EX-99.1 2 bwxt_63025xerexhibit991.htm EX-99.1 Document
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BWX Technologies Reports Second Quarter 2025 Results
•2Q25 revenues of $764.0 million
•2Q25 net income of $78.5 million, adjusted EBITDA(1) of $145.9 million
•2Q25 diluted GAAP EPS of $0.85, non-GAAP(1) EPS of $1.02
•Closed acquisition of Kinectrics, Inc. on May 20, 2025
•Signed pricing agreement for naval reactors and components; booked over $1.0 billion of $2.6 billion total contract value
•Record backlog of $6.0 billion, up 70.2% year-over-year
•Raising 2025 adjusted EBITDA(1) guidance to $565 million-$575 million and non-GAAP EPS(1) guidance to $3.65-$3.75; free cash flow guidance increased to $275 million-$285 million

(LYNCHBURG, Va. - Aug. 4, 2025) BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported second quarter 2025 results. A reconciliation of non-GAAP results is detailed in Exhibit 1.
“We had exceptionally strong second quarter 2025 financial results driven by solid operational performance and pacing of work, particularly in Government Operations, which was complemented by robust bookings in both segments, leading to record backlog,” said Rex D. Geveden, president and chief executive officer.

“The demand for nuclear solutions in the global security, clean energy, and medical markets continues to accelerate,” continued Geveden. “In our ten years as a standalone public company, BWXT has built significant industrial scale, leading to one of the broadest and highest quality portfolios in the nuclear market. Our robust manufacturing, processing, and servicing capabilities stem from decades of real nuclear experience and our strategic investments in innovation and efficiency; these are underpinned by our technical depth and long history of successfully delivering nuclear solutions to our customers. We remain focused on growth, operational excellence, and strategic investments to create value for our customers, and ultimately our shareholders.”

“Based on our strong year-to-date results, robust bookings, and favorable market outlook, we are increasing our 2025 financial guidance metrics,” said Geveden. “We now expect adjusted EBITDA of $565 million to $575 million, adjusted EPS of $3.65 to $3.75, and free cash flow of $275 million to $285 million.”







(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 June 30,
20252024$ Change% Change
(Unaudited)
(In millions, except per share amounts)
Revenues
Government Operations$589.0 $540.8 $48.1 9%
Commercial Operations$176.1 $141.5 $34.6 24%
Consolidated$764.0 $681.5 $82.6 12%
Operating Income
Government Operations$109.4 $92.5 $16.9 18%
Commercial Operations$6.9 $16.6 $(9.8)(59)%
Unallocated Corporate (Expense)$(13.9)$(10.3)$(3.5)NM
Consolidated$102.4 $98.8 $3.6 4%
Consolidated non-GAAP(1)
$118.6 $104.6 $14.0 13%
EPS (Diluted)
GAAP$0.85 $0.79 $0.06 8%
Non-GAAP(1)
$1.02 $0.82 $0.20 24%
Net Income
GAAP$78.5 $73.0 $5.4 7%
Non-GAAP(1)
$93.2 $75.4 $17.8 24%
Adjusted EBITDA(1)
Government Operations$133.0 $108.2 $24.8 23%
Commercial Operations$16.2 $22.5 $(6.3)(28)%
Unallocated Corporate$(3.3)$(4.5)$1.2 NM
Consolidated$145.9 $126.2 $19.7 16%
Cash Flows
Operating Cash Flow(2)
$159.0 $65.9 $93.1 141%
Capital Expenditures(2)
$32.7 $30.4 $2.3 8%
Free Cash Flow(1)
$126.3 $35.5 $90.8 256%
Dividends Paid(2)
$23.1 $22.0 $1.2 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
Second 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, higher medical sales, and contribution from the acquisition of Kinectrics, partially offset by lower field services activity due to the timing of life-extension and outage projects, as well as lower fuel handling revenue.

Operating Income and Adjusted EBITDA(1)
Second quarter GAAP operating income increased as an increase in Government Operations was partially offset by lower Commercial Operations and higher corporate expense, as well as restructuring and transformation, and acquisition related costs.

(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.

Second quarter non-GAAP(1) operating income increased as an increase in Government Operations and lower corporate expense was partially offset by lower Commercial Operations. The Government Operations increase was driven by higher revenue and solid operational performance. The decrease in Commercial Operations was mainly due to revenue mix, related to the timing of life-extension and outage projects mentioned above, and growth investments.

Second quarter adjusted EBITDA(1) increased for the reasons noted above.

EPS
Second quarter GAAP EPS increased as higher operating income, higher other income and a lower tax rate, were partially offset by higher interest expense. Non-GAAP EPS(1) increased as higher operating income, higher other income and a lower tax rate were partially offset by higher interest expense.

Cash Flows
Second 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 $23.1 million, or $0.25 per common share, to shareholders in the second quarter of 2025. On July 30, 2025, the BWXT Board of Directors declared a quarterly cash dividend of $0.25 per common share payable on September 5, 2025, to shareholders of record on August 18, 2025.
2025 Guidance
BWXT raised its 2025 guidance for revenue, adjusted EBITDA(1) and non-GAAP EPS(1), and increased the low-end its free cash flow guidance.

(In millions, except per share amounts)
Year Ended
Year Ending
Year Ending
December 31, 2024
December 31, 2025
December 31, 2025
Results
Current GuidancePrior Guidance
Revenue
$2,704~$3,100~$3,000
Adjusted EBITDA(1)
$499~$565 - $575~$550 - $570
Non-GAAP(1) Earnings Per Share
$3.33~$3.65 - $3.75~$3.40 - $3.55
Free Cash Flow(1)
$255$275 - $285$265 - $285
Additional information can be found in the second 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 Second Quarter 2025 Results
Date: Monday, August 4, 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/2Q2025-release.
(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.

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
(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.

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, 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, environmental restoration, nuclear medicine and space exploration. With nearly 10,000 employees, BWXT and its affiliated companies have 20 major operating sites in the U.S., Canada and the U.K. BWXT and its industry partners support the U.S. Department of Energy and National Nuclear Security Administration across more than a dozen major contracts in North America. For more information, visit www.bwxt.com. Follow us on LinkedIn, X, Facebook and Instagram.

Investor Contact:Media Contact:
Chase JacobsonJohn Dobken
Vice President, Investor RelationsSenior Manager, Media & Public Relations
980-365-4300Investors@bwxt.com202-428-6913jcdobken@bwxt.com

(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.

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 June 30, 2025
 GAAPRestructuring & Transformation CostsAcquisition-Related CostsAcquisition-Related AmortizationNon-GAAP
Government Operations Operating Income$109.4 $0.9 $3.5 $1.8 $115.6 
Commercial Operations Operating Income$6.9 $1.0 $2.1 $0.7 $10.7 
Unallocated Corporate Operating Income$(13.9)$7.1 $1.7 $— $(5.1)
Operating Income$102.4 $9.0 $7.2 $2.5 $121.1 
Other Income (Expense)(4.7)— — — (4.7)
Income Before Provision for Income Taxes97.8 9.0 7.2 2.5 116.5 
Provision for Income Taxes(19.3)(1.4)(2.0)(0.6)(23.3)
Net Income78.5 7.6 5.3 1.9 93.2 
Net Income Attributable to Noncontrolling Interest
(0.1)— — — (0.1)
Net Income Attributable to BWXT
$78.4 $7.6 $5.3 $1.9 $93.1 
 
Diluted Shares Outstanding91.7 91.7 
Diluted Earnings per Common Share
$0.85 $0.08 $0.06 $0.02 $1.02 
Effective Tax Rate19.7%20.0 %
Three Months Ended June 30, 2024
 GAAPRestructuring CostsAcquisition-Related CostsOne-Time Tax BenefitNon-GAAP
Government Operations Operating Income$92.5 $0.3 $— $— $92.8 
Commercial Operations Operating Income$16.6 $1.5 $— $— $18.1 
Unallocated Corporate Operating Income$(10.3)$4.0 $0.1 $— $(6.3)
Operating Income$98.8 $5.8 $0.1 $— $104.6 
Other Income (Expense)(7.2)— — — (7.2)
Income Before Provision for Income Taxes91.6 5.8 0.1 — 97.4 
Provision for Income Taxes(18.6)(1.3)(0.0)(2.2)(22.1)
Net Income73.0 4.4 — (2.2)75.4 
Net Income Attributable to Noncontrolling Interest
(0.1)— — — (0.1)
Net Income Attributable to BWXT
$73.0 $4.4 $— $(2.2)$75.3 
 
Diluted Shares Outstanding91.8 91.8 
Diluted Earnings per Common Share
$0.79 $0.05 $0.00 $(0.02)$0.82 
Effective Tax Rate20.3%22.7%
(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.

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

Three Months Ended June 30, 2025
 GAAPRestructuring & Transformation CostsAcquisition-related CostsAcquisition-related AmortizationNon-GAAP
 
Net Income$78.5 $7.6 $5.3 $1.9 $93.2 
Provision for Income Taxes19.3 1.4 2.0 0.6 23.3 
Other – net(6.5)— — — (6.5)
Interest Expense11.7 — — — 11.7 
Interest Income(0.6)— — — (0.6)
Depreciation & Amortization27.3 — — (2.5)24.8 
Adjusted EBITDA$129.7 $9.0 $7.2 $— $145.9 
Three Months Ended June 30, 2024
 GAAPRestructuring CostsAcquisition-related CostsOne-Time Tax BenefitNon-GAAP
 
Net Income$73.0 $4.4 $0.0 $(2.2)$75.4 
Provision for Income Taxes18.6 1.3 0.0 2.2 22.1 
Other – net(3.0)— — — (3.0)
Interest Expense10.7 — — — 10.7 
Interest Income(0.5)— — — (0.5)
Depreciation & Amortization21.6 — — — 21.6 
Adjusted EBITDA$120.4 $5.8 $0.1 $— $126.2 
RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3)(4)
(In millions)
Three Months Ended June 30, 2025
 Operating Income (GAAP)
Non-GAAP Adjustments(3,4)
Acquisition-related AmortizationDepreciation & AmortizationAdjusted EBITDA
 
Government Operations$109.4 $4.4 $1.8 $17.4 $133.0 
Commercial Operations$6.9 $3.1 $0.7 $5.6 $16.2 
Unallocated Corporate$(13.9)$8.8 $— $1.8 $(3.3)
Three Months Ended June 30, 2024
 Operating Income (GAAP)
Non-GAAP Adjustments(3)
Depreciation & AmortizationAdjusted EBITDA
 
Government Operations$92.5 $0.3 $15.4 $108.2 
Commercial Operations$16.6 $1.5 $4.4 $22.5 
Unallocated Corporate$(13.9)$4.0 $1.8 $(4.5)

(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.

EXHIBIT 1 (continued)
RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3)
(In millions)
Three Months Ended June 30, 2025
 
Net Cash Provided By Operating Activities$159.0 
Purchases of Property, Plant and Equipment(32.7)
Free Cash Flow$126.3 
Three Months Ended June 30, 2024
 
Net Cash Provided By Operating Activities$65.9 
Purchases of Property, Plant and Equipment(30.4)
Free Cash Flow$35.5 
(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
(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.

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(Unaudited)
(In thousands, except share and per share amounts)
Revenues$764,039 $681,465 $1,446,297 $1,285,431 
Costs and Expenses:
Cost of operations572,642 513,196 1,089,707 968,553 
Research and development costs4,565 1,271 6,578 2,761 
(Gains) Losses on asset disposals and impairments, net13 (4)(4,418)(4)
Selling, general and administrative expenses102,940 79,780 190,509 147,141 
Total Costs and Expenses680,160 594,243 1,282,376 1,118,451 
Equity in Income of Investees18,545 11,584 35,133 24,787 
Operating Income102,424 98,806 199,054 191,767 
Other Income (Expense):
Interest income551 540 1,273 1,386 
Interest expense(11,741)(10,688)(19,735)(20,283)
Other – net6,525 2,971 8,984 7,136 
Total Other Income (Expense)(4,665)(7,177)(9,478)(11,761)
Income before Provision for Income Taxes
97,759 91,629 189,576 180,006 
Provision for Income Taxes19,297 18,584 35,588 38,427 
Net Income$78,462 $73,045 $153,988 $141,579 
Net Income Attributable to Noncontrolling Interest(74)(73)(138)(139)
Net Income Attributable to BWX Technologies, Inc.$78,388 $72,972 $153,850 $141,440 
Earnings per Common Share:
Basic:
Net Income Attributable to BWX Technologies, Inc.$0.86 $0.80 $1.68 $1.54 
Diluted:
Net Income Attributable to BWX Technologies, Inc.$0.85 $0.79 $1.68 $1.54 
Shares used in the computation of earnings per share:
Basic91,542,967 91,564,263 91,568,526 91,559,824 
Diluted91,702,703 91,801,539 91,788,204 91,831,232 
(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.

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30,
20252024
(Unaudited) (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income$153,988 $141,579 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization51,171 42,160 
Income of investees, net of dividends(2,700)(3,301)
(Gains) Losses on asset disposals and impairments - net(4,418)(4)
Recognition of losses for pension and postretirement plans1,627 1,663 
Stock-based compensation expense13,735 10,279 
Other, net(9,366)(28)
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable(465)(20,319)
Accounts payable6,875 47,018 
Retainages(7,045)587 
Contracts in progress and advance billings on contracts7,754 (78,722)
Income taxes22,558 (6,741)
Accrued and other current liabilities19,382 (328)
Pension liabilities, accrued postretirement benefit obligations and employee benefits(33,656)(23,625)
Other, net(9,747)(11,298)
NET CASH PROVIDED BY OPERATING ACTIVITIES209,693 98,920 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment(66,098)(60,827)
Acquisition of businesses, net of cash acquired(538,184)— 
Sales and maturities of securities3,397 — 
Investments, net of return of capital, in equity method investees(33,000)— 
Other, net4,405 203 
NET CASH USED IN INVESTING ACTIVITIES(629,480)(60,624)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt758,400 241,400 
Repayments of long-term debt(284,650)(239,525)
Repurchases of common stock(30,000)(20,000)
Dividends paid to common shareholders(46,798)(44,373)
Cash paid for shares withheld to satisfy employee taxes(12,883)(6,941)
Settlements of forward contracts, net1,657 4,543 
Other, net100 (108)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES385,826 (65,004)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH(2,475)(308)
TOTAL DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS
(36,436)(27,016)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD80,571 81,615 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD$44,135 $54,599 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest$30,036 $32,181 
Income taxes (net of refunds)$11,890 $45,382 
SCHEDULE OF NON-CASH INVESTING ACTIVITY:
Accrued capital expenditures included in accounts payable$15,575 $9,273 
(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.

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS
June 30,
2025		December 31,
2024
(Unaudited)
(In thousands)
Current Assets:
Cash and cash equivalents$36,984 $74,109 
Restricted cash and cash equivalents3,049 2,785 
Accounts receivable – trade, net148,756 99,112 
Accounts receivable – other24,508 53,199 
Retainages40,712 33,667 
Contracts in progress639,601 577,745 
Inventories51,560 40,288 
Other current assets51,715 49,092 
Total Current Assets996,885 929,997 
Property, Plant and Equipment, Net1,537,771 1,278,161 
Investments7,572 10,609 
Goodwill512,602 287,362 
Deferred Income Taxes4,727 6,569 
Investments in Unconsolidated Affiliates175,635 99,403 
Intangible Assets324,533 165,325 
Other Assets139,347 92,498 
TOTAL ASSETS$3,699,072 $2,869,924 

(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.

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
June 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 payable191,500 158,077 
Accrued employee benefits83,274 77,234 
Accrued liabilities – other104,576 65,100 
Advance billings on contracts198,336 161,290 
Total Current Liabilities590,186 474,201 
Long-Term Debt1,519,728 1,042,970 
Accumulated Postretirement Benefit Obligation77,490 16,515 
Environmental Liabilities96,620 94,225 
Pension Liability108,215 82,602 
Other Liabilities122,927 79,007 
Commitments and Contingencies
Stockholders' Equity:
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 128,680,180 and 128,320,295 shares at June 30, 2025 and December 31, 2024, respectively
1,286 1,283 
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued
— — 
Capital in excess of par value243,068 228,889 
Retained earnings2,394,737 2,287,151 
Treasury stock at cost, 37,281,441 and 36,869,498 shares at June 30, 2025 and December 31, 2024, respectively
(1,431,542)(1,388,432)
Accumulated other comprehensive income (loss)(23,385)(48,211)
Stockholders' Equity – BWX Technologies, Inc.1,184,164 1,080,680 
Noncontrolling interest(258)(276)
Total Stockholders' Equity1,183,906 1,080,404 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$3,699,072 $2,869,924 
(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.

BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(Unaudited)
(In thousands)
REVENUES:
Government Operations$588,959 $540,846 $1,144,246 $1,027,967 
Commercial Operations176,139 141,491 304,449 258,529 
Eliminations(1,059)(872)(2,398)(1,065)
TOTAL$764,039 $681,465 $1,446,297 $1,285,431 
 
SEGMENT INCOME:
Government Operations$109,417 $92,520 $207,163 $178,206 
Commercial Operations6,877 16,628 13,342 25,219 
SUBTOTAL$116,294 $109,148 $220,505 $203,425 
Unallocated Corporate(13,870)(10,342)(21,451)(11,658)
TOTAL$102,424 $98,806 $199,054 $191,767 
 
DEPRECIATION AND AMORTIZATION:
Government Operations$19,222 $15,431 $37,318 $29,664 
Commercial Operations6,243 4,397 10,262 8,841 
Corporate1,794 1,781 3,591 3,655 
TOTAL$27,259 $21,609 $51,171 $42,160 
 
CAPITAL EXPENDITURES:
Government Operations$15,770 $14,201 $34,270 $30,584 
Commercial Operations16,701 15,736 29,910 29,080 
Corporate258 468 1,918 1,163 
TOTAL$32,729 $30,405 $66,098 $60,827 
BACKLOG:
Government Operations$4,435,593 $2,865,193 $4,435,593 $2,865,193 
Commercial Operations1,579,598 669,054 1,579,598 669,054 
TOTAL$6,015,191 $3,534,247 $6,015,191 $3,534,247 
BOOKINGS:
Government Operations$1,412,286 $497,021 $1,638,683 $676,434 
Commercial Operations228,195 83,183 721,615 145,597 
TOTAL$1,640,481 $580,204 $2,360,298 $822,031 
(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.