BWX Technologies (BWXT) — Filings & Earnings
Last Reviewed: 2026-04-07 Next Earnings: Q1 2026 — May 2026
Q4 2025 / Full Year 2025 (reported Feb 23, 2026)
BWXT crushed it. Beat on every metric and guided above consensus for 2026.
Q4 2025
| Metric | Actual | Consensus | YoY Change |
|---|---|---|---|
| Revenue | $885.8M | $834.8M | +19% |
| Non-GAAP EPS | $1.08 | $0.89 | +17% |
| GAAP EPS | $1.01 | — | +31% |
| Adj. EBITDA | $147.5M | — | +13% |
Full Year 2025
| Metric | FY2025 | FY2024 | YoY Change |
|---|---|---|---|
| Revenue | $3,198M | $2,703M | +18% |
| Non-GAAP EPS | $4.01 | $3.33 | +20% |
| GAAP EPS | $3.58 | $3.07 | +17% |
| Adj. EBITDA | $574.3M | $498.7M | +15% |
| FCF | $295.3M | $254.8M | +16% |
| Backlog | $7.3B | $4.9B | +50% |
| Bookings | $5.4B | $3.6B | +51% |
Segment breakdown (FY2025)
- Government Operations: $2,350M revenue (+8%), $5.5B backlog (+41%)
- Commercial Operations: $853M revenue (+63%), $1.7B backlog (+85%) — Kinectrics + higher field services, fuel, components, medical isotopes
CEO commentary (Rex Geveden)
"We delivered a strong fourth quarter, and a record year for BWXT. We operate at the intersection of national security and commercial nuclear power markets, where demand for both remains exceptionally strong."
2026 Guidance — above consensus
| Metric | 2026 Guidance | Consensus (pre-report) | 2025 Actual |
|---|---|---|---|
| Revenue | ~$3.75B | $3.67B | $3.20B |
| Adj. EBITDA | $645–660M | — | $574M |
| Non-GAAP EPS | $4.55–4.70 | $4.30 | $4.01 |
| FCF | $305–320M | — | $295M |
- Govt Ops: low-to-mid teens revenue growth
- Commercial Ops: ~25% revenue growth
- ~55% of EBITDA in H2 (back-half weighted)
- Govt margins "slightly lower" early in new programs, rebound in 2027
Capital return
Dividend +8% to $0.27/quarter (payable March 27, 2026). 11 consecutive years of dividend growth. Payout ratio ~30%.
Run /filings BWXT to refresh with latest filings.
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