BWX Technologies (BWXT) FY2025 results: revenue $3.2 billion, up 18.3% on the year

BWX Technologies manufactures nuclear components, develops nuclear technologies and provides nuclear services, with an operating history of more than 100 years. Its core business is the design, engineering and manufacture of naval nuclear components, nuclear reactors and nuclear fuel for the U.S. Government. It also processes special nuclear materials, restores environmental sites, supplies the nuclear power industry, and makes medical radioisotopes and radiopharmaceuticals. It reports two segments, Government Operations and Commercial Operations.

Government Operations

This segment makes naval nuclear components, reactors and nuclear fuel for the Naval Nuclear Propulsion Program of the U.S. Department of Energy. It also supplies valves, manifolds and fittings to naval and commercial shipping customers. It has supplied nuclear components for DOE programs since the 1950s and states that it is the largest domestic supplier of research reactor fuel elements for colleges, universities and national laboratories. It downblends Cold War-era government stockpiles of high-enriched uranium, with all phases of uranium downblending and recovery carried out at its Lynchburg, Virginia and Erwin, Tennessee sites. It also develops capabilities to manufacture high-purity depleted uranium. It also designs advanced nuclear reactors for power and propulsion in space and on the ground, for customers including NASA, the Department of War and the DOE.

Demand from the U.S. Government for nuclear components determines a substantial portion of this segment's backlog. In March 2024 the U.S. Navy issued a 30-year shipbuilding plan, and the company reports that all three of its procurement profiles show a sustained or increased procurement of nuclear-powered submarines and aircraft carriers.

Running government sites

Through joint ventures with other contractors, the segment manages and operates U.S. nuclear weapons sites, national laboratories and cleanup projects. One venture, with the University of California, Bechtel and Amentum, runs Lawrence Livermore National Laboratory. Others handle radioactive liquid waste at the Savannah River Site in South Carolina and legacy cleanup at Los Alamos. Earnings from these contracts depend largely on government spending and on the performance scores the partners earn.

Commercial Operations

This segment designs and makes commercial nuclear steam generators, heat exchangers, pressure vessels, reactor components and containers for storing spent nuclear fuel and other high-level waste. The company states that it is the only commercial heavy nuclear component manufacturer in North America. It also supplies nuclear fuel, fuel handling systems, reactor controls and inspection, maintenance and component replacement services to nuclear utilities. Much of this work depends on the timing of maintenance outages and refurbishments at nuclear utilities, principally in the Canadian market. The segment also makes medical radioisotopes, radiopharmaceuticals and medical devices for diagnostic imaging and radiotherapy, and offers contract development and manufacturing to life science and pharmaceutical companies.

Acquisitions

On January 3, 2025 the company completed the acquisition of Aerojet Ordnance Tennessee from L3Harris Technologies, a maker of advanced special materials, now part of Government Operations. On May 20, 2025 it completed the acquisition of Kinectrics, which provides lifecycle management services to the nuclear power and transmission and distribution markets and produces isotopes for the radiopharmaceutical industry, now part of Commercial Operations.

People

At December 31, 2025 the company employed approximately 10,400 people, mostly in the U.S., with 6,700, and Canada, with 3,500. Approximately 3,200 were members of labor unions.

From BWX Technologies' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 23 February 2026: read the full 10-K.