BWX Technologies Reports Third Quarter 2025 Results

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Audio By Carbonatix

4:09 PM on Monday, November 3

The Associated Press

LYNCHBURG, Va.--(BUSINESS WIRE)--Nov 3, 2025--

BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported third quarter 2025 results. A reconciliation of non-GAAP results is detailed in Exhibit 1.

“We delivered strong financial results in the third quarter of 2025 including double-digit organic revenue growth and healthy free cash flow,” said Rex D. Geveden president and chief executive officer. “Further, we posted another quarter of robust bookings, driven by large, multi-year special materials contracts highlighting the trust our customers put in BWXT and the power in our differentiating nuclear credentials.”

“The demand environment for nuclear solutions in defense, clean energy, and medical markets is unprecedented,” continued Geveden. “With that demand, we are seeing new opportunities across the market spectrum for BWXT, including for our new business lines at A.O.T. and Kinectrics.”

“We are firmly on track to achieve our financial targets in 2025,” said Geveden. “Our deep backlog and optimistic demand outlook position us well for solid growth in 2026. Our preliminary 2026 outlook calls for low-double-digit to low-teens adjusted EBITDA growth which positions us to meet or exceed our medium-term financial targets.”

(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 September 30,
	2025		2024	$ Change		% Change
	(Unaudited) (In millions, except per share amounts)
Revenues
Government Operations	$	616.7		$	560.1		$	56.6		10	%
Commercial Operations	$	251.0		$	113.1		$	137.9		122	%
Consolidated	$	866.3		$	672.0		$	194.3		29	%
Operating Income
Government Operations	$	97.4		$	101.6		$	(4.2	)	(4	)%
Commercial Operations	$	24.0		$	6.7		$	17.2		256	%
Unallocated Corporate (Expense)	$	(8.0	)	$	(11.8	)	$	3.8		NM
Consolidated	$	113.3		$	96.6		$	16.8		17	%
Consolidated non-GAAP (1)	$	125.9		$	105.7		$	20.2		19	%
EPS (Diluted)
GAAP	$	0.89		$	0.76		$	0.13		17	%
Non-GAAP (1)	$	1.00		$	0.83		$	0.17		20	%
Net Income
GAAP	$	82.2		$	69.6		$	12.6		18	%
Non-GAAP (1)	$	91.7		$	76.7		$	15.0		20	%
Adjusted EBITDA (1)
Government Operations	$	118.3		$	117.0		$	1.3		1	%
Commercial Operations	$	35.5		$	13.5		$	22.0		163	%
Unallocated Corporate	$	(2.8	)	$	(3.6	)	$	0.8		NM
Consolidated	$	151.1		$	127.0		$	24.1		19	%
Cash Flows
Operating Cash Flow (2)	$	143.2		$	32.6		$	110.5		339	%
Capital Expenditures (2)	$	48.3		$	40.3		$	8.0		20	%
Free Cash Flow (1)	$	94.9		$	(7.7	)	$	102.6		NM
Dividends Paid (2)	$	22.9		$	22.0		$	1.0		5	%

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

Third quarter revenue increased in both operating segments. The Government Operations increase was driven by higher naval nuclear component production, special materials processing, and contribution from the acquisition of A.O.T., partially offset by lower microreactor volumes. The Commercial Operations increase was driven by higher revenue associated with commercial nuclear components, field services, and fuel and fuel handling, as well as higher medical sales, and contribution from the acquisition of Kinectrics.

Operating Income and Adjusted EBITDA(1)

Third quarter GAAP operating income increased primarily due to an increase in Commercial Operations and lower corporate expense, partially offset by modestly lower Government Operations operating income and slightly higher restructuring and transformation and acquisition-related costs.

Third quarter non-GAAP (1) operating income increased driven by an increase in Commercial Operations and lower corporate expense, while Government Operations was down modestly. The Commercial Operations increase was driven by higher revenue and partially offset by growth investment. The slight decrease in Government Operations was due to a lower level of favorable contract adjustments when compared to the same period of last year, which was mostly offset by solid operational performance in naval propulsion and higher technical services equity income.

Third quarter adjusted EBITDA (1) increased due to higher non-GAAP (1) operating income and higher depreciation and amortization.

EPS

Third quarter GAAP EPS increased as higher GAAP operating income, was partially offset by a higher tax rate and interest expense. Non-GAAP EPS (1) increased as higher Non-GAAP (1) higher operating income was partially offset by a slightly higher tax rate and interest expense.

Cash Flows

Third quarter operating cash flow increased driven by higher net income, working capital management, and timing of awards. Capital expenditures increased slightly due to timing of select growth investments, including the previously announced expansion of the Cambridge manufacturing plant that supports the commercial nuclear market.

Dividend

BWXT paid $22.9 million, or $0.25 per common share, to shareholders in the third quarter of 2025. On October 28, 2025, the BWXT Board of Directors declared a quarterly cash dividend of $0.25 per common share payable on December 10, 2025, to shareholders of record on November 19, 2025.

2025 Guidance

BWXT raised its 2025 guidance for revenue, non-GAAP EPS (1), and free cash flow (1), and narrowed its guidance for adjusted EBITDA (1) to the mid-point of the previous range.

(In millions, except per share amounts)	Year Ended December 31, 2024 Results	Year Ending December 31, 2025 Current Guidance	Year Ending December 31, 2025 Prior Guidance
Revenue	$2,704	$3,100+	~$3,100
Adjusted EBITDA (1)	$499	~$570	~$565 - $575
Non-GAAP (1) Earnings Per Share	$3.33	$3.75 - $3.80	$3.65 - $3.75
Free Cash Flow (1)	$255	~$285M	$275 - $285

Additional information can be found in the third quarter 2025 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 Third Quarter 2025 Results

Date:	Monday, November 3, 2025, 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/3Q2025-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.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is calculated using non-GAAP net income, plus provision for income taxes, less other – net, less interest income, plus interest expense, plus depreciation and amortization.

Adjusted pre-tax income is non-GAAP income before provision for income taxes.

Free Cash Flow (FCF) is calculated using net income to derive net cash provided by (used in) operating activities less purchases of property, plant and equipment.

Free Cash Flow conversion is free cash flow divided by net income.

Non-GAAP Adjustments

Our GAAP financial results detailed in Exhibit 1 have been adjusted for the following items:

Restructuring and Transformation Costs: Restructuring and transformation costs include restructuring charges as well as costs associated with our efforts to optimize underlying business processes through investments in information technology, process improvements and the implementation of strategic actions and initiatives which we deem to be incremental and non-recurring in nature.

Acquisition-related Costs: Acquisition-related costs relate to third-party professional service costs and one-time incremental costs associated with due diligence activities and efforts to integrate the acquired business with our legacy operations.

Forward-Looking Statements

BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent they may be viewed as an indicator of future revenues; our plans and expectations for each of our reportable segments, including growth opportunities and the expectations, timing and revenue of our strategic initiatives, such as medical radioisotopes, SMR components and recent acquisitions; disruptions to our supply chain and/or operations, changes in government regulations and other factors; and our expectations and guidance for 2025 and beyond. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to execute contracts in backlog; federal budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms and the debt ceiling, the potential for government shutdowns and changing funding and acquisition priorities; the demand for and competitiveness of nuclear products and services; capital priorities of power generating utilities and other customers; the timing of technology development, regulatory approvals and automation of production; the receipt and/or timing of government approvals; the potential recurrence of subsequent waves or strains of COVID-19 or similar diseases; labor market challenges, including employee retention and recruitment; adverse changes in the industries in which we operate; and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see BWXT’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2024 and subsequent Form 10-Q filings. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About BWXT

At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. A U.S.-based company with nearly 10,000 employees, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, nuclear medicine, space exploration and environmental restoration. In addition, BWXT and its industry partners support the U.S. Department of Energy and National Nuclear Security Administration across numerous sites. For more information, visit www.bwxt.com. Follow us on LinkedIn, X ,Facebook and Instagram.

EXHIBIT 1

BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE (1)(2)(3) (In millions, except per share amounts)

Three Months Ended September 30, 2025
	GAAP		Restructuring & Transformation Costs	Acquisition-Related Costs		Acquisition-Related Amortization	Non-GAAP

Government Operations Operating Income	$	97.4		$	—		$	2.2			$	1.8		$	101.4
Commercial Operations Operating Income	$	24.0		$	3.1		$	0.6			$	1.5		$	29.1
Unallocated Corporate Operating Income	$	(8.0	)	$	2.0		$	1.4			$	—		$	(4.6	)
Operating Income	$	113.3		$	5.1		$	4.2			$	3.3		$	125.9
Other Income (Expense)		(5.8	)		—			—				—			(5.8	)
Income Before Provision for Income Taxes		107.6			5.1			4.2				3.3			120.1
Provision for Income Taxes		(25.4	)		(1.3	)		(0.9	)			(0.8	)		(28.4	)
Net Income		82.2			3.8			3.3				2.4			91.7
Net Income Attributable to Noncontrolling Interest		(0.1	)		—			—				—			(0.1	)
Net Income Attributable to BWXT	$	82.1		$	3.8		$	3.3			$	2.4		$	91.6

Diluted Shares Outstanding		91.8								91.8
Diluted Earnings per Common Share	$	0.89		$	0.04		$	0.04			$	0.03		$	1.00
Effective Tax Rate		23.6	%							23.6	%

Three Months Ended September 30, 2024
	GAAP		Restructuring Costs	Acquisition-Related Costs		Non-GAAP

Government Operations Operating Income	$	101.6		$	0.1		$	—		$	101.7
Commercial Operations Operating Income	$	6.7		$	1.7		$	0.8		$	9.2
Unallocated Corporate Operating Income	$	(11.8	)	$	4.2		$	2.3		$	(5.2	)
Operating Income	$	96.6		$	6.0		$	3.1		$	105.7
Other Income (Expense)		(6.0	)		—			—			(6.0	)
Income Before Provision for Income Taxes		90.6			6.0			3.1			99.8
Provision for Income Taxes		(21.0	)		(1.4	)		(0.7	)		(23.0	)
Net Income		69.6			4.7			2.4			76.7
Net Income Attributable to Noncontrolling Interest		(0.2	)		—			—			(0.2	)
Net Income Attributable to BWXT	$	69.5		$	4.7		$	2.4		$	76.6

Diluted Shares Outstanding		91.9						91.9
Diluted Earnings per Common Share	$	0.76		$	0.05		$	0.03		$	0.83
Effective Tax Rate		23.2	%					23.1	%

EXHIBIT 1 (continued)

RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA (1)(2)(3) (In millions)

Three Months Ended September 30, 2025
	GAAP		Restructuring & Transformation Costs	Acquisition-related Costs		Acquisition-related Amortization		Non-GAAP

Net Income	$	82.2		$	3.8		$	3.3	$	2.4		$	91.7
Provision for Income Taxes		25.4			1.3			0.9		0.8			28.4
Other – net		(7.2	)		—			—		—			(7.2	)
Interest Expense		14.0			—			—		—			14.0
Interest Income		(1.0	)		—			—		—			(1.0	)
Depreciation & Amortization		28.5			—			—		(3.3	)		25.2
Adjusted EBITDA	$	141.8		$	5.1		$	4.2	$	—		$	151.1

Three Months Ended September 30, 2024
	GAAP		Restructuring Costs	Acquisition-related Costs		Non-GAAP

Net Income	$	69.6		$	4.7		$	2.4	$	76.7
Provision for Income Taxes		21.0			1.4			0.7		23.0
Other – net		(3.3	)		—			—		(3.3	)
Interest Expense		9.9			—			—		9.9
Interest Income		(0.7	)		—			—		(0.7	)
Depreciation & Amortization		21.3			—			—		21.3
Adjusted EBITDA	$	117.8		$	6.0		$	3.1	$	127.0

RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA (1)(2)(3)(4) (In millions)

Three Months Ended September 30, 2025
	Operating Income (GAAP)		Non-GAAP Adjustments (3,4)	Acquisition-related Amortization		Depreciation & Amortization		Adjusted EBITDA

Government Operations	$	97.4		$	2.2		$	1.8	$	17.0	$	118.3
Commercial Operations	$	24.0		$	3.7		$	1.5	$	6.4	$	35.5
Unallocated Corporate	$	(8.0	)	$	3.4		$	—	$	1.8	$	(2.8	)

Three Months Ended September 30, 2024
	Operating Income (GAAP)		Non-GAAP Adjustments (3)	Depreciation & Amortization		Adjusted EBITDA

Government Operations	$	101.6		$	0.1	$	15.3	$	117.0
Commercial Operations	$	6.7		$	2.5	$	4.3	$	13.5
Unallocated Corporate	$	(11.8	)	$	6.5	$	1.7	$	(3.6	)

EXHIBIT 1 (continued)

RECONCILIATION OF CONSOLIDATED FREE CASH FLOW (1)(2)(3) (In millions)

Three Months Ended September 30, 2025

Net Cash Provided By Operating Activities	$	143.2
Purchases of Property, Plant and Equipment		(48.3	)
Free Cash Flow	$	94.9

Three Months Ended September 30, 2024

Net Cash Provided By Operating Activities	$	32.6
Purchases of Property, Plant and Equipment		(40.3	)
Free Cash Flow	$	(7.7	)


(1)	Tables may not foot due to rounding.
(2)	BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share 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.
(3)	For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share.
(4)	Excludes acquisition-related amortization

BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025		2024	2025		2024
	(Unaudited) (In thousands, except share and per share amounts)
Revenues	$	866,286		$	671,956		$	2,312,583		$	1,957,387
Costs and Expenses:
Cost of operations		677,292			508,000			1,766,999			1,476,553
Research and development costs		3,479			2,081			10,057			4,842
(Gains) Losses on asset disposals and impairments, net		1			—			(4,417	)		(4	)
Selling, general and administrative expenses		93,381			80,829			283,890			227,970
Total Costs and Expenses		774,153			590,910			2,056,529			1,709,361
Equity in Income of Investees		21,216			15,532			56,349			40,319
Operating Income		113,349			96,578			312,403			288,345
Other Income (Expense):
Interest income		1,016			663			2,289			2,049
Interest expense		(14,019	)		(9,907	)		(33,754	)		(30,190	)
Other – net		7,222			3,290			16,206			10,426
Total Other Income (Expense)		(5,781	)		(5,954	)		(15,259	)		(17,715	)
Income before Provision for Income Taxes		107,568			90,624			297,144			270,630
Provision for Income Taxes		25,377			20,983			60,965			59,410
Net Income	$	82,191		$	69,641		$	236,179		$	211,220
Net Income Attributable to Noncontrolling Interest		(85	)		(158	)		(223	)		(297	)
Net Income Attributable to BWX Technologies, Inc.	$	82,106		$	69,483		$	235,956		$	210,923
Earnings per Common Share:
Basic:
Net Income Attributable to BWX Technologies, Inc.	$	0.90		$	0.76		$	2.58		$	2.30
Diluted:
Net Income Attributable to BWX Technologies, Inc.	$	0.89		$	0.76		$	2.57		$	2.30
Shares used in the computation of earnings per share:
Basic		91,565,095			91,574,531			91,567,382			91,564,726
Diluted		91,787,602			91,886,710			91,788,002			91,849,724

BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
	2025		2024
	(Unaudited) (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	236,179		$	211,220
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		79,629			63,429
Income of investees, net of dividends		(5,744	)		(9,778	)
(Gains) Losses on asset disposals and impairments - net		(4,417	)		(4	)
Recognition of losses for pension and postretirement plans		2,442			2,494
Stock-based compensation expense		20,720			14,852
Other, net		2,908			(629	)
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable		(30,051	)		(30,238	)
Accounts payable		32,040			48,306
Retainages		(34,284	)		(37,114	)
Contracts in progress and advance billings on contracts		21,315			(120,829	)
Income taxes		43,935			15,654
Accrued and other current liabilities		28,032			5,174
Pension liabilities, accrued postretirement benefit obligations and employee benefits		(31,021	)		(20,217	)
Other, net		(8,830	)		(10,772	)
NET CASH PROVIDED BY OPERATING ACTIVITIES		352,853			131,548
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment		(114,365	)		(101,128	)
Acquisition of businesses, net of cash acquired		(536,000	)		—
Sales and maturities of securities		3,396			—
Investments, net of return of capital, in equity method investees		(30,990	)		—
Other, net		4,066			203
NET CASH USED IN INVESTING ACTIVITIES		(673,893	)		(100,925	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt		871,600			396,800
Repayments of long-term debt		(420,975	)		(376,488	)
Repurchases of common stock		(30,000	)		(20,000	)
Dividends paid to common shareholders		(69,704	)		(66,326	)
Cash paid for shares withheld to satisfy employee taxes		(13,400	)		(7,244	)
Settlements of forward contracts, net		782			2,954
Other, net		1,305			409
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		339,608			(69,895	)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH		(12,186	)		(379	)
TOTAL INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS		6,382			(39,651	)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		80,571			81,615
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	86,953		$	41,964
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	42,224		$	48,360
Income taxes (net of refunds)	$	28,235		$	43,547
SCHEDULE OF NON-CASH INVESTING ACTIVITY:
Accrued capital expenditures included in accounts payable	$	20,499		$	15,114

BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS

	September 30, 2025		December 31, 2024
	(Unaudited) (In thousands)
Current Assets:
Cash and cash equivalents	$	79,592		$	74,109
Restricted cash and cash equivalents		3,058			2,785
Accounts receivable – trade, net		181,174			99,112
Accounts receivable – other		29,715			53,199
Retainages		67,951			33,667
Contracts in progress		636,711			577,745
Inventories		57,799			40,288
Other current assets		48,023			49,092
Total Current Assets		1,104,023			929,997
Property, Plant and Equipment, Net		1,536,351			1,278,161
Investments		8,008			10,609
Goodwill		501,575			287,362
Deferred Income Taxes		3,377			6,569
Investments in Unconsolidated Affiliates		175,739			99,403
Intangible Assets		330,290			165,325
Other Assets		122,174			92,498
TOTAL ASSETS	$	3,781,537		$	2,869,924

BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS LIABILITIES AND STOCKHOLDERS' EQUITY

	September 30, 2025		December 31, 2024
	(Unaudited) (In thousands, except share and per share amounts)
Current Liabilities:
Current portion of long-term debt	$	12,500		$	12,500
Accounts payable		211,695			158,077
Accrued employee benefits		90,559			77,234
Accrued liabilities – other		120,410			65,100
Advance billings on contracts		211,399			161,290
Total Current Liabilities		646,563			474,201
Long-Term Debt		1,497,070			1,042,970
Accumulated Postretirement Benefit Obligation		85,867			16,515
Environmental Liabilities		98,290			94,225
Pension Liability		91,052			82,602
Other Liabilities		121,210			79,007
Commitments and Contingencies
Stockholders' Equity:
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 128,708,443 and 128,320,295 shares at September 30, 2025 and December 31, 2024, respectively		1,287			1,283
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued		—			—
Capital in excess of par value		251,917			228,889
Retained earnings		2,453,696			2,287,151
Treasury stock at cost, 37,286,948 and 36,869,498 shares at September 30, 2025 and December 31, 2024, respectively		(1,432,633	)		(1,388,432	)
Accumulated other comprehensive loss		(32,523	)		(48,211	)
Stockholders' Equity – BWX Technologies, Inc.		1,241,744			1,080,680
Noncontrolling interest		(259	)		(276	)
Total Stockholders' Equity		1,241,485			1,080,404
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	3,781,537		$	2,869,924

BWX TECHNOLOGIES, INC. BUSINESS SEGMENT INFORMATION

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025		2024	2025		2024
	(Unaudited) (In thousands)
REVENUES:
Government Operations	$	616,697		$	560,073		$	1,760,943		$	1,588,040
Commercial Operations		250,971			113,112			555,420			371,641
Eliminations		(1,382	)		(1,229	)		(3,780	)		(2,294	)
TOTAL	$	866,286		$	671,956		$	2,312,583		$	1,957,387

SEGMENT INCOME:
Government Operations	$	97,371		$	101,609		$	304,536		$	279,815
Commercial Operations		23,959			6,728			37,301			31,947
SUBTOTAL	$	121,330		$	108,337		$	341,837		$	311,762
Unallocated Corporate		(7,981	)		(11,759	)		(29,434	)		(23,417	)
TOTAL	$	113,349		$	96,578		$	312,403		$	288,345

DEPRECIATION AND AMORTIZATION:
Government Operations	$	18,762		$	15,284		$	56,080		$	44,948
Commercial Operations		7,865			4,313			18,127			13,154
Corporate		1,831			1,672			5,422			5,327
TOTAL	$	28,458		$	21,269		$	79,629		$	63,429

CAPITAL EXPENDITURES:
Government Operations	$	25,703		$	22,429		$	59,973		$	53,013
Commercial Operations		21,368			14,073			51,278			43,153
Corporate		1,196			3,799			3,114			4,962
TOTAL	$	48,267		$	40,301		$	114,365		$	101,128

BACKLOG:
Government Operations	$	5,905,020		$	2,745,333		$	5,905,020		$	2,745,333
Commercial Operations		1,484,111			635,356			1,484,111			635,356
TOTAL	$	7,389,131		$	3,380,689		$	7,389,131		$	3,380,689

BOOKINGS:
Government Operations	$	2,086,092		$	440,146		$	3,724,775		$	1,116,580
Commercial Operations		159,342			78,252			880,957			223,850
TOTAL	$	2,245,434		$	518,398		$	4,605,732		$	1,340,430