-- 3Q25 revenues of $866.3 million
-- 3Q25 net income of $82.2 million, adjusted EBITDA(1) of $151.1 million
-- 3Q25 diluted GAAP EPS of $0.89, non-GAAP(1) EPS of $1.00
-- Record backlog of $7.4 billion, up 119% year-over-year, driven by large,
multi-year special materials projects
-- Raising 2025 non-GAAP EPS(1) guidance to $3.75-$3.80; with adjusted
EBITDA(1) at mid-point of prior range and free cash flow at the
higher-end
-- Introducing preliminary 2026 outlook calling for low-double-digit to
low-teen adjusted EBITDA(1) growth and high-single-digit to
low-double-digit non-GAAP EPS(1) growth
LYNCHBURG, Va.--(BUSINESS WIRE)--November 03, 2025--
BWX Technologies, Inc. $(BWXT)$ ("BWXT", "we", "us" or the "Company") reported third quarter 2025 results. A reconciliation of non-GAAP results is detailed in Exhibit 1.
"We delivered strong financial results in the third quarter of 2025 including double-digit organic revenue growth and healthy free cash flow, " said Rex D. Geveden president and chief executive officer. "Further, we posted another quarter of robust bookings, driven by large, multi-year special materials contracts highlighting the trust our customers put in BWXT and the power in our differentiating nuclear credentials."
"The demand environment for nuclear solutions in defense, clean energy, and medical markets is unprecedented," continued Geveden. "With that demand, we are seeing new opportunities across the market spectrum for BWXT, including for our new business lines at A.O.T. and Kinectrics."
"We are firmly on track to achieve our financial targets in 2025," said Geveden. "Our deep backlog and optimistic demand outlook position us well for solid growth in 2026. Our preliminary 2026 outlook calls for low-double-digit to low-teens adjusted EBITDA growth which positions us to meet or exceed our medium-term financial targets."
(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
September 30,
2025 2024 $ Change % Change
---------- ---------- ---------- ----------
(Unaudited)
(In millions, except per share amounts)
Revenues
Government
Operations $616.7 $560.1 $ 56.6 10%
Commercial
Operations $251.0 $113.1 $ 137.9 122%
Consolidated $866.3 $672.0 $ 194.3 29%
Operating Income
Government
Operations $ 97.4 $101.6 $ (4.2) (4)%
Commercial
Operations $ 24.0 $ 6.7 $ 17.2 256%
Unallocated
Corporate
(Expense) $ (8.0) $(11.8) $ 3.8 NM
Consolidated $113.3 $ 96.6 $ 16.8 17%
Consolidated
non-GAAP(1) $125.9 $105.7 $ 20.2 19%
EPS (Diluted)
GAAP $ 0.89 $ 0.76 $ 0.13 17%
Non-GAAP(1) $ 1.00 $ 0.83 $ 0.17 20%
Net Income
GAAP $ 82.2 $ 69.6 $ 12.6 18%
Non-GAAP(1) $ 91.7 $ 76.7 $ 15.0 20%
Adjusted EBITDA(1)
Government
Operations $118.3 $117.0 $ 1.3 1%
Commercial
Operations $ 35.5 $ 13.5 $ 22.0 163%
Unallocated
Corporate $ (2.8) $ (3.6) $ 0.8 NM
Consolidated $151.1 $127.0 $ 24.1 19%
Cash Flows
Operating Cash
Flow(2) $143.2 $ 32.6 $ 110.5 339%
Capital
Expenditures(2) $ 48.3 $ 40.3 $ 8.0 20%
Free Cash Flow(1) $ 94.9 $ (7.7) $ 102.6 NM
Dividends Paid(2) $ 22.9 $ 22.0 $ 1.0 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; Dividends Paid = Dividends Paid to Common
Shareholders
Revenues
Third quarter revenue increased in both operating segments. The Government Operations increase was driven by higher naval nuclear component production, special materials processing, and contribution from the acquisition of A.O.T., partially offset by lower microreactor volumes. The Commercial Operations increase was driven by higher revenue associated with commercial nuclear components, field services, and fuel and fuel handling, as well as higher medical sales, and contribution from the acquisition of Kinectrics.
Operating Income and Adjusted EBITDA(1)
Third quarter GAAP operating income increased primarily due to an increase in Commercial Operations and lower corporate expense, partially offset by modestly lower Government Operations operating income and slightly higher restructuring and transformation and acquisition-related costs.
Third quarter non-GAAP(1) operating income increased driven by an increase in Commercial Operations and lower corporate expense, while Government Operations was down modestly. The Commercial Operations increase was driven by higher revenue and partially offset by growth investment. The slight decrease in Government Operations was due to a lower level of favorable contract adjustments when compared to the same period of last year, which was mostly offset by solid operational performance in naval propulsion and higher technical services equity income.
Third quarter adjusted EBITDA(1) increased due to higher non-GAAP(1) operating income and higher depreciation and amortization.
EPS
Third quarter GAAP EPS increased as higher GAAP operating income, was partially offset by a higher tax rate and interest expense. Non-GAAP EPS(1) increased as higher Non-GAAP(1) higher operating income was partially offset by a slightly higher tax rate and interest expense.
Cash Flows
Third quarter operating cash flow increased driven by higher net income, working capital management, and timing of awards. Capital expenditures increased slightly due to timing of select growth investments, including the previously announced expansion of the Cambridge manufacturing plant that supports the commercial nuclear market.
Dividend
BWXT paid $22.9 million, or $0.25 per common share, to shareholders in the third quarter of 2025. On October 28, 2025, the BWXT Board of Directors declared a quarterly cash dividend of $0.25 per common share payable on December 10, 2025, to shareholders of record on November 19, 2025.
2025 Guidance
BWXT raised its 2025 guidance for revenue, non-GAAP EPS(1) , and free cash flow(1) , and narrowed its guidance for adjusted EBITDA(1) to the mid-point of the previous range.
Year Ending Year Ending
(In millions, Year Ended December 31, December 31,
except per share December 31, 2025 Current 2025 Prior
amounts) 2024 Results Guidance Guidance
Revenue $2,704 $3,100+ $3,100
Adjusted EBITDA(1) $499 $570 $565 - $575
Non-GAAP(1)
Earnings Per
Share $3.33 $3.75 - $3.80 $3.65 - $3.75
Free Cash Flow(1) $255 $285M $275 - $285
Additional information can be found in the third quarter 2025 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 Third Quarter 2025 Results
Date: Monday, November 3, 2025, 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/3Q2025-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 2025 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, 2024 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 nearly 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. In addition, BWXT and its industry partners support the U.S. Department of Energy and National Nuclear Security Administration across numerous sites. 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 September 30, 2025
Restructuring &
Transformation Acquisition-Related Acquisition-Related
GAAP Costs Costs Amortization Non-GAAP
---------- ------------------ ----------------------- ----------------------- ----------
Government
Operations
Operating
Income $ 97.4 $ -- $ 2.2 $ 1.8 $101.4
Commercial
Operations
Operating
Income $ 24.0 $ 3.1 $ 0.6 $ 1.5 $ 29.1
Unallocated
Corporate
Operating
Income $ (8.0) $ 2.0 $ 1.4 $ -- $ (4.6)
----- ----- ------- ---- ------- -------- ---- ------- -------- -----
Operating
Income $113.3 $ 5.1 $ 4.2 $ 3.3 $125.9
Other Income
(Expense) (5.8) -- -- -- (5.8)
----- ----- ------- ---- ------- -------- ---- ------- -------- -----
Income Before
Provision for
Income Taxes 107.6 5.1 4.2 3.3 120.1
Provision for
Income Taxes (25.4) (1.3) (0.9) (0.8) (28.4)
----- ----- ------ ---- ------- ------- ---- ------- ------- -----
Net Income 82.2 3.8 3.3 2.4 91.7
----- ----- ------- ---- ------- -------- ---- ------- -------- -----
Net Income
Attributable
to
Noncontrolling
Interest (0.1) -- -- -- (0.1)
----- ----- ------- ---- ------- -------- ---- ------- -------- -----
Net Income
Attributable
to BWXT $ 82.1 $ 3.8 $ 3.3 $ 2.4 $ 91.6
===== ===== ======= ==== ======= ======== ==== ======= ======== =====
Diluted Shares
Outstanding 91.8 91.8
Diluted
Earnings per
Common Share $ 0.89 $ 0.04 $ 0.04 $ 0.03 $ 1.00
Effective Tax
Rate 23.6% 23.6%
-----
Three Months Ended September 30, 2024
Restructuring Acquisition-Related
GAAP Costs Costs Non-GAAP
---------- ----------------- ----------------------- ----------
Government
Operations
Operating
Income $101.6 $ 0.1 $ -- $101.7
Commercial
Operations
Operating
Income $ 6.7 $ 1.7 $ 0.8 $ 9.2
Unallocated
Corporate
Operating
Income $(11.8) $ 4.2 $ 2.3 $ (5.2)
----- ----- ------ ---- ------- -------- -----
Operating
Income $ 96.6 $ 6.0 $ 3.1 $105.7
Other Income
(Expense) (6.0) -- -- (6.0)
----- ----- ------ ---- ------- -------- -----
Income Before
Provision for
Income Taxes 90.6 6.0 3.1 99.8
Provision for
Income Taxes (21.0) (1.4) (0.7) (23.0)
----- ----- ----- ---- ------- ------- -----
Net Income 69.6 4.7 2.4 76.7
----- ----- ------ ---- ------- -------- -----
Net Income
Attributable
to
Noncontrolling
Interest (0.2) -- -- (0.2)
----- ----- ------ ---- ------- -------- -----
Net Income
Attributable
to BWXT $ 69.5 $ 4.7 $ 2.4 $ 76.6
===== ===== ====== ==== ======= ======== =====
Diluted Shares
Outstanding 91.9 91.9
Diluted
Earnings per
Common Share $ 0.76 $ 0.05 $ 0.03 $ 0.83
Effective Tax
Rate 23.2% 23.1%
-----
EXHIBIT 1 (continued)
RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3)
(In millions)
Three Months Ended September 30, 2025
Restructuring &
Transformation Acquisition-related Acquisition-related
GAAP Costs Costs Amortization Non-GAAP
------- --------------- ------------------- ----------------------- ------------
Net Income $ 82.2 $ 3.8 $ 3.3 $ 2.4 $ 91.7
Provision for
Income
Taxes 25.4 1.3 0.9 0.8 28.4
Other -- net (7.2) -- -- -- (7.2)
Interest
Expense 14.0 -- -- -- 14.0
Interest
Income (1.0) -- -- -- (1.0)
Depreciation
&
Amortization 28.5 -- -- (3.3) 25.2
----- -------------- ------------------ ---- ------- ------- -----
Adjusted
EBITDA $141.8 $ 5.1 $ 4.2 $ -- $ 151.1
===== ============== ================== ==== ======= ======== -----
Three Months Ended September 30, 2024
Restructuring Acquisition-related
GAAP Costs Costs Non-GAAP
------- -------------- ------------------- ------------
Net Income $ 69.6 $ 4.7 $ 2.4 $ 76.7
Provision for
Income
Taxes 21.0 1.4 0.7 23.0
Other -- net (3.3) -- -- (3.3)
Interest
Expense 9.9 -- -- 9.9
Interest
Income (0.7) -- -- (0.7)
Depreciation
&
Amortization 21.3 -- -- 21.3
----- ------------- ------------------ -----
Adjusted
EBITDA $117.8 $ 6.0 $ 3.1 $ 127.0
===== ============= ================== -----
RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3)(4)
(In millions)
Three Months Ended September 30, 2025
Operating Depreciation
Income Non-GAAP Acquisition-related & Adjusted
(GAAP) Adjustments(3,4) Amortization Amortization EBITDA
----------- ----------------- -------------------- ------------- ------------
Government
Operations $97.4 $ 2.2 $ 1.8 $ 17.0 $ 118.3
Commercial
Operations $24.0 $ 3.7 $ 1.5 $ 6.4 $ 35.5
Unallocated
Corporate $(8.0) $ 3.4 $ -- $ 1.8 $ (2.8)
-----
Three Months Ended September 30, 2024
Operating Depreciation
Income Non-GAAP & Adjusted
(GAAP) Adjustments(3) Amortization EBITDA
----------- --------------- ------------- ----------
Government
Operations $101.6 $ 0.1 $ 15.3 $117.0
Commercial
Operations $ 6.7 $ 2.5 $ 4.3 $ 13.5
Unallocated
Corporate $(11.8) $ 6.5 $ 1.7 $ (3.6)
-----
EXHIBIT 1 (continued)
RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3)
(In millions)
Three Months Ended September 30, 2025
Net Cash Provided By Operating Activities $143.2
Purchases of Property, Plant and Equipment (48.3)
-----
Free Cash Flow $ 94.9
=====
Three Months Ended September 30, 2024
Net Cash Provided By Operating Activities $ 32.6
Purchases of Property, Plant and Equipment (40.3)
-----
Free Cash Flow $ (7.7)
=====
(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
September 30, Nine Months Ended September 30,
2025 2024 2025 2024
------------ ------------ --------------- --------------
(Unaudited)
(In thousands, except share and per share amounts)
Revenues $ 866,286 $ 671,956 $ 2,312,583 $ 1,957,387
Costs and
Expenses:
Cost of
operations 677,292 508,000 1,766,999 1,476,553
Research and
development
costs 3,479 2,081 10,057 4,842
(Gains) Losses
on asset
disposals and
impairments,
net 1 -- (4,417) (4)
Selling, general
and
administrative
expenses 93,381 80,829 283,890 227,970
---------- ---------- ---------- ----------
Total Costs and
Expenses 774,153 590,910 2,056,529 1,709,361
---------- ---------- ---------- ----------
Equity in Income of
Investees 21,216 15,532 56,349 40,319
---------- ---------- ---------- ----------
Operating Income 113,349 96,578 312,403 288,345
---------- ---------- ---------- ----------
Other Income
(Expense):
Interest income 1,016 663 2,289 2,049
Interest expense (14,019) (9,907) (33,754) (30,190)
Other -- net 7,222 3,290 16,206 10,426
---------- ---------- ---------- ----------
Total Other
Income
(Expense) (5,781) (5,954) (15,259) (17,715)
---------- ---------- ---------- ----------
Income before
Provision for
Income Taxes 107,568 90,624 297,144 270,630
Provision for
Income Taxes 25,377 20,983 60,965 59,410
---------- ---------- ---------- ----------
Net Income $ 82,191 $ 69,641 $ 236,179 $ 211,220
---------- ---------- ---------- ----------
Net Income
Attributable to
Noncontrolling
Interest (85) (158) (223) (297)
---------- ---------- ---------- ----------
Net Income
Attributable to
BWX Technologies,
Inc. $ 82,106 $ 69,483 $ 235,956 $ 210,923
========== ========== ========== ==========
Earnings per
Common Share:
Basic:
Net Income
Attributable to
BWX
Technologies,
Inc. $ 0.90 $ 0.76 $ 2.58 $ 2.30
========== ========== ========== ==========
Diluted:
Net Income
Attributable to
BWX
Technologies,
Inc. $ 0.89 $ 0.76 $ 2.57 $ 2.30
========== ========== ========== ==========
Shares used in the
computation of
earnings per
share:
Basic 91,565,095 91,574,531 91,567,382 91,564,726
---------- ---------- ---------- ----------
Diluted 91,787,602 91,886,710 91,788,002 91,849,724
========== ========== ========== ==========
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30,
2025 2024
--------------------- ----------------
(Unaudited) (In thousands)
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net Income $ 236,179 $ 211,220
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation and
amortization 79,629 63,429
Income of investees, net
of dividends (5,744) (9,778)
(Gains) Losses on asset
disposals and
impairments - net (4,417) (4)
Recognition of losses for
pension and
postretirement plans 2,442 2,494
Stock-based compensation
expense 20,720 14,852
Other, net 2,908 (629)
Changes in assets and
liabilities, net of
effects from
acquisitions:
Accounts receivable (30,051) (30,238)
Accounts payable 32,040 48,306
Retainages (34,284) (37,114)
Contracts in progress and
advance billings on
contracts 21,315 (120,829)
Income taxes 43,935 15,654
Accrued and other current
liabilities 28,032 5,174
Pension liabilities, accrued
postretirement benefit
obligations and employee
benefits (31,021) (20,217)
Other, net (8,830) (10,772)
------------- ------------
NET CASH PROVIDED BY OPERATING
ACTIVITIES 352,853 131,548
------------- ------------
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of property, plant
and equipment (114,365) (101,128)
Acquisition of businesses,
net of cash acquired (536,000) --
Sales and maturities of
securities 3,396 --
Investments, net of return
of capital, in equity
method investees (30,990) --
Other, net 4,066 203
------------- ------------
NET CASH USED IN INVESTING
ACTIVITIES (673,893) (100,925)
------------- ------------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Borrowings of long-term debt 871,600 396,800
Repayments of long-term debt (420,975) (376,488)
Repurchases of common stock (30,000) (20,000)
Dividends paid to common
shareholders (69,704) (66,326)
Cash paid for shares
withheld to satisfy
employee taxes (13,400) (7,244)
Settlements of forward
contracts, net 782 2,954
Other, net 1,305 409
------------- ------------
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES 339,608 (69,895)
------------- ------------
EFFECTS OF EXCHANGE RATE
CHANGES ON CASH (12,186) (379)
------------- ------------
TOTAL INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS AND
RESTRICTED CASH AND CASH
EQUIVALENTS 6,382 (39,651)
------------- ------------
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 $ 86,953 $ 41,964
============= ============
SUPPLEMENTAL DISCLOSURES OF
CASH FLOW INFORMATION:
Cash paid during the period
for:
Interest $ 42,224 $ 48,360
Income taxes (net of
refunds) $ 28,235 $ 43,547
SCHEDULE OF NON-CASH INVESTING
ACTIVITY:
Accrued capital expenditures
included in accounts
payable $ 20,499 $ 15,114
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
September 30, December 31,
2025 2024
---------------- ---------------
(Unaudited)
(In thousands)
Current Assets:
Cash and cash equivalents $ 79,592 $ 74,109
Restricted cash and cash equivalents 3,058 2,785
Accounts receivable -- trade, net 181,174 99,112
Accounts receivable -- other 29,715 53,199
Retainages 67,951 33,667
Contracts in progress 636,711 577,745
Inventories 57,799 40,288
Other current assets 48,023 49,092
------------ -----------
Total Current Assets 1,104,023 929,997
------------ -----------
Property, Plant and Equipment, Net 1,536,351 1,278,161
------------ -----------
Investments 8,008 10,609
------------ -----------
Goodwill 501,575 287,362
------------ -----------
Deferred Income Taxes 3,377 6,569
------------ -----------
Investments in Unconsolidated
Affiliates 175,739 99,403
------------ -----------
Intangible Assets 330,290 165,325
------------ -----------
Other Assets 122,174 92,498
------------ -----------
TOTAL ASSETS $ 3,781,537 $ 2,869,924
============ ===========
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
September 30, December 31,
2025 2024
------------------ ---------------
(Unaudited)
(In thousands, except share
and per share amounts)
Current Liabilities:
Current portion of long-term
debt $ 12,500 $ 12,500
Accounts payable 211,695 158,077
Accrued employee benefits 90,559 77,234
Accrued liabilities -- other 120,410 65,100
Advance billings on contracts 211,399 161,290
--- ------------ -----------
Total Current Liabilities 646,563 474,201
--- ------------ -----------
Long-Term Debt 1,497,070 1,042,970
--- ------------ -----------
Accumulated Postretirement
Benefit Obligation 85,867 16,515
--- ------------ -----------
Environmental Liabilities 98,290 94,225
--- ------------ -----------
Pension Liability 91,052 82,602
--- ------------ -----------
Other Liabilities 121,210 79,007
--- ------------ -----------
Commitments and Contingencies
Stockholders' Equity:
Common stock, par value $0.01
per share, authorized
325,000,000 shares; issued
128,708,443 and 128,320,295
shares at September 30, 2025
and December 31, 2024,
respectively 1,287 1,283
Preferred stock, par value
$0.01 per share, authorized
75,000,000 shares; No shares
issued -- --
Capital in excess of par value 251,917 228,889
Retained earnings 2,453,696 2,287,151
Treasury stock at cost,
37,286,948 and 36,869,498
shares at September 30, 2025
and December 31, 2024,
respectively (1,432,633) (1,388,432)
Accumulated other
comprehensive loss (32,523) (48,211)
--- ------------ -----------
Stockholders' Equity -- BWX
Technologies, Inc. 1,241,744 1,080,680
Noncontrolling interest (259) (276)
--- ------------ -----------
Total Stockholders' Equity 1,241,485 1,080,404
--- ------------ -----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 3,781,537 $ 2,869,924
=== ============ ===========
BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
Three Months Ended Nine Months Ended September
September 30, 30,
2025 2024 2025 2024
----------- ----------- -------------- -------------
(Unaudited)
(In thousands)
REVENUES:
--------------
Government
Operations $ 616,697 $ 560,073 $1,760,943 $1,588,040
Commercial
Operations 250,971 113,112 555,420 371,641
Eliminations (1,382) (1,229) (3,780) (2,294)
--------- --------- --------- ---------
TOTAL $ 866,286 $ 671,956 $2,312,583 $1,957,387
========= ========= ========= =========
SEGMENT
INCOME:
--------------
Government
Operations $ 97,371 $ 101,609 $ 304,536 $ 279,815
Commercial
Operations 23,959 6,728 37,301 31,947
--------- --------- --------- ---------
SUBTOTAL $ 121,330 $ 108,337 $ 341,837 $ 311,762
--------- --------- --------- ---------
Unallocated
Corporate (7,981) (11,759) (29,434) (23,417)
--------- --------- --------- ---------
TOTAL $ 113,349 $ 96,578 $ 312,403 $ 288,345
========= ========= ========= =========
DEPRECIATION
AND
AMORTIZATION:
---------------
Government
Operations $ 18,762 $ 15,284 $ 56,080 $ 44,948
Commercial
Operations 7,865 4,313 18,127 13,154
Corporate 1,831 1,672 5,422 5,327
--------- --------- --------- ---------
TOTAL $ 28,458 $ 21,269 $ 79,629 $ 63,429
========= ========= ========= =========
CAPITAL
EXPENDITURES:
--------------
Government
Operations $ 25,703 $ 22,429 $ 59,973 $ 53,013
Commercial
Operations 21,368 14,073 51,278 43,153
Corporate 1,196 3,799 3,114 4,962
--------- --------- --------- ---------
TOTAL $ 48,267 $ 40,301 $ 114,365 $ 101,128
========= ========= ========= =========
BACKLOG:
--------------
Government
Operations $5,905,020 $2,745,333 $5,905,020 $2,745,333
Commercial
Operations 1,484,111 635,356 1,484,111 635,356
--------- --------- --------- ---------
TOTAL $7,389,131 $3,380,689 $7,389,131 $3,380,689
========= ========= ========= =========
BOOKINGS:
--------------
Government
Operations $2,086,092 $ 440,146 $3,724,775 $1,116,580
Commercial
Operations 159,342 78,252 880,957 223,850
--------- --------- --------- ---------
TOTAL $2,245,434 $ 518,398 $4,605,732 $1,340,430
========= ========= ========= =========
View source version on businesswire.com: https://www.businesswire.com/news/home/20251103695495/en/
CONTACT: 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
(END) Dow Jones Newswires
November 03, 2025 16:09 ET (21:09 GMT)