | - | | - | |
| Accounts receivable - trade, net | 220,391 | | 99,112 | |
| Accounts receivable - other | 67,858 | | 53,199 | |
| Retainages | 46,311 | | 33,667 | |
| Contracts in progress | 610,315 | | 577,745 | |
| Inventories | 46,537 | | 40,288 | |
| Other current assets | 66,078 | | 49,092 | |
| Total Current Assets | 1,560,354 | | 929,997 | |
| Property, Plant and Equipment, Net | 1,585,136 | | 1,278,161 | |
| Investments | 8,243 | | 10,609 | |
| Goodwill | 500,860 | | 287,362 | |
| Deferred Income Taxes | 12,275 | | 6,569 | |
| Investments in Unconsolidated Affiliates | 150,143 | | 99,403 | |
| Intangible Assets | 329,859 | | 165,325 | |
| Other Assets | 124,625 | | 92,498 | |
| TOTAL ASSETS | $4,271,495 | | $2,869,924 | |
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS’ EQUITY
| December 31, |
|---|
| 2025 | 2024 |
|---|
| (In thousands, except share and per share amounts) |
|---|
| Current Liabilities: | | |
| Current maturities of long-term debt | $ - | | $12,500 | |
| Accounts payable | 141,289 | | 158,077 | |
| Accrued employee benefits | 117,641 | | 77,234 | |
| Accrued liabilities - other | 107,802 | | 65,100 | |
| Advance billings on contracts | 305,285 | | 161,290 | |
| Total Current Liabilities | 672,017 | | 474,201 | |
| Long-Term Debt | 2,015,983 | | 1,042,970 | |
| Accumulated Postretirement Benefit Obligation | 78,460 | | 16,515 | |
| Environmental Liabilities | 100,278 | | 94,225 | |
| Pension Liability | 78,167 | | 82,602 | |
| Other Liabilities | 93,578 | | 79,007 | |
| Total Liabilities | 3,038,483 | | 1,789,520 | |
| Commitments and Contingencies | | |
| Stockholders' Equity: | | |
| Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 128,720,819 and 128,320,295 shares at December 31, 2025 and 2024, respectively | 1,288 | | 1,283 | |
| Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; no shares issued | - | | - | |
| Capital in excess of par value | 159,884 | | 228,889 | |
| Retained earnings | 2,523,631 | | 2,287,151 | |
| Treasury stock at cost, 37,289,582 and 36,869,498 shares at December 31, 2025 and 2024, respectively | (1,432,943) | | (1,388,432) | |
| Accumulated other comprehensive income (loss) | (19,373) | | (48,211) | |
| Stockholders' Equity - BWX Technologies, Inc. | 1,232,487 | | 1,080,680 | |
| Noncontrolling interest | 525 | | (276) | |
| Total Stockholders' Equity | 1,233,012 | | 1,080,404 | |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $4,271,495 | | $2,869,924 | |
BUSINESS SEGMENT INFORMATION
| Three Months Ended December 31, | Year Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| (Unaudited) (In thousands) |
|---|
| REVENUES: | | | | |
| Government Operations | $589,147 | | $595,000 | | $2,350,090 | | $2,183,040 | |
| Commercial Operations | 297,650 | | 152,331 | | 853,070 | | 523,972 | |
| Eliminations | (955) | | (1,065) | | (4,735) | | (3,358) | |
| TOTAL | $885,842 | | $746,266 | | $3,198,425 | | $2,703,654 | |
| SEGMENT INCOME: | | | | |
| Government Operations | $90,314 | | $98,059 | | $394,850 | | $377,875 | |
| Commercial Operations | 20,427 | | 14,868 | | 57,728 | | 46,816 | |
| SUBTOTAL | $110,741 | | $112,927 | | $452,578 | | $424,691 | |
| Unallocated Corporate | (18,684) | | (20,666) | | (48,119) | | (44,084) | |
| TOTAL | $92,057 | | $92,261 | | $404,459 | | $380,607 | |
| DEPRECIATION AND AMORTIZATION: | | | | |
| Government Operations | $19,122 | | $16,079 | | $75,202 | | $61,027 | |
| Commercial Operations | 8,673 | | 4,554 | | 26,801 | | 17,708 | |
| Corporate | 1,761 | | 1,800 | | 7,183 | | 7,127 | |
| TOTAL | $29,556 | | $22,433 | | $109,186 | | $85,862 | |
| CAPITAL EXPENDITURES: | | | | |
| Government Operations | $38,472 | | $28,050 | | $98,445 | | $81,063 | |
| Commercial Operations | 25,803 | | 19,620 | | 77,081 | | 62,773 | |
| Corporate | 5,917 | | 4,850 | | 9,031 | | 9,811 | |
| TOTAL | $70,192 | | $52,520 | | $184,557 | | $153,647 | |
| BACKLOG: | | | | |
| Government Operations | $5,541,291 | | $3,912,580 | | $5,541,291 | | $3,912,580 | |
| Commercial Operations | 1,719,401 | | 929,880 | | 1,719,401 | | 929,880 | |
| TOTAL | $7,260,692 | | $4,842,460 | | $7,260,692 | | $4,842,460 | |
| BOOKINGS: | | | | |
| Government Operations | $225,397 | | $1,762,228 | | $3,950,171 | | $2,878,808 | |
| Commercial Operations | 528,774 | | 446,438 | | 1,409,732 | | 670,288 | |
| TOTAL | $754,171 | | $2,208,666 | | $5,359,903 | | $3,549,096 | |
Contacts
Chase Jacobson · Vice President, Investor Relations · 980-365-4300
Investors@bwxt.com
John Dobken · Senior Manager, Media & Public Relations · 202-428-6913 jcdobken@bwxt.com