Jun 2026 (Q2 FY26) — Aug 3, 2026
BWX Technologies Q2 FY26 — Strong Execution, Medical Business Sale, and Nuclear Super Cycle Momentum
Read the full callBWX Technologies (BWXT) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
BWX Technologies earnings: last reported Mon, 3 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 902 | +18.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 12.7 | −0.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 89.0 | +13.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
18 of 26 judged targets kept · 34 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| PCG acquisition closing | in the second half of the year | Mar 2026 | We also completed the acquisition of Precision Components Group in early July. | Achieved |
| Adjusted EBITDA | $645 million to $660 million | Dec 2025 | We are raising our adjusted EBITDA guidance by $10 million at the midpoint to a range of $662 million to $672 million. | Revised Up |
| Adjusted EBITDA growth | low double-digit to low teens | Sep 2025 | We are raising our adjusted EBITDA guidance by $10 million at the midpoint to a range of $662 million to $672 million. | On Track |
8 of BWX Technologies, Inc.'s 60 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 57 more targets are in the full ledger.
Claimed
- Revenue increased 18% year-over-year, including 9% organic growth.
- Adjusted EBITDA grew 7% to $155 million.
- Adjusted earnings per share increased 5% to $1.07.
- Full-year free cash flow guidance raised by $30 million to a range of $345 million to $360 million.
- Trailing 12-month book-to-bill ratio was a robust 1.7x.
Qualified
- Government Operations revenue growth revised down to high single digits from low teens due to stronger cost performance, resulting in lower reported revenue.
- Commercial Operations adjusted EBITDA margin guidance lowered from approximately 14% to approximately 13% due to incremental investments in U.S. capacity expansion.
- Total backlog was modestly lower sequentially, despite a 40% year-over-year increase.
Price
$135.83 −0.86% · −$1.18
Performance −33.1% 1Y
1Y: $203.12 on 17 Oct 2025 → $135.83. High $238.42 (15 Apr 2026), low $134.35 (28 Sept 2026).
- Previous close
- $137.01
- 52-week range
- $134.35 – $238.42
- One year
- −34.61%
Overview
- Symbol
- BWXT
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
18 of 26 judged targets kept · 34 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| PCG acquisition closing | in the second half of the year | Mar 2026 | We also completed the acquisition of Precision Components Group in early July. | Achieved |
| Adjusted EBITDA | $645 million to $660 million | Dec 2025 | We are raising our adjusted EBITDA guidance by $10 million at the midpoint to a range of $662 million to $672 million. | Revised Up |
| Adjusted EBITDA growth | low double-digit to low teens | Sep 2025 | We are raising our adjusted EBITDA guidance by $10 million at the midpoint to a range of $662 million to $672 million. | On Track |
Claimed
- Revenue increased 18% year-over-year, including 9% organic growth.
- Adjusted EBITDA grew 7% to $155 million.
- Adjusted earnings per share increased 5% to $1.07.
- Full-year free cash flow guidance raised by $30 million to a range of $345 million to $360 million.
- Trailing 12-month book-to-bill ratio was a robust 1.7x.
Qualified
- Government Operations revenue growth revised down to high single digits from low teens due to stronger cost performance, resulting in lower reported revenue.
- Commercial Operations adjusted EBITDA margin guidance lowered from approximately 14% to approximately 13% due to incremental investments in U.S. capacity expansion.
- Total backlog was modestly lower sequentially, despite a 40% year-over-year increase.
The full ledger
Open BWX Technologies, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 60 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 4, 2026
BWX Technologies Q1 FY26 — Strong Organic Growth and Strategic Capacity Expansion
Read the full callEvery analysed call
BWX Technologies earnings calls (BWXT)
Financials
What the filings say
Net profit, year on year: +14% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 672 | 746 | 682 | 764 | 866 | 886 | 860 | 902 |
| Expenses | 591 | 670 | 602 | 680 | 774 | 812 | 775 | 812 |
| Operating profit | 97 | 92 | 97 | 102 | 113 | 92 | 107 | 114 |
| Operating margin | 14.4% | 12.4% | 14.2% | 13.4% | 13.1% | 10.4% | 12.4% | 12.7% |
| Other income | -6 | -14 | -5 | -5 | -6 | 9 | 1 | -1 |
| Interest | 10 | 9 | 8 | 12 | 14 | 10 | 5 | 5 |
| Profit before tax | 91 | 78 | 92 | 98 | 108 | 101 | 107 | 114 |
| Tax rate | 23.1% | 9.0% | 17.7% | 19.7% | 23.6% | 7.2% | 15.0% | 21.6% |
| Net profit | 69 | 71 | 75 | 78 | 82 | 93 | 91 | 89 |
| EPS ($ per share) | 0.76 | 0.78 | 0.82 | 0.86 | 0.90 | 1.02 | 0.99 | 0.97 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 1,167 | 1,344 | 1,550 | 1,776 | 1,933 | 2,094 | 2,287 | 2,524 |
| Total liabilities | 1,419 | 1,505 | 1,676 | 1,864 | 1,871 | 1,814 | 1,790 | 3,038 |
| Fixed assets | 439 | 580 | 816 | 1,046 | 1,135 | 1,229 | 1,278 | 1,585 |
| Investments | 4 | 6 | 4 | 4 | 4 | 0 | — | — |
| Total assets | 1,655 | 1,909 | 2,294 | 2,501 | 2,619 | 2,747 | 2,870 | 4,271 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 169 | 279 | 196 | 386 | 245 | 364 | 408 | 480 |
| Cash from investing | -327 | -180 | -265 | -305 | -256 | -156 | -155 | -742 |
| Cash from financing | -9 | -44 | 25 | -90 | 14 | -169 | -253 | 694 |
| Net cash flow | -177 | 56 | -44 | -9 | 1 | 41 | -1 | 427 |
| Capital expenditure | -109 | -182 | -255 | -311 | -198 | -151 | -154 | -185 |
| Free cash flow | 60 | 97 | -59 | 75 | 46 | 212 | 255 | 295 |
BWXT revenue by segment
Commercial Operations grew from 21% to 33% of revenue over the last two years.
| Segment | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Government Operations | 79% | 83% | 80% | 81% | 77% | 71% | 67% | 67% | +4.1% |
| Commercial Operations | 21% | 17% | 20% | 19% | 23% | 29% | 34% | 33% | +121.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
BWXT operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Backlog | $8.7BWe ended the quarter with a backlog of $8.7 billion, up 77% year-over-year and 19% sequentially.Source: earnings call transcript | $8.4BWe ended the quarter with backlog of $8.4 billion, an increase of 40% year-over-year.Source: earnings call transcript | -3.4% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q1 FY2026 · share of revenue
- US 70% ↓ 11 pt
- CA 27% ↑ 9 pt
- Other Geographic Location 4% ↑ 2 pt
As BWXT cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
74 filings between Oct 24, 2025 and Sep 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$8.99M
22 sales by 4 insiders
86% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 1
- Award — granted as compensation
- 27
- Option exercise — converted options into shares
- 24
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Geveden Rex D | — | $7.78M | Aug 12, 2026 |
| Fitzgerald Michael Thomas | — | $505.8K | May 11, 2026 |
| Burbach Gerhard F | — | $413.7K | Feb 25, 2026 |
| Gorman Kevin James | — | $288.6K | Mar 2, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 1, 2026 | Miller Joseph Kirwan Pres., Government Operations | Tax withheld | 1,523 | $231.9K |
| Sep 1, 2026 | Miller Joseph Kirwan Pres., Government Operations | Option exercise | 3,379 | $0 |
| Aug 12, 2026 | Geveden Rex D President and CEO | Sale 10b5-1 plan | 2,407 | $412.1K |
| Aug 12, 2026 | Geveden Rex D President and CEO | Sale 10b5-1 plan | 2,600 | $453.0K |
| Aug 12, 2026 | Geveden Rex D President and CEO | Sale 10b5-1 plan | 4,730 | $814.4K |
| Aug 12, 2026 | Geveden Rex D President and CEO | Sale 10b5-1 plan | 263 | $45.5K |
| Jul 1, 2026 | Cajade Gonzalo Raul Chief HR Officer | Option exercise | 332 | $0 |
| Jul 1, 2026 | Miller Joseph Kirwan Pres., Government Operations | Tax withheld | 106 | $20.6K |
| Jul 1, 2026 | Cajade Gonzalo Raul Chief HR Officer | Tax withheld | 124 | $24.1K |
| Jul 1, 2026 | Miller Joseph Kirwan Pres., Government Operations | Option exercise | 237 | $0 |
| May 12, 2026 | Geveden Rex D President and CEO | Sale 10b5-1 plan | 3,710 | $756.0K |
| May 12, 2026 | Geveden Rex D President and CEO | Sale 10b5-1 plan | 3,570 | $730.6K |
| May 12, 2026 | Geveden Rex D President and CEO | Sale 10b5-1 plan | 1,318 | $273.0K |
| May 12, 2026 | Geveden Rex D President and CEO | Sale 10b5-1 plan | 1,402 | $288.5K |
| May 11, 2026 | Fitzgerald Michael Thomas SVP & Chief Financial Officer | Option exercise | 1,520 | $153.3K |
| May 11, 2026 | Fitzgerald Michael Thomas SVP & Chief Financial Officer | Sale | 2,417 | $505.8K |
| May 11, 2026 | Fitzgerald Michael Thomas SVP & Chief Financial Officer | Option exercise | 897 | $95.7K |
| May 6, 2026 | Fitzgerald Michael Thomas SVP & Chief Financial Officer | Tax withheld | 1,618 | $348.2K |
| May 6, 2026 | Fitzgerald Michael Thomas SVP & Chief Financial Officer | Option exercise | 2,826 | $174.4K |
| Apr 30, 2026 | Krieg Kenneth J Director | Option exercise | 762 | $0 |
| Apr 30, 2026 | NILAND BARBARA A Director | Option exercise | 762 | $0 |
| Mar 2, 2026 | MacQuarrie John R. Pres., Commercial Operations | Tax withheld | 1,096 | $237.3K |
| Mar 2, 2026 | MacQuarrie John R. Pres., Commercial Operations | Option exercise | 2,302 | $142.0K |
| Mar 2, 2026 | Gorman Kevin James VP & Chief Accounting Officer | Sale | 1,344 | $288.6K |
| Feb 28, 2026 | Miller Joseph Kirwan Pres., Government Operations | Option exercise | 132 | $0 |
| Feb 28, 2026 | MacQuarrie John R. Pres., Commercial Operations | Tax withheld | 249 | $51.3K |
| Feb 28, 2026 | MacQuarrie John R. Pres., Commercial Operations | Option exercise | 468 | $0 |
| Feb 28, 2026 | Gorman Kevin James VP & Chief Accounting Officer | Tax withheld | 45 | $9.3K |
| Feb 28, 2026 | Gorman Kevin James VP & Chief Accounting Officer | Option exercise | 159 | $0 |
| Feb 28, 2026 | Geveden Rex D President and CEO | Tax withheld | 1,342 | $276.3K |
| Feb 28, 2026 | Geveden Rex D President and CEO | Option exercise | 3,174 | $0 |
| Feb 28, 2026 | Fitzgerald Michael Thomas VP & Chief Accounting Officer | Tax withheld | 86 | $17.7K |
| Feb 28, 2026 | Fitzgerald Michael Thomas VP & Chief Accounting Officer | Option exercise | 215 | $0 |
| Feb 28, 2026 | Miller Joseph Kirwan Pres., Government Operations | Tax withheld | 59 | $12.2K |
| Feb 27, 2026 | Miller Joseph Kirwan Pres., Government Operations | Tax withheld | 927 | $192.1K |
| Feb 27, 2026 | Miller Joseph Kirwan Pres., Government Operations | Option exercise | 2,017 | $0 |
| Feb 27, 2026 | MacQuarrie John R. Pres., Commercial Operations | Tax withheld | 3,691 | $764.9K |
| Feb 27, 2026 | MacQuarrie John R. Pres., Commercial Operations | Tax withheld | 321 | $66.5K |
| Feb 27, 2026 | MacQuarrie John R. Pres., Commercial Operations | Option exercise | 6,898 | $0 |
| Feb 27, 2026 | Fitzgerald Michael Thomas VP & Chief Accounting Officer | Option exercise | 3,026 | $0 |
| Feb 27, 2026 | MacQuarrie John R. Pres., Commercial Operations | Option exercise | 603 | $0 |
| Feb 27, 2026 | Gorman Kevin James VP & Chief Accounting Officer | Tax withheld | 521 | $108.0K |
| Feb 27, 2026 | Geveden Rex D President and CEO | Tax withheld | 24,959 | $5.17M |
| Feb 27, 2026 | Geveden Rex D President and CEO | Option exercise | 56,120 | $0 |
| Feb 27, 2026 | Fitzgerald Michael Thomas VP & Chief Accounting Officer | Tax withheld | 1,225 | $253.9K |
| Feb 27, 2026 | Gorman Kevin James VP & Chief Accounting Officer | Award | 1,742 | $0 |
| Feb 26, 2026 | Bender Kurt A. SVP & Chief Digital Officer | Tax withheld | 29 | $6.0K |
| Feb 26, 2026 | Bender Kurt A. SVP & Chief Digital Officer | Option exercise | 100 | $0 |
| Feb 26, 2026 | Gorman Kevin James VP & Chief Accounting Officer | Tax withheld | 50 | $10.4K |
| Feb 26, 2026 | Gorman Kevin James VP & Chief Accounting Officer | Option exercise | 150 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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