Bwx Technologies Stock Earnings Reports

BWX Technologies reported a strong start to 2026 with Q1 revenue of $860 million (up 26% YoY, 11% organic), adjusted EBITDA of $148 million (up 14%), and adjusted EPS of $1.12 (up 22%). Backlog grew to $8.7 billion, up 77% YoY, driven by robust government bookings (including $1.4 billion from naval pricing agreement work) and accelerating commercial demand for nuclear components and services. Management highlighted disciplined growth investments: the acquisition of Precision Components Group (PCG) as the first step to establish U.S. commercial nuclear manufacturing capacity, plans for a potential greenfield plant at Mount Vernon, IN, and continued investments in advanced nuclear (TRISO fuel, microreactors) and defense-related enrichment/HPDU programs. Segment performance: Government Operations revenue +4% with backlog near $7 billion and margins expected to exceed 19% for the year; Commercial Operations revenue +121% (39% organic) with adjusted EBITDA margin improving to 12.9% and Kinectrics outperforming expectations. Financial guidance (excludes PCG contribution): revenue of at least $3.75 billion (high‑teens growth), adjusted EBITDA raised to $650M–$665M, EPS $4.60–$4.75, and free cash flow $315M–$330M. Management expects modestly higher full‑year tax rate (<21.5%), CapEx around 6% of sales but potentially rising toward ~7% if greenfield investments proceed, and roughly 55% of EBITDA back‑half weighted. Key investor takeaways: sizable and growing backlog with strong visibility; strategic push to localize U.S. commercial manufacturing to capture accelerating SMR/large‑reactor demand; continued balanced exposure to defense and commercial nuclear markets; and upgraded near‑term financial guidance with disciplined capital deployment.