BWX Technologies (4BW) Q3 2026 Earnings Report
DE:4BW Q3 2026 EPS Results
- Actual EPS
- EUR 1.13
- Consensus EPS
- EUR 1.06
- Beat/Miss
- Beat by +EUR 0.07
- One Year Ago EPS
- EUR 0.89
DE:4BW Q3 2026 Revenue Results
- Actual Revenue
- EUR 852.06M
- Expected Revenue
- EUR 867.75M
- Beat/Miss
- Missed by -EUR 15.69M
- YoY Revenue Growth
- +10.00%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/02/2026
- Time
- After Close
- Conference Call
- Monday, November 2, 2026
DE:4BW Upcoming Earnings
BWX Technologies's next earnings date is estimated for March 1, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:4BW Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. BWXT reported double-digit companywide revenue, Adjusted EBITDA and EPS growth, raised free cash flow guidance, delivered strong Government Operations margins, completed major capacity expansions and secured multiple advanced nuclear awards. Management also reaffirmed its 2026 guidance, provided a positive 2027 outlook and expressed confidence in its 2030 targets. The main challenges were timing-related cash flow headwinds, the planned medical divestiture, early-stage execution and financing requirements for certain commercial projects, and risk allocation within the broader nuclear new-build market.
Company Guidance
BWXT reiterated its path to $5.5 billion to $6 billion of revenue and $1.1 billion to $1.2 billion of Adjusted EBITDA by 2030; for 2026, it anticipates Adjusted EBITDA of approximately $667 million, adjusted earnings per share of $4.72 to $4.77, free cash flow of $350 million to $360 million, and capital expenditures of approximately 6% of revenue. For 2027, it expects high single-digit to low double-digit growth in Adjusted EBITDA and adjusted earnings per share, Government Operations revenue and Adjusted EBITDA growth of high single-digit to low double-digit, Commercial Operations high single-digit organic revenue growth and low single-digit total revenue growth, Commercial Operations Adjusted EBITDA margins to improve by 50 to 100 basis points, resulting in high single-digit Adjusted EBITDA growth, and free cash flow to be flat to slightly higher compared to 2026.
- Strong Third-Quarter Financial PerformanceThird-quarter revenue was $953 million, up 10% year-over-year, including 7% organic growth. Adjusted EBITDA increased 19% to $180 million, adjusted earnings per share increased 26% to $1.26, and both operating segments delivered double-digit Adjusted EBITDA growth.
- Raised Free Cash Flow Guidance and Strong Cash GenerationThird-quarter free cash flow was $151 million, reflecting strong earnings, favorable advanced billings and disciplined working capital management. The company raised the low end of its 2026 free cash flow guidance, resulting in a revised range of $350 million to $360 million.
- 2030 Financial Targets ReaffirmedBWXT reiterated its path to $5.5 billion to $6 billion of revenue and $1.1 billion to $1.2 billion of Adjusted EBITDA by 2030, supported by its predictable core businesses, organic growth opportunities, operational excellence and disciplined capital allocation.
- Government Operations Delivered Strong MarginsGovernment Operations reported $144 million of Adjusted EBITDA, up 22% year-over-year, with a 22.6% margin. Performance was supported by strong operational execution, productivity improvements, higher manufacturing volume and higher technical services equity income.
- Naval Propulsion Fuel Contract AwardBWXT booked its annual Naval Propulsion fuel contract for $189 million and is actively negotiating its next multiyear pricing agreement.
- Special Materials Growth and HPDU Facility ExpansionDefense fuels enrichment and high-purity depleted uranium programs continued to ramp and drove the majority of Government Operations revenue growth in the quarter. Under its $1.6 billion contract to produce 300 metric tons of high-purity depleted uranium annually, BWXT initiated construction of a new large-scale facility in Jonesborough, Tennessee, which is expected to drive meaningful revenue growth in the fourth quarter and through 2027.
- Progress on Enrichment CapabilitiesBWXT is designing an HEU enrichment facility in Erwin, Tennessee, industrializing centrifuge technology at its Oak Ridge facility and remains on track to test a prototype centrifuge by the end of 2026. The company is also pursuing the addition of low-enriched uranium and high-assay, low-enriched uranium to its scope.
- Technical Services Outperformance and AI AdoptionTechnical services teams boosted earnings through outperformance on key programs, including Hanford and Savannah River. The team is also rapidly adopting AI to drive site performance, generate operating efficiencies and develop new growth opportunities.
- Lithium Processing Design OpportunityBWXT was selected to provide a conceptual design for a lithium processing facility at the Y-12 National Security Complex in support of strategic deterrence. The company expects the down selection for the next phase in the first half of 2027.
- Advanced Nuclear Program ExecutionBWXT completed the core barrel assembly for Project Pele and expects to deliver the reactor to Idaho National Laboratory next year.
- Janus Microreactor Program SelectionBWXT was selected for the U.S. Army's Janus Program, which aims to install more than 20 microreactors of various sizes across five military bases. The first phase includes final site selection at Fort Campbell, initiation of nuclear regulatory processes and TRISO fuel production.
- First International BANR Microreactor WinBWXT's BANR advanced nuclear reactor was selected by Prodigy Clean Energy for its transportable nuclear power plant project in Belledune, New Brunswick, Canada, representing the company's first international microreactor win.
- TRISO Fuel Agreement with AntaresBWXT entered into a multiyear agreement to supply an initial allocation of 1 metric ton of TRISO fuel to Antares, its first large-scale commercial customer. The fuel will be manufactured in Lynchburg on the same production line used for Project Pele and other programs, including Janus.
- Commercial Operations GrowthCommercial Operations revenue increased 25%, including 15% organic growth, driven by double-digit growth in commercial power, Kinectrics and medical, along with the contribution from the PCG acquisition. Segment Adjusted EBITDA grew 17% to $41 million.
- Cambridge Capacity Expansion CompletedBWXT completed the expansion of its Cambridge facility and began utilizing new sections of the plant. The expansion increases heavy component manufacturing capacity by about 50% and is intended to improve operating efficiency and throughput against the company's backlog.
- PCG Integration and BacklogThe PCG integration is tracking very well. The transaction added close to $500 million of backlog, with approximately 75% to 80% of the business consisting of naval work. BWXT stated that PCG's factories were about 50% unutilized and that additional capacity could be developed with modest capital expenditures.
- Planned U.S. Heavy-Component FacilityBWXT is finalizing design details for a new U.S. commercial manufacturing facility for large steam generators and reactor pressure vessels and intends to make a final investment decision by the end of 2026. The company stated that construction of the U.S. plant does not depend on firm orders.
- Positive 2027 Financial OutlookFor 2027, BWXT expects high single-digit to low double-digit growth in Adjusted EBITDA and adjusted earnings per share. Government Operations is expected to deliver high single-digit to low double-digit revenue and Adjusted EBITDA growth, while Commercial Operations is expected to produce high single-digit organic revenue growth, high single-digit Adjusted EBITDA growth and a 50 to 100 basis point improvement in Adjusted EBITDA margin.
- Balance Sheet and Capital Allocation FlexibilityFitch issued BWXT's inaugural investment-grade rating and Moody's revised its outlook positively. The company emphasized investing in attractive organic growth opportunities, maintaining capacity for disciplined acquisitions and returning capital to shareholders when appropriate.
- Expanded TRISO Production PotentialBWXT stated that its Lynchburg TRISO facility can produce a couple of hundred kilograms per year and, through technology changes, added capacity and operational improvements, could at least quadruple output for near-term needs.
- Strong Nuclear Market Demand and Commercial PipelineManagement described demand in nuclear national security and commercial power markets as exceptionally strong, with bipartisan political support. The company expects to convert commercial nuclear demand into firm orders in 2027 and the years to come, and expects new U.S. reactor-build orders by the end of 2026 or, at the latest, the first half of 2027.
DE:4BW Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 01, 2027 | 2026 (Q4) | 1.20- | 0.97 | ― | ― |
| Nov 02, 2026 | 2026 (Q3) | 1.061.13 | 0.89 | 26.00% (+0.23) | |
| Jun 30, 2026 | 2026 (Q2) | 0.930.96 | 0.91 | 4.90% (+0.04) | |
| May 04, 2026 | 2026 (Q1) | 0.821.00 | 0.81 | 23.08% (+0.19) | |
| Feb 23, 2026 | 2025 (Q4) | 0.800.97 | 0.82 | 17.39% (+0.14) | |
| Nov 03, 2025 | 2025 (Q3) | 0.760.89 | 0.74 | 20.48% (+0.15) | |
| Aug 04, 2025 | 2025 (Q2) | 0.710.91 | 0.73 | 24.39% (+0.18) | |
| May 05, 2025 | 2025 (Q1) | 0.680.81 | 0.68 | 19.74% (+0.13) | |
| Feb 24, 2025 | 2024 (Q4) | 0.730.82 | 0.9 | -8.91% (-0.08) | |
| Nov 04, 2024 | 2024 (Q3) | 0.690.74 | 0.6 | 23.88% (+0.14) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
