BWX Technologies, Inc. (BWXT) · Material Event (8-K) SEC Filing

EX-99.1 2 bwxt_63026xerexhibit991.htm EX-99.1 Document BWX Technologies Reports Second Quarter 2026 Results 2Q26 revenues of $901.6 million 2Q26 net income of $89.1 million, adjusted EBITDA(1) of $155.5 million 2Q26 diluted GAAP EPS of $0.97, non-GAAP(1) EPS of $1.07 Announced the sale of the medical business, enabling increased focus on core nuclear national defense and commercial nuclear power markets Closed the acquisition of Precision Components Group, LLC (PCG) on July 1, 2026, establishing a U.S. footprint for commercial nuclear component manufacturing Raising adjusted EBITDA(1) guidance to $662 million-$672 million, non-GAAP EPS(1) guidance to $4.70-$4.80, and free cash flow(1) guidance to $345 million-$360 million(LYNCHBURG, Va. - Aug. 3, 2026) BWX Technologies, Inc. (NYSE BWXT) ( BWXT , we , us or the Company ) reported second quarter 2026 results. A reconciliation of non-GAAP results is detailed in Exhibit 1. We had strong second quarter 2026 results that were ahead of our expectations, said Rex. D. Geveden, president and chief executive officer. Once again we saw strong execution across our business, high growth in Commercial Operations, and good free cash flow generation. Demand for new nuclear solutions is remarkably deep and broad, complementing our strong and growing base of highly predictable revenue streams in our Government and Commercial segments, continued Geveden. In line with our strategy to bolster BWXT s competitive positioning in the nuclear national security and commercial nuclear power markets, the announced sale of our medical business enables us to increase focus and resources in these core business lines. This strategy is already in action through our commercial manufacturing expansion in the U.S. and ongoing investments to drive capacity and modernization across our manufacturing footprint. Reflecting our strong first half performance, contribution from the recently completed PCG acquisition, and confidence in our execution over the remainder of the year, we are raising our 2026 financial guidance, said Geveden. We now anticipate adjusted EBITDA of $662 million-$672 million, non-GAAP EPS of $4.70-$4.80, and $345 million-$360 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 June 30, 2026 2025 $ Change % Change (Unaudited)(In millions, except per share amounts) Revenues Government Operations $ 601.3 $ 589.0 $ 12.3 2% Commercial Operations $ 302.5 $ 176.1 $ 126.4 72% Consolidated $ 901.6 $ 764.0 $ 137.6 18% Operating Income Government Operations $ 105.7 $ 109.4 $ (3.7) (3)% Commercial Operations $ 24.3 $ 6.9 $ 17.5 254% Unallocated Corporate (Expense) $ (15.9) $ (13.9) $ (2.0) 14% Consolidated $ 114.1 $ 102.4 $ 11.7 11% Consolidated non-GAAP(1) $ 126.6 $ 121.1 $ 5.5 5% EPS (Diluted) GAAP $ 0.97 $ 0.85 $ 0.12 14% Non-GAAP(1) $ 1.07 $ 1.02 $ 0.05 5% Net Income GAAP $ 89.1 $ 78.5 $ 10.6 14% Non-GAAP(1) $ 98.6 $ 93.2 $ 5.5 6% Adjusted EBITDA(1) Government Operations $ 126.5 $ 133.0 $ (6.5) (5)% Commercial Operations $ 36.1 $ 16.2 $ 20.0 123% Unallocated Corporate $ (7.1) $ (3.3) $ (3.8) 116% Consolidated $ 155.5 $ 145.9 $ 9.6 7% Cash Flows Operating Cash Flow(2) $ 156.4 $ 159.0 $ (2.6) (2)% Capital Expenditures(2) $ 41.4 $ 32.7 $ 8.7 27% Free Cash Flow(1) $ 115.0 $ 126.3 $ (11.3) (9)% Dividends Paid(2) $ 24.7 $ 23.1 $ 1.5 6% 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 ShareholdersRevenuesSecond quarter revenue increased in both operating segments. The Government Operations increase was driven by growth in naval propulsion and special materials, partially offset lower advanced nuclear volumes. The Commercial Operations increase was driven by growth in commercial nuclear components, field services, fuel handling, medical, and contribution from Kinectrics, partially offset by slightly lower fuel revenue. Operating Income and Adjusted EBITDA(1)Second quarter GAAP operating income increased primarily due to growth in Commercial Operations, partially offset by lower Government Operations and higher corporate expense. Second quarter non-GAAP(1) operating income increased driven by growth in Commercial Operations, partially offset by lower Government Operations and higher corporate expense. The Commercial Operations increase was driven by higher revenue and solid operational performance, partially offset by (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.SG A investment to support growth. The decrease in Government Operations was driven by higher positive contract adjustments in the same quarter last year and less favorable mix, partially offset by higher technical services equity income.Second quarter adjusted EBITDA(1) increased due to higher non-GAAP(1) operating income as discussed above.EPSSecond quarter GAAP and non-GAAP(1) EPS increased as higher operating income and lower interest expense were partially offset by lower other income and a higher tax rate.Cash FlowsSecond quarter operating cash flow was modestly lower as higher net income, an increase in advanced billings, and good working capital management were offset by timing of income tax payments. Capital expenditures increased mainly due to timing of various growth projects, primarily in Commercial Operations. DividendBWXT paid $24.7 million, or $0.27 per common share, to shareholders in the second quarter of 2026. On July 31, 2026, the BWXT Board of Directors declared a quarterly cash dividend of $0.27 per common share payable on September 4, 2026, to shareholders of record on August 18, 2026.2026 GuidanceBWXT raised its 2026 guidance for revenue, adjusted EBITDA, non-GAAP EPS(1), and free cash flow(1). 2026 guidance includes contribution from the Precision Components Group, LLC acquisition, which closed on July 1, 2026. (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 $3,800 $3,750 Adjusted EBITDA(1) $574 $662 - $672 $650 - $665 Non-GAAP(1) Earnings Per Share $4.01 $4.70 - $4.80 $4.60 - $4.75 Free Cash Flow(1) $295 $345 - $360 $315 - $330 Additional information can be found in the second 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 Second Quarter 2026 ResultsDate Monday, August 3, 2026, at 5 00 p.m. EDTLive Webcast Investor Relations section of website at www.bwxt.comFull 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 2Q2026-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 MeasuresBWXT 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 AdjustmentsOur 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.Forward-Looking StatementsBWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent they may be viewed as an indicator of future revenues our plans and expectations for each of our reportable segments, including growth opportunities and the expectations, timing and revenue of our strategic initiatives, such as medical radioisotopes, SMR components and recent acquisitions disruptions to our supply chain and or operations, changes in government regulations and other factors and our expectations and guidance for 2026 and beyond. These forward-looking statements are based on management s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to execute contracts in backlog federal budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms and the debt ceiling, the potential for government shutdowns and changing funding and acquisition priorities the demand for and competitiveness of nuclear products and services capital priorities of power (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.generating utilities and other customers the timing of technology development, regulatory approvals and automation of production the receipt and or timing of government approvals the potential recurrence of subsequent waves or strains of COVID-19 or similar diseases labor market challenges, including employee retention and recruitment adverse changes in the industries in which we operate and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see BWXT s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2025 and subsequent Form 10-Q filings. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.About BWXTAt BWX Technologies, Inc. (NYSE BWXT), we are People Strong, Innovation Driven. A U.S.-based company with more than 11,000 employees, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, nuclear medicine, space exploration and environmental restoration. BWXT owns and operates 19 manufacturing facilities globally, and its 14 strategic partnerships support the U.S. and Canadian governments at more than two dozen additional locations.For more information, visit www.bwxt.com. Follow us on LinkedIn, X, Facebook and Instagram. Investor Contact Media Contact Chase Jacobson John Dobken Vice President, Investor Relations Senior Manager, Media Public Relations 980-365-4300 Investors bwxt.com 202-428-6913 jcdobken 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.EXHIBIT 1BWX TECHNOLOGIES, INC.RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)(In millions, except per share amounts) Three Months Ended June 30, 2026 GAAP Restructuring Transformation Costs Acquisition-Related Costs Acquisition-Related Amortization Non-GAAP Government Operations Operating Income $ 105.7 $ $ $ 1.1 $ 106.8 Commercial Operations Operating Income $ 24.3 $ 2.1 $ 0.8 $ 1.5 $ 28.7 Unallocated Corporate Operating Income $ (15.9) $ 4.1 $ 2.9 $ $ (8.9) Operating Income $ 114.1 $ 6.2 $ 3.7 $ 2.5 $ 126.5 Other - net (0.5) (0.5) Income Before Provision for Income Taxes 113.6 6.2 3.7 2.5 126.1 Provision for Income Taxes (24.5) (1.5) (0.9) (0.6) (27.5) Net Income 89.1 4.8 2.9 1.9 98.6 Net Income Attributable to Noncontrolling Interest (0.1) (0.1) Net Income Attributable to BWXT $ 89.0 $ 4.8 $ 2.9 $ 1.9 $ 98.5 Diluted Shares Outstanding 92.0 92.0 Diluted Earnings per Common Share $ 0.97 $ 0.05 $ 0.03 $ 0.02 $ 1.07 Effective Tax Rate 21.6% 21.8% Three Months Ended June 30, 2025 GAAP Restructuring Transformation Costs Acquisition-Related Costs Acquisition-Related Amortization Non-GAAP Government Operations Operating Income $ 109.4 $ 0.9 $ 3.5 $ 1.8 $ 115.6 Commercial Operations Operating Income $ 6.9 $ 1.0 $ 2.1 $ 0.7 $ 10.6 Unallocated Corporate Operating Income $ (13.9) $ 7.1 $ 1.7 $ $ (5.1) Operating Income $ 102.4 $ 9.0 $ 7.2 $ 2.5 $ 121.1 Other Income (Expense) (4.7) (4.7) Income Before Provision for Income Taxes 97.8 9.0 7.2 2.5 116.5 Provision for Income Taxes (19.3) (1.4) (2.0) (0.6) (23.3) Net Income 78.5 7.6 5.3 1.9 93.2 Net Income Attributable to Noncontrolling Interest (0.1) (0.1) Net Income Attributable to BWXT $ 78.4 $ 7.6 $ 5.3 $ 1.9 $ 93.1 Diluted Shares Outstanding 91.7 91.7 Diluted Earnings per Common Share $ 0.85 $ 0.08 $ 0.06 $ 0.02 $ 1.02 Effective Tax Rate 19.7% 20.0% (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.EXHIBIT 1 (continued)RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3)(In millions) Three Months Ended June 30, 2026 GAAP Restructuring Transformation Costs Acquisition-related Costs Acquisition-related Amortization Non-GAAP Net Income $ 89.1 $ 4.8 $ 2.9 $ 1.9 $ 98.6 Provision for Income Taxes 24.5 1.5 0.9 0.6 27.5 Other net (0.3) (0.3) Interest Expense 5.3 5.3 Interest Income (4.5) (4.5) Depreciation Amortization 31.4 (2.5) 28.9 Adjusted EBITDA $ 145.5 $ 6.2 $ 3.7 $ $ 155.5 Three Months Ended June 30, 2025 GAAP Restructuring Transformation Costs Acquisition-related Costs Acquisition-related Amortization Non-GAAP Net Income $ 78.5 $ 7.6 $ 5.3 $ 1.9 $ 93.2 Provision for Income Taxes 19.3 1.4 2.0 0.6 23.3 Other net (6.5) (6.5) Interest Expense 11.7 11.7 Interest Income (0.6) (0.6) Depreciation Amortization 27.3 (2.5) 24.8 Adjusted EBITDA $ 129.7 $ 9.0 $ 7.2 $ $ 145.9 RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3)(4)(In millions) Three Months Ended June 30, 2026 Operating Income (GAAP) Non-GAAP Adjustments(3,4) Acquisition-related Amortization Depreciation Amortization Adjusted EBITDA Government Operations $ 105.7 $ $ 1.1 $ 19.7 $ 126.5 Commercial Operations $ 24.3 $ 3.0 $ 1.5 $ 7.4 $ 36.1 Unallocated Corporate $ (15.9) $ 6.9 $ $ 1.8 $ (7.1) Three Months Ended June 30, 2025 Operating Income (GAAP) Non-GAAP Adjustments(3,4) Acquisition-related Amortization Depreciation Amortization Adjusted EBITDA Government Operations $ 109.4 $ 4.4 $ 1.8 $ 17.4 $ 133.0 Commercial Operations $ 6.9 $ 3.1 $ $ 6.2 $ 16.2 Unallocated Corporate $ (13.9) $ 8.8 $ $ 1.8 $ (3.3) (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.EXHIBIT 1 (continued)RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3)(In millions) Three Months Ended June 30, 2026 Net Cash Provided By Operating Activities $ 156.4 Purchases of Property, Plant and Equipment (41.4) Free Cash Flow $ 115.0 Three Months Ended June 30, 2025 Net Cash Provided By Operating Activities $ 159.0 Purchases of Property, Plant and Equipment (32.7) Free Cash Flow $ 126.3 (1) Tables may not foot due to rounding. (2) BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share 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. (3) For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share. (4) Excludes acquisition-related amortization (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.BWX TECHNOLOGIES, INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (Unaudited)(In thousands, except share and per share amounts) Revenues $ 901,625 $ 764,039 $ 1,761,842 $ 1,446,297 Costs and Expenses Cost of operations 699,320 572,642 1,362,169 1,089,707 Research and development costs 4,167 4,565 8,266 6,578 (Gain) loss on asset disposals and impairments, net (2) 13 123 (4,418) Selling, general and administrative expenses 108,432 102,940 216,448 190,509 Total Costs and Expenses 811,917 680,160 1,587,006 1,282,376 Equity in Income of Investees 24,428 18,545 45,993 35,133 Operating Income 114,136 102,424 220,829 199,054 Other Income (Expense) Interest income 4,474 551 9,388 1,273 Interest expense (5,283) (11,741) (10,016) (19,735) Other net 267 6,525 710 8,984 Total Other Income (Expense) (542) (4,665) 82 (9,478) Income before Provision for Income Taxes 113,594 97,759 220,911 189,576 Provision for Income Taxes 24,496 19,297 40,622 35,588 Net Income $ 89,098 $ 78,462 $ 180,289 $ 153,988 Net Income Attributable to Noncontrolling Interest (84) (74) (205) (138) Net Income Attributable to BWX Technologies, Inc. $ 89,014 $ 78,388 $ 180,084 $ 153,850 Earnings per Common Share Basic Net Income Attributable to BWX Technologies, Inc. $ 0.97 $ 0.86 $ 1.96 $ 1.68 Diluted Net Income Attributable to BWX Technologies, Inc. $ 0.97 $ 0.85 $ 1.96 $ 1.68 Shares used in the computation of earnings per share Basic 91,720,867 91,542,967 91,692,421 91,568,526 Diluted 92,007,253 91,702,703 91,957,928 91,788,204 (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.BWX TECHNOLOGIES, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2026 2025 (Unaudited) (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 180,289 $ 153,988 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 60,375 51,171 Income of investees, net of dividends (15,925) (2,700) (Gain) loss on asset disposals and impairments - net 123 (4,418) Recognition of losses for pension and postretirement plans 1,958 1,627 Stock-based compensation expense 20,117 13,735 Other, net 4,451 (9,366) Changes in assets and liabilities, net of effects from acquisitions Accounts receivable 6,691 (465) Accounts payable 71,430 6,875 Retainages (15,992) (7,045) Contracts in progress and advance billings on contracts (35,408) 7,754 Income taxes 670 22,558 Accrued and other current liabilities (4,228) 19,382 Pension liabilities, accrued postretirement benefit obligations and employee benefits (36,448) (33,656) Other, net 10,900 (9,747) NET CASH PROVIDED BY OPERATING ACTIVITIES 249,003 209,693 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of property, plant and equipment (83,937) (66,098) Acquisition of businesses, net of cash acquired (538,184) Sales and maturities of securities 3,397 Investments, net of return of capital, in equity method investees (180) (33,000) Other, net (322) 4,405 NET CASH USED IN INVESTING ACTIVITIES (84,439) (629,480) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings of long-term debt 758,400 Repayments of long-term debt (284,650) Repurchases of common stock (30,000) Dividends paid to common shareholders (50,444) (46,798) Cash paid for shares withheld to satisfy employee taxes (19,532) (12,883) Settlements of forward contracts, net 10,263 1,657 Other, net 2,715 100 NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (56,998) 385,826 EFFECTS OF EXCHANGE RATE CHANGES ON CASH 1,503 (2,475) TOTAL INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS 109,069 (36,436) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 507,204 80,571 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 616,273 $ 44,135 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the period for Interest $ 17,505 $ 30,036 Income taxes (net of refunds) $ 38,329 $ 11,890 SCHEDULE OF NON-CASH INVESTING ACTIVITY Accrued capital expenditures included in accounts payable $ 20,832 $ 15,575 (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.BWX TECHNOLOGIES, INC.CONDENSED CONSOLIDATED BALANCE SHEETSASSETS June 30,2026 December 31,2025 (Unaudited)(In thousands) Current Assets Cash and cash equivalents $ 608,203 $ 499,779 Restricted cash and cash equivalents 3,120 3,085 Accounts receivable trade, net 198,251 220,391 Accounts receivable other 88,979 67,858 Retainages 62,303 46,311 Contracts in progress 652,011 610,315 Inventories 46,293 46,537 Other current assets 50,877 66,078 Total Current Assets 1,710,037 1,560,354 Property, Plant and Equipment, Net 1,603,188 1,585,136 Investments 8,828 8,243 Goodwill 494,922 500,860 Deferred Income Taxes 5,882 12,275 Investments in Unconsolidated Affiliates 164,708 150,143 Intangible Assets 311,773 329,859 Other Assets 123,792 124,625 TOTAL ASSETS $ 4,423,130 $ 4,271,495 (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.BWX TECHNOLOGIES, INC.CONDENSED CONSOLIDATED BALANCE SHEETSLIABILITIES AND STOCKHOLDERS' EQUITY June 30,2026 December 31,2025 (Unaudited)(In thousands, except shareand per share amounts) Current Liabilities Accounts payable 212,881 141,289 Accrued employee benefits 86,290 117,641 Accrued liabilities other 100,844 107,802 Advance billings on contracts 313,256 305,285 Total Current Liabilities 713,271 672,017 Long-Term Debt 2,019,897 2,015,983 Accumulated Postretirement Benefit Obligation 77,902 78,460 Environmental Liabilities 103,880 100,278 Pension Liability 69,344 78,167 Other Liabilities 104,687 93,578 Total Liabilities 3,088,981 3,038,483 Commitments and Contingencies Stockholders' Equity Common stock, par value $0.01 per share, authorized 325,000,000 shares issued 129,006,562 and 128,720,819 shares at June 30, 2026 and December 31, 2025, respectively 1,289 1,288 Preferred stock, par value $0.01 per share, authorized 75,000,000 shares No shares issued Capital in excess of par value 183,530 159,884 Retained earnings 2,653,709 2,523,631 Treasury stock at cost, 37,384,981 and 37,289,582 shares at June 30, 2026 and December 31, 2025, respectively (1,452,744) (1,432,943) Accumulated other comprehensive loss (51,334) (19,373) Stockholders' Equity BWX Technologies, Inc. 1,334,450 1,232,487 Noncontrolling interest (301) 525 Total Stockholders' Equity 1,334,149 1,233,012 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,423,130 $ 4,271,495 (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.BWX TECHNOLOGIES, INC.BUSINESS SEGMENT INFORMATION Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (Unaudited)(In thousands) REVENUES Government Operations $ 601,291 $ 588,959 $ 1,179,191 $ 1,144,246 Commercial Operations 302,512 176,139 586,158 304,449 Eliminations (2,178) (1,059) (3,507) (2,398) TOTAL $ 901,625 $ 764,039 $ 1,761,842 $ 1,446,297 SEGMENT INCOME Government Operations $ 105,678 $ 109,417 $ 204,819 $ 207,163 Commercial Operations 24,332 6,877 48,361 13,342 SUBTOTAL $ 130,010 $ 116,294 $ 253,180 $ 220,505 Unallocated Corporate (15,874) (13,870) (32,351) (21,451) TOTAL $ 114,136 $ 102,424 $ 220,829 $ 199,054 DEPRECIATION AND AMORTIZATION Government Operations $ 20,758 $ 19,222 $ 39,290 $ 37,318 Commercial Operations 8,819 6,243 17,567 10,262 Corporate 1,785 1,794 3,518 3,591 TOTAL $ 31,362 $ 27,259 $ 60,375 $ 51,171 CAPITAL EXPENDITURES Government Operations $ 15,546 $ 15,770 $ 42,644 $ 34,270 Commercial Operations 24,011 16,701 38,296 29,910 Corporate 1,874 258 2,997 1,918 TOTAL $ 41,431 $ 32,729 $ 83,937 $ 66,098 BACKLOG Government Operations $ 6,797,627 $ 4,435,593 $ 6,797,627 $ 4,435,593 Commercial Operations 1,600,454 1,579,598 1,600,454 1,579,598 TOTAL $ 8,398,081 $ 6,015,191 $ 8,398,081 $ 6,015,191 BOOKINGS Government Operations $ 467,619 $ 1,412,286 $ 2,435,263 $ 1,638,683 Commercial Operations 181,251 228,195 463,967 721,615 TOTAL $ 648,870 $ 1,640,481 $ 2,899,230 $ 2,360,298 (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.