BWX Technologies, Inc.

Second quarter revenue was $902 million, up 18% year over year including 9% organic growth. Adjusted EBITDA was $155 million, up 7%, and adjusted EPS was $1.07, up 5%. Government Operations revenue increased 2% with adjusted EBITDA of $126 million and a 20.9% margin; Commercial Operations revenue increased 72%, including 33% organic growth, with adjusted EBITDA of $36 million and an 11.9% margin. Backlog was $8.4 billion, up 40% year over year, and trailing 12-month book-to-bill was 1.7x. For 2026, BWXT now expects revenue of approximately $3.8 billion, adjusted EBITDA of $662 million to $672 million, and adjusted EPS of $4.70 to $4.80. Free cash flow guidance was raised to $345 million to $360 million, and capital expenditures were $41 million in the quarter with full-year capex expected at about 6% of sales.

Rex Geveden said BWXT is seeing broad demand across national security and commercial nuclear and described the industry as being in the early stages of a multi-decade growth cycle. He emphasized that the medical sale and the PCG acquisition both sharpen the company’s focus on core nuclear businesses while expanding manufacturing capability. His tone was notably confident about future orders, U.S. and global nuclear policy support, and BWXT’s ability to win work across large reactors, SMRs, TRISO, and naval programs.

Mike Fitzgerald highlighted the quarter’s hard numbers: $902 million in revenue, $155 million of adjusted EBITDA, $1.07 of adjusted EPS, and $115 million of free cash flow. He said the company raised full-year free cash flow guidance by $30 million to $345 million-$360 million, and lifted 2026 adjusted EBITDA guidance to $662 million-$672 million. He also noted capex of $41 million in the quarter, expected full-year capex at roughly 6% of sales, and that Commercial margin guidance moved down to about 13% because of incremental U.S. capacity investment, while Government margin guidance moved up to approximately 20.5% on stronger cost performance.

Analysts focused heavily on the medical sale, asking about the $800 million valuation cap, and management clarified that the deal includes $750 million of consideration plus shared economics that could lift proceeds to $800 million. Questions also centered on what BWXT will do with the cash; management said priorities remain internal growth investment, selective M&A, debt management, and no planned 2026 share repurchases. Analysts asked about PCG integration and future capacity, mPower licensing, TRISO demand, Janus, and the new Canada nuclear strategy; management repeatedly said the opportunity set is real but timing remains dependent on customer awards, government decisions, and order visibility.