Wednesday 4 November 2026 Export BWXT’s income statement to Excel — free account

BWX Technologies, Inc.

BWX Technologies, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.2 billion, up 18.3% from fiscal 2024.

Revenue: +10.0%
EPS: +23.3%
Free cash flow: +58.6%
Total debt: +33.9%

Quarter to September 2026, against a year earlier

121.34 10.48 −7.95%

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Market cap: $12.1B
P/E: 32.3×
Fwd P/E: 29.8×
Dividend yield: 0.80%
F-score: 5/9
Altman Z: 5.32
Beneish M: −1.91
Dividend safety: 82/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

BWX Technologies, Inc. (BWXT) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Government Operations	2,350	73.48%
Commercial Operations	853	26.67%
Gross margin		22.91%
Operating margin		12.65%
Pre-tax margin		12.45%

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Government Operations	2,350 73.48%	2,183 80.74%	2,031 81.37%	1,808 80.99%	1,725 81.22%	1,763 83.03%	—	—	—	—	—	—	—	—	—	—	—
Commercial Operations	853 26.67%	524 19.38%	466 18.68%	427 19.14%	407 19.17%	371 17.48%	353 18.61%	366 20.33%	286 16.94%	162 10.42%	121 8.55%	155 10.67%	284 18.35%	326 9.89%	321 10.89%	196 7.30%	175 6.12%
Nuclear Operations Group	—	—	—	—	—	—	1,429 75.39%	1,319 73.29%	1,272 75.36%	1,269 81.86%	1,180 83.35%	1,221 84.17%	1,168 75.50%	1,098 33.36%	1,043 35.34%	996 37.04%	914 32.02%
Nuclear Services Group	—	—	—	—	—	—	131 6.93%	122 6.80%	137 8.13%	—	—	—	—	—	—	—	—
All other segments [member]	—	—	—	—	—	—	—	—	0 0.00%	0 0.00%	0 0.00%	0 0.02%	2 0.10%	—	—	—	—
Technical Services	—	—	—	—	—	—	—	—	—	128 8.26%	121 8.57%	85 5.85%	104 6.74%	108 3.28%	120 4.06%	90 3.35%	120 4.19%
Power Generation Systems	—	—	—	—	—	—	—	—	—	—	—	—	—	1,786 54.26%	1,542 52.22%	1,425 52.98%	1,658 58.09%
Mpower	—	—	—	—	—	—	—	—	—	—	—	—	—	0 0.01%	(75) (2.55%)	—	—
Eliminations	—	—	—	—	—	(11) (0.51%)	(18) (0.93%)	—	—	(8) (0.53%)	—	(10) (0.70%)	(11) (0.69%)	(26) (0.80%)	—	(18) (0.68%)	—
Revenue	3,198	2,704	2,496	2,233	2,124	2,124	1,895	1,800	1,688	1,551	1,416	1,451	1,547	3,291	2,952	2,689	2,855

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Government Operations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Commercial Operations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Nuclear Operations Group	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Nuclear Services Group	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
All other segments [member]	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Technical Services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Power Generation Systems	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Mpower	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Segments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Mark To Market Adjustments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating Segments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Activities And Elimination	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Elimination [Member] (Deprecated 2012-01-31)	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
United States	2,431 76.02%	2,230 82.49%	2,066 82.76%	1,826 81.77%	1,759 82.79%	1,447 80.38%	1,409 83.47%	1,398 90.13%	1,307 92.32%	1,375 94.76%	1,445 93.41%	2,615 79.46%	2,340 79.28%	2,134 79.36%	2,300 80.57%
Canada	689 21.53%	431 15.95%	390 15.63%	377 16.88%	349 16.42%	295 16.39%	245 14.52%	125 8.06%	88 6.24%	65 4.49%	86 5.53%	288 8.76%	239 8.08%	252 9.38%	268 9.37%
Other	83 2.60%	46 1.68%	41 1.66%	33 1.48%	25 1.17%	—	—	—	—	—	—	—	—	—	—
All Other Countries	—	—	—	—	—	58 3.23%	34 2.01%	4 0.23%	4 0.25%	2 0.11%	5 0.33%	—	—	—	—
China	—	—	—	—	—	—	—	13 0.84%	11 0.75%	7 0.47%	6 0.38%	46 1.39%	48 1.63%	48 1.80%	54 1.90%
Romania	—	—	—	—	—	—	—	11 0.69%	6 0.43%	0 0.00%	—	—	—	—	—
Belgium	—	—	—	—	—	—	—	1 0.05%	—	—	—	—	—	—	—
Argentina	—	—	—	—	—	—	—	—	—	2 0.17%	5 0.35%	24 0.71%	21 0.71%	4 0.16%	—
Sweden	—	—	—	—	—	—	—	—	—	—	—	102 3.09%	94 3.20%	49 1.81%	41 1.43%
Other Countries	—	—	—	—	—	—	—	—	—	—	—	59 1.80%	90 3.06%	46 1.70%	39 1.38%
Delaware	—	—	—	—	—	—	—	—	—	—	—	34 1.04%	8 0.28%	3 0.13%	16 0.55%
Denmark	—	—	—	—	—	—	—	—	—	—	—	19 0.56%	12 0.42%	15 0.56%	22 0.77%
Korea, Republic Of	—	—	—	—	—	—	—	—	—	—	—	14 0.44%	6 0.21%	9 0.34%	—
Indiana	—	—	—	—	—	—	—	—	—	—	—	13 0.40%	9 0.30%	16 0.61%	5 0.18%
Chile	—	—	—	—	—	—	—	—	—	—	—	12 0.35%	7 0.23%	3 0.11%	2 0.06%
Norway	—	—	—	—	—	—	—	—	—	—	—	10 0.30%	30 1.01%	33 1.24%	22 0.77%
Italy	—	—	—	—	—	—	—	—	—	—	—	8 0.26%	7 0.22%	11 0.42%	5 0.16%
Saudi Arabia	—	—	—	—	—	—	—	—	—	—	—	8 0.24%	3 0.11%	2 0.06%	—
Idaho	—	—	—	—	—	—	—	—	—	—	—	8 0.24%	5 0.16%	6 0.22%	9 0.31%
United Kingdom	—	—	—	—	—	—	—	—	—	—	—	7 0.20%	6 0.21%	7 0.25%	7 0.24%
Mexico	—	—	—	—	—	—	—	—	—	—	—	3 0.10%	3 0.09%	—	—
Thailand	—	—	—	—	—	—	—	—	—	—	—	3 0.09%	2 0.07%	—	—
South Africa	—	—	—	—	—	—	—	—	—	—	—	3 0.09%	4 0.14%	—	—
Brazil	—	—	—	—	—	—	—	—	—	—	—	3 0.08%	5 0.16%	3 0.11%	2 0.07%
Illinois	—	—	—	—	—	—	—	—	—	—	—	3 0.08%	2 0.07%	—	—
Trinidad And Tobago	—	—	—	—	—	—	—	—	—	—	—	2 0.07%	3 0.09%	—	—
France	—	—	—	—	—	—	—	—	—	—	—	2 0.07%	3 0.12%	5 0.20%	8 0.29%
Austria	—	—	—	—	—	—	—	—	—	—	—	1 0.04%	0 0.02%	—	—
Colorado	—	—	—	—	—	—	—	—	—	—	—	1 0.04%	2 0.06%	—	—
Venezuela	—	—	—	—	—	—	—	—	—	—	—	1 0.03%	—	—	—
Dominican Republic	—	—	—	—	—	—	—	—	—	—	—	1 0.02%	—	—	—
Vietnam	—	—	—	—	—	—	—	—	—	—	—	0 0.01%	—	—	—
Poland	—	—	—	—	—	—	—	—	—	—	—	0 0.01%	—	—	—
Singapore	—	—	—	—	—	—	—	—	—	—	—	0 0.01%	0 0.02%	—	—
Russian Federation	—	—	—	—	—	—	—	—	—	—	—	—	1 0.05%	—	—
Netherlands	—	—	—	—	—	—	—	—	—	—	—	—	1 0.03%	—	—
Ireland	—	—	—	—	—	—	—	—	—	—	—	—	—	27 0.99%	10 0.36%
Japan	—	—	—	—	—	—	—	—	—	—	—	—	—	9 0.33%	27 0.94%
Finland	—	—	—	—	—	—	—	—	—	—	—	—	—	4 0.15%	10 0.34%
Bulgaria	—	—	—	—	—	—	—	—	—	—	—	—	—	2 0.08%	—
Korea	—	—	—	—	—	—	—	—	—	—	—	—	—	—	8 0.29%
Revenue	3,198	2,704	2,496	2,233	2,124	1,800	1,688	1,551	1,416	1,451	1,547	3,291	2,952	2,689	2,855

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Commercial Operations backlog	Q3 FY2026	$2.1B	$1.5B	+39.77%
Commercial Operations bookings	Q3 FY2026	$215.2M	$159.3M	+35.07%
Government Operations backlog	Q3 FY2026	$6.5B	$5.9B	+9.77%
Government Operations bookings	Q3 FY2026	$323.0M	$2.1B	−84.52%
Remaining performance obligations	Q3 FY2026	$8.6B	$7.4B	+15.79%
Total backlog	Q3 FY2026	$8.6B	$7.4B	+15.79%
Total bookings	Q2 FY2026	$648.9M	$1.6B	−60.45%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q1 FY2018
Commercial Operations backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Commercial Operations bookings	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Government Operations backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Government Operations bookings	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total bookings	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.