BWX Technologies Reports $953 Million in Revenue, Adjusted Earnings Beat Estimates

Key Facts

BWX Technologies said on November 2 that consolidated revenue reached $953.0 million in the third quarter of 2026, up 10% from the same period a year earlier, but below analysts’ estimate of $970.42 million. Adjusted earnings per share were $1.26, above the consensus estimate of $1.18, while the stock fell 1.9% after the announcement, according to Investing.com. Net income under U.S. accounting standards rose to $102.0 million from $82.2 million a year earlier. Diluted earnings per share on the same basis increased to $1.11 from $0.89, while adjusted earnings per share rose to $1.26 from $1.00. The results combined year-over-year growth in revenue and earnings with a positive adjusted-earnings surprise, against revenue that missed expectations.

Commercial operations grew faster than government operations, though the government segment remained larger by revenue. Commercial operations revenue was $314.2 million, up 25% from $251.0 million, with growth in commercial nuclear power components, services and medicine, according to the company’s statement. This was partly offset by a slight decline in fuel handling revenue. Government operations revenue was $639.1 million, up 4% from $616.7 million. The company attributed the increase to growth in special materials and advanced nuclear power, partly offset by lower naval propulsion activity. Comparing the segment figures across the two periods, the absolute increase in commercial operations exceeded the increase in government operations, although government revenue remained higher.

Adjusted EBITDA rose 19% to $179.7 million, while operating cash flow reached $202.7 million, up 42%, and free cash flow rose 59% to $150.5 million. BWX said growth in net income, increased advance billings and improved working capital management supported operating cash flow. These factors were partly offset by the timing of income tax payments. Consolidated operating income rose 17% to $132.1 million, while unallocated corporate expenses increased to $16.8 million from $8.0 million a year earlier. Second-quarter revenue was $901.6 million and adjusted earnings per share were $1.07, but the year-over-year comparison remains the clearest basis for assessing third-quarter results and the company’s performance during the period.

However, part of the government backlog, valued at $1,970.9 million, is unfunded and subject to annual appropriations. This means the timing of converting orders into revenue depends on funding for government contracts, as well as execution of existing work. BWX announced that its BANR technology was selected for the U.S. Army’s Janus program at Fort Campbell, as well as for Prodigy Clean Energy’s transportable nuclear power plant project in Canada. Chief Executive Officer Rex Geveden said the company was in the “early stages of a decades-long investment cycle,” as customers seek nuclear solutions to address economic, national and energy security challenges.

BWX affirmed its fiscal 2026 revenue guidance at about $3.8 billion and adjusted EBITDA at about $667 million, the midpoint of its previous range of $662 million to $672 million. Its adjusted earnings per share outlook narrowed to $4.72–$4.77 from a previous range of $4.70 to $4.80. The expected free cash flow range also moved to $350–$360 million, compared with the previous range of $345–$360 million. The company gave preliminary 2027 guidance for high-single-digit revenue growth and high-single-digit to low-double-digit growth in adjusted EBITDA and adjusted earnings per share. Geveden said the company expected continued demand for nuclear solutions and greater conversion of its bid pipeline into firm awards. The company does not provide guidance under U.S. accounting standards, saying it cannot reliably predict most of the items excluded in calculating adjusted measures.

On October 27, the company’s Advanced Fuels unit announced a multiyear commercial agreement with Antares to produce TRISO fuel, including an initial allocation of one metric ton of uranium, with the option to increase it depending on deployment needs. BWX said the fuel would be manufactured at its Lynchburg facility on the TRISO production line used for the Project Pele program’s fuel and Antares’ Mark-0 reactor. The company also announced on October 28 a quarterly cash dividend of $0.27 per share, payable on December 10 to shareholders of record on November 19. These developments come as management ties its preliminary 2027 outlook to continued nuclear demand and the conversion of bids into firm contracts.