BWX Technologies : BWXT 1Q26 Earnings Presentation Final

Published: 2026-05-04 17:09:42 ET BWXT

Published on 05/04/2026 at 05:09 pm EDT

‌BWX Technologies, Inc. ("BWXT") cautions that statements in this presentation that are forward-looking and provide other than historical information involve risks and uncertainties that may impact actual results and any future performance suggested in the forward-looking statements. The forward-looking statements in this presentation include, but are not limited to, statements relating to our 2026 and future strategic priorities, including U.S. Navy procurement, microreactors, advanced nuclear fuels, medical radioisotope industrialization, small modular reactor components, recent acquisitions and organic growth opportunities; statements related to backlog, to the extent they may be viewed as an indicator of future revenues; the expected U.S. Navy long-term procurement schedules and forecasts; estimated pension costs; expected future capital expenditure levels; the expected Canadian nuclear power forecast for services, refurbishment timelines and opportunities; disruptions to our supply chain and/or operations, changes in government regulations and other factors; our outlook, priorities and growth opportunities in our businesses; and guidance for 2026 and beyond. These forward-looking statements are based on current management expectations and involve a number of risks and uncertainties, including, among other things, 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; our ability to win new project awards; the receipt and/or timing of government approvals; capital spending of power generating utilities; the timing of technology development, regulatory approvals and automation of production; the potential recurrence or subsequent waves or strains of COVID-19 or similar diseases; adverse changes in the industries in which we operate; labor market challenges, including employee retention and recruitment; termination, delays and other difficulties executing on contracts in backlog and adverse changes in the demand for or competitiveness of nuclear products and services. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risks, please see BWXT's filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.‌

Revenue up 26%, driven by robust growth in Commercial, and modest growth in Government; 11% organic growth

Adjusted EBITDA(1) up 14% and Non-GAAP EPS(1) up 22% driven by growth in both segments

Government Operations backlog(2) up 25% Q/Q and 93% Y/Y driven primarily by booking the remainder of a previously announced pricing agreement for naval propulsions components

Opening of the Centrifuge Manufacturing Development Facility in Oak Ridge, TN, and began engagement with the NRC to license an enrichment facility in Erwin, TN to support the reconstruction of a domestic uranium enrichment capability as part of the previously announced $1.5B IDIQ contract awarded by the NNSA.

Book-to-bill of 1.0 driven by various components and field services awards; Kinectrics book-to-bill >1.0

Announced the acquisition of Precision Components Group, LLC in April 2026; BWXT's first step in establishing a U.S. commercial nuclear component manufacturing footprint to support future new reactor builds and aftermarket

Revenue of >$3.75B: up high-teens Y/Y; up low-teens organically

Adjusted EBITDA(1) of $650M-$665M: up low-to-mid teens Y/Y

Non-GAAP EPS(1) of $4.60-$4.75: up mid-to-high-teens Y/Y

Free Cash Flow(1) of $315M-$330M: operating cash flow up mid-to-high teens Y/Y

Non-GAAP figures exclude any mark-to-market adjustment for pension and postretirement benefits recognized and other one-time items. A reconciliation of GAAP to adjusted, non-GAAP measures can be found in the Appendix section of this presentation.

Technical services contracts are accounted for under equity method account; revenue associated with these projects is not consolidated therefore not included in backlog

2026 guidance does not include contribution from the announced acquisition of Precision Components Group, LLC

‌($million, except per share amounts)

Revenue

Net income &

adj. EBITDA(1) / margin

860

26%

682

1Q25 1Q26

Net income

76 91

148

19.0%

130

17.2%

OCF / FCF(1)

EPS

1Q25 1Q26

14%

1Q26 revenue up 26% from higher revenue in both Government and Commercial Operations; organic revenue up 11%

1Q26 adj. EBITDA(1) up 14% driven by growth in Government and Commercial Operations, partially offset by higher corporate expense

1Q26 non-GAAP(1) EPS up 22% driven by higher operating income, lower interest expense, and a lower

GAAP

0.82

0.99

FCF(1) 17 50

tax rate, partially offset by lower pension income

1Q26 OCF significantly higher driven by earnings growth and working capital management; FCF(1) was $50 million

Non-

GAAP(1)

1.12

22%

0.91

(43)

(33)

1Q25 1Q26 1Q25 1Q26

‌0.12 (0.02)

Gov. Ops. revenue

Com. Ops. revenue Gov. Ops

EBITDA margins

Com. Ops EBITDA margins

Corporate expense

Non-operational earnings headwinds

Slightly higher pension and other income offset by FX loss

Lower interest expense due to balance sheet optimization

More favorable tax rate due to stock compensation expense and tax

planning

(1) Non-GAAP figures exclude any mark-to-market adjustment for pension and postretirement benefits recognized and other one-time items. A reconciliation of

GAAP to adjusted, non-GAAP measures can be found in the Appendix section of this presentation.

555

578

‌($million)

Revenue

1Q25 1Q26

1Q26 revenue up 4% as higher special materials processing revenue and naval reactor growth was partially offset by lower microreactor volumes

284

121%

128

1Q25 1Q26

1Q26 revenue up 121% (39% organically) driven by higher revenue associated with commercial nuclear components, field services, fuel handling and fuel, as well as higher medical sales and contribution from Kinectrics

Operating income & Adj. EBITDA(1) / margin

Op. income

101

100

Op.

Operating income & Adj. EBITDA(1) / margin

income

10 29

Adj. EBITDA(1)

117 118

1Q26 adj. EBITDA(1) up 1% as

increased equity income from technical services projects and revenue growth were partially offset by mix due to greater contribution from newer

Adj.

10.9%

EBITDA(1) 14

12.9%

162%

1Q26 adj. EBITDA (1) up 162%

as higher revenue, solid operating performance, and more favorable mix were partially offset by growth investment

20.4%

21.1%

1Q25 1Q26

contracts

1Q25 1Q26

(1) Non-GAAP figures exclude any mark-to-market adjustment for pension and postretirement benefits recognized and other one-time items. A reconciliation of GAAP to adjusted, non-GAAP measures can be found in the Appendix section of this presentation.

‌Revenue Growth

Government Operations: low-teens growth driven by double-digit special materials

growth and low-single-digit naval propulsion growth

Commercial Operations: ~30% growth driven by low-teens organic growth plus contribution from Kinectrics

Adj. EBITDA(1,2)

Government Operations Margin: >19%

Commercial Operations Margin: ~14%

Corporate expense: ~$20M

Adj. Pre-tax Income(1,2)

Pension/Other (in other - net): ~$12M

Interest Expense, net: modest net interest expense

~$17M D&A step-up (excludes acquisition-related amortization)

Non-GAAP EPS(1,2)

Tax rate:<21.5%

Share count: slightly higher; no planned share repurchases

Free Cash Flow(1)

OCF up mid-to-high teens

Cap-Ex: ~6.0% of sales

Upward revision / downward revision from prior guidance provided on February 23, 2026

2026 guidance does not include contribution from the announced acquisition of Precision Components Group, LLC

BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty of estimating any mark-to-market adjustments for pension and

post-retirement benefits, which are determined at the end of the year. A reconciliation of GAAP to adjusted, non-GAAP measures can be found in the Appendix section of this presentation.

Excludes acquisition related amortization

‌($ per diluted share)

0.50 - 0.63

~(0.13)

~0.30 ~(0.06) ~(0.01)

Operational Items

Gov. Ops EBITDA Com. Ops. EBITDA

Non-operational items

- Slightly higher pension and other income; absence of FX gains

- Significantly lower interest expense due to balance sheet optimization

- Slightly higher tax rate as less favorable geographic mix (greater international growth) offsets tax planning

- Slightly higher share count; no planned repurchases

Corporate expense

Higher D&A

2025

Operations

Pension/Other

Interest Expense,

Tax Rate

Share count

2026

Income

Net

2026 guidance does not include contribution from the announced acquisition of Precision Components Group, LLC

BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty of estimating any mark-to-market adjustments for pension and post-retirement benefits, which are determined at the end of the year.

‌BWXT Confidential & Proprietary

Non-GAAP Earnings Per Share (EPS) = 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 EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization. Calculated using non-GAAP Net income, plus Provision for Income Taxes, less Other - net, less Interest income, plus Interest expense, plus Depreciation and amortization.

FCF = Free Cash Flow. Calculated using net income to derive Net Cash Provided By (Used In) Operating Activities less Purchases of property, plant and equipment.

FCF Conversion = Free Cash Flow Conversion. Free Cash Flow divided by net income

‌BWX TECHNOLOGIES, INC.

RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)(4)

(In millions, except per share amounts)

RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3)(4)

(In millions)

RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3)(4)

(In millions)

RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3)

(In millions)

Tables may not foot due to rounding.

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.

For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share.

Excludes acquisition-related amortization.

‌BWX TECHNOLOGIES, INC.

RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)(4)

(In millions, except per share amounts)

RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3)(4)

(In millions)

RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3)(4)

(In millions)

RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3)

(In millions)

Tables may not foot due to rounding.

For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share.

Excludes acquisition-related amortization.

Disclaimer

BWX Technologies Inc. published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 21:01 UTC.