BWX Technologies ( BWXT ) reported well for Q4 and the whole of 2025, beating market expectations in both revenue and adjusted EPS. The market was prepared for such an outcome, soHi there! I’m Narek, and I’ve been in the investment world for over six years. I started out as an equity analyst at European banks, digging into reports and learning how to spot value in the markets. I’ve worked across sectors — from telecom to industry — and found that behind every financial statement is a real story. I studied i ...

Financial Data and Key Metrics Changes - For the full year 2025, revenue grew by 18%, Adjusted EBITDA increased by 15%, earnings per share rose by 20%, and free cash flow grew by 16%, all exceeding initial guidance [4] - Fourth quarter revenue was $886 million, up 19% year-over-year, with organic revenue up 4% [13][14] - Adjusted EBITDA for the fourth quarter was $148 million, up 13% year-over-year, with an adjusted earnings per share of $1.08, up 17% [14] Business Line Data and Key Metrics Changes - Government operations revenue decreased by 1% in the fourth quarter, with Adjusted EBITDA down by 5% [7][17] - Commercial operations reported a 95% revenue growth, driven by 31% organic growth, with Adjusted EBITDA up 87% [10][18] - BWXT Medical achieved over $100 million in annual revenue, up about 20% from last year [11] Market Data and Key Metrics Changes - Backlog for government operations was $7.3 billion, up 15% year-over-year, while commercial operations backlog reached $1.7 billion, up 85% compared to last year [4][10] - The commercial nuclear power book-to-bill ratio was over 2 in the quarter, indicating strong demand [12] Company Strategy and Development Direction - The company aims to execute against its robust backlog, optimize processes, adopt new technologies, and make disciplined growth investments [24] - BWXT is focusing on expanding its capacity in the U.S. and exploring opportunities in Europe for small modular reactors [67] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current pricing agreements and operational efficiency in the naval propulsion business, anticipating a rebound in margins by 2027 [26] - The outlook for 2026 includes expected revenue of approximately $3.75 billion, with growth driven by both government and commercial operations [19][20] Other Important Information - The company completed a $1.25 billion convertible debt offering, enhancing financial flexibility and liquidity, which stood at $1.7 billion at year-end [16][17] - BWXT is actively pursuing M&A opportunities to strengthen its core business and increase capacity [39][40] Q&A Session Summary Question: Expectations for government operations margins in 2026 - Management does not foresee significant incremental pressure in 2027, expecting a rebound in margins [26] Question: Use of AI within BWXT - BWXT is utilizing machine learning to improve manufacturing processes and is exploring the use of large language models for functional efficiencies [29][30] Question: Impact of supply chain improvements - Management noted encouraging progress in shipyards and is pleased with the delivery schedules [37] Question: Capital deployment priorities and M&A - The company is well-positioned for potential M&A and is focused on increasing capacity to meet future customer needs [39][40] Question: Challenges in siting commercial facilities near defense operations - Management sees synergies between government and commercial operations at shared facilities [44] Question: Update on Canadian Competition Bureau's investigation - There has been no significant news regarding the investigation into the Kinectrics acquisition [90] Question: Approval timeline for Tech 99 - There are ongoing quality issues being addressed, and Tech 99 revenue is not included in the 2026 guidance [92][93]

BWX Technologies (NYSE:BWXT) Q4 2025 Earnings call February 23, 2026 05:00 PM ET Speaker7Ladies and gentlemen, welcome to BWX Technologies' fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. Following the company's prepared remarks, we will conduct a question-and-answer session. Instructions will be given at that time. I would now like to turn the call over to our host, Chase Jacobson, BWXT's Vice President of Investor Relations. Please go a ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 001-34658 BWX TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction ...

Financial Performance - BWX Technologies reported a fourth quarter 2025 net income of $93.7 million, with diluted non-GAAP EPS of $1.08, representing a 17% increase year-over-year[4]. - For the full year 2025, BWX Technologies achieved a net income of $329.9 million and diluted non-GAAP EPS of $4.01, up 20% from 2024[4]. - BWXT's total net income attributable to the company for the year ended December 31, 2025, was $368.0 million, compared to $84.7 million in 2024, representing a substantial increase of approximately 334.5%[36][35]. - The company's Diluted Earnings per Common Share (EPS) for the year ended December 31, 2025, was $4.01, up from $0.92 in 2024, indicating a significant increase of approximately 336.9%[36][35]. - Basic earnings per share for 2025 rose to $3.59, up from $3.08 in 2024, marking an increase of 16.5%[53]. - Operating income for the year ended December 31, 2025, was $404,459 thousand, compared to $380,607 thousand in 2024, indicating a growth of 6.2%[53]. Revenue Growth - Revenue for Q4 2025 was $885.8 million, a 19% increase compared to Q4 2024, with commercial operations revenue growing by 95%[5]. - Full year revenue reached $3.198 billion, an 18% increase from 2024, driven by growth in both government and commercial operations[5]. - Revenues for the year ended December 31, 2025, increased to $3,198,425 thousand, up from $2,703,654 thousand in 2024, representing a growth of 18.3%[53]. - Total revenues for the year 2025 were $3,198,425,000, a 18.3% increase from $2,703,654,000 in 2024[61]. - Total revenues for Q4 2025 reached $885,842,000, a 18.7% increase from $746,266,000 in Q4 2024[61]. Backlog and Bookings - The company ended 2025 with a backlog of $7.3 billion, reflecting a 50% year-over-year growth driven by significant awards in naval propulsion and commercial nuclear power[4]. - The company reported a total backlog of $7,260,692,000, a significant increase from $4,842,460,000 year-over-year[61]. - Total bookings for the year reached $5,359,903,000, up from $3,549,096,000 in the previous year, reflecting strong demand[61]. Cash Flow and Capital Expenditures - Operating cash flow for 2025 was $479.8 million, a 17% increase from the previous year, while capital expenditures rose by 20% to $184.6 million[4]. - Free cash flow for the year ended December 31, 2025, was $295.3 million, an increase from $254.8 million in 2024[50]. - Cash provided by operating activities for 2025 was $479,848 thousand, an increase from $408,428 thousand in 2024, representing a growth of 17.4%[55]. - Capital expenditures for Q4 2025 totaled $70,192,000, compared to $52,520,000 in Q4 2024, indicating increased investment in operations[61]. - Government Operations capital expenditures increased to $38,472,000 from $28,050,000, highlighting ongoing investment in this segment[61]. Strategic Initiatives and Acquisitions - BWX Technologies expanded its service and product offerings through two acquisitions in 2025, enhancing its competitive position in the market[3]. - The company incurred restructuring and transformation costs of $29.6 million in 2025, aimed at optimizing business processes and implementing strategic initiatives[26]. - BWXT's acquisition-related costs for the year were $10.6 million, associated with integrating acquired businesses into its operations[27]. - The company anticipates growth opportunities in its reportable segments, particularly in medical radioisotopes and small modular reactor (SMR) components, as part of its strategic initiatives[28]. Operational Efficiency - BWXT reported a Free Cash Flow (FCF) conversion rate, calculated as free cash flow divided by net income, which provides insight into the company's operational efficiency[25]. - The effective tax rate for the year ended December 31, 2025, was 20.4%, compared to 18.9% for the previous year, indicating a slight increase in tax obligations[36][35]. - BWXT's adjusted EBITDA for the year ended December 31, 2025, was $475.7 million, reflecting the company's strong operational performance[36]. - Adjusted EBITDA for the year ended December 31, 2025, was $574.3 million, compared to $513.6 million in 2024[44]. Employee and Facility Information - The company has approximately 10,000 employees and operates 15 manufacturing facilities globally, supporting its strategic partnerships with the U.S. and Canadian governments[29].

© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. Our Purpose: We employ nuclear technology to solve some of the world's most important problems Our Mission: We provide safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine, and space exploration Commitment to innovation, operational excellence, a strong safety record, and a focus on ensuring the hig ...

and commercial nuclear power awards- 2025 operating cash flow of $479.8 million, free cash flow(1) of $295.3 million- 2025 net income of $329.9 million, adjusted EBITDA(1) of $574.3 million- 2025 diluted GAAP EPS of $3.58, diluted non-GAAP EPS(1) of $4.01- 4Q25 net income of $93.7 million, adjusted EBITDA(1) of $147.5 million- 4Q25 diluted GAAP EPS of $1.01, diluted non-GAAP EPS(1) of $1.08LYNCHBURG, Va.--([BUSINESS WIRE])--BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported f ...

Core Insights - The article discusses the best military technology stocks to invest in, highlighting a shift in military strategy towards agile and adaptable technologies, particularly AI-powered drones [1] - Traditional defense contractors are expanding capabilities through acquisitions to enhance offerings in AI, communications, and cybersecurity, driven by geopolitical conflicts and increased military budgets [2] - The NYSE Arca Defense Index has outperformed the S&P 500, returning 12.71% year-to-date compared to the S&P 500's 0.74% [3] Industry Trends - There is a growing emphasis on next-generation military technology, with small and mid-cap companies playing a crucial role in this evolution [1] - Increased military spending is being encouraged by government initiatives, although concerns exist regarding restrictions on capital allocation due to executive orders [5][6] - The executive order from President Trump restricts dividends, share buybacks, and CEO payouts, which may impact the attractiveness of the defense sector for top executives [4][5] Company Highlights - Planet Labs PBC (NYSE:PL) is recognized for its partnership with AXA Digital Commercial Platform to leverage satellite data for real-time disaster monitoring, showing a 21% stock return year-to-date [11][12][14] - BWX Technologies, Inc. (NYSE:BWXT) is advancing in nuclear fuel production and inaugurated a new facility for uranium enrichment, supported by a $1.5 billion contract from the Department of Energy [15][18][19]

Core Viewpoint - BWX Technologies, Inc. (BWXT) is expected to report its fourth-quarter 2025 results on February 23, 2026, with a prior earnings surprise of 20.91% in the last quarter [1] Group 1: Factors Affecting Q4 Results - Increased uranium processing, downblending operations, and higher manufacturing volume of nuclear components for U.S. government programs are anticipated to enhance the top-line performance of BWXT's Government Operations segment [2] - The Commercial Operations segment is expected to see revenue growth driven by higher revenues from components manufacturing and contributions from the Kinectrics acquisition [3] Group 2: Q4 Estimates - The Zacks Consensus Estimate for BWXT's fourth-quarter sales is $829.3 million, reflecting an 11.1% increase from the previous year [4] - The consensus estimate for earnings is 91 cents per share, indicating a year-over-year decline of 1.1% [4] Group 3: Earnings Prediction Model - The current model does not predict an earnings beat for BWX Technologies, as it has an Earnings ESP of 0.00% and a Zacks Rank of 2 (Buy) [5]

Industry Overview - The energy sector, particularly nuclear energy, presents significant income-investing opportunities, with nuclear energy being one of the cleanest and safest options available [1] - The demand for nuclear energy is increasing due to the power needs of artificial intelligence (AI), with the International Energy Agency (IEA) estimating that AI's global electrical consumption will double by 2030 [2] - The U.S. Department of Energy aims to triple nuclear energy production by 2050 to meet both AI demands and enhance energy independence [2] Company Analysis: Dominion Energy - Dominion Energy, based in Virginia, operates four nuclear power plants and generates half of Connecticut's electricity from the Millstone Nuclear plant [5] - The company offers a dividend yield of 4.19%, with a slow and steady growth model, maintaining an operating margin of 29.45% [6] - Despite a high payout ratio of 99.6%, Dominion has reduced this from 121.3% in 2024, indicating improved financial management [6] - The company's strategic location in Virginia, a state with high energy demand due to data center construction, enhances its operational advantages [8] Company Analysis: BWX Technologies - BWX Technologies, also based in Virginia, specializes in nuclear propulsion systems for the U.S. Navy and is developing small modular reactors (SMRs) [10] - The company has reported impressive growth, with Q3 2025 revenue increasing by 29%, net income by 19%, and earnings per share (EPS) by 20% year over year [13] - BWX's current dividend yield is 0.5%, but it has been growing at an annualized rate of 4.28% over the past five years, with a low payout ratio of 26%, allowing for further dividend growth [14]