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BWX (BWXT) investor relations material
BWX Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary4 Aug, 2025
Executive summary
Q2 2025 revenue rose 12% year-over-year to $764M, with strong growth in both Government and Commercial segments and net income of $78M.
Adjusted EBITDA increased 16% and non-GAAP EPS grew 24%, driven by robust operations, favorable tax rates, and other income.
Free cash flow reached $126M for the quarter, with record backlog of $6.0B, up 70% year-over-year.
Major acquisitions included Kinectrics in May and A.O.T. in January, expanding nuclear and advanced materials capabilities.
Demand is accelerating across global security, clean energy, and medical end markets.
Financial highlights
Q2 2025 revenue was $764M, up from $682M in Q2 2024; adjusted EBITDA was $146M, up from $126M.
Net income for Q2 2025 was $78M, up from $73M in Q2 2024; non-GAAP EPS was $1.02, GAAP EPS $0.85.
Free cash flow for Q2 2025 was $126M, up from $36M in Q2 2024; operating cash flow was $159M.
Capital expenditures for Q2 2025 totaled $33M, with full-year CapEx expected at 5.5%-6% of sales.
Dividend of $0.25 per share paid in Q2 2025, with next dividend declared for September 2025.
Outlook and guidance
2025 revenue guidance raised to ~$3.1B; adjusted EBITDA guidance increased to $565M–$575M.
Non-GAAP EPS guidance raised to $3.65–$3.75; free cash flow guidance increased to $275M–$285M.
Commercial Operations expected to grow over 50% year-over-year, with mid-teens organic growth.
Full-year tax rate now expected at ~21%.
53% of $6.0B backlog expected to be recognized as revenue by end of 2026.
What drove the increase in government ops revenue?
Why did Commercial Operations income decrease?
How did Kinectrics acquisition impact revenue?
Assess impact of defense enrichment program.
Explain drivers of government ops margin improvement.
Detail BWXT's role in deuterium/lutetium irradiation.
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Q3 20253 Nov, 2025
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Frequently asked questions
BWX Technologies, Inc. manufactures and sells nuclear components in the United States, Canada, and internationally. The company operates through Two Businesses: The Nuclear Components Group and The BWXT Government Group. The Nuclear Components Group designs, fabricates, inspects, maintains and repairs nuclear components for use in electrical generating stations that use light water reactors and in defense nuclear facilities; and to the commercial nuclear power industry. This group sells its products to electric utilities and corporations worldwide. The BWXT Government Group provides products and services to the U.S. Government applications relating to national security and public safety as well as nuclear energy including transportation, waste storage cans, stockpile management, decommissioning and remediation projects etc. BWX Technologies is based in Lynchburg, Virginia.
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