Earnings

BWXT Third-Quarter Profit Climbs 24% As Commercial Nuclear Revenue Jumps 25%

The nuclear components maker tightened its 2026 profit and cash guidance and previewed high-single-digit revenue growth for 2027.

Matteo Parrino Jonathan Ponciano

Matteo Parrino, Jonathan Ponciano

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BWXT Third-Quarter Profit Climbs 24% As Commercial Nuclear Revenue Jumps 25%

BWX Technologies, which makes nuclear components, reactors and fuel, said Monday that third-quarter net income rose 24% to $102.0 million, powered by a 25% jump in Commercial Operations revenue. The company also tightened its 2026 guidance and introduced a preliminary 2027 outlook calling for high-single-digit revenue growth, according to an 8-K.

Commercial arm drives the quarter

Revenue rose 10% to $953.0 million. Commercial Operations climbed 25% to $314.2 million, while Government Operations rose 4% to $639.1 million. The company said commercial growth came from nuclear components, services and medical, partly offset by slightly lower fuel handling revenue.

Diluted earnings per share rose to $1.11 from $0.89 a year earlier, and the adjusted figure rose to $1.26 from $1.00. Adjusted EBITDA, which strips out interest, taxes, depreciation and one-time items, rose to $179.7 million from $151.1 million.

Free cash flow climbed to $150.5 million from $94.9 million. Operating cash flow rose to $202.7 million from $143.2 million, helped by higher net income, an increase in advanced billings and working capital management, the company said.

Guidance tightened, 2027 previewed

For 2026, BWXT narrowed adjusted EPS guidance to $4.72-$4.77 from $4.70-$4.80 and free cash flow to $350 million-$360 million from $345 million-$360 million. Revenue guidance of about $3,800 million was reaffirmed, and adjusted EBITDA is now about $667 million, the midpoint of the prior range.

The preliminary 2027 outlook also calls for high-single-digit to low-double-digit growth in adjusted EBITDA and adjusted EPS. CEO Rex Geveden said the company is in the early stages of a "multi-decadal investment cycle" as customers seek nuclear solutions to economic, national and energy security challenges.

Backlog and the nuclear pipeline

Total backlog reached $8.56 billion at September 30, with $6.48 billion in Government Operations and $2.07 billion in Commercial Operations. Government Operations serves the U.S. naval nuclear program, and the U.S. Government accounted for about 68% of consolidated revenue in 2025.

The company said its reactor technology was selected for the Army's Janus Program at Fort Campbell and for a transportable nuclear power plant project in Canada. Separately, it signed a fuel agreement with Antares in late October.

BWXT holds its third-quarter earnings call Monday at 5:00 p.m. EST, and its $0.27 quarterly dividend is payable December 10 to holders of record on November 19.

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