NYSE$BWXT
BWX Technologies Inc. · Q4 2025 earnings
Q4 2025 earnings · · After market close · Investor relations
Briefing
BWX Technologies reported Q4 2025 revenue of $886M, net income of $93.7M, and diluted GAAP EPS of $1.01.
Fourth-quarter revenue rose 19% year over year to $885.8M as commercial operations surged 95% on higher field services, fuel, components, and Kinectrics contributions, while government revenue dipped 1%. Net income was $93.7M (diluted EPS $1.01; non-GAAP EPS $1.08) versus $71.1M a year ago. Adjusted EBITDA was $147.5M; backlog ended at $7.3B, up 50%. Management initiated 2026 guidance for non-GAAP EPS of $4.55–$4.70, adjusted EBITDA of $645–$660M, and free cash flow of $305–$320M.
- Q4 revenue $885.8M (+19% YoY); commercial revenue +95%, government -1%.
- Q4 net income $93.7M; diluted GAAP EPS $1.01 and non-GAAP EPS $1.08.
- Backlog $7.3B (+50% YoY) on naval propulsion and commercial nuclear awards.
- Declared quarterly dividend of $0.27 per share payable March 27, 2026.
Headline financials
Revenue & EPS history
BWX Technologies · Revenue · Quarterly
$886M
Revenue by segment
BWX Technologies · $887M total across 2 segments · Q4 2025
- Government Operations$589M—66.4%
- Commercial Operations$298M—33.6%
Forward guidance
FY2026 guidance calls for revenue of about $3.75B, adjusted EBITDA of $645–$660M, non-GAAP EPS of $4.55–$4.70, and free cash flow of $305–$320M.
Tailwinds
- Non-GAAP EPS range $4.55–$4.70 implies continued earnings growth off FY2025 $4.01.
- Adjusted EBITDA $645–$660M supports capital investment in commercial nuclear and government programs.
- Free cash flow guidance $305–$320M after growth capex including Cambridge expansion.
Headwinds
- Q4 operating cash flow fell 54% YoY on timing of billings and higher capex.
- Government segment operating income down on mix and fewer favorable contract adjustments.
- Commercial growth partially offset by integration and restructuring spend.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
-0.3%
Avg return
Earnings day
+0.2%
Avg return
5 days after
+0.2%
Avg return
30 days after
55%
36 / 65 earnings
Positive
+12.1%
Q4 2023
Best reaction
-23.1%
Q3 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.1% | -5.1% | -14.6% | |
| Q4 2025 | +2.4% | +3.8% | +3.4% | |
| Q3 2025 | -7.2% | -10.3% | -17.4% | |
| Q1 2025 | -3.7% | -3.2% | +15.1% | |
| Q4 2024 | +4.2% | +4.1% | +1.5% | |
| Q3 2024 | -4.6% | +1.6% | +6.5% | |
| Q2 2024 | -1.2% | +3.7% | +4.6% | |
| Q1 2024 | -10.6% | -7.6% | -6.8% | |
| Q4 2023 | +12.1% | +13.9% | +14.2% | |
| Q3 2023 | +3.5% | +2.6% | +6.1% | |
| Q2 2023 | +7.2% | +6.4% | +7.4% | |
| Q1 2023 | +2.2% | +2.1% | -1.5% | |
| Q4 2022 | +2.5% | +2.8% | +3.1% | |
| Q3 2022 | +0.7% | +6.7% | +4.9% | |
| Q2 2022 | -1.0% | -2.5% | -3.8% | |
| Q1 2022 | -4.4% | -3.1% | +2.6% | |
| Q4 2021 | +3.0% | +13.1% | +25.0% | |
| Q3 2021 | -6.2% | -2.9% | -17.5% | |
| Q2 2021 | -3.9% | -6.1% | -0.7% | |
| Q1 2021 | +0.4% | -1.4% | -5.5% | |
| Q4 2020 | -1.9% | -1.0% | +9.2% | |
| Q3 2020 | +0.8% | +0.1% | +3.1% | |
| Q2 2020 | +7.9% | +5.2% | +4.7% | |
| Q1 2020 | +4.7% | +13.3% | +20.0% | |
| Q4 2019 | -13.4% | -21.8% | -36.2% | |
| Q3 2019 | +3.3% | +4.5% | +2.1% | |
| Q2 2019 | +10.8% | +12.7% | +17.3% | |
| Q1 2019 | -2.7% | -1.1% | -8.9% | |
| Q4 2018 | +0.1% | -2.4% | -9.1% | |
| Q3 2018 | -23.1% | -21.4% | -28.8% | |
| Q2 2018 | -3.9% | -6.5% | -8.8% | |
| Q1 2018 | +2.1% | +0.4% | +1.7% | |
| Q4 2017 | -2.9% | -1.6% | -2.0% | |
| Q3 2017 | -1.6% | -0.9% | +0.4% | |
| Q2 2017 | +1.5% | +1.3% | +1.4% | |
| Q1 2017 | +0.7% | +3.1% | -1.2% | |
| Q4 2016 | +9.5% | +12.7% | +12.1% | |
| Q3 2016 | -2.9% | -6.5% | +0.7% | |
| Q2 2016 | -0.2% | +1.0% | +2.8% | |
| Q1 2016 | +0.9% | — | — | |
| Q4 2015 | +3.6% | — | — | |
| Q3 2015 | +2.0% | — | — | |
| Q2 2015 | +3.9% | — | — | |
| Q1 2015 | -0.4% | — | — | |
| Q4 2014 | +3.7% | — | — | |
| Q3 2014 | +6.1% | — | — | |
| Q2 2014 | -8.1% | — | — | |
| Q1 2014 | +1.6% | — | — | |
| Q4 2013 | -7.1% | — | — | |
| Q3 2013 | +1.0% | — | — | |
| Q2 2013 | +0.5% | — | — | |
| Q1 2013 | -0.5% | — | — | |
| Q4 2012 | +2.6% | — | — | |
| Q3 2012 | -11.1% | — | — | |
| Q2 2012 | +2.3% | — | — | |
| Q1 2011 | +1.7% | — | — | |
| Q1 2012 | +0.7% | — | — | |
| Q4 2009 | -1.7% | — | — | |
| Q4 2011 | -1.7% | — | — | |
| Q1 2010 | -1.7% | — | — | |
| Q3 2010 | +6.6% | — | — | |
| Q3 2011 | +6.6% | — | — | |
| Q4 2010 | -4.1% | — | — | |
| Q2 2010 | -4.1% | — | — | |
| Q2 2011 | -4.1% | — | — |
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