Results
BWX Technologies Reports Third Quarter 2026 Results
3Q26 revenues of $953.0 million
3Q26 net income of $102.0 million, adjusted EBITDA (1) of $179.7 million
3Q26 diluted GAAP EPS of $1.11, non-GAAP (1) EPS of $1.26
BWXT Advanced Nuclear Reactor (BANR) technology selected for the U.S. Army's Janus Program at Fort Campbell and Prodigy Clean Energy's Transportable Nuclear Power Plant project in Canada
Tightening 2026 non-GAAP EPS (1) guidance to $4.72-$4.77 and free cash flow (1) to $350 million-$360 million, with adjusted EBITDA (1) at the mid-point of the prior range
1Introducing preliminary 2027 outlook calling for high-single-digit revenue growth, and high-single-digit to low-double-digit adjusted EBITDA (1) and non-GAAP EPS (1) growth; adjusted EBITDA (1) growth ahead of the framework provided at 2026 Investor Day
(LYNCHBURG, Va. - Nov. 2, 2026) BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported third quarter 2026 results.
A reconciliation of non-GAAP results is detailed in Exhibit 1.
2"We had strong third quarter 2026 earnings performance, highlighting our intense focus on operational excellence and cash generation," said Rex.
D. Geveden, president and chief executive officer.
"We are in the early-stages of a multi-decadal investment cycle as our customers seek to address economic security, national security, and energy security challenges with nuclear solutions," continued Geveden.
5"BWXT is well positioned to benefit from these trends, with deep technical capabilities across the nuclear value chain, unmatched infrastructure, and over 11,000 employees dedicated to serving our customers in nuclear national security and commercial power markets."
4"As we look to the remainder of 2026 and into 2027, we expect continued demand momentum for nuclear solutions and increased conversion of our robust bid pipeline into firm awards," said Geveden.
3"Our preliminary outlook for 2027 points to another year of solid earnings and cash flow growth, which combined with robust demand, a strong balance sheet, and a disciplined capital allocation strategy, positions us well to continue compounding growth and shareholder value in 2027 and beyond."
(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
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 segm ents.
The Government Operations increase was driven by growth in special materials and advanced nuclear, partially offset by lower volume in naval propulsion.
The Commercial Operations increase was driven by growth in commercial nuclear components, services and medical, partially offset by slightly lower fuel handling revenue.
Operating Income and Adjusted EBITDA (1)
Third quarter GAAP and non-GAAP (1) operating income increased, driven by growth in both operating segments, partially offset by higher corporate expense.
Government Operations non-GAAP (1) operating income increased driven by higher revenue and strong operating performance across business lines.
Commercial Operations non-GAAP (1) operating income
(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.
increased as higher revenue was partially offset by product and service line mix and SG&A investment to support growth.
Third quarter adjusted EBITDA (1) increased due to higher non-GAAP (1) operating income as discussed above.
EPS
Third quarter GAAP EPS increased as higher operating income, lower interest expense and a lower effective tax rate, were partially offset by lower other income and higher restructuring & transformation and acquisition related costs.
Non-GAAP (1) EPS increased as higher non-GAAP (1) operating income, lower interest expense and a lower effective tax rate were partially offset by lower other income.
Cash Flows
Third quarter operating cash flow increased as higher net income, an increase in advanced billings, and good working capital management were partially offset by timing of income tax payments.
Capital expenditures were modestly higher due to timing of various growth projects, primarily in Commercial Operations.
Dividend
BWXT paid $24.7 million, or $0.27 per common share, to shareholders in the third quarter of 2026.
On October 28, 2026, the BWXT Board of Directors declared a quarterly cash dividend of $0.27 per common share payable on December 10, 2026, to shareholders of record on November 19, 2026.
2026 Guidance
6BWXT reaffirmed its 2026 revenue guidance and tightened the ranges for its adjusted EBITDA (1) ,non-GAAP EPS (1) , and free cash flow (1) guidance.
December 31, 2025December 31, 2026December 31, 2026
ResultsCurrent GuidancePrior Guidance
Revenue$3,198~$3,800~$3,800
Adjusted EBITDA (1)$574~$667$662 - $672
Non-GAAP (1) Earnings Per Share$4.01$4.72 - $4.77$4.70 - $4.80
Free Cash Flow (1)$295$350 - $360$345 - $360
Additional information can be found in the third 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.
Date: Monday, November 2, 2026, at 5:00 p.m. EST
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/3Q2026-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.
(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.
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.
(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.
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.
8For 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.
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven.
7A U.S.-based company with more than 11,000 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 19 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 .
Chase JacobsonJohn Dobken
Vice President, Investor RelationsSenior Manager, Media & Public Relations
(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.
RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE (1)(2)(3)
(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.
RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA (1)(2)(3)
RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA (1)(2)(3)(4)
(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.
RECONCILIATION OF CONSOLIDATED FREE CASH FLOW (1)(2)(3)
Three Months Ended September 30, 2026
Net Cash Provided By Operating Activities$202.7
Purchases of Property, Plant and Equipment(52.3)
Free Cash Flow$150.5
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
(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
(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.
BWX TECHNOLOGIES, INC.
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