BWX Technologies, Inc. (BWXT) Earnings
BWX Technologies, Inc. is expected to report next earnings on August 3, 2026 (in NaN days), with a consensus EPS estimate of $1.02. BWXT has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +11.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 4, 2026 | $0.92 | $1.12 | +21.7% | $860M | +2.7% |
| Feb 27, 2024 | $0.94 | $1.01 | +7.4% | $726M | +10.0% |
| Nov 1, 2023 | $0.63 | $0.67 | +6.3% | $590M | +2.4% |
| Aug 3, 2023 | $0.59 | $0.65 | +10.2% | $612M | +6.5% |
| Feb 23, 2023 | $0.95 | $0.93 | -2.1% | $624M | -2.8% |
| Feb 22, 2022 | $0.93 | $0.95 | +2.2% | $592M | -1.9% |
| May 3, 2021 | $0.71 | $0.73 | +2.8% | $528M | +0.5% |
| Feb 22, 2021 | $0.71 | $0.74 | +4.2% | $557M | +4.4% |
| Nov 2, 2020 | $0.67 | $0.79 | +17.9% | $520M | +17.9% |
| May 4, 2020 | $0.60 | $0.79 | +31.7% | $542M | +31.7% |
| Feb 24, 2020 | $0.64 | $0.71 | +10.9% | $501M | +10.9% |
| May 1, 2019 | $0.60 | $0.51 | -15.0% | $416M | -15.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 4, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
We had strong first quarter 2026 results with revenue growth 26%, adjusted EBITDA up 14%, and earnings per share up 22%. Outperformance driven by improved throughput, etc. Announced acquisition of Precision Components Group. Government operations had strong bookings. Commercial operations demand accelerating, Connetrix exceeding acquisition business case.
Guidance
Expect revenue of at least $3.75 billion in 2026, high teens vs 2025. Government operations expect low teens growth, commercial operations revenue growth increased to ~30%. Adjusted EBITDA guidance revised to $650 million to $665 million. Full-year results expected more back-half weighted. Free cash flow expected $315 million to $330 million.
Segment performance
Government operations: First quarter revenue was up 4%, and adjusted EBITDA was up 1% during the quarter. Commercial operations: Revenue was up a robust 121%, including 39% organic growth, reflecting increases in both commercial power and medical and contribution from Connetrix.
Analyst Q&A
Q: Did you say how much you're planning to pay for PCG? And on U.S. capacity build-out?
A: Purchase price roughly around $200 million. On U.S. capacity, presently expanding Cambridge plant, looking at Mount Vernon for larger components. Next question from Jeffrey Campbell from Seaport Research Partner.
Q: Would new commercial facility have limitations for customers like Hitachi?
A: No limitations, localized in U.S. creates competitive advantage.
Q: Any positive effects for naval business from PCG acquisition?
A: PCG has qualified nuclear workforce, capacity, and manufacturing credentials beneficial to naval customer. Next question from Bob Labick with CGS Securities.
Q: Decided yet on U.S. capacity build-out amount? Capital needed?
A: Presently expanding Cambridge, Mount Vernon would be ~100,000 sq ft, budget more than Cambridge.
Q: Any thought on customer funding for commercial capacity growth?
A: Have balance sheet to do what needed. Next question from Pete Skibitsky from Olympic Global.
Q: On Air Force ANPI awards, disappointed not getting award?
A: Didn't pursue those opportunities, focused on own reactors. Next question from Mark Bianchi from DD Cowen.
Q: On Triso process and competitive positioning?
A: Only producer of triso at scale, considering capacity expansion.
Q: Timeline for Japan GE Hitachi orders?
A: Expect to receive orders this year but hurdles to clear. Next question from Jeff Grampy from Northland Capital Markets.
Q: How long for Mount Vernon to be operational? Importance for winning U.S. business?
A: Takes 2-3 years, localization important for U.S. projects.
Q: Enrichment project timeline?
A: Centrifuge manufacturing development facility progress over next few years. Next question from David Strauss with Wells Fargo.
Q: On medical growth, specific products? Update on Tech 99?
A: Medical growth in strontium, germanium, etc., Tech 99 progressing.
Q: On defense Golden Dome contract?
A: Awarded for infrastructure scope, potential for microreactors. Next question from Scott from Deutsche Bank.
Q: Connectrix revenue from power and grid infrastructure? Growth outlook?
A: ~10% of Connectrix business, growing, interested in wind power cable testing.
Q: Direct exposure to data center build-out?
A: Suspect have exposure. Next question from Jed Dorsheimer with William Blair.
Q: On supply chain and project delivery risk?
A: Supply chain risk manageable, bigger risk on EPC side. Next question from Peter Arman with Bayer.
Q: Update on Darlington schedule? Thoughts on budgets?
A: Darlington project reasonably on track, follow-on orders soon. Encouraged by DoD and DOE budgets. Next question from Ron Epstein with Bank of America.
Q: Changes on Korean nuclear submarine work? M&A interest?
A: No seen on Korean submarine work. M&A looking at adjacent opportunities to expand capabilities. Next question from Andre Madrid with BTIG.
Q: PCG mix pivot to commercial and margin uplift?
A: Can pivot mix, immediate opportunity to move work in-house, margin could be accretive.