Strong Q1 lifts BWX Technologies (NYSE: BWXT) 2026 outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
BWX Technologies reported strong first quarter 2026 results, with revenue up 26% year over year to $860.2 million. GAAP net income rose to $91.2 million, while adjusted EBITDA increased 14% to $148.0 million, showing improved profitability.
Diluted GAAP EPS grew to $0.99 and non-GAAP EPS to $1.12, gains of 21% and 22% respectively. Commercial Operations revenue more than doubled, and consolidated free cash flow jumped to $50.1 million. The company announced the acquisition of Precision Components Group and raised its 2026 guidance for revenue, adjusted EBITDA, non-GAAP EPS, and free cash flow, supported by a total backlog of $8.65 billion.
Positive
- Double-digit growth and margin expansion: Q1 2026 revenue rose 26% to $860.2 million, GAAP EPS increased 21% to $0.99, non-GAAP EPS rose 22% to $1.12, and adjusted EBITDA grew 14% to $148.0 million.
- Significant cash flow improvement: Free cash flow increased to $50.1 million, up 190% year over year, supported by higher net income and better working capital management.
- Stronger multi-year outlook: 2026 guidance was raised for revenue (to above $3.75 billion), adjusted EBITDA ($650–$665 million), non-GAAP EPS ($4.60–$4.75), and free cash flow ($315–$330 million), backed by $8.65 billion of backlog.
- Strategic expansion in commercial nuclear: The announced acquisition of Precision Components Group establishes a U.S. commercial nuclear component manufacturing footprint, aligning with growing global nuclear investment trends.
Negative
- None.
Insights
BWXT delivered double‑digit growth and raised 2026 guidance on strong Q1 execution.
BWX Technologies posted Q1 2026 revenue of $860.2 million, up 26% year over year, with strength in both Government and Commercial Operations. Commercial revenue rose 121% on higher nuclear components, services, fuel and medical sales, while government growth was steadier at 4%.
Profitability improved as GAAP operating income increased 10% to $106.7 million and adjusted EBITDA grew 14% to $148.0 million. Non-GAAP EPS climbed to $1.12, versus $0.91 a year earlier, aided by higher operating income, lower interest expense and a lower effective tax rate.
The company reported free cash flow of $50.1 million, up 190%, and ended the quarter with backlog of $8.65 billion, signaling multi‑year revenue visibility. Management raised 2026 guidance to revenue above $3.75 billion, adjusted EBITDA of $650–$665 million, non-GAAP EPS of $4.60–$4.75, and free cash flow of $315–$330 million, reflecting confidence in execution and demand.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Revenue: $860.2 million
Q1 2026 GAAP Net Income: $91.2 million
Q1 2026 Adjusted EBITDA: $148.0 million
+5 more
8 metrics
Q1 2026 Revenue
$860.2 million
Consolidated revenue, up 26% year over year
Q1 2026 GAAP Net Income
$91.2 million
Net income, up 21% year over year
Q1 2026 Adjusted EBITDA
$148.0 million
Adjusted EBITDA, 14% growth versus Q1 2025
Q1 2026 GAAP EPS (diluted)
$0.99
Diluted EPS, up from $0.82 in Q1 2025
Q1 2026 non-GAAP EPS
$1.12
Non-GAAP diluted EPS, up from $0.91 a year ago
Q1 2026 Free Cash Flow
$50.1 million
Free cash flow, up 190% year over year
Backlog
$8.65 billion
Total backlog as of Q1 2026 across segments
2026 Adjusted EBITDA Guidance
$650–$665 million
Raised full-year 2026 guidance range
Key Terms
adjusted EBITDA, non-GAAP EPS, free cash flow, backlog, +2 more
6 terms
adjusted EBITDA financial
"1Q26 net income of $91.2 million, adjusted EBITDA(1) of $148.0 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
non-GAAP EPS financial
"1Q26 diluted GAAP EPS of $0.99, non-GAAP(1) EPS of $1.12"
Non-GAAP EPS is a measure of a company's profit per share that excludes certain expenses or income items that are included in standard accounting reports. It is used by investors to get a clearer picture of the company's core performance, much like removing one-time costs from a personal budget to see regular spending habits. This adjusted figure helps investors compare companies more consistently and understand their ongoing profitability.
free cash flow financial
"Free Cash Flow (1) is calculated using net income to derive net cash provided"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
backlog financial
"BACKLOG: Government Operations $6,931,111 ... Commercial Operations $1,719,725"
A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.
forward-looking statements regulatory
"BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
restructuring and transformation costs financial
"Restructuring and Transformation Costs: Restructuring and transformation costs include restructuring charges"
Earnings Snapshot
Revenue: $860.2 million · Guidance included
Q1 2026
Revenue
$860.2 million
+26% YoY
GAAP EPS (diluted)
$0.99
+21% YoY
Non-GAAP EPS
$1.12
+22% YoY
GAAP Net Income
$91.2 million
+21% YoY
Adjusted EBITDA
$148.0 million
+14% YoY
Free Cash Flow
$50.1 million
+190% YoY
Guidance
For 2026 BWXT guides to revenue above $3.75 billion, adjusted EBITDA of $650–$665 million, non-GAAP EPS of $4.60–$4.75, and free cash flow of $315–$330 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________________
FORM 8-K
______________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 4, 2026
(Exact name of registrant as specified in its charter)
_____________________________________________________________________________
| (State or other jurisdiction | (Commission | (IRS Employer | |||||||||||||||||||||
| of incorporation) | File Number) | Identification No.) | |||||||||||||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||||||||||||||
Registrant’s telephone number, including area code: (980 ) 365-4300
____________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 4, 2026, we issued a press release announcing our financial results for the first quarter ended March 31, 2026. A copy of the press release is attached as Exhibit 99.1, and the information contained in Exhibit 99.1 is incorporated by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| 99.1 | Earnings Release dated May 4, 2026. | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BWX TECHNOLOGIES, INC. | ||||||||
| By: | /s/ Kevin J. Gorman | |||||||
| Kevin J. Gorman | ||||||||
| Vice President and Chief Accounting Officer | ||||||||
May 4, 2026
BWX Technologies Reports First Quarter 2026 Results
•1Q26 revenues of $860.2 million
•1Q26 net income of $91.2 million, adjusted EBITDA(1) of $148.0 million
•1Q26 diluted GAAP EPS of $0.99, non-GAAP(1) EPS of $1.12
•Announced the acquisition of Precision Components Group, LLC (PCG), establishing a footprint for U.S. commercial nuclear component manufacturing
•Raising adjusted EBITDA(1) guidance to $650 million-$665 million, non-GAAP EPS(1) guidance to $4.60-$4.75, and free cash flow(1) guidance to $315 million-$330 million
(LYNCHBURG, Va. - May. 4, 2026) BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported first quarter 2026 results. A reconciliation of non-GAAP results is detailed in Exhibit 1.
“We started 2026 with strong results,” said Rex D. Geveden president and chief executive officer. “Our first quarter results were driven by pacing of work, higher throughput and improved operating performance as we executed on our robust backlog and pursued new opportunities across our global security, commercial power, and nuclear medicine markets.”
“Investment in global nuclear markets is accelerating and demand for BWXT’s innovative nuclear solutions is growing rapidly,” continued Geveden. “As highlighted by the recent announcement of the PCG acquisition, BWXT’s first step in establishing U.S.-based commercial nuclear manufacturing capacity, we are committed to strategically deploying capital, both organically and inorganically, to bolster our industrial scale to meet the needs of these exciting markets and drive value creation for our shareholders.”
“Given our strong first quarter results, robust backlog, and optimistic market outlook, we are raising our 2026 financial guidance,” said Geveden. “We now anticipate 2026 adjusted EBITDA of $650 million-$665 million, non-GAAP EPS of $4.60-$4.75, and $315 million-$330 million of free cash flow.”
(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 March 31, | ||||||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | |||||||||||||||||||||||
| (Unaudited) (In millions, except per share amounts) | ||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||
| Government Operations | $ | 577.9 | $ | 555.3 | $ | 22.6 | 4% | |||||||||||||||||||
| Commercial Operations | $ | 283.6 | $ | 128.3 | $ | 155.3 | 121% | |||||||||||||||||||
| Consolidated | $ | 860.2 | $ | 682.3 | $ | 178.0 | 26% | |||||||||||||||||||
| Operating Income | ||||||||||||||||||||||||||
| Government Operations | $ | 99.1 | $ | 97.7 | $ | 1.4 | 1% | |||||||||||||||||||
| Commercial Operations | $ | 24.0 | $ | 6.5 | $ | 17.6 | 272% | |||||||||||||||||||
| Unallocated Corporate (Expense) | $ | (16.5) | $ | (7.6) | $ | (8.9) | NM | |||||||||||||||||||
| Consolidated | $ | 106.7 | $ | 96.6 | $ | 10.1 | 10% | |||||||||||||||||||
Consolidated non-GAAP(1) | $ | 121.5 | $ | 107.6 | $ | 13.9 | 13% | |||||||||||||||||||
| EPS (Diluted) | ||||||||||||||||||||||||||
| GAAP | $ | 0.99 | $ | 0.82 | $ | 0.17 | 21% | |||||||||||||||||||
Non-GAAP(1) | $ | 1.12 | $ | 0.91 | $ | 0.21 | 22% | |||||||||||||||||||
| Net Income | ||||||||||||||||||||||||||
| GAAP | $ | 91.2 | $ | 75.5 | $ | 15.7 | 21% | |||||||||||||||||||
Non-GAAP(1) | $ | 102.8 | $ | 84.0 | $ | 18.8 | 22% | |||||||||||||||||||
Adjusted EBITDA(1) | ||||||||||||||||||||||||||
| Government Operations | $ | 117.7 | $ | 116.9 | $ | 0.8 | 1% | |||||||||||||||||||
| Commercial Operations | $ | 36.5 | $ | 14.0 | $ | 22.5 | 162% | |||||||||||||||||||
| Unallocated Corporate | $ | (6.2) | $ | (1.1) | $ | (5.1) | NM | |||||||||||||||||||
| Consolidated | $ | 148.0 | $ | 129.8 | $ | 18.2 | 14% | |||||||||||||||||||
| Cash Flows | ||||||||||||||||||||||||||
Operating Cash Flow(2) | $ | 92.6 | $ | 50.7 | $ | 42.0 | 83% | |||||||||||||||||||
Capital Expenditures(2) | $ | 42.5 | $ | 33.4 | $ | 9.1 | 27% | |||||||||||||||||||
Free Cash Flow(1) | $ | 50.1 | $ | 17.3 | $ | 32.8 | 190% | |||||||||||||||||||
Dividends Paid(2) | $ | 25.8 | $ | 23.7 | $ | 2.1 | 9% | |||||||||||||||||||
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
First quarter revenue increased in both operating segments. The Government Operations increase was driven by higher special materials processing revenue and naval reactors growth, partially offset by lower microreactor volumes. The Commercial Operations increase was driven by higher revenue associated with commercial nuclear components, field services, fuel and fuel handling as well as growth in medical sales and contribution from Kinectrics.
Operating Income and Adjusted EBITDA(1)
First quarter GAAP operating income increased primarily due to an increase in both Government and Commercial Operations, partially offset by higher corporate expense as well as higher restructuring and transformation and acquisition related costs.
First quarter non-GAAP(1) operating income increased driven by growth in Commercial Operations, partially offset by a modest decline in Government Operations and higher corporate expense. The Commercial
(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.
Operations increase was driven by higher revenue, good operational performance, and more favorable mix. The slight decrease in Government Operations was due to revenue mix associated with newer special materials projects, partially offset by higher technical services equity income.
First quarter adjusted EBITDA(1) increased due to higher non-GAAP(1) operating income as discussed above.
EPS
First quarter GAAP and non-GAAP(1) EPS increased as higher operating income, lower interest expense, and a lower effective tax rate were partially offset by lower other income.
Cash Flows
First quarter operating cash flow growth was primarily driven by higher net income and improved working capital management. Capital expenditures increased mainly due to timing of various growth projects throughout in both Government Operations and Commercial Operations.
Dividend
BWXT paid $25.8 million, or $0.27 per common share, to shareholders in the first quarter of 2026. On April 29, 2026, the BWXT Board of Directors declared a quarterly cash dividend of $0.27 per common share payable on June 5, 2026, to shareholders of record on May 19, 2026.
2026 Guidance
BWXT raised its 2026 guidance for revenue, adjusted EBITDA, non-GAAP EPS(1), and free cash flow(1). 2026 guidance does not include contribution from the announced acquisition of Precision Components Group, LLC.
| (In millions, except per share amounts) | Year Ended | Year Ending | Year Ending | ||||||||||||||||||||
| December 31, 2025 | December 31, 2026 | December 31, 2026 | |||||||||||||||||||||
| Results | Current Guidance | Prior Guidance | |||||||||||||||||||||
| Revenue | $3,198 | >$3,750 | ~$3,750 | ||||||||||||||||||||
Adjusted EBITDA(1) | $574 | $650 - $665 | $645 - $660 | ||||||||||||||||||||
Non-GAAP(1) Earnings Per Share | $4.01 | $4.60 - $4.75 | $4.55 - $4.70 | ||||||||||||||||||||
Free Cash Flow(1) | $295 | $315 - $330 | $305 - $320 | ||||||||||||||||||||
Additional information can be found in the first 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.
Conference Call to Discuss First Quarter 2026 Results
Date: Monday, May 4, 2026, 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/1Q2026-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.
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 2026 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
(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.
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, 2025 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 approximately 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. BWXT owns and operates 17 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.
| Investor Contact: | Media Contact: | |||||||||||||
| Chase Jacobson | John Dobken | |||||||||||||
| Vice President, Investor Relations | Senior Manager, Media & Public Relations | |||||||||||||
| 980-365-4300 | Investors@bwxt.com | 202-428-6913 | jcdobken@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.
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 March 31, 2026 | |||||||||||||||||||||||||||||
| GAAP | Restructuring & Transformation Costs | Acquisition-Related Costs | Acquisition-Related Amortization | Non-GAAP | |||||||||||||||||||||||||
| Government Operations Operating Income | $ | 99.1 | $ | — | $ | — | $ | 1.0 | $ | 100.1 | |||||||||||||||||||
| Commercial Operations Operating Income | $ | 24.0 | $ | 3.2 | $ | 0.5 | $ | 1.5 | $ | 29.2 | |||||||||||||||||||
| Unallocated Corporate Operating Income | $ | (16.5) | $ | 4.1 | $ | 4.5 | $ | — | $ | (7.9) | |||||||||||||||||||
| Operating Income | $ | 106.7 | $ | 7.3 | $ | 5.0 | $ | 2.5 | $ | 121.5 | |||||||||||||||||||
| Other - net | 0.6 | — | — | — | 0.6 | ||||||||||||||||||||||||
| Income Before Provision for Income Taxes | 107.3 | 7.3 | 5.0 | 2.5 | 122.1 | ||||||||||||||||||||||||
| Provision for Income Taxes | (16.1) | (1.6) | (1.0) | (0.6) | (19.3) | ||||||||||||||||||||||||
| Net Income | 91.2 | 5.7 | 4.0 | 1.9 | 102.8 | ||||||||||||||||||||||||
| Net Income Attributable to Noncontrolling Interest | (0.1) | — | — | — | (0.1) | ||||||||||||||||||||||||
| Net Income Attributable to BWXT | $ | 91.1 | $ | 5.7 | $ | 4.0 | $ | 1.9 | $ | 102.7 | |||||||||||||||||||
| Diluted Shares Outstanding | 91.9 | 91.9 | |||||||||||||||||||||||||||
| Diluted Earnings per Common Share | $ | 0.99 | $ | 0.06 | $ | 0.04 | $ | 0.02 | $ | 1.12 | |||||||||||||||||||
| Effective Tax Rate | 15.0% | 15.8% | |||||||||||||||||||||||||||
| Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||
| GAAP | Restructuring & Transformation Costs | Acquisition-Related Costs | Acquisition-Related Amortization | Non-GAAP | |||||||||||||||||||||||||
| Government Operations Operating Income | $ | 97.7 | $ | 0.2 | $ | 0.9 | $ | 1.8 | $ | 100.6 | |||||||||||||||||||
| Commercial Operations Operating Income | $ | 6.5 | $ | 1.9 | $ | 1.6 | $ | — | $ | 9.9 | |||||||||||||||||||
| Unallocated Corporate Operating Income | $ | (7.6) | $ | 2.7 | $ | 2.0 | $ | — | $ | (2.9) | |||||||||||||||||||
| Operating Income | $ | 96.6 | $ | 4.8 | $ | 4.4 | $ | 1.8 | $ | 107.6 | |||||||||||||||||||
| Other Income (Expense) | (4.8) | — | — | — | (4.8) | ||||||||||||||||||||||||
| Income Before Provision for Income Taxes | 91.8 | 4.8 | 4.4 | 1.8 | 102.8 | ||||||||||||||||||||||||
| Provision for Income Taxes | (16.3) | (1.1) | (1.0) | (0.4) | (18.8) | ||||||||||||||||||||||||
| Net Income | 75.5 | 3.7 | 3.4 | 1.4 | 84.0 | ||||||||||||||||||||||||
| Net Income Attributable to Noncontrolling Interest | (0.1) | — | — | — | (0.1) | ||||||||||||||||||||||||
| Net Income Attributable to BWXT | $ | 75.5 | $ | 3.7 | $ | 3.4 | $ | 1.4 | $ | 84.0 | |||||||||||||||||||
| Diluted Shares Outstanding | 91.9 | 91.9 | |||||||||||||||||||||||||||
| Diluted Earnings per Common Share | $ | 0.82 | $ | 0.04 | $ | 0.04 | $ | 0.02 | $ | 0.91 | |||||||||||||||||||
| Effective Tax Rate | 17.7% | 18.3% | |||||||||||||||||||||||||||
(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.
EXHIBIT 1 (continued)
RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3)
(In millions)
| Three Months Ended March 31, 2026 | |||||||||||||||||||||||||||||
| GAAP | Restructuring & Transformation Costs | Acquisition-related Costs | Acquisition-related Amortization | Non-GAAP | |||||||||||||||||||||||||
| Net Income | $ | 91.2 | $ | 5.7 | $ | 4.0 | $ | 1.9 | $ | 102.8 | |||||||||||||||||||
| Provision for Income Taxes | 16.1 | 1.6 | 1.0 | 0.6 | 19.3 | ||||||||||||||||||||||||
| Other – net | (0.4) | — | — | — | (0.4) | ||||||||||||||||||||||||
| Interest Expense | 4.7 | — | — | — | 4.7 | ||||||||||||||||||||||||
| Interest Income | (4.9) | — | — | — | (4.9) | ||||||||||||||||||||||||
| Depreciation & Amortization | 29.0 | — | — | (2.5) | 26.5 | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 135.7 | $ | 7.3 | $ | 5.0 | $ | — | $ | 148.0 | |||||||||||||||||||
| Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||
| GAAP | Restructuring & Transformation Costs | Acquisition-related Costs | Acquisition-related Amortization | Non-GAAP | |||||||||||||||||||||||||
| Net Income | $ | 75.5 | $ | 3.7 | $ | 3.4 | $ | 1.4 | $ | 84.0 | |||||||||||||||||||
| Provision for Income Taxes | 16.3 | 1.1 | 1.0 | 0.4 | 18.8 | ||||||||||||||||||||||||
| Other – net | (2.5) | — | — | — | (2.5) | ||||||||||||||||||||||||
| Interest Expense | 8.0 | — | — | — | 8.0 | ||||||||||||||||||||||||
| Interest Income | (0.7) | — | — | — | (0.7) | ||||||||||||||||||||||||
| Depreciation & Amortization | 23.9 | — | — | (1.8) | 22.1 | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 120.5 | $ | 4.8 | $ | 4.4 | $ | — | $ | 129.8 | |||||||||||||||||||
RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3)(4)
(In millions)
| Three Months Ended March 31, 2026 | ||||||||||||||||||||||||||||||||
| Operating Income (GAAP) | Non-GAAP Adjustments(3,4) | Acquisition-related Amortization | Depreciation & Amortization | Adjusted EBITDA | ||||||||||||||||||||||||||||
| Government Operations | $ | 99.1 | $ | — | $ | 1.0 | $ | 17.5 | $ | 117.7 | ||||||||||||||||||||||
| Commercial Operations | $ | 24.0 | $ | 3.7 | $ | 1.5 | $ | 7.3 | $ | 36.5 | ||||||||||||||||||||||
| Unallocated Corporate | $ | (16.5) | $ | 8.6 | $ | — | $ | 1.7 | $ | (6.2) | ||||||||||||||||||||||
| Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||||||||
| Operating Income (GAAP) | Non-GAAP Adjustments(3,4) | Acquisition-related Amortization | Depreciation & Amortization | Adjusted EBITDA | |||||||||||||||||||||||||||||||
| Government Operations | $ | 97.7 | $ | 1.1 | $ | 1.8 | $ | 16.3 | $ | 116.9 | |||||||||||||||||||||||||
| Commercial Operations | $ | 6.5 | $ | 3.5 | $ | — | $ | 4.0 | $ | 14.0 | |||||||||||||||||||||||||
| Unallocated Corporate | $ | (7.6) | $ | 4.6 | $ | — | $ | 1.8 | $ | (1.1) | |||||||||||||||||||||||||
(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.
EXHIBIT 1 (continued)
RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3)
(In millions)
| Three Months Ended March 31, 2026 | ||||||||
| Net Cash Provided By Operating Activities | $ | 92.6 | ||||||
| Purchases of Property, Plant and Equipment | (42.5) | |||||||
| Free Cash Flow | $ | 50.1 | ||||||
| Three Months Ended March 31, 2025 | ||||||||
| Net Cash Provided By Operating Activities | $ | 50.7 | ||||||
| Purchases of Property, Plant and Equipment | (33.4) | |||||||
| Free Cash Flow | $ | 17.3 | ||||||
| (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.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| (Unaudited) (In thousands, except share and per share amounts) | ||||||||||||||
| Revenues | $ | 860,217 | $ | 682,258 | ||||||||||
| Costs and Expenses: | ||||||||||||||
| Cost of operations | 662,849 | 517,065 | ||||||||||||
| Research and development costs | 4,100 | 2,013 | ||||||||||||
Gain (loss) on asset disposals and impairments, net | 125 | (4,431) | ||||||||||||
| Selling, general and administrative expenses | 108,017 | 87,569 | ||||||||||||
| Total Costs and Expenses | 775,091 | 602,216 | ||||||||||||
| Equity in Income of Investees | 21,565 | 16,588 | ||||||||||||
| Operating Income | 106,691 | 96,630 | ||||||||||||
| Other Income (Expense): | ||||||||||||||
| Interest income | 4,914 | 722 | ||||||||||||
| Interest expense | (4,733) | (7,994) | ||||||||||||
| Other – net | 444 | 2,459 | ||||||||||||
| Total Other Income (Expense) | 625 | (4,813) | ||||||||||||
Income before Provision for Income Taxes | 107,316 | 91,817 | ||||||||||||
| Provision for Income Taxes | 16,127 | 16,291 | ||||||||||||
| Net Income | $ | 91,189 | $ | 75,526 | ||||||||||
| Net Income Attributable to Noncontrolling Interest | (121) | (64) | ||||||||||||
| Net Income Attributable to BWX Technologies, Inc. | $ | 91,068 | $ | 75,462 | ||||||||||
| Earnings per Common Share: | ||||||||||||||
| Basic: | ||||||||||||||
| Net Income Attributable to BWX Technologies, Inc. | $ | 0.99 | $ | 0.82 | ||||||||||
| Diluted: | ||||||||||||||
| Net Income Attributable to BWX Technologies, Inc. | $ | 0.99 | $ | 0.82 | ||||||||||
| Shares used in the computation of earnings per share: | ||||||||||||||
| Basic | 91,663,975 | 91,594,084 | ||||||||||||
| Diluted | 91,908,600 | 91,873,702 | ||||||||||||
(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.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| (Unaudited) (In thousands) | ||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
| Net Income | $ | 91,189 | $ | 75,526 | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization | 29,013 | 23,912 | ||||||||||||
| Income of investees, net of dividends | (3,261) | 1,781 | ||||||||||||
(Gain) loss on asset disposals and impairments - net | 125 | (4,431) | ||||||||||||
| Recognition of losses for pension and postretirement plans | 979 | 797 | ||||||||||||
| Stock-based compensation expense | 10,168 | 5,047 | ||||||||||||
| Other, net | 1,257 | (1,075) | ||||||||||||
| Changes in assets and liabilities, net of effects from acquisitions: | ||||||||||||||
| Accounts receivable | 27,255 | 19,440 | ||||||||||||
| Accounts payable | 79,502 | 5,340 | ||||||||||||
| Retainages | (31,230) | (11,743) | ||||||||||||
| Contracts in progress and advance billings on contracts | (93,045) | (26,236) | ||||||||||||
| Income taxes | 13,264 | 6,427 | ||||||||||||
| Accrued and other current liabilities | 8,373 | 9,387 | ||||||||||||
| Pension liabilities, accrued postretirement benefit obligations and employee benefits | (47,210) | (38,808) | ||||||||||||
| Other, net | 6,221 | (14,714) | ||||||||||||
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 92,600 | 50,650 | ||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||
| Purchases of property, plant and equipment | (42,506) | (33,369) | ||||||||||||
| Acquisition of businesses, net of cash acquired | — | (103,345) | ||||||||||||
| Sales and maturities of securities | — | 1,859 | ||||||||||||
| Investments, net of return of capital, in equity method investees | (4,840) | (26,400) | ||||||||||||
| Other, net | 406 | 4,905 | ||||||||||||
| NET CASH USED IN INVESTING ACTIVITIES | (46,940) | (156,350) | ||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||
| Borrowings of long-term debt | — | 204,500 | ||||||||||||
| Repayments of long-term debt | — | (62,625) | ||||||||||||
| Repurchases of common stock | — | (30,000) | ||||||||||||
| Dividends paid to common shareholders | (25,785) | (23,660) | ||||||||||||
| Cash paid for shares withheld to satisfy employee taxes | (19,292) | (12,883) | ||||||||||||
| Settlements of forward contracts, net | 8,316 | 8,438 | ||||||||||||
| Other, net | 2,556 | 1,021 | ||||||||||||
| NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (34,205) | 84,791 | ||||||||||||
| EFFECTS OF EXCHANGE RATE CHANGES ON CASH | 1,668 | 2,294 | ||||||||||||
TOTAL INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | 13,123 | (18,615) | ||||||||||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 507,204 | 80,571 | ||||||||||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 520,327 | $ | 61,956 | ||||||||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||||
| Cash paid during the period for: | ||||||||||||||
| Interest | $ | 381 | $ | 5,331 | ||||||||||
| Income taxes (net of refunds) | $ | 1,929 | $ | 10,049 | ||||||||||
| SCHEDULE OF NON-CASH INVESTING ACTIVITY: | ||||||||||||||
| Accrued capital expenditures included in accounts payable | $ | 14,625 | $ | 10,469 | ||||||||||
(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.
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
| March 31, 2026 | December 31, 2025 | |||||||||||||
| (Unaudited) (In thousands) | ||||||||||||||
| Current Assets: | ||||||||||||||
| Cash and cash equivalents | $ | 512,357 | $ | 499,779 | ||||||||||
| Restricted cash and cash equivalents | 3,203 | 3,085 | ||||||||||||
| Accounts receivable – trade, net | 185,223 | 220,391 | ||||||||||||
| Accounts receivable – other | 67,194 | 67,858 | ||||||||||||
| Retainages | 77,542 | 46,311 | ||||||||||||
| Contracts in progress | 668,611 | 610,315 | ||||||||||||
| Inventories | 45,598 | 46,537 | ||||||||||||
| Other current assets | 56,648 | 66,078 | ||||||||||||
| Total Current Assets | 1,616,376 | 1,560,354 | ||||||||||||
| Property, Plant and Equipment, Net | 1,596,110 | 1,585,136 | ||||||||||||
| Investments | 7,947 | 8,243 | ||||||||||||
| Goodwill | 496,263 | 500,860 | ||||||||||||
| Deferred Income Taxes | 3,379 | 12,275 | ||||||||||||
| Investments in Unconsolidated Affiliates | 157,628 | 150,143 | ||||||||||||
| Intangible Assets | 321,438 | 329,859 | ||||||||||||
| Other Assets | 125,769 | 124,625 | ||||||||||||
| TOTAL ASSETS | $ | 4,324,910 | $ | 4,271,495 | ||||||||||
(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.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
| March 31, 2026 | December 31, 2025 | |||||||||||||
| (Unaudited) (In thousands, except share and per share amounts) | ||||||||||||||
| Current Liabilities: | ||||||||||||||
| Accounts payable | 216,220 | 141,289 | ||||||||||||
| Accrued employee benefits | 72,506 | 117,641 | ||||||||||||
| Accrued liabilities – other | 113,908 | 107,802 | ||||||||||||
| Advance billings on contracts | 271,587 | 305,285 | ||||||||||||
| Total Current Liabilities | 674,221 | 672,017 | ||||||||||||
| Long-Term Debt | 2,017,946 | 2,015,983 | ||||||||||||
| Accumulated Postretirement Benefit Obligation | 78,429 | 78,460 | ||||||||||||
| Environmental Liabilities | 102,098 | 100,278 | ||||||||||||
| Pension Liability | 74,403 | 78,167 | ||||||||||||
| Other Liabilities | 97,581 | 93,578 | ||||||||||||
| Total Liabilities | 3,044,678 | 3,038,483 | ||||||||||||
| Commitments and Contingencies | ||||||||||||||
| Stockholders' Equity: | ||||||||||||||
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 128,997,724 and 128,720,819 shares at March 31, 2026 and December 31, 2025, respectively | 1,289 | 1,288 | ||||||||||||
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued | — | — | ||||||||||||
| Capital in excess of par value | 173,051 | 159,884 | ||||||||||||
| Retained earnings | 2,589,824 | 2,523,631 | ||||||||||||
Treasury stock at cost, 37,383,169 and 37,289,582 shares at March 31, 2026 and December 31, 2025, respectively | (1,452,330) | (1,432,943) | ||||||||||||
Accumulated other comprehensive loss | (31,411) | (19,373) | ||||||||||||
| Stockholders' Equity – BWX Technologies, Inc. | 1,280,423 | 1,232,487 | ||||||||||||
| Noncontrolling interest | (191) | 525 | ||||||||||||
| Total Stockholders' Equity | 1,280,232 | 1,233,012 | ||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 4,324,910 | $ | 4,271,495 | ||||||||||
(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.
BUSINESS SEGMENT INFORMATION
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| (Unaudited) (In thousands) | ||||||||||||||
| REVENUES: | ||||||||||||||
| Government Operations | $ | 577,901 | $ | 555,286 | ||||||||||
| Commercial Operations | 283,645 | 128,310 | ||||||||||||
| Eliminations | (1,329) | (1,338) | ||||||||||||
| TOTAL | $ | 860,217 | $ | 682,258 | ||||||||||
| SEGMENT INCOME: | ||||||||||||||
| Government Operations | $ | 99,141 | $ | 97,746 | ||||||||||
| Commercial Operations | 24,029 | 6,466 | ||||||||||||
| SUBTOTAL | $ | 123,170 | $ | 104,212 | ||||||||||
| Unallocated Corporate | (16,479) | (7,582) | ||||||||||||
| TOTAL | $ | 106,691 | $ | 96,630 | ||||||||||
| DEPRECIATION AND AMORTIZATION: | ||||||||||||||
| Government Operations | $ | 18,532 | $ | 18,096 | ||||||||||
| Commercial Operations | 8,748 | 4,019 | ||||||||||||
| Corporate | 1,733 | 1,797 | ||||||||||||
| TOTAL | $ | 29,013 | $ | 23,912 | ||||||||||
| CAPITAL EXPENDITURES: | ||||||||||||||
| Government Operations | $ | 27,096 | $ | 18,500 | ||||||||||
| Commercial Operations | 14,286 | 13,209 | ||||||||||||
| Corporate | 1,124 | 1,660 | ||||||||||||
| TOTAL | $ | 42,506 | $ | 33,369 | ||||||||||
| BACKLOG: | ||||||||||||||
| Government Operations | $ | 6,931,111 | $ | 3,583,690 | ||||||||||
| Commercial Operations | 1,719,725 | 1,294,990 | ||||||||||||
| TOTAL | $ | 8,650,836 | $ | 4,878,680 | ||||||||||
| BOOKINGS: | ||||||||||||||
| Government Operations | $ | 1,967,644 | $ | 226,397 | ||||||||||
| Commercial Operations | 282,716 | 493,420 | ||||||||||||
| TOTAL | $ | 2,250,360 | $ | 719,817 | ||||||||||
(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.
FAQ
How did BWX Technologies (BWXT) perform in Q1 2026?
BWX Technologies delivered strong Q1 2026 results, with revenue of $860.2 million, up 26% year over year. GAAP net income reached $91.2 million, adjusted EBITDA was $148.0 million, and both GAAP and non-GAAP EPS grew more than 20% versus 2025.
How did BWXT’s Government and Commercial segments perform in Q1 2026?
Government Operations revenue grew to $577.9 million, a 4% increase, supported by special materials processing and naval reactors. Commercial Operations revenue surged 121% to $283.6 million, driven by commercial nuclear components, services, fuel, fuel handling, and medical sales.
What guidance did BWX Technologies give for full-year 2026?
For 2026, BWX Technologies now expects revenue above $3.75 billion, adjusted EBITDA of $650–$665 million, non-GAAP EPS of $4.60–$4.75, and free cash flow of $315–$330 million, all higher than its prior guidance ranges.
How did BWXT’s cash flow and free cash flow trend in Q1 2026?
Operating cash flow in Q1 2026 was $92.6 million, up from $50.7 million a year earlier. After $42.5 million of capital expenditures, free cash flow reached $50.1 million, a 190% increase that reflects stronger earnings and improved working capital.
What is BWX Technologies’ backlog and what does it indicate?
BWX Technologies reported total backlog of $8.65 billion as of Q1 2026, up from $4.88 billion a year earlier. This large, growing backlog across Government and Commercial Operations suggests multi-year revenue visibility tied to existing contracts and orders.
What acquisition did BWXT announce alongside its Q1 2026 results?
BWX Technologies announced the acquisition of Precision Components Group, LLC. This deal establishes a footprint for U.S. commercial nuclear component manufacturing, supporting the company’s strategy to expand capacity for commercial nuclear markets.
How are BWXT’s non-GAAP measures like adjusted EBITDA and EPS defined?
BWXT defines non-GAAP EPS as GAAP EPS excluding tax-effected impacts of pension and OPEB mark-to-market and certain one-time items. Adjusted EBITDA adds back provision for income taxes, interest, depreciation and amortization to non-GAAP net income, excluding specified restructuring and acquisition-related items.