Bwx Technologies, Inc. · NYSE:BWXT
Bwx Technologies — Q4 2025 Earnings Presentation
17 slides from Bwx Technologies's earnings presentation, Feb 23, 2026
Slide 1: BWX Technologies Q4 2025 earnings presentation
© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc.
Slide 2: Forward-looking statements
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-look
Slide 3: 4Q25 and 2025 highlights; 2026 guidance
o 4Q25 Y/Y financial performance ‒ Revenue up 19%, driven by robust growth in Commercial, partially offset by a modest decline in Government; organic growth up 4% ‒ Adjusted EBITDA(1) up 13% and Non-GAAP EPS(1) up 17% as higher Commercial Operations income was partially offset by lower Our Purpose:
Slide 4: 4Q25 consolidated financial results
($million, except per share amounts) Net income & Revenue adj. EBITDA(1) / margin Net 71 93 886 19% Our Purpose: 148 income We employ nuclear technology o 4Q25 revenue up 19% from higher revenue in 13% 746 to solve 130 some of the world’s most important Commercial Operations partially offset by slig
Slide 5: 4Q25 EPS bridge
0.01 (0.01) 1.08 0.04 0.12 0.92 Non-operational earnings headwinds Gov. Ops. revenue - ~$8M FX gain; slightly lower pension and other income - Higher debt balance due to acquisitions, offset by lower cost of Com. Ops. revenue debt Gov. Ops - Higher tax rate due to geographical mix and timing of R&D
Slide 6: 4Q25 segment results
($million) 595 Our Purpose: 589 We employ nuclear technology 298 4Q25 revenue down 1% as 95% 4Q25 revenue up 95% driven (1)% to solve highersome of the world’s most important special materials by higher field services, fuel Revenue Revenue processing revenue and components and medical 152 problems c
Slide 7: 2025 consolidated financial results
($million, except per share amounts) Net income & Revenue adj. EBITDA(1) / margin Net 282 329 3,198 18% Our Purpose: 574 income We employ nuclear technology 2,704 499 o 2025 revenue up 18% from higher revenue in 15% to solve some of the world’s most important Government Operations and Commercial Ope
Slide 8: 2025 segment results
($million) 853 2,183 Our Purpose: 2,350 8% We employ nuclear technology 2025 revenue up 8% from 63% 2025 revenue up 63% driven to solve highersome of the world’s most important naval nuclear 524 by higher commercial nuclear Revenue Revenue component production, special components, fuel and fuel prob
Slide 9: 2025 EPS bridge
0.09 (0.02) 0.07 4.01 0.54 3.33 Non-operational earnings headwinds - Greater FX gains, partially offset by lower pension income Gov. Ops. revenue - Higher debt balance due to acquisitions - Slightly lower tax rate as tax planning initiatives offset Com. Ops. revenue geographical mix headwind Gov. Op
Slide 10: 2026 guidance
o Revenue Growth ‒ Government Operations: low-to-mid teens growth driven by double-digit special materials growth and low-single-digit naval propulsion growth ‒ Commercial Operations: ~25% growth driven by low-double-digit organic growth plus contribution from Kinectrics o Adj. EBITDA(1,2) ‒ Governm
Slide 11: 2026 EPS guidance bridge
($ per diluted share) ~( 0.30 ) ~(0.08) ~(0.01) $4.55 - $4.70 0.45-0.58 ~( 0.10 ) Our Purpose: We employ nuclear technology to solve some of the world’s most important $4.01 problems Our Mission: We provide safe anditems Non-operational effective - Lower pension and other income; absence of FX gains
Slide 12: Appendix
12 © 2025 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc.
Slide 13: Non-GAAP definitions
Non-GAAP figures exclude any mark-to-market adjustment for pension and postretirement benefits recognized and other one-time items. Other non-GAAP definitions and calculations Non-GAAP Earnings Per Share (EPS) = GAAP EPS less the non-operational tax effected per share impact of pension & OPEB mark-t
Slide 14: Reconciliation: three months ended Dec 31, 2025
BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3) (In millions, except per share amounts) (In millions) Three Months Ended December 31, 2025 Three Months Ended December 31, 2025 Restructurin
Slide 15: Reconciliation: three months ended Dec 31, 2024
BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3) (In millions, except per share amounts) (In millions) Three Months Ended December 31, 2024 Three Months Ended December 31, 2024 Operating In
Slide 16: Reconciliation: year ended Dec 31, 2025
BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3) (In millions, except per share amounts) (In millions) Year Ended December 31, 2025 Year Ended December 31, 2025 Restructuring Pension & & Ac
Slide 17: Reconciliation: year ended Dec 31, 2024
BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3) (In millions, except per share amounts) (In millions) Year Ended December 31, 2024 Year Ended December 31, 2024 Operating Income Non-GAAP De