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Sep 30
BWX Technologies Q3 2025 Earnings Report
BWX Technologies reported strong Q3 2025 results with growth in revenue, earnings, and backlog, driven by strength in both government and commercial segments.
Key Takeaways
BWX Technologies delivered a solid third quarter marked by 29% revenue growth, record backlog, and robust free cash flow, underpinned by strong performance across its nuclear operations.
Revenue reached $866.3M, a 29% increase from Q3 2024
Adjusted EPS rose to $1.00 from $0.83 last year
Net income grew to $82.2M, up from $69.6M in Q3 2024
Backlog surged to a record $7.4B, driven by multi-year contracts
BWX Technologies
BWX Technologies
BWX Technologies Revenue by Segment
Revenue by Segment
Government Operations Revenue
CapyFin.comCommercial Operations Revenue
CapyFin.com Forward Guidance
BWXT raised its 2025 guidance with expectations for higher revenue, non-GAAP EPS, and free cash flow, and offered a positive outlook for 2026.
Positive Outlook
- Non-GAAP EPS guidance raised to $3.75–$3.80
- Revenue forecasted to exceed $3.1B for FY2025
- Free cash flow guidance increased to ~$285M
- Adjusted EBITDA expected around $570M
- Strong backlog supports growth visibility into 2026
Challenges Ahead
- Higher interest expenses affected GAAP EPS
- Tax rate slightly higher than prior year
- Some cost pressures from restructuring and acquisitions
- Commercial growth partly offset by investment costs
- Slight decline in government operations income due to fewer favorable contract adjustments