-- 1Q26 revenues of $860.2 million -- 1Q26 net income of $91.2 million, adjusted EBITDA(1) of $148.0 million -- 1Q26 diluted GAAP EPS of $0.99, non-GAAP(1) EPS of $1.12 -- Announced the acquisition of Precision Components Group, LLC $(PCG)$, establishing a footprint for U.S. commercial nuclear component manufacturing -- Raising adjusted EBITDA(1) guidance to $650 million-$665 million, non-GAAP EPS(1) guidance to $4.60-$4.75, and free cash flow(1) guidance to $315 million-$330 million LYNCHBURG, Va.--(BUSINESS WIRE)--May 04, 2026--
BWX Technologies, Inc. $(BWXT)$ ("BWXT", "we", "us" or the "Company") reported first quarter 2026 results. A reconciliation of non-GAAP results is detailed in Exhibit 1.
"We started 2026 with strong results," said Rex D. Geveden president and chief executive officer. "Our first quarter results were driven by pacing of work, higher throughput and improved operating performance as we executed on our robust backlog and pursued new opportunities across our global security, commercial power, and nuclear medicine markets."
"Investment in global nuclear markets is accelerating and demand for BWXT's innovative nuclear solutions is growing rapidly," continued Geveden. "As highlighted by the recent announcement of the PCG acquisition, BWXT's first step in establishing U.S.-based commercial nuclear manufacturing capacity, we are committed to strategically deploying capital, both organically and inorganically, to bolster our industrial scale to meet the needs of these exciting markets and drive value creation for our shareholders."
"Given our strong first quarter results, robust backlog, and optimistic market outlook, we are raising our 2026 financial guidance," said Geveden. "We now anticipate 2026 adjusted EBITDA of $650 million-$665 million, non-GAAP EPS of $4.60-$4.75, and $315 million-$330 million of free cash flow."
(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.
Financial Results Summary
Three Months Ended
March 31,
2026 2025 $ Change % Change
----- ----- ---------- --------
(Unaudited)
(In millions, except per share amounts)
Revenues
Government
Operations $577.9 $555.3 $ 22.6 4%
Commercial
Operations $283.6 $128.3 $ 155.3 121%
Consolidated $860.2 $682.3 $ 178.0 26%
Operating Income
Government
Operations $ 99.1 $ 97.7 $ 1.4 1%
Commercial
Operations $ 24.0 $ 6.5 $ 17.6 272%
Unallocated
Corporate
(Expense) $(16.5) $ (7.6) $ (8.9) NM
Consolidated $106.7 $ 96.6 $ 10.1 10%
Consolidated
non-GAAP(1) $121.5 $107.6 $ 13.9 13%
EPS (Diluted)
GAAP $ 0.99 $ 0.82 $ 0.17 21%
Non-GAAP(1) $ 1.12 $ 0.91 $ 0.21 22%
Net Income
GAAP $ 91.2 $ 75.5 $ 15.7 21%
Non-GAAP(1) $102.8 $ 84.0 $ 18.8 22%
Adjusted EBITDA(1)
Government
Operations $117.7 $116.9 $ 0.8 1%
Commercial
Operations $ 36.5 $ 14.0 $ 22.5 162%
Unallocated
Corporate $ (6.2) $ (1.1) $ (5.1) NM
Consolidated $148.0 $129.8 $ 18.2 14%
Cash Flows
Operating Cash
Flow(2) $ 92.6 $ 50.7 $ 42.0 83%
Capital
Expenditures(2) $ 42.5 $ 33.4 $ 9.1 27%
Free Cash Flow(1) $ 50.1 $ 17.3 $ 32.8 190%
Dividends Paid(2) $ 25.8 $ 23.7 $ 2.1 9%
NM = Not Meaningful
(2) Items named in the Financial Results Summary differ from names in BWXT
Financial Statement. Operating Cash Flow = Net Cash Provided by Operating
Activities; Capital Expenditures = Purchases of Property, Plant and Equipment;
Dividends Paid = Dividends Paid to Common Shareholders
Revenues
First quarter revenue increased in both operating segments. The Government Operations increase was driven by higher special materials processing revenue and naval reactors growth, partially offset by lower microreactor volumes. The Commercial Operations increase was driven by higher revenue associated with commercial nuclear components, field services, fuel and fuel handling as well as growth in medical sales and contribution from Kinectrics.
Operating Income and Adjusted EBITDA(1)
First quarter GAAP operating income increased primarily due to an increase in both Government and Commercial Operations, partially offset by higher corporate expense as well as higher restructuring and transformation and acquisition related costs.
First quarter non-GAAP(1) operating income increased driven by growth in Commercial Operations, partially offset by a modest decline in Government Operations and higher corporate expense. The Commercial Operations increase was driven by higher revenue, good operational performance, and more favorable mix. The slight decrease in Government Operations was due to revenue mix associated with newer special materials projects, partially offset by higher technical services equity income.
First quarter adjusted EBITDA(1) increased due to higher non-GAAP(1) operating income as discussed above.
EPS
First quarter GAAP and non-GAAP(1) EPS increased as higher operating income, lower interest expense, and a lower effective tax rate were partially offset by lower other income.
Cash Flows
First quarter operating cash flow growth was primarily driven by higher net income and improved working capital management. Capital expenditures increased mainly due to timing of various growth projects throughout in both Government Operations and Commercial Operations.
Dividend
BWXT paid $25.8 million, or $0.27 per common share, to shareholders in the first quarter of 2026. On April 29, 2026, the BWXT Board of Directors declared a quarterly cash dividend of $0.27 per common share payable on June 5, 2026, to shareholders of record on May 19, 2026.
2026 Guidance
BWXT raised its 2026 guidance for revenue, adjusted EBITDA, non-GAAP EPS(1) , and free cash flow(1) . 2026 guidance does not include contribution from the announced acquisition of Precision Components Group, LLC.
(In millions,
except per share
amounts) Year Ended Year Ending Year Ending
December 31, December 31, December 31,
2025 2026 2026
Results Current Guidance Prior Guidance
--------------- ---------------- ----------------
Revenue $3,198 >$3,750 $3,750
Adjusted
EBITDA(1) $574 $650 - $665 $645 - $660
Non-GAAP(1)
Earnings Per
Share $4.01 $4.60 - $4.75 $4.55 - $4.70
Free Cash Flow(1) $295 $315 - $330 $305 - $320
Additional information can be found in the first quarter 2026 earnings call presentation on the BWXT investor relations website at www.bwxt.com/investors. The Company does not provide GAAP guidance because it is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. These items could cause GAAP results to differ materially from non-GAAP results.
Conference Call to Discuss First Quarter 2026 Results
Date: Monday, May 4, 2026, at 5:00 p.m. EDT Live Webcast: Investor Relations section of website at www.bwxt.com
Full Earnings Release Available on BWXT Website
A full version of this earnings release is available on our Investor Relations website at http://investors.bwxt.com/1Q2026-release.
BWXT may use its website (www.bwxt.com) as a channel of distribution of material Company information. Financial and other important information regarding BWXT is routinely accessible through and posted on our website. In addition, you may elect to automatically receive e-mail alerts and other information about BWXT by enrolling through the "Email Alerts" section of our website at http://investors.bwxt.com.
Non-GAAP Measures
BWXT uses and makes reference to adjusted EBITDA, non-GAAP EPS, free cash flow and free cash flow conversion, which are not recognized measures under GAAP. BWXT is providing these non-GAAP measures to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company's operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. Definitions for the non-GAAP measures are provided below and reconciliations are detailed in Exhibit 1, except that reconciliations of forward-looking GAAP measures are not provided because the company is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. Other companies may define these measures differently or may utilize different non-GAAP measures, thus impacting comparability.
Non-GAAP Earnings Per Share (EPS) is calculated using GAAP EPS less the non-operational tax effected per share impact of pension & OPEB mark-to-market gains or losses and other one-time items, such as restructuring, transformation, acquisition-related costs, and acquisition-related amortization.
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