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Jun 30
BWX Technologies Q2 2025 Earnings Report
BWX Technologies reported strong second quarter 2025 results, driven by solid operational performance in Government Operations and robust bookings, leading to record backlog.
Key Takeaways
BWX Technologies delivered exceptionally strong financial results in the second quarter of 2025, with significant revenue growth in both Government and Commercial Operations. The company achieved record backlog and increased its full-year 2025 guidance for adjusted EBITDA, non-GAAP EPS, and free cash flow, reflecting strong demand for nuclear solutions and successful strategic investments.
Total revenues increased by 12% year-over-year to $764.0 million, with strong growth in both Government and Commercial Operations.
Diluted GAAP EPS rose by 8% to $0.85, and non-GAAP EPS increased by 24% to $1.02, demonstrating improved profitability.
Operating cash flow significantly increased by 141% to $159.0 million, and free cash flow surged by 256% to $126.3 million, indicating strong cash generation.
The company achieved a record backlog of $6.0 billion, up 70.2% year-over-year, and raised its full-year 2025 financial guidance across key metrics.
BWX Technologies
BWX Technologies
BWX Technologies Revenue by Segment
Revenue by Segment
Government Operations Revenue
CapyFin.comCommercial Operations Revenue
CapyFin.com Forward Guidance
BWX Technologies raised its 2025 guidance for revenue, adjusted EBITDA, non-GAAP EPS, and increased the low-end of its free cash flow guidance, reflecting strong year-to-date results, robust bookings, and a favorable market outlook.
Positive Outlook
- Raised 2025 adjusted EBITDA guidance to $565 million-$575 million from $550 million-$570 million.
- Increased 2025 non-GAAP EPS guidance to $3.65-$3.75 from $3.40-$3.55.
- Free cash flow guidance increased to $275 million-$285 million from $265 million-$285 million.
- Revenue guidance for 2025 increased to approximately $3.1 billion from approximately $3.0 billion.
- Strong demand for nuclear solutions in global security, clean energy, and medical markets continues to accelerate.
Challenges Ahead
- The company does not provide GAAP guidance, making direct comparisons to GAAP results difficult.
- Unallocated Corporate expenses increased in the second quarter of 2025 compared to the previous year.
- Commercial Operations operating income decreased due to revenue mix and growth investments.
- Higher interest expense partially offset increases in GAAP and non-GAAP EPS.
- The company is unable to reliably forecast most items excluded from GAAP to calculate non-GAAP results, which could cause GAAP results to differ materially.