BWX Technologies Reports First Quarter 2026 Results (Form 8-K)

BWX Technologies Reports First Quarter 2026 Results

•1Q26 revenues of $860.2 million

•1Q26 net income of $91.2 million, adjusted EBITDA(1) of $148.0 million

•1Q26 diluted GAAP EPS of $0.99, non-GAAP(1) EPS of $1.12

•Announced the acquisition of Precision Components Group, LLC (PCG), establishing a footprint for U.S. commercial nuclear component manufacturing

•Raising adjusted EBITDA(1) guidance to $650 million-$665 million, non-GAAP EPS(1) guidance to $4.60-$4.75, and free cash flow(1) guidance to $315 million-$330 million

(LYNCHBURG, Va. - May. 4, 2026) BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported first quarter 2026 results. A reconciliation of non-GAAP results is detailed in Exhibit 1.

"We started 2026 with strong results," said Rex D. Geveden president and chief executive officer. "Our first quarter results were driven by pacing of work, higher throughput and improved operating performance as we executed on our robust backlog and pursued new opportunities across our global security, commercial power, and nuclear medicine markets."

"Investment in global nuclear markets is accelerating and demand for BWXT's innovative nuclear solutions is growing rapidly," continued Geveden. "As highlighted by the recent announcement of the PCG acquisition, BWXT's first step in establishing U.S.-based commercial nuclear manufacturing capacity, we are committed to strategically deploying capital, both organically and inorganically, to bolster our industrial scale to meet the needs of these exciting markets and drive value creation for our shareholders."

"Given our strong first quarter results, robust backlog, and optimistic market outlook, we are raising our 2026 financial guidance," said Geveden. "We now anticipate 2026 adjusted EBITDA of $650 million-$665 million, non-GAAP EPS of $4.60-$4.75, and $315 million-$330 million of free cash flow."

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

Financial Results Summary

						Three Months Ended March 31,
						2026						2025						$ Change						% Change
						(Unaudited) (In millions, except per share amounts)
Revenues
Government Operations						$	577.9					$	555.3					$	22.6					4%
Commercial Operations						$	283.6					$	128.3					$	155.3					121%
Consolidated						$	860.2					$	682.3					$	178.0					26%
Operating Income
Government Operations						$	99.1					$	97.7					$	1.4					1%
Commercial Operations						$	24.0					$	6.5					$	17.6					272%
Unallocated Corporate (Expense)						$	(16.5)					$	(7.6)					$	(8.9)					NM
Consolidated						$	106.7					$	96.6					$	10.1					10%
Consolidated non-GAAP(1)						$	121.5					$	107.6					$	13.9					13%
EPS (Diluted)
GAAP						$	0.99					$	0.82					$	0.17					21%
Non-GAAP(1)						$	1.12					$	0.91					$	0.21					22%
Net Income
GAAP						$	91.2					$	75.5					$	15.7					21%
Non-GAAP(1)						$	102.8					$	84.0					$	18.8					22%
Adjusted EBITDA(1)
Government Operations						$	117.7					$	116.9					$	0.8					1%
Commercial Operations						$	36.5					$	14.0					$	22.5					162%
Unallocated Corporate						$	(6.2)					$	(1.1)					$	(5.1)					NM
Consolidated						$	148.0					$	129.8					$	18.2					14%
Cash Flows
Operating Cash Flow(2)						$	92.6					$	50.7					$	42.0					83%
Capital Expenditures(2)						$	42.5					$	33.4					$	9.1					27%
Free Cash Flow(1)						$	50.1					$	17.3					$	32.8					190%
Dividends Paid(2)						$	25.8					$	23.7					$	2.1					9%

NM = Not Meaningful

(2) Items named in the Financial Results Summary differ from names in BWXT Financial Statement. Operating Cash Flow = Net Cash Provided by Operating Activities; Capital Expenditures = Purchases of Property, Plant and Equipment; Dividends Paid = Dividends Paid to Common Shareholders

Revenues

First quarter revenue increased in both operating segments. The Government Operations increase was driven by higher special materials processing revenue and naval reactors growth, partially offset by lower microreactor volumes. The Commercial Operations increase was driven by higher revenue associated with commercial nuclear components, field services, fuel and fuel handling as well as growth in medical sales and contribution from Kinectrics.

Operating Income and Adjusted EBITDA(1)

First quarter GAAP operating income increased primarily due to an increase in both Government and Commercial Operations, partially offset by higher corporate expense as well as higher restructuring and transformation and acquisition related costs.

First quarter non-GAAP(1) operating income increased driven by growth in Commercial Operations, partially offset by a modest decline in Government Operations and higher corporate expense. The Commercial

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

Operations increase was driven by higher revenue, good operational performance, and more favorable mix. The slight decrease in Government Operations was due to revenue mix associated with newer special materials projects, partially offset by higher technical services equity income.

First quarter adjusted EBITDA(1) increased due to higher non-GAAP(1) operating income as discussed above.

EPS

First quarter GAAP and non-GAAP(1) EPS increased as higher operating income, lower interest expense, and a lower effective tax rate were partially offset by lower other income.

Cash Flows

First quarter operating cash flow growth was primarily driven by higher net income and improved working capital management. Capital expenditures increased mainly due to timing of various growth projects throughout in both Government Operations and Commercial Operations.

Dividend

BWXT paid $25.8 million, or $0.27 per common share, to shareholders in the first quarter of 2026. On April 29, 2026, the BWXT Board of Directors declared a quarterly cash dividend of $0.27 per common share payable on June 5, 2026, to shareholders of record on May 19, 2026.

2026 Guidance

BWXT raised its 2026 guidance for revenue, adjusted EBITDA, non-GAAP EPS(1), and free cash flow(1). 2026 guidance does not include contribution from the announced acquisition of Precision Components Group, LLC.

(In millions, except per share amounts)

Year Ended

Year Ending

Year Ending

December 31, 2025

December 31, 2026

December 31, 2026

Results

Current Guidance

Prior Guidance

Revenue

$3,198

>$3,750

~$3,750

Adjusted EBITDA(1)

$574

$650 - $665

$645 - $660

Non-GAAP(1) Earnings Per Share

$4.01

$4.60 - $4.75

$4.55 - $4.70

Free Cash Flow(1)

$295

$315 - $330

$305 - $320

Additional information can be found in the first quarter 2026 earnings call presentation on the BWXT investor relations website at www.bwxt.com/investors. The Company does not provide GAAP guidance because it is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. These items could cause GAAP results to differ materially from non-GAAP results.

Conference Call to Discuss First Quarter 2026 Results

Date: Monday, May 4, 2026, at 5:00 p.m. EDT

Live Webcast: Investor Relations section of website at www.bwxt.com

Full Earnings Release Available on BWXT Website

A full version of this earnings release is available on our Investor Relations website at http://investors.bwxt.com/1Q2026-release.

BWXT may use its website (www.bwxt.com) as a channel of distribution of material Company information. Financial and other important information regarding BWXT is routinely accessible through and posted on our website. In addition, you may elect to automatically receive e-mail alerts and other information about BWXT by enrolling through the "Email Alerts" section of our website at http://investors.bwxt.com.

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

Non-GAAP Measures

BWXT uses and makes reference to adjusted EBITDA, non-GAAP EPS, free cash flow and free cash flow conversion, which are not recognized measures under GAAP. BWXT is providing these non-GAAP measures 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. Definitions for the non-GAAP measures are provided below and reconciliations are detailed in Exhibit 1, except that reconciliations of forward-looking GAAP measures are not provided because the company is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. Other companies may define these measures differently or may utilize different non-GAAP measures, thus impacting comparability.

Non-GAAP Earnings Per Share (EPS) is calculated using 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 Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is calculated using non-GAAP net income, plus provision for income taxes, less other - net, less interest income, plus interest expense, plus depreciation and amortization.

Adjusted pre-tax income is non-GAAP income before provision for income taxes.

Free Cash Flow (FCF) is calculated using net income to derive net cash provided by (used in) operating activities less purchases of property, plant and equipment.

Free Cash Flow conversion is free cash flow divided by net income.

Non-GAAP Adjustments

Our GAAP financial results detailed in Exhibit 1 have been adjusted for the following items:

Restructuring and Transformation Costs: Restructuring and transformation costs include restructuring charges as well as costs associated with our efforts to optimize underlying business processes through investments in information technology, process improvements and the implementation of strategic actions and initiatives which we deem to be incremental and non-recurring in nature.

Acquisition-related Costs: Acquisition-related costs relate to third-party professional service costs and one-time incremental costs associated with due diligence activities and efforts to integrate the acquired business with our legacy operations.