Q4 2025 BWX Technologies Inc Earnings Call Transcript
Key Points
- BWX Technologies Inc (BWXT) reported a record year in 2025 with revenue growth of 18%, adjusted EBITDA growth of 15%, and earnings per share growth of 20%, all exceeding initial guidance.
- The company ended the year with a backlog of $7.3 billion, up 50% year over year, indicating strong demand across its nuclear end markets.
- BWXT completed strategic acquisitions of AOT and Kinectrics, enabling significant contract wins, including a $1.6 billion high-purity depleted uranium contract.
- The company is investing in its facilities, including the BWXT Innovation Campus and a new high-purity depleted uranium manufacturing facility, to support future demand.
- BWXT's commercial operations reported impressive organic revenue growth of 31% in the quarter, driven by strong growth in commercial nuclear power and medical sectors.
- Government operations revenue was down 1% and adjusted EBITDA was down 5% in the quarter, slightly ahead of expectations but still a decline.
- The adjusted EBITDA margin in government operations was slightly lower than the full year result due to mix as newer projects began to ramp.
- BWXT expects its tax rate to increase to approximately 22% in 2026, which could impact net earnings.
- The company anticipates a slightly more back half-weighted earnings in 2026, with first-quarter EBITDA likely to be flat to slightly higher year over year.
- BWXT is facing challenges with product quality issues in its medical business, specifically around Tech-99, which has not yet been submitted to the FDA.
Ladies and gentlemen, welcome to BWX Technologies fourth-quarter and full year 2025 earnings conference call. (Operator Instructions)
I would now like to turn the call over to our host, Chase Jacobson, BWXT's Vice President of Investor Relations. Please go ahead.
Thank you, operator. Good evening, and welcome to today's call. Joining me are Rex Geveden, President and CEO; and Mike Fitzgerald, Senior Vice President and CFO.
On today's call, we will reference the fourth quarter and full year 2025 earnings presentation that is available on the Investors section of the BWXT website.
We will also discuss certain matters that constitute forward-looking statements. These statements involve risks and uncertainties, including those described in the safe harbor provision found in the investor materials and the company's SEC filings.
We will frequently discuss non-GAAP financial measures, which are reconciled to GAAP measures in the appendix of the earnings
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