BWX Technologies, Inc. (BWXT) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to BWX Technologies' fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. Following the company's prepared remarks, we will conduct a question and answer session, and instructions will be given at that time. I would now like to turn the call over to our host, Chase Jacobson, BWXT's Vice President of Investor Relations. Please go ahead. Thank you, Operator. Good evening, and welcome to today's call. Joining me are Rex Jevedin, President and CEO, and Mike Fitzgerald, Senior Vice President and CFO. On today's call, we will reference the fourth quarter and full year 2025 earnings presentation that is available on the investor section of the BWST website. We will also discuss certain matters that constitute forward-looking statements. These statements involve risks and uncertainties, including those described in the State Harbor provision found in the investor materials and the company's SEC filings. We will frequently discuss non-GAAP financial measures, which are reconciled to GAAP measures in the appendix of the earnings presentation that can be found on the investor section of the BWFC website. I would now like to turn the call over to Rex. Thank you, Chase, and good evening to all of you. We closed out of record 2025 with another strong quarter of results that were ahead of our expectations. For the full year, revenue grew 18%, adjusted EBITDA grew 15%, earnings per share grew 20%, and free cash flow grew 16%, all exceeding the initial guidance we provided at the start of the year. These results reflect our ability to scale successfully in a context of robust demand in all of our nuclear end markets. We ended the year with backlog of $7.3 billion, up 15% year over year, wit...