BWX Technologies Inc (BWXT)

BWXT Manufactures TRISO Fuel Enabling First New Reactor Criticality Under DOE ProgramJune 4, 2026 7:31 PM
Business Wire BWX Technologies, Inc. (NYSE: BWXT) announced today that its TRISO nuclear fuel has powered Antares Nuclear Inc.’s reactor through the first successful criticality milestone under the Administration’s Executive Order 14301, Reforming Nuclear Reactor Testing at the Department of Energy. BWXT also processed the high assay low enriched uranium (HALEU) feedstock material used to manufacture the Antares TRISO fuel compacts from scrap materials provided by NNSA, underscoring the company’s leadership across the full spectrum of next generation fuel production. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260604742514/en/BWXT prepares TRISO fuel compacts for shipment at its Lynchburg, Virginia, facility. “This marks a historic milestone for advanced nuclear fuel fabrication in the United States,” said U.S. Energy Secretary Chris Wright. “The Trump administration is proud to partner with private companies such as BWXT, as we strengthen the foundation of a reliable and secure nuclear supply chain to support both national defense and commercial energy needs.” “BWXT is delivering leading-edge nuclear products that support the energy dominance goals of our nation, and this milestone underscores that fact,” said Rex D. Geveden, BWXT president and chief executive officer. “Our skilled workforce, advanced manufacturing technologies and nuclear-qualified supply chain are driving a new generation of reactor demonstrations across the country.” "BWXT's TRISO fuel supported our path to criticality,” said Jordan Bramble, CEO, Antares. “Building on a proven fuel specification developed through Project Pele let our team focus on what we had to prove ourselves: our control system and reactor physics. We're grateful for a partnership that continues as we move from neutrons to electrons." Antares modeled its reactor fuel on the TRISO (TRi-structural ISOtropic) fuel compacts BWXT delivered for Project Pele, the 1.5 megawatt transportable microreactor BWXT is building for the U.S. Army’s Strategic Capabilities Office. That TRISO fuel specification, developed within DOE’s Advanced Gas Reactor (AGR) program over the past several decades, paired with BWXT’s decades of TRISO development at its Specialty Fuels Fabrication facility in Lynchburg, helped accelerate Antares’ path to a successful criticality test, and demonstrates the value of mature, scalable U.S. fuel manufacturing infrastructure. “BWXT is proud to work with Antares and deliver the fuel necessary for this important milestone at the Idaho National Lab and for the future,” said Joe Miller, BWXT’s president for Government Operations. “Antares is moving quickly to progress from concept to criticality and we are proud to supply this team with the TRISO needed to do so.” BWXT continues to support Antares with ongoing TRISO fuel manufacturing, reinforcing the company’s readiness to meet customer timelines and the growing national demand for advanced reactor fuel. Forward-Looking Statements
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to the performance, design, suitability and impact of advanced reactor technology and TRISO nuclear fuel compacts. These forward-looking statements involve a number of risks and uncertainties, including, among other things, the timing of technology development; our ability to obtain the necessary regulatory approvals, licenses and permits in a timely manner; the ability to commercialize this technology; competition in an environment of rapid technological changes; and the enforcement and protection of our intellectual property rights. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see BWXT’s annual report on Form 10-K for the year ended December 31, 2025, and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. 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 17 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260604742514/en/ Media Contact
John Dobken
Senior Manager, Media & Public Relations
202.428.6913
jcdobken@bwxt.com Investor Contact
Chase Jacobson
Vice President, Investor Relations
980.365.4300
investors@bwxt.com Original: BWXT Manufactures TRISO Fuel Enabling First New Reactor Criticality Under DOE Program

BWX Technologies Reports First Quarter 2026 ResultsMay 4, 2026 4:07 PM
Business Wire 1Q26 revenues of $860.2 million 1Q26 net income of $91.2 million, adjusted EBITDA(1) of $148.0 million 1Q26 diluted GAAP EPS of $0.99, non-GAAP(1) EPS of $1.12 Announced the acquisition of Precision Components Group, LLC (PCG), establishing a footprint for U.S. commercial nuclear component manufacturing Raising adjusted EBITDA(1) guidance to $650 million-$665 million, non-GAAP EPS(1) guidance to $4.60-$4.75, and free cash flow(1) guidance to $315 million-$330 million BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported first quarter 2026 results. A reconciliation of non-GAAP results is detailed in Exhibit 1. “We started 2026 with strong results,” said Rex D. Geveden president and chief executive officer. “Our first quarter results were driven by pacing of work, higher throughput and improved operating performance as we executed on our robust backlog and pursued new opportunities across our global security, commercial power, and nuclear medicine markets.” “Investment in global nuclear markets is accelerating and demand for BWXT’s innovative nuclear solutions is growing rapidly,” continued Geveden. “As highlighted by the recent announcement of the PCG acquisition, BWXT’s first step in establishing U.S.-based commercial nuclear manufacturing capacity, we are committed to strategically deploying capital, both organically and inorganically, to bolster our industrial scale to meet the needs of these exciting markets and drive value creation for our shareholders.” “Given our strong first quarter results, robust backlog, and optimistic market outlook, we are raising our 2026 financial guidance,” said Geveden. “We now anticipate 2026 adjusted EBITDA of $650 million-$665 million, non-GAAP EPS of $4.60-$4.75, and $315 million-$330 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
March 31,               2026       2025     $ Change   % Change     (Unaudited) (In millions, except per share amounts) Revenues                 Government Operations   $ 577.9     $ 555.3     $ 22.6     4% Commercial Operations   $ 283.6     $ 128.3     $ 155.3     121% Consolidated   $ 860.2     $ 682.3     $ 178.0     26% Operating Income                 Government Operations   $ 99.1     $ 97.7     $ 1.4     1% Commercial Operations   $ 24.0     $ 6.5     $ 17.6     272% Unallocated Corporate (Expense)   $ (16.5 )   $ (7.6 )   $ (8.9 )   NM Consolidated   $ 106.7     $ 96.6     $ 10.1     10% Consolidated non-GAAP(1)   $ 121.5     $ 107.6     $ 13.9     13% EPS (Diluted)                 GAAP   $ 0.99     $ 0.82     $ 0.17     21% Non-GAAP(1)   $ 1.12     $ 0.91     $ 0.21     22% Net Income                 GAAP   $ 91.2     $ 75.5     $ 15.7     21% Non-GAAP(1)   $ 102.8     $ 84.0     $ 18.8     22% Adjusted EBITDA(1)                 Government Operations   $ 117.7     $ 116.9     $ 0.8     1% Commercial Operations   $ 36.5     $ 14.0     $ 22.5     162% Unallocated Corporate   $ (6.2 )   $ (1.1 )   $ (5.1 )   NM Consolidated   $ 148.0     $ 129.8     $ 18.2     14% Cash Flows                 Operating Cash Flow(2)   $ 92.6     $ 50.7     $ 42.0     83% Capital Expenditures(2)   $ 42.5     $ 33.4     $ 9.1     27% Free Cash Flow(1)   $ 50.1     $ 17.3     $ 32.8     190% Dividends Paid(2)   $ 25.8     $ 23.7     $ 2.1     9% 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; Dividends Paid = Dividends Paid to Common Shareholders Revenues First quarter revenue increased in both operating segments. The Government Operations increase was driven by higher special materials processing revenue and naval reactors growth, partially offset by lower microreactor volumes. The Commercial Operations increase was driven by higher revenue associated with commercial nuclear components, field services, fuel and fuel handling as well as growth in medical sales and contribution from Kinectrics. Operating Income and Adjusted EBITDA(1) First quarter GAAP operating income increased primarily due to an increase in both Government and Commercial Operations, partially offset by higher corporate expense as well as higher restructuring and transformation and acquisition related costs. First quarter non-GAAP(1) operating income increased driven by growth in Commercial Operations, partially offset by a modest decline in Government Operations and higher corporate expense. The Commercial Operations increase was driven by higher revenue, good operational performance, and more favorable mix. The slight decrease in Government Operations was due to revenue mix associated with newer special materials projects, partially offset by higher technical services equity income. First quarter adjusted EBITDA(1) increased due to higher non-GAAP(1) operating income as discussed above. EPS First quarter GAAP and non-GAAP(1) EPS increased as higher operating income, lower interest expense, and a lower effective tax rate were partially offset by lower other income. Cash Flows First quarter operating cash flow growth was primarily driven by higher net income and improved working capital management. Capital expenditures increased mainly due to timing of various growth projects throughout in both Government Operations and Commercial Operations. Dividend BWXT paid $25.8 million, or $0.27 per common share, to shareholders in the first quarter of 2026. On April 29, 2026, the BWXT Board of Directors declared a quarterly cash dividend of $0.27 per common share payable on June 5, 2026, to shareholders of record on May 19, 2026. 2026 Guidance BWXT raised its 2026 guidance for revenue, adjusted EBITDA, non-GAAP EPS(1), and free cash flow(1). 2026 guidance does not include contribution from the announced acquisition of Precision Components Group, LLC. (In millions, except per share amounts)   Year Ended   Year Ending   Year Ending       December 31, 2025   December 31, 2026   December 31, 2026       Results   Current Guidance   Prior Guidance   Revenue   $3,198   >$3,750   ~$3,750   Adjusted EBITDA(1)   $574   $650 - $665   $645 - $660   Non-GAAP(1) Earnings Per Share   $4.01   $4.60 - $4.75   $4.55 - $4.70   Free Cash Flow(1)   $295   $315 - $330   $305 - $320   Additional information can be found in the first quarter 2026 earnings call presentation on the BWXT investor relations website at www.bwxt.com/investors. 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 First Quarter 2026 Results Date: Monday, May 4, 2026, at 5:00 p.m. EDT Live Webcast: Investor Relations section of website at www.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/1Q2026-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. 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 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 17 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. EXHIBIT 1 BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) (In millions, except per share amounts)   Three Months Ended March 31, 2026   GAAP   Restructuring & Transformation Costs   Acquisition-Related Costs   Acquisition-Related Amortization   Non-GAAP                     Government Operations Operating Income $ 99.1     $ —     $ —     $ 1.0     $ 100.1   Commercial Operations Operating Income $ 24.0     $ 3.2     $ 0.5     $ 1.5     $ 29.2   Unallocated Corporate Operating Income $ (16.5 )   $ 4.1     $ 4.5     $ —     $ (7.9 ) Operating Income $ 106.7     $ 7.3     $ 5.0     $ 2.5     $ 121.5   Other - net   0.6       —       —       —       0.6   Income Before Provision for Income Taxes   107.3       7.3       5.0       2.5       122.1   Provision for Income Taxes   (16.1 )     (1.6 )     (1.0 )     (0.6 )     (19.3 ) Net Income   91.2       5.7       4.0       1.9       102.8   Net Income Attributable to Noncontrolling Interest   (0.1 )     —       —       —       (0.1 ) Net Income Attributable to BWXT $ 91.1     $ 5.7     $ 4.0     $ 1.9     $ 102.7                       Diluted Shares Outstanding   91.9                   91.9   Diluted Earnings per Common Share $ 0.99     $ 0.06     $ 0.04     $ 0.02     $ 1.12   Effective Tax Rate   15.0 %                 15.8 % Three Months Ended March 31, 2025   GAAP   Restructuring & Transformation Costs   Acquisition-Related Costs   Acquisition-Related Amortization   Non-GAAP                     Government Operations Operating Income $ 97.7     $ 0.2     $ 0.9     $ 1.8     $ 100.6   Commercial Operations Operating Income $ 6.5     $ 1.9     $ 1.6     $ —     $ 9.9   Unallocated Corporate Operating Income $ (7.6 )   $ 2.7     $ 2.0     $ —     $ (2.9 ) Operating Income $ 96.6     $ 4.8     $ 4.4     $ 1.8     $ 107.6   Other Income (Expense)   (4.8 )     —       —       —       (4.8 ) Income Before Provision for Income Taxes   91.8       4.8       4.4       1.8       102.8   Provision for Income Taxes   (16.3 )     (1.1 )     (1.0 )     (0.4 )     (18.8 ) Net Income   75.5       3.7       3.4       1.4       84.0   Net Income Attributable to Noncontrolling Interest   (0.1 )     —       —       —       (0.1 ) Net Income Attributable to BWXT $ 75.5     $ 3.7     $ 3.4     $ 1.4     $ 84.0                       Diluted Shares Outstanding   91.9                   91.9   Diluted Earnings per Common Share $ 0.82     $ 0.04     $ 0.04     $ 0.02     $ 0.91   Effective Tax Rate   17.7 %                 18.3 % EXHIBIT 1 (continued) RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3) (In millions)   Three Months Ended March 31, 2026     GAAP   Restructuring & Transformation Costs   Acquisition-related Costs   Acquisition-related Amortization   Non-GAAP                     Net Income $ 91.2     $ 5.7   $ 4.0   $ 1.9     $ 102.8   Provision for Income Taxes   16.1       1.6     1.0     0.6       19.3   Other – net   (0.4 )     —     —     —       (0.4 ) Interest Expense   4.7       —     —     —       4.7   Interest Income   (4.9 )     —     —     —       (4.9 ) Depreciation & Amortization   29.0       —     —     (2.5 )     26.5   Adjusted EBITDA $ 135.7     $ 7.3   $ 5.0   $ —     $ 148.0   Three Months Ended March 31, 2025     GAAP   Restructuring & Transformation Costs   Acquisition-related Costs   Acquisition-related Amortization   Non-GAAP                     Net Income $ 75.5     $ 3.7   $ 3.4   $ 1.4     $ 84.0   Provision for Income Taxes   16.3       1.1     1.0     0.4       18.8   Other – net   (2.5 )     —     —     —       (2.5 ) Interest Expense   8.0       —     —     —       8.0   Interest Income   (0.7 )     —     —     —       (0.7 ) Depreciation & Amortization   23.9       —     —     (1.8 )     22.1   Adjusted EBITDA $ 120.5     $ 4.8   $ 4.4   $ —     $ 129.8   RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3)(4) (In millions)   Three Months Ended March 31, 2026     Operating Income (GAAP)   Non-GAAP
Adjustments(3,4)   Acquisition-related Amortization   Depreciation & Amortization   Adjusted EBITDA                     Government Operations $ 99.1     $ —   $ 1.0   $ 17.5   $ 117.7   Commercial Operations $ 24.0     $ 3.7   $ 1.5   $ 7.3   $ 36.5   Unallocated Corporate $ (16.5 )   $ 8.6   $ —   $ 1.7   $ (6.2 ) Three Months Ended March 31, 2025     Operating Income (GAAP)   Non-GAAP
Adjustments(3,4)   Acquisition-related Amortization   Depreciation & Amortization   Adjusted EBITDA                     Government Operations $ 97.7     $ 1.1   $ 1.8   $ 16.3   $ 116.9   Commercial Operations $ 6.5     $ 3.5   $ —   $ 4.0   $ 14.0   Unallocated Corporate $ (7.6 )   $ 4.6   $ —   $ 1.8   $ (1.1 ) EXHIBIT 1 (continued) Three Months Ended March 31, 2026     Net Cash Provided By Operating Activities $ 92.6   Purchases of Property, Plant and Equipment   (42.5 ) Free Cash Flow $ 50.1   Three Months Ended March 31, 2025     Net Cash Provided By Operating Activities $ 50.7   Purchases of Property, Plant and Equipment   (33.4 ) Free Cash Flow $ 17.3     (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) For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share. (4) Excludes acquisition-related amortization   BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME       Three Months Ended March 31,       2026       2025       (Unaudited) (In thousands, except share and per share amounts) Revenues   $ 860,217     $ 682,258   Costs and Expenses:         Cost of operations     662,849       517,065   Research and development costs     4,100       2,013   Gain (loss) on asset disposals and impairments, net     125       (4,431 ) Selling, general and administrative expenses     108,017       87,569   Total Costs and Expenses     775,091       602,216   Equity in Income of Investees     21,565       16,588   Operating Income     106,691       96,630   Other Income (Expense):         Interest income     4,914       722   Interest expense     (4,733 )     (7,994 ) Other – net     444       2,459   Total Other Income (Expense)     625       (4,813 ) Income before Provision for Income Taxes     107,316       91,817   Provision for Income Taxes     16,127       16,291   Net Income   $ 91,189     $ 75,526   Net Income Attributable to Noncontrolling Interest     (121 )     (64 ) Net Income Attributable to BWX Technologies, Inc.   $ 91,068     $ 75,462   Earnings per Common Share:         Basic:         Net Income Attributable to BWX Technologies, Inc.   $ 0.99     $ 0.82   Diluted:         Net Income Attributable to BWX Technologies, Inc.   $ 0.99     $ 0.82   Shares used in the computation of earnings per share:         Basic     91,663,975       91,594,084   Diluted     91,908,600       91,873,702   BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS       Three Months Ended March 31,       2026       2025       (Unaudited) (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES:         Net Income   $ 91,189     $ 75,526   Adjustments to reconcile net income to net cash provided by operating activities:         Depreciation and amortization     29,013       23,912   Income of investees, net of dividends     (3,261 )     1,781   (Gain) loss on asset disposals and impairments - net     125       (4,431 ) Recognition of losses for pension and postretirement plans     979       797   Stock-based compensation expense     10,168       5,047   Other, net     1,257       (1,075 ) Changes in assets and liabilities, net of effects from acquisitions:         Accounts receivable     27,255       19,440   Accounts payable     79,502       5,340   Retainages     (31,230 )     (11,743 ) Contracts in progress and advance billings on contracts     (93,045 )     (26,236 ) Income taxes     13,264       6,427   Accrued and other current liabilities     8,373       9,387   Pension liabilities, accrued postretirement benefit obligations and employee benefits     (47,210 )     (38,808 ) Other, net     6,221       (14,714 ) NET CASH PROVIDED BY OPERATING ACTIVITIES     92,600       50,650   CASH FLOWS FROM INVESTING ACTIVITIES:         Purchases of property, plant and equipment     (42,506 )     (33,369 ) Acquisition of businesses, net of cash acquired     —       (103,345 ) Sales and maturities of securities     —       1,859   Investments, net of return of capital, in equity method investees     (4,840 )     (26,400 ) Other, net     406       4,905   NET CASH USED IN INVESTING ACTIVITIES     (46,940 )     (156,350 ) CASH FLOWS FROM FINANCING ACTIVITIES:         Borrowings of long-term debt     —       204,500   Repayments of long-term debt     —       (62,625 ) Repurchases of common stock     —       (30,000 ) Dividends paid to common shareholders     (25,785 )     (23,660 ) Cash paid for shares withheld to satisfy employee taxes     (19,292 )     (12,883 ) Settlements of forward contracts, net     8,316       8,438   Other, net     2,556       1,021   NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES     (34,205 )     84,791   EFFECTS OF EXCHANGE RATE CHANGES ON CASH     1,668       2,294   TOTAL INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS     13,123       (18,615 ) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD     507,204       80,571   CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD   $ 520,327     $ 61,956   SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:         Cash paid during the period for:         Interest   $ 381     $ 5,331   Income taxes (net of refunds)   $ 1,929     $ 10,049   SCHEDULE OF NON-CASH INVESTING ACTIVITY:         Accrued capital expenditures included in accounts payable   $ 14,625     $ 10,469   BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS   ASSETS       March 31,
2026   December 31,
2025     (Unaudited) (In thousands) Current Assets:         Cash and cash equivalents   $ 512,357   $ 499,779 Restricted cash and cash equivalents     3,203     3,085 Accounts receivable – trade, net     185,223     220,391 Accounts receivable – other     67,194     67,858 Retainages     77,542     46,311 Contracts in progress     668,611     610,315 Inventories     45,598     46,537 Other current assets     56,648     66,078 Total Current Assets     1,616,376     1,560,354 Property, Plant and Equipment, Net     1,596,110     1,585,136 Investments     7,947     8,243 Goodwill     496,263     500,860 Deferred Income Taxes     3,379     12,275 Investments in Unconsolidated Affiliates     157,628     150,143 Intangible Assets     321,438     329,859 Other Assets     125,769     124,625 TOTAL ASSETS   $ 4,324,910   $ 4,271,495 BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS LIABILITIES AND STOCKHOLDERS' EQUITY       March 31,
2026   December 31,
2025     (Unaudited) (In thousands, except share and per share amounts) Current Liabilities:         Accounts payable     216,220       141,289   Accrued employee benefits     72,506       117,641   Accrued liabilities – other     113,908       107,802   Advance billings on contracts     271,587       305,285   Total Current Liabilities     674,221       672,017   Long-Term Debt     2,017,946       2,015,983   Accumulated Postretirement Benefit Obligation     78,429       78,460   Environmental Liabilities     102,098       100,278   Pension Liability     74,403       78,167   Other Liabilities     97,581       93,578   Total Liabilities     3,044,678       3,038,483   Commitments and Contingencies         Stockholders' Equity:         Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 128,997,724 and 128,720,819 shares at March 31, 2026 and December 31, 2025, respectively     1,289       1,288   Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued     —       —   Capital in excess of par value     173,051       159,884   Retained earnings     2,589,824       2,523,631   Treasury stock at cost, 37,383,169 and 37,289,582 shares at March 31, 2026 and December 31, 2025, respectively     (1,452,330 )     (1,432,943 ) Accumulated other comprehensive loss     (31,411 )     (19,373 ) Stockholders' Equity – BWX Technologies, Inc.     1,280,423       1,232,487   Noncontrolling interest     (191 )     525   Total Stockholders' Equity     1,280,232       1,233,012   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 4,324,910     $ 4,271,495   BWX TECHNOLOGIES, INC. BUSINESS SEGMENT INFORMATION       Three Months Ended March 31,       2026       2025       (Unaudited) (In thousands) REVENUES:         Government Operations   $ 577,901     $ 555,286   Commercial Operations     283,645       128,310   Eliminations     (1,329 )     (1,338 ) TOTAL   $ 860,217     $ 682,258             SEGMENT INCOME:         Government Operations   $ 99,141     $ 97,746   Commercial Operations     24,029       6,466   SUBTOTAL   $ 123,170     $ 104,212   Unallocated Corporate     (16,479 )     (7,582 ) TOTAL   $ 106,691     $ 96,630             DEPRECIATION AND AMORTIZATION:         Government Operations   $ 18,532     $ 18,096   Commercial Operations     8,748       4,019   Corporate     1,733       1,797   TOTAL   $ 29,013     $ 23,912             CAPITAL EXPENDITURES:         Government Operations   $ 27,096     $ 18,500   Commercial Operations     14,286       13,209   Corporate     1,124       1,660   TOTAL   $ 42,506     $ 33,369             BACKLOG:         Government Operations   $ 6,931,111     $ 3,583,690   Commercial Operations     1,719,725       1,294,990   TOTAL   $ 8,650,836     $ 4,878,680             BOOKINGS:         Government Operations   $ 1,967,644     $ 226,397   Commercial Operations     282,716       493,420   TOTAL   $ 2,250,360     $ 719,817     View source version on businesswire.com: https://www.businesswire.com/news/home/20260504964337/en/ Investor Contact:
Chase Jacobson
Vice President, Investor Relations
980-365-4300
Investors@bwxt.com Media Contact:
John Dobken
Senior Manager, Media & Public Relations
202-428-6913
jcdobken@bwxt.com Original: BWX Technologies Reports First Quarter 2026 Results

BWXT Bolsters American Nuclear Manufacturing Capability With Strategic AcquisitionApril 20, 2026 7:30 AM
Business Wire
BWX Technologies, Inc. (NYSE: BWXT) announced today that it has entered into a definitive agreement to acquire Precision Components Group, LLC (PCG), including its subsidiaries Precision Custom Components (PCC) and DC Fabricators (DCF). PCG is a privately held U.S. manufacturer of complex, heavy-walled and heat-transfer components. The acquisition will expand BWXT’s heavy-manufacturing footprint and establish additional U.S. commercial nuclear production capacity to serve growing domestic demand.


PCG, which generated revenue of approximately $125 million in 2025, will join BWXT’s Commercial Operations segment and continue operating at its current facilities. The acquisition adds more than 500,000 square feet of U.S. heavy-manufacturing capacity, including large-envelope machining, heavy weldments, pressure vessels, heat exchangers and ASME-certified component fabrication, and a skilled workforce of over 400 employees. The transaction is expected to close during the second half of 2026, subject to required regulatory approvals and customary closing conditions.


“PCG brings exceptional technical expertise, deep manufacturing capability and a highly skilled workforce to BWXT,” said John MacQuarrie, president of BWXT Commercial Operations. “This acquisition builds on BWXT’s strong performance in the commercial nuclear industry and represents an important first step as we establish U.S.-based commercial nuclear manufacturing capacity to meet the accelerating needs of U.S. commercial nuclear customers.”


“As nuclear demand accelerates across North America, BWXT is committed to providing the capacity and speed that the commercial nuclear industry requires,” said Rex D. Geveden, BWXT president and chief executive officer. “This acquisition creates an immediate commercial manufacturing footprint for BWXT that complements our existing service offerings to U.S. customers and fully leverages our commercial engineering expertise and supplier base.”


“Joining BWXT marks an exciting new chapter for PCG, PCC and DCF. Our teams have built a strong legacy of precision manufacturing, technical excellence and unwavering commitment to our customers. Becoming part of BWXT enables us to advance that mission with greater scale, resources and opportunity for our employees,” said Gary Butler, president and chief executive officer of PCG.


In addition to expanding commercial nuclear capacity, PCG will continue supporting existing workscopes, including components and services for Electric Boat, Bechtel Plant Machinery, Inc. and other U.S. Navy programs.


Forward-Looking Statements


BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to the proposed acquisition of Precision Components Group, LLC, including its subsidiaries Precision Custom Components, LLC, and DC Fabricators, Inc.; the expected timing of the transaction; anticipated benefits of the acquisition; future demand for commercial nuclear manufacturing services; and BWXT’s plans to expand U.S. manufacturing capacity. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, the ability to obtain required regulatory or other approvals; the satisfaction of customary closing conditions; the ability to successfully integrate the acquired businesses; changes in market demand or government policy; and supply-chain, labor or cost pressures. If one or more of these or other risks materialize, actual results may differ materially from those expressed or implied by the forward-looking statements.


For a more complete discussion of these and other risk factors, please see BWXT’s Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. 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 as 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 17 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.


About Precision Custom Components (PCC):


Based in York, Pennsylvania, Precision Custom Components (PCC) is a leading manufacturer of custom-fabricated heavy pressure vessels, reactors, casks and other heavy-walled components for nuclear, commercial and government applications. The facility includes approximately 400,000 square feet of manufacturing space and provides full-service capabilities including machining, welding, fabrication, inspection, non-destructive testing, and hydrostatic and leak testing. PCC works across stainless and carbon steel, high-strength alloys, nickel alloys, titanium and other specialty metals.


About DC Fabricators (DCF):


Located in Florence, New Jersey, DC Fabricators (DCF) specializes in the design and manufacture of steam condensers, heat exchangers and large-envelope weldments for commercial and government heat-transfer and industrial applications. The facility sits on a 25-acre site with barge-loading capability and includes approximately 125,000 square feet of fabrication and machining space, supporting corrosion-resistant alloy work and complex, large-scale fabrication needs.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260420984287/en/
BWXT Contacts:

Media

John Dobken

Sr. Manager, Media & Public Relations

202-428-6913

jcdobken@bwxt.com


Investors

Chase Jacobson

Vice President, Investor Relations

980-365-4300

investors@bwxt.com


Original: BWXT Bolsters American Nuclear Manufacturing Capability With Strategic Acquisition

Equity Insider: $66 Billion IT Overhaul Signals Pentagon's Bet on AI-Driven Defense ElectronicsMarch 11, 2026 11:30 AM
PR Newswire (US)

Issued on behalf of VisionWave Holdings, Inc.NEW YORK, March 11, 2026 /PRNewswire/ -- Equity-Insider.com News Commentary — The Pentagon's FY2026 budget commits $66.1 billion to IT and cyberspace activities, channeling a 2.8% year-over-year increase directly into AI integration, electronic warfare modernization, and hardened networking infrastructure across every military branch.[1] The spending surge sits within a broader global rearmament cycle, with worldwide defense expenditure projected to surpass $2.6 trillion in 2026 as allied nations compress procurement timelines under escalating geopolitical pressure.[2] Companies potentially positioned in this space include VisionWave Holdings (NASDAQ: VWAV), BWX Technologies (NYSE: BWXT), CACI International (NYSE: CACI), Mercury Systems (NASDAQ: MRCY), and Northrop Grumman (NYSE: NOC).
The defense electronics segment alone is forecast to reach $317 billion by 2030, growing at 5.4% annually as demand for radiation-hardened computing, secure signal processing, and AI-enabled sensor fusion accelerates across air, space, and maritime domains.[3] NATO allies have committed to investing 3.5% of GDP in defense by 2035, locking in multi-year procurement cycles for the mission-critical hardware and electronic warfare systems that underpin modern force projection.[4]VisionWave Holdings (NASDAQ: VWAV) released a corporate update highlighting strategic progress since completing its business combination and becoming publicly traded. Back in February, the company entered into a $10 million Statement of Work supporting development of the QuantumSpeed computational acceleration platform, designed to support high-performance computing environments required for advanced AI workloads.VisionWave also formed a joint venture with Boca Jom Ltd. in Israel to advance automated semiconductor design technologies and established collaborations with PVML for secure AI infrastructure and Aiphex for technology ecosystem expansion.VisionWave introduced the VARAN Unmanned Ground Vehicle platform, designed for surveillance, logistics, and security missions, and announced the PS500000 autonomous ground vehicle program. Through its wholly owned subsidiary Solar Drone Ltd., the company advanced multiple UAV initiatives including international discussions regarding wildfire mitigation, infrastructure monitoring, and environmental protection. Solar Drone was selected to participate in Abu Dhabi Sustainability Week 2026.The company unveiled its ARGUS AI-driven counter-drone system designed to detect and analyze aerial threats using RF-based sensing technologies. VisionWave conducted pilot programs and live demonstrations with defense partners and announced collaboration with SaverOne to integrate RF-based detection into defense systems. The company also announced its intention to pursue a multi-patent portfolio associated with the ARGUS counter-drone initiative.VisionWave entered into a definitive agreement to acquire a 51% controlling stake in C.M. Composite Materials, a certified Israeli manufacturer specializing in aerospace-grade composite materials whose structural assemblies are embedded in Israel's multi-layer missile defense architecture including Iron Dome and the Barak 8 long-range air defense system developed jointly by Israel Aerospace Industries and India's Defense Research and Development Organization. C.M. signed a memorandum of understanding regarding the German defense market through the Bundeswehr and is advancing joint venture discussions in India through FBM Technologies.CONTINUED… Read this and more on VisionWave at: https://equity-insider.com/2025/09/25/the-ai-defense-technology-developments-on-the-rise-in-2025-26/In other industry developments and happenings in the market include:BWX Technologies (NYSE: BWXT) reported full-year 2025 results including diluted non-GAAP EPS of $4.01 and adjusted EBITDA of $574.3 million, while ending the year with backlog of $7.3 billion, up 50% year-over-year. The growth was driven by large multi-year awards across naval propulsion, special materials, and commercial nuclear power programs."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."Geveden noted that BWXT "operates at the intersection of national security and commercial nuclear power markets, where demand for both remains exceptionally strong." The company initiated 2026 guidance calling for non-GAAP EPS of $4.55-$4.70, adjusted EBITDA of $645-$660 million, and free cash flow of $305-$320 million.CACI International (NYSE: CACI) completed its acquisition of ARKA Group in an all-cash transaction for $2.6 billion. ARKA provides industry-leading electro-optical/infrared and hyperspectral imaging capabilities alongside Agentic AI-based software, delivering geospatial intelligence for critical national security missions. The acquisition expands CACI's portfolio of national security space programs and strengthens its position in a domain traditionally defined by high technical barriers to entry."Today, more than 1,100 ARKA employees join us as we continue to expand to the limits of national security," said John Mengucci, CACI President and Chief Executive Officer. "ARKA purposefully accelerates our space market strategy while adding technologies that strengthen and expand our position in this rapidly growing domain."ARKA's space-based sensors expand CACI's existing portfolio across land, sea, and air domains, while its geospatial intelligence complements CACI's established signals intelligence capabilities. Combined with operationally proven Agentic AI-based software, the combined entity is positioned to deliver multi-source intelligence to the Intelligence Community, the U.S. Space Force, and the Department of War.Mercury Systems (NASDAQ: MRCY) reported record backlog exceeding $1.5 billion with a book-to-bill ratio of 1.23, reflecting sustained demand for the company's mission-critical processing subsystems, sensors, and safety-critical electronics across major defense program portfolios."Our ability to accelerate progress on a number of our customers' high-priority programs once again contributed to strong results this quarter, including record first-half revenue," said Bill Ballhaus, Chairman and CEO of Mercury. "In the second quarter we secured bookings of $288 million, with a 1.23 book-to-bill, resulting in a record backlog approaching $1.5 billion. Revenue for the second quarter was $233 million, resulting in a 7.1% year-over-year increase in the first half."The company's secure processing solutions span airborne ISR platforms, missile defense systems, and electronic warfare applications requiring radiation-hardened computing capable of sustained operation in extreme thermal, vibration, and electromagnetic environments. Mercury's high-speed signal processing systems and ruggedized electronics are embedded within supply chains for advanced defense programs including next-generation AESA radar systems, precision-guided munitions guidance packages, and electronic countermeasure platforms where processing latency, thermal management, and fault tolerance directly determine mission outcomes in contested electromagnetic environments.Northrop Grumman (NYSE: NOC) recently secured a $225 million contract for U.S. Navy E-130J training systems, supporting the service's ongoing modernization of aircrew training infrastructure for next-generation maritime patrol and reconnaissance operations across Atlantic and Pacific fleet commands. The award covers advanced simulation technology, synthetic training environment development, and integrated mission rehearsal systems for naval aviation programs across multiple fleet readiness centers supporting both initial qualification and advanced tactical training requirements.The company maintains substantial positions in strategic programs including the B-21 Raider stealth bomber and Global Hawk high-altitude reconnaissance systems, with mission systems integration, autonomous platforms, and AI-enabled training capabilities spanning air, space, and cyber domains. Northrop Grumman's defense electronics and computing infrastructure serve both U.S. and allied requirements for interoperable command, control, communications, and intelligence systems, with particular emphasis on secure data fusion across distributed sensor networks and multi-domain battle management architectures supporting joint all-domain and coalition operations across contested electromagnetic environments.SOURCE: https://equity-insider.com/2025/09/25/the-ai-defense-technology-developments-on-the-rise-in-2025-26/CONTACT:
EQUITY INSIDER
info @acblanke1DISCLAIMER: Nothing in this publication should be considered as personalized ?nancial advice. We are not licensed under securities laws to address your particular ?nancial situation. No communication by our employees to you should be deemed as personalized ?nancial advice. Please consult a licensed ?nancial advisor before making any investment decision. This is a paid advertisement and is neither an ofer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor quali?ed to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is owned by Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for MIQ, who has been paid a fee for VisionWave Holdings, Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares VisionWave Holdings, Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a con?ict of interest as to our ability to remain objective in our communication regarding the pro?led company. Because of this con?ict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ owns shares of VisionWave Holdings, Inc. which were purchased in the open market. MIQ reserves the right to buy and sell, and will buy and sell shares of VisionWave Holdings, Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been approved by VisionWave Holdings, Inc.; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless veri?ed by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. This publication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described. Forward-looking statements in this document are subject to risks and uncertainties, including technological, regulatory, market, and geopolitical factors, which may cause actual results to differ materially. VisionWave Holdings, Inc. makes no representations or warranties as to the accuracy of third-party projections or market data cited herein.SOURCES:https://www.washingtontechnology.com/opinion/2026/02/dods-66b-it-budget-pivots-ai-and-efficiency/411370/https://www.nationaldefensemagazine.org/articles/2026/1/29/global-defense-spending-to-top-2-6-trillion-in-2026https://www.mordorintelligence.com/industry-reports/defense-electronics-markethttps://gabelli.com/research/nato-spending-overview-a-structural-change-to-the-defense-industry/Logo: https://mma.prnewswire.com/media/2840019/Equity_Insider_Logo.jpg  



View original content:https://www.prnewswire.com/news-releases/equity-insider-66-billion-it-overhaul-signals-pentagons-bet-on-ai-driven-defense-electronics-302711101.html

Original: Equity Insider: $66 Billion IT Overhaul Signals Pentagon's Bet on AI-Driven Defense Electronics

U.S. Defense Manufacturers Face A Rare Earth Supply Squeeze - OilPrice.com Market CommentaryMarch 6, 2026 9:20 AM
PR Newswire (US)

NEW YORK, March 6, 2026 /PRNewswire/ -- According to sources, the Pentagon will prohibit the use of rare earth magnet materials originating from China in U.S. military platforms beginning in 2027. This mandate will have broad implications across the American defense industrial base, requiring manufacturers to verify the origin of the rare earth metals used in their systems, tracing them back to the earliest stages of the processing chain. Companies mentioned in this release include: REalloys Inc. (ALOY), Olin Corporation (NYSE: OLN), The Metals Company (NASDAQ: TMC), Huntington Ingalls Industries (NYSE: HII), BWX Technologies (NYSE: BWXT), TransDigm Group (NYSE: TDG).Defense giants like Lockheed Martin are overhauling their magnet supply chains to avoid non-compliance in 2027, warning that rare earth sourcing restrictions require traceability down to the mining level across multi-tier supplier networks. Northrop Grumman has issued supplier notices reinforcing magnet-origin requirements and pushing those obligations through its supply chain.Now, these aerospace and defense behemoths are qualifying compliant suppliers in a market where rare earth processing capacity has been controlled almost exclusively by China for decades.In Euclid, Ohio, that's all changing. Here, REalloys (ALOY) has achieved a North American first: industrial production of magnet-grade heavy rare earth metals for defense applications.Where Defense Giants Will Get Their Magnet-Grade MetalsMountain Pass produces a rare earth concentrate that is separated in California into NdPr oxide. That is a meaningful step in rebuilding domestic capability. But oxide is not the material defense contractors use.Oxide must be chemically reduced into pure rare earth metal. That metal must then be blended into specific magnet-grade alloys before it can move into permanent magnet production.For decades, that conversion from oxide to metal has taken place almost entirely in China. Even when ore was mined in the United States, and oxide was separated domestically, the metallurgical step that turns chemistry into usable industrial metal occurred overseas.REalloys owns the Hoidas Lake rare earth project in Saskatchewan, anchoring primary resource exposure inside Canada. In Greenland, it has signed a long-term non-binding letter of intent covering approximately 15% of future production from the Tanbreez rare earth project–one of the largest heavy and medium rare earth deposits outside China.In Kazakhstan, non-binding agreements with AltynGroup hope to provide access to material from the Kokbulak project and surrounding concessions. In Brazil, an alliance tied to the Araxá project adds another potential non-Chinese intake stream. Those primary sources are complemented by recycled permanent magnet material and industrial scrap recovered for reprocessing.All of that feed — mined concentrate and recycled rare earth content — is directed into North American separation and then into metallization at the Euclid facility. Euclid is operating at an industrial scale at the hardest step in the rare earth supply chain."Metallization is the least developed part of the value chain outside China. It requires deep, accumulated operating expertise and process control systems capable of managing complex variables in continuous production. Even with capital and strong execution, replicating that capability typically takes three to seven years or more — with meaningful technical and qualification risk," says REalloys co-founder Tim Johnston. "We've already solved the hardest part — proving that rare earth metallization and alloying can be done domestically to the specifications real customers require."REalloys (ALOY) closes the full mine-to-magnet loop, and just as the doors are about to close on Chinese-origin defense materials.The National Security DeadlineIndustrial capacity is now rising to meet a fixed national security deadline. SRC and REAlloys are targeting roughly 400 tonnes of rare earth metal output annually by the end of 2027, rising toward approximately 600 tonnes as Phase 1 scales. That's the same compliance horizon facing U.S. defense contractors.The appointment of retired General Jack Keane to the board enhances the strategic elevation of rare earth metallization. Keane served as Vice Chief of Staff of the U.S. Army and operated at the highest levels of force readiness and procurement oversight. His presence reflects a clear reality: oxide-to-metal conversion is no longer an industrial niche — it is a defense planning variable.Federal capital is following the same logic. The Export-Import Bank has issued a letter of interest for up to $200 million tied to a rare earth processing buildout connected to this platform. The Defense Production Act provides additional authority to accelerate domestic midstream capacity.This is no longer a commodity story. It is a capital-backed, deadline-driven restructuring of the defense supply chain, and the companies positioned at the metallurgical layer will determine how smoothly that transition unfolds.Those elements enter defense production at only one point in the industrial chain: after rare earth oxides are reduced into high-purity metal and alloyed into magnet-grade alloys. That conversion step determines whether a weapon system can be produced and deployed on time with predictable performance. That's what REalloys, in partnership with the SRC, is doing in Euclid, Ohio.If the West fails to rebuild this layer at scale inside North America and allied jurisdictions, the United States would be operating a forward-deployed military force that still depends on China for its fundamental material inputs.Production schedules for missiles, aircraft, and naval systems don't shift on a dime. They follow certification, qualification, and metallurgical traceability requirements that take years to establish.The Buildout Before the BanThe first chapter restored a capability that had left the continent. The next chapter finances and scales it. REalloys has already proved that North America doesn't need China to convert rare earth oxides into valuable metals. Now it's scaling it all up, with Euclid as the anchor of a broader processing platform that expands upstream into secured feedstock and downstream into magnet production.The difference between a facility and a platform is measured in throughput. Phase 1 is operational. Euclid is producing rare earth metals today. The current ramp targets roughly 400 tonnes per year of total rare earth metal output by the end of 2027, rising toward approximately 600 tonnes annually as throughput stabilizes. That includes prized dysprosium and terbium — the heavy rare earths that determine high-temperature magnet performance — alongside NdPr metal for permanent magnet strength.In a market where heavy rare earth supply outside China remains measured in the low thousands of tonnes globally, those volumes establish one of the few scaled heavy rare earth metal production points in North America.Engineering, site development, and plant construction move through 2026 and 2027 with a defined objective: capture more of the margin stack inside allied jurisdiction.Capital is now committed to the buildout. The Export-Import Bank's letter of interest for up to $200 million ties sovereign credit capacity to rare earth processing expansion connected to this platform. Defense Production Act authorities add additional channels for capital participation as capacity scales. Capital structure and industrial policy are moving in the same direction.Plant expansions, financing closings, engineering milestones, and rising tonnage will define the next chapter. REalloys is entering the scale phase.Here are a number of defense companies to watch closely over the coming months:Olin Corporation (OLN) serves as the 'indispensable utility' for the entire Western critical minerals and rare earth processing industry. As the world's leading producer of chlor-alkali products, Olin provides the massive volumes of hydrochloric acid and caustic soda required to separate rare earth elements and purify lithium brine. In early 2026, Olin intensified its 'Beyond250' structural cost-reduction program, targeting over $120 million in annual savings to maintain its competitive edge as the primary chemical supplier to the 'Battery Belt' refineries currently coming online across North America.While Olin faces the typical headwinds of a cyclical commodity market, its 2026 strategy has pivoted toward long-term, high-margin supply agreements with domestic mineral processors who require "just-in-time" chemical logistics.The Metals Company (TMC) is the global leader in deep-sea mineral exploration, targeting polymetallic nodules on the seafloor of the Clarion-Clipperton Zone in the Pacific Ocean. In January 2026, TMC took a massive step toward commercialization by filing the first-ever consolidated deep-seabed mining application, which would grant them a permit area covering 65,000 $km^2$.The company's NORI-D project is estimated to contain enough Nickel, Cobalt, Copper, and Manganese to meet the requirements of 280 million electric vehicles, roughly the size of the entire U.S. light vehicle fleet.Huntington Ingalls Industries (HII) is the largest military shipbuilder in the United States and a cornerstone of the U.S. Navy's fleet modernization strategy. The company builds nuclear-powered aircraft carriers, amphibious assault ships, destroyers, and provides lifecycle support services for the Navy's most complex platforms. These are multi-decade programs with enormous barriers to entry and limited competition.Recent contract awards tied to aircraft carrier construction and amphibious ship programs have reinforced HII's long-term backlog strength. At the same time, shipyard modernization investments aim to increase production efficiency and meet growing naval demand. As global maritime tensions rise — particularly in the Indo-Pacific and Middle East — naval force projection and fleet expansion have regained strategic urgency.BWX Technologies ( BWXT) occupies a highly specialized niche within the U.S. defense sector, focusing on nuclear components and fuel systems for naval propulsion. The company manufactures reactor cores and related components used in U.S. Navy submarines and aircraft carriers, placing it at the heart of America's nuclear-powered fleet.Its work directly supports the Navy's Virginia-class and Columbia-class submarine programs — pillars of U.S. strategic deterrence. These long-cycle programs provide decades of revenue visibility, as nuclear propulsion systems require precision engineering and regulatory oversight that few companies globally can deliver.TransDigm Group (TDG) is a leading supplier of highly engineered aerospace components used across both military and commercial aircraft platforms. Unlike prime contractors, TransDigm focuses on proprietary components such as actuators, valves, pumps, and control systems — often niche parts with limited competition and strong pricing power.The company's business model emphasizes aftermarket revenue, where margins are significantly higher than original equipment sales. As military fleets age and require ongoing maintenance, sustainment demand remains steady. At the same time, commercial aviation recovery continues to support aftermarket volumes.TransDigm's exposure to both defense modernization and long-term fleet sustainment creates a resilient revenue profile. Its components are embedded in legacy aircraft as well as next-generation platforms, ensuring recurring demand throughout multi-decade aircraft lifecycles.By. Michael KernOilprice Intelligence brings you the inside view on where the next gains will come from, breaking down the market's biggest growth driver with analysis from veteran oilmen and experts. Click here to get this crucial intel for freeImportant Disclosure: The owner of Oilprice.com owns shares and/or stock options of the company and therefore has an incentive to see the company's stock perform well. We encourage you to conduct your own due diligence and seek the advice of your financial advisor or broker before investing.FORWARD LOOKING STATEMENTS
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View original content:https://www.prnewswire.com/news-releases/us-defense-manufacturers-face-a-rare-earth-supply-squeeze---oilpricecom-market-commentary-302706697.htmlSOURCE OilPrice.com

Original: U.S. Defense Manufacturers Face A Rare Earth Supply Squeeze - OilPrice.com Market Commentary

BWX Technologies Reports Fourth Quarter and Full Year 2025 Results, Initiates 2026 GuidanceFebruary 23, 2026 4:10 PM
Business Wire

4Q25 diluted GAAP EPS of $1.01, diluted non-GAAP EPS(1) of $1.08



4Q25 net income of $93.7 million, adjusted EBITDA(1) of $147.5 million



2025 diluted GAAP EPS of $3.58, diluted non-GAAP EPS(1) of $4.01



2025 net income of $329.9 million, adjusted EBITDA(1) of $574.3 million



2025 operating cash flow of $479.8 million, free cash flow(1) 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(1) of $645 million-$660 million, and free cash flow(1) of $305 million-$320 million



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)






 






$






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(1)






 






$






100.0






 






 






$






84.8






 






 






$






15.2






 






 






18






%






 






$






368.9






 






 






$






306.6






 






 






$






62.2






 






 






20






%








Adjusted EBITDA(1)






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








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(2)






 






$






127.0






 






 






$






276.9






 






 






$






(149.9






)






 






(54






)%






 






$






479.8






 






 






$






408.4






 






 






$






71.4






 






 






17






%








Capital Expenditures(2)






 






$






70.2






 






 






$






52.5






 






 






$






17.7






 






 






34






%






 






$






184.6






 






 






$






153.6






 






 






$






30.9






 






 






20






%








Free Cash Flow(1)






 






$






56.8






 






 






$






224.4






 






 






$






(167.6






)






 






(75






)%






 






$






295.3






 






 






$






254.8






 






 






$






40.5






 






 






16






%








Share Repurchases(2)






 






$






—






 






 






$






—






 






 






$






—






 






 






NM






 






 






$






30.0






 






 






$






20.0






 






 






$






10.0






 






 






NM






 








Dividends Paid(2)






 






$






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.


Operating Income and Adjusted EBITDA(1)


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(1) 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(1) 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(1) 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 EPS(1) increased 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.


2026 Guidance


BWXT announced its expectations for fiscal year 2026 financial results, providing the following guidance:




(In millions, except per share amounts)






 






Year Ended






 






Year Ending








 






 






December 31, 2025






 






December 31, 2026








 






 






Results






 






Guidance(2)








Revenue






 






$3,198






 






~$3,750








Adjusted EBITDA(1)






 






$574






 






$645 - $660








Non-GAAP(1) Earnings Per Share






 






$4.01






 






$4.55 - $4.70








Free Cash Flow(1)






 






$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.


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


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.



EXHIBIT 1
 



 




BWX TECHNOLOGIES, INC.




RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)




(In millions, except per share amounts)





 



 



Three Months Ended December 31, 2025





 



 






GAAP






 






Pension &

OPEB MTM

(Gain) / Loss






 






Restructuring

&

Transformation Costs






 






Acquisition-

related Costs






 






Acquisition

Related

Amortization






 






 






Non-GAAP








 






 






 






 






 






 






 






 






 






 






 






 






 








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






)









Three Months Ended December 31, 2024





 



 






GAAP






 






Pension &

OPEB MTM

(Gain) / Loss






 






Restructuring

Costs






 






Acquisition-

related Costs






 






Loss on Asset

Disposal






 






 






Non-GAAP








 






 






 






 






 






 






 






 






 






 






 






 






 








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)
 



 




BWX TECHNOLOGIES, INC.




RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)




(In millions, except per share amounts)





 



 



Year Ended December 31, 2025





 



 






GAAP






 






Pension &

OPEB MTM

(Gain) / Loss






 






Restructuring

&

Transformation Costs






 






Acquisition-

related Costs






 






Acquisition

Related

Amortization






 






 






Non-GAAP








 






 






 






 






 






 






 






 






 






 






 






 






 








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






)










Year Ended December 31, 2024





 




 






GAAP






 






Pension &

OPEB MTM

(Gain) / Loss






 






Restructuring

Costs






 






Acquisition-

related Costs






 






Loss on Asset

Disposal






 






 






Non-GAAP









 






 






 






 






 






 






 






 






 






 






 






 






 









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)





 



 



Three Months Ended December 31, 2025





 



 






GAAP






 






Pension &

OPEB MTM

(Gain) / Loss






 






Restructuring

&

Transformation

Costs






 






Acquisition-

related Costs






 






Acquisition

Related

Amortization






 






 






Non-GAAP








 






 






 






 






 






 






 






 






 






 






 






 






 








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






 









Three Months Ended December 31, 2024





 



 






GAAP






 






Pension &

OPEB MTM

(Gain) / Loss






 






Restructuring

Costs






 






Acquisition-

related Costs






 






Loss on Asset

Disposal







 






 






Non-GAAP








 






 






 






 






 






 






 






 






 






 







 






 






 








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






 









Year Ended December 31, 2025





 



 






GAAP






 






Pension &

OPEB MTM

(Gain) / Loss






 






Restructuring

&

Transformation

Costs






 






Acquisition-

related Costs






 






Acquisition

Related

Amortization






 






 






Non-GAAP








 






 






 






 






 






 






 






 






 






 






 






 






 








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






 









Year Ended December 31, 2024





 



 






GAAP






 






Pension &

OPEB MTM

(Gain) / Loss






 






Restructuring

Costs







 






Acquisition-

related Costs







 






Loss on Asset

Disposal







 






 






Non-GAAP








 






 






 






 






 






 







 






 







 






 







 






 






 








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)





 



 



Three Months Ended December 31, 2025





 



 






Operating Income

(GAAP)






 






Non-GAAP

Adjustments(4)







 






Acquisition

Related

Amortization







 






Depreciation &

Amortization








 






Adjusted EBITDA








 






 






 






 







 






 







 






 








 






 








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






)









Three Months Ended December 31, 2024





 



 






Operating Income

(GAAP)







 






Non-GAAP

Adjustments(4)







 






Depreciation &

Amortization







 






 






Adjusted EBITDA








 






 







 






 







 






 







 






 






 








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






)









Year Ended December 31, 2025





 



 






Operating Income

(GAAP)






 






Non-GAAP

Adjustments(4)







 






Acquisition

Related

Amortization







 






Depreciation &

Amortization








 






Adjusted EBITDA








 






 






 






 







 






 







 






 








 






 








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






)









Year Ended December 31, 2024








 






Operating Income (GAAP)







 






Non-GAAP Adjustments(4)







 






Depreciation & Amortization







 






 






Adjusted EBITDA








 






 







 






 







 






 







 






 






 








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






 








 

 







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 







 

(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)







For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share.







 

 







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 









BWX TECHNOLOGIES, INC.




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






 









BWX TECHNOLOGIES, INC.




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






 






 






51,659






 






 






 






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






 






 






(31,868






)






 






 






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






 









BWX TECHNOLOGIES, INC.




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












 



BWX TECHNOLOGIES, INC.




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






 






2,523,630







 






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)






 






(19,372)







 






(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










BWX TECHNOLOGIES, INC.




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






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260223918392/en/
Investor Contact:

Chase Jacobson

Vice President, Investor Relations

980-365-4300

Investors@bwxt.com
Media Contact:

John Dobken

Senior Manager, Media & Public Relations

202-428-6913

jcdobken@bwxt.com


Original: BWX Technologies Reports Fourth Quarter and Full Year 2025 Results, Initiates 2026 Guidance