BWX Technologies (BWXT)
BWX Technologies (BWXT) manufactures nuclear reactor components and fuel, including reactors for US Navy submarines and carriers, components for small modular reactors, and medical isotopes. In ETFpedia it represents the nuclear supply chain behind the AI electricity and nuclear SMR theme: the heavy-manufacturing base that advanced-reactor developers depend on to build anything at all.
| Ticker | BWXT |
|---|---|
| Exchange | NYSE |
| Sector | Nuclear · Components & Fuel |
| Country | United States |
| Wikidata | Q4836852 |
| Last updated | 2026-06-04 |
Next event:Next earnings · Q2 2026, estimated · Calendar-estimated from prior years; BWXT has not confirmed the date. Last report: Q1 2026 on 2026-05-04. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-04)
BWXT reported Q1 2026 revenue of $860.2 million, up 26% year over year, with net income of $91.2 million and GAAP diluted EPS of $0.99 (non-GAAP $1.12). Commercial Operations revenue rose 121% on nuclear components, services, fuel, and medical sales, while Government Operations grew 4%.
| Revenue | $860.2M+26%YoY |
|---|---|
| Net income | $91.2M+21%YoY |
| GAAP diluted EPS | $0.99+21%YoY |
| Non-GAAP EPS | $1.12+22%YoY |
| Adjusted EBITDA | $148.0M+14%YoY |
| Total backlog | $8.65B · Up from $4.88B a year earlier |
Revenue by segment
| Government Operations | $577.9M · 67.2%of revenue+4.1% YoY |
|---|---|
| Commercial Operations | $283.6M · 33.0%of revenue+121.0% YoY |
Guidance:Full-year 2026
| Revenue | >$3,750M · Raised from ~$3,750M |
|---|---|
| Adjusted EBITDA | $650M-$665M · Raised from $645M-$660M |
| Non-GAAP EPS | $4.60-$4.75 · Raised from $4.55-$4.70 |
| Free cash flow | $315M-$330M · Excludes the PCG acquisition |
Recent & upcoming events
- · Q1 2026 results and raised guidance.Revenue $860.2M (+26%), net income $91.2M, adjusted EBITDA $148.0M; raised full-year 2026 guidance and announced the acquisition of Precision Components Group to build US commercial nuclear manufacturing capacity. (source)
- · Rolls-Royce SMR steam-generator agreement.BWXT and Rolls-Royce SMR signed agreements for the detailed design of nuclear steam generators for the Rolls-Royce 470 MWe small modular reactor, a key SMR component supply role drawing on BWXT Canada's 60-year steam-generator history. (source)
Segment revenue, backlog, and YoY are from the Q1 2026 8-K (Exhibit 99.1). Government growth came from naval reactors and special materials; Commercial growth from nuclear components, fuel, medical, and Kinectrics.
Figures are as of 2026-06-04 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does BWX Technologies do?
BWX Technologies is a nuclear manufacturer with two segments. Government Operations, the larger one, makes nuclear reactors and fuel for the US Navy’s submarine and aircraft-carrier fleet, processes special nuclear materials, and develops microreactors. Commercial Operations makes commercial nuclear components, fuel and fuel handling, field services, and medical radioisotopes, and includes the Kinectrics testing and engineering business. In Q1 2026 Government Operations generated $577.9 million of revenue and Commercial Operations $283.6 million (BWXT 8-K, May 4, 2026). BWXT runs 17 manufacturing facilities and has about 10,000 employees.
Why is BWX Technologies an AI electricity and nuclear SMR company?
The SMR story has a manufacturing problem hiding inside it: someone has to actually forge and machine reactor vessels, steam generators, and fuel, and very few companies can. BWXT is one of them, with decades of practice building reactors for the US Navy. It is now extending that base to commercial nuclear. In October 2025 it signed agreements with Rolls-Royce SMR to design the steam generators for that company’s 470 MWe small modular reactor (BWXT, Oct 28, 2025), and in May 2026 it announced the Precision Components Group acquisition to establish US-based commercial nuclear manufacturing capacity. That makes BWXT a supplier to the SMR developers in the theme, including names building the BWRX-300, rather than a competitor to them.
“Investment in global nuclear markets is accelerating and demand for BWXT’s innovative nuclear solutions is growing rapidly.”
— Rex D. Geveden, President and CEO, BWX Technologies, May 4, 2026
What did BWX Technologies report most recently?
In Q1 2026 (the quarter ended March 31, 2026), BWXT reported revenue of $860.2 million, up 26% year over year, with net income of $91.2 million and GAAP diluted EPS of $0.99 (non-GAAP EPS of $1.12) (BWXT 8-K, May 4, 2026). Adjusted EBITDA was $148.0 million. The standout was Commercial Operations, up 121% to $283.6 million on higher commercial nuclear components, field services, fuel, and medical sales plus the Kinectrics contribution; Government Operations grew 4% to $577.9 million on naval reactors and special materials, partly offset by lower microreactor volumes. Total backlog jumped to $8.65 billion from $4.88 billion a year earlier, with Government bookings of about $2.0 billion in the quarter.
What is BWX Technologies’ guidance?
BWXT raised its full-year 2026 guidance to revenue above $3,750 million, adjusted EBITDA of $650 million-$665 million, non-GAAP EPS of $4.60-$4.75, and free cash flow of $315 million-$330 million (BWXT 8-K, May 4, 2026). The guidance excludes any contribution from the announced Precision Components Group acquisition, so completed dealmaking could add to it.
What are the risks for BWX Technologies?
- Government concentration. Government Operations is the majority of revenue and depends on federal budgets, appropriations, and the timing of naval and microreactor programs; continuing resolutions and shutdowns are explicit risks.
- Program timing and execution. Microreactor volumes fell this quarter, and results swing with the pacing of work across long-dated contracts.
- Commercial nuclear is early. The SMR and advanced-reactor supply chain is still ramping, so commercial growth, though fast, builds off a smaller base and depends on developers reaching construction.
- Acquisition and capital intensity. Building US nuclear manufacturing capacity, including the PCG deal, requires heavy capital and integration work.
Related securities, concepts & terms
- AI Electricity & Nuclear SMRsparent
- Centrus Energy (LEU)sibling
Related indices & ETFs
- Akros U.S. AI Electricity SMR Index · AkrosThematic index of US-listed AI-electricity and nuclear-SMR names that includes BWX Technologies.
Frequently asked questions about BWX Technologies
What does BWX Technologies do?
BWX Technologies manufactures nuclear reactor components and fuel. Its Government Operations segment makes reactors and fuel for the US Navy's submarines and aircraft carriers and develops microreactors, while its Commercial Operations segment makes commercial nuclear components, fuel, field services, and medical radioisotopes. In Q1 2026 Government Operations generated $577.9 million of revenue and Commercial Operations $283.6 million (BWXT 8-K, May 4, 2026).
Why is BWX Technologies part of the AI electricity and nuclear SMR theme?
BWXT is the heavy-manufacturing base of the nuclear supply chain. Advanced reactors and SMRs need precision-machined components and fuel that few companies can make, and BWXT already builds reactors for the US Navy. It signed an agreement to design steam generators for the Rolls-Royce 470 MWe SMR (BWXT, Oct 28, 2025) and announced the Precision Components Group acquisition to build US commercial nuclear manufacturing capacity, positioning it to supply the SMR developers in the theme rather than compete with them.
What was BWX Technologies' latest quarterly revenue?
BWXT reported Q1 2026 revenue of $860.2 million, up 26% year over year, with net income of $91.2 million and GAAP diluted EPS of $0.99 (non-GAAP EPS of $1.12) (BWXT 8-K, May 4, 2026). Commercial Operations revenue rose 121% to $283.6 million on nuclear components, services, fuel, and medical sales, while Government Operations grew 4% to $577.9 million. Total backlog reached $8.65 billion, up from $4.88 billion a year earlier.
When does BWX Technologies report its next earnings?
BWXT is expected to report Q2 2026 results in late July 2026. That date is calendar-estimated and unconfirmed, so check BWXT's investor relations page. It last reported Q1 2026 on May 4, 2026 (BWXT 8-K).
What is BWX Technologies' guidance for 2026?
BWXT raised its full-year 2026 guidance to revenue above $3,750 million, adjusted EBITDA of $650 million-$665 million, non-GAAP EPS of $4.60-$4.75, and free cash flow of $315 million-$330 million, excluding the announced Precision Components Group acquisition (BWXT 8-K, May 4, 2026).
Sources & references
- BWX Technologies Reports First Quarter 2026 Results (Form 8-K, Exhibit 99.1) · BWX Technologies, Inc. / SEC EDGAR, 2026-05-04
- BWX Technologies, Inc. · Q1 2026 quarterly report (Form 10-Q) · BWX Technologies, Inc. / SEC EDGAR, 2026-05-04
- BWXT and Rolls-Royce SMR Sign Agreements Advancing Key Nuclear Component Manufacturing · BWX Technologies, Inc., 2025-10-28
- BWX Technologies · investor relations events and earnings call schedule · BWX Technologies, Inc., 2026-06-04
- Small Modular Reactors · World Nuclear Association, 2025-09-01
- Energy demand from AI · Energy and AI · International Energy Agency, 2025-04-10
- NYSE listed company information · BWXT · New York Stock Exchange, 2026-06-02