BWX Technologies reported fourth‑quarter 2025 results that surpassed expectations, with revenue of $885.8 million, up 19% from $735.5 million in Q4 2024, and non‑GAAP earnings per share of $1.08, beating the consensus estimate of $0.88–$0.89 by $0.19–$0.20.
Commercial Operations drove the majority of the upside, reporting $297.7 million in revenue, a 95% year‑over‑year increase, while Government Operations generated $589.1 million, a 1% decline. The sharp rise in commercial revenue was driven by strong demand in commercial nuclear power and medical markets, offsetting the modest contraction in government revenue.
Adjusted EBITDA rose to $148 million, up 13% from $131 million in the same quarter last year, reflecting disciplined cost management and higher margin mix in commercial contracts. Despite a slight margin compression in government programs, overall profitability improved, supporting the earnings beat.
Management raised its 2026 guidance, projecting non‑GAAP EPS of $4.55 to $4.70, revenue of $3.75 billion, and adjusted EBITDA of $645 million to $660 million. The upward revision signals confidence in continued demand and the company’s ability to convert backlog growth into revenue.
Investors noted the strong results but remained cautious, citing the company’s premium valuation and near‑term margin pressures in government programs. The record backlog of $7.3 billion, up 50% year‑over‑year, provides a clear view of future revenue streams.
CFO Michael Fitzgerald said, 'Fourth quarter revenue was $886 million, up 19% year‑over‑year... Adjusted earnings per share were $1.08, up 17%.' CEO Rex Geveden added, 'We closed out a record 2025 with another strong quarter of results that were ahead of our expectations.'
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