BWX Technologies Earnings Call Transcripts
Fiscal Year 2026
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The company is experiencing robust growth across commercial and government nuclear markets, doubling its backlog to $8.4B and expanding its global footprint. With 2030 targets of $5.5B–$6B revenue and 20% EBITDA margins, it is investing in automation, digitalization, and disciplined M&A to capture demand from decarbonization, energy security, and AI-driven power needs.
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Q2 2026 saw 18% revenue growth and robust performance in both commercial and government segments, with backlog up 40% year-over-year. Guidance for 2026 was raised across revenue, EBITDA, and EPS, reflecting strong execution, a major medical business divestiture, and continued investment in nuclear capacity.
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Q1 2026 saw 26% revenue growth and 22% EPS growth, with backlog up 77% year-over-year. Strategic moves include the $200M PCG acquisition and plans for a new U.S. facility to meet surging nuclear demand. Guidance for 2026 was raised across revenue, EBITDA, and EPS.
Fiscal Year 2025
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Record 2025 results exceeded guidance with strong growth in revenue, EBITDA, and EPS, driven by robust demand and strategic acquisitions. 2026 outlook calls for high-teens revenue growth, margin improvement, and continued investment in capacity and technology.
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Q3 delivered double-digit organic revenue and EBITDA growth, with a record backlog and strong performance in both government and commercial segments. 2026 is expected to bring further record results, supported by major contract wins, robust demand, and ongoing operational improvements.
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Q2 2025 results exceeded expectations with double-digit adjusted EBITDA and EPS growth, robust free cash flow, and a record $6B backlog. Raised 2025 guidance for revenue, adjusted EBITDA, EPS, and free cash flow, supported by strong government and commercial demand and the Kinectrics acquisition.
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Delivered double-digit growth in revenue, adjusted EBITDA, and EPS in Q1 2025, driven by strong government and commercial performance, record backlog, and strategic contract wins. Outlook for 2025 remains robust, with margin recovery expected in H2 and continued investment in capacity and services.
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The acquisition of Kinectrics for $525 million expands capabilities in commercial nuclear power and nuclear medicine, enhancing end-to-end offerings and global reach. The deal is expected to be accretive, with a focus on growth rather than cost synergies, and positions the company for long-term success in key markets.
Fiscal Year 2024
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Record 2024 results featured double-digit growth in commercial and medical segments, a 21% backlog increase, and strong free cash flow. Strategic investments and acquisitions are fueling capacity and capability expansion, with 2025 guidance projecting continued revenue and earnings growth.
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Q3 2024 saw strong organic growth in revenue, EBITDA, and EPS, prompting raised full-year guidance. The acquisition of AOT and new government contracts strengthen the special materials and technical services portfolios. Robust demand in nuclear power and medical segments supports a positive outlook for 2025.
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Q2 results exceeded expectations with double-digit revenue, EBITDA, and EPS growth year-over-year. Strong demand in government, commercial nuclear, and medical segments led to raised EPS guidance and reaffirmed operational outlook, with robust free cash flow and continued investment in capacity.