Bwx Technologies, Inc. · NYSE:BWXT
Bwx Technologies — Q3 2025 Earnings Presentation
14 slides from Bwx Technologies's earnings presentation, November 2025
Slide 1: BWX Technologies 3Q25 Earnings Presentation
© 2025 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: Third Quarter 2025 Highlights
o 3Q25 Y/Y financial performance ‒ Revenue up 29%, driven by growth in both segments; organic growth up 12% ‒ Adjusted EBITDA(1) up 19% and Non-GAAP EPS(1) up 20% driven by higher operating earnings and modestly higher other income Our Purpose: We employ nuclear technology ‒ Free Cash Flow(1) of $95
Slide 4: 3Q25 Consolidated Results
($million, except per share amounts) Net income & Revenue adj. EBITDA(1) / margin 866 Net 70 82 29% Our Purpose: 151 income We employ nuclear technology o 3Q25 revenue up 29% from higher revenue in 19% 672 to solve 127 some of the world’s most important Government Operations and Commercial Operation
Slide 5: 3Q25 Non-GAAP EPS Bridge
($ per diluted share) 0.03 (0.03) Our Purpose: We employ nuclear technology0.00 0.17 1.00 to solve some of the world’s most important problems 0.83 Our Mission: We provideNon-operationalsafe anditems effective nuclear Gov. Ops. revenue solutions for global security, clean - ~$4M FX gain; slightly lo
Slide 6: 3Q25 Segment Results
($million) 617 Our Purpose: 10% We employ nuclear technology 251 3Q25 revenue up 10% from 122% 3Q25 revenue up 122% 560 to solve highersome of the world’s most important naval nuclear driven by higher commercial Revenue Revenue component production, special nuclear components, field problems materia
Slide 7: 2025 Guidance
o Revenue Growth ‒ Government Operations: mid-single digit organic growth + A.O.T. acquisition ‒ Commercial Operations: ~60% growth including high-teens organic growth + Kinectrics acquisition o Adj. EBITDA(1,2) ‒ Government Operations Margin: ~20.5% ‒ Commercial Operations Margin: ~13.5% ‒ Corporat
Slide 8: 2025 Non-GAAP EPS Guidance Bridge
($ per diluted share) Mid-Teens adj. EBITDA(1) growth ~0.02 ~(0.07) 0.45-0.50 0.03-0.04 3.75 – 3.80 Our Purpose: We employ nuclear technology to solve some of the world’s most important problems 3.33 Our Mission: We provide safe and effective Operational Items Non-operational items nuclear solutions
Slide 9: Preliminary 2026 Outlook
o Mid-to-high-teens revenue growth o GO growth: mid-teens driven by double-digit special materials growth and low-single-digit naval propulsion growth o CO growth: Low-double digit organic growth plus contribution from Kinectrics o Low-double-digit to low-teens Adjusted EBITDA(1,2) growth o GO: up h
Slide 10: 2026 Non-GAAP EPS Outlook Bridge
($ per diluted share) Low-double-digit to low-teens ~$15M adj. EBITDA(1) growth D&A Headwind High-single-digit to Our Purpose: We employ nuclear technology low-double-digit Non-GAAP EPS growth to solve some of the world’s most important problems $3.75 - $3.80 Our Mission: We provide safe and effecti
Slide 11: Appendix
11 © 2025 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc.
Slide 12: 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 13: Reconciliation of Free Cash Flow and Adjusted EBITDA
Our Purpose: We employ nuclear technology to solve some of the world’s most important problems Our Mission: We provide safe and effective RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3) nuclear solutions for global security, clean (In millions) Three Months Ended September 30, 2025 energy, en
Slide 14: Reconciliation of Non-GAAP Operating Income and EPS
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)(4) (In millions, except per share amounts) (In millions) Three Months Ended September 30, 2024 Three Months Ended September 30, 2024 Restruc