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BWX Technologies (BWXT) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 2, 2026 · BWX Technologies (BWXT) Q3 2026 earnings results →

Q3 2026 Revenue up 10% year over year to $953M · 11¢ of every $1 of revenue kept as net profit · operating margin 13.9%

BWX Technologies made $953M in Q3 2026 (+10% Y/Y). Operating margin 13.9%, net earnings $102M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.

Revenue$953M
Year over year+10%
Operating margin13.9%
Net earnings$102M
Operating cash flow$203M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $953.0M in Q3 2026, up 10% year over year and up 6% from the previous quarter.

Operating profit was $132.1M, a 13.9% margin (up 0.8 points year over year). Of the extra revenue versus Q3 2025, 22% reached operating profit, above the 13% margin then. Total costs grew 9% against revenue growth of 10%. Net earnings were $101.7M, up 24% year over year. The effective tax rate was 22.7%.

Operating cash flow was $202.7M (up 42% year over year), 199% of net earnings. Non-cash charges added back $33.5M of depreciation and amortization and $9.8M of share-based compensation. Working capital and other items added $57.5M. After capital Expenditures ($52.3M), free cash flow as the company reports it was $150.4M.

Quarterly history

BWX Technologies revenue by quarterBWX Technologies revenue by quarter$682MQ1 2025$764MQ2 2025$866MQ3 2025$886MQ4 2025$860MQ1 2026$902MQ2 2026$953MQ3 2026
BWX Technologies net earnings by quarterBWX Technologies net earnings by quarter$75.5MQ1 2025$78.5MQ2 2025$82.2MQ3 2025$93.7MQ4 2025$91.2MQ1 2026$89.1MQ2 2026$102MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 2, 2026$953M+10%13.9%$102M$203M
Q2 202610-QAug 3, 2026$902M+18%12.7%$89.1M$156M
Q1 202610-QMay 4, 2026$860M+26%12.4%$91.2M$92.6M
Q4 202510-KFeb 23, 2026$886M+19%10.4%$93.7M$127M
Q3 202510-QNov 3, 2025$866M+29%13.1%$82.2M$143M
Q2 202510-QAug 4, 2025$764M+12%13.4%$78.5M$159M
Q1 202510-QMay 5, 2025$682M+13%14.2%$75.5M$50.6M

Charts

BWX Technologies: revenue growth, year over year and quarter over quarterBWX Technologies: revenue growth, year over year and quarter over quarterY/YQ/Q+13%Q1 2025+12%+12%Q2 2025+29%+13%Q3 2025+19%+2%Q4 2025+26%-3%Q1 2026+18%+5%Q2 2026+10%+6%Q3 2026
Latest (Q3 2026): Y/Y +10%, Q/Q +6%.
BWX Technologies: where the cash came from (+) and went (−), TTM to Q3 2026BWX Technologies: where the cash came from (+) and went (−), TTM to Q3 2026Other financing$1.3BNet borrowing (+) / repaid (−)−$859MOperating cash flow$579MCash drawn (+) / kept (−)−$490MCapital spending−$206MAcquisitions−$186MDividends−$97.9MTaxes on employees’ shares−$20.1MOther investing$19.4MExchange rates$11.2M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
BWX Technologies: profit against cash, quarter by quarterBWX Technologies: profit against cash, quarter by quarterNet incomeOperating cash flow$71.1M$277MQ4 2024$75.5M$50.6MQ1 2025$78.5M$159MQ2 2025$82.2M$143MQ3 2025$93.7M$127MQ4 2025$91.2M$92.6MQ1 2026$89.1M$156MQ2 2026$102M$203MQ3 2026
Latest (Q3 2026): Net income $102M, Operating cash flow $203M.
BWX Technologies: diluted shares by fiscal yearBWX Technologies: diluted shares by fiscal year96MFY202095MFY202192MFY202292MFY202392MFY202492MFY2025
-4.0% since FY2020: buybacks shrank the count.
BWX Technologies: long-term debt falling due (FY2025)BWX Technologies: long-term debt falling due (FY2025)$400M2028$400M2029$1.2B2030
Cash $500M, short-term investments —, long-term debt — at 2025-12-31.
BWX Technologies in its industry: growth against margin (5 companies, SIC 3510)BWX Technologies in its industry: growth against margin (5 companies, SIC 3510)revenue growth, year over year →↑ operating marginmedian +7%median 14%CMIBCPSIXCEPLBWXT (+10%, 14%)
Engines & Turbines; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Nuclear & uranium money flowNuclear & uranium · Reactors & SMRs

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About BWX Technologies

BWX Technologies, Inc. is a specialty manufacturer of nuclear components, a developer of nuclear technologies and a service provider with an operating history of more than 100 years. Our core businesses focus on the design, engineering and manufacture of precision naval nuclear components, nuclear reactors and nuclear fuel for the U.S. Government. We also provide special nuclear materials processing, environmental site restoration services, products and services to customers in the nuclear power industry, critical medical radioisotopes and radiopharmaceuticals and other advanced nuclear technologies. While we provide a wide range of products and services, our business segments are heavily focused on major projects. At any given time, a relatively small number of projects can represent a significant part of our operations.

In its own words, from its 10-K, filed Feb 23, 2026.

BWX Technologies against its Engines & Turbines peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +10% against the peers' median +7%. Operating margin: 13.9% against the peers' median 13.9%.

CompanyQuarterRevenueY/YOp. margin
BWXT BWX TechnologiesQ3 2026$953M+10%13.9%
CMI CumminsQ3 2026$9.4B+14%15.3%
BC BrunswickQ3 2026$1.5B+7%7.2%
PSIX Power Solutions InternationalQ3 2026$202M-0.9%20.2%
CEPL Capstone Energy PlusQ1 FY27$24.9M-11%3.9%

Source: BWX Technologies 10-Q on SEC EDGAR · CIK 1486957 · Engines & Turbines

Guidance and outlook

BWX Technologies: what its forward-looking statements are about (10-Q filed 2026-11-02)BWX Technologies: what its forward-looking statements are about (10-Q filed 2026-11-02)Other5Capital spending4Financing3Demand3Backlog2Legal & regulation2Costs1
20 statements; tone -0.05 (−1 all cautious, +1 all confident); 9 hedged.
BWX Technologies: outlook statements against the filing beforeBWX Technologies: outlook statements against the filing beforeConfident1Cautious2

13F: who owns BWXT and who is buying

Largest holders of BWXT (13F)Largest holders of BWXT (13F)BlackRock$2.4BVanguard Group$1.6BVanguard Portfolio Management LLC$926MVanguard Capital Management LLC$806MState Street$740MFirst Trust Advisors LP$404MAlkeon Capital Management LLC$394MFranklin Resources$376MGeode Capital Management, LLC$362MInvesco$357M
Funds' net buying of BWXT by quarter (13F)Funds' net buying of BWXT by quarter (13F)−$15.7M2024-09−$108M2024-12−$24.1M2025-03$644M2025-06−$332M2025-09−$297M2025-12−$316M2026-03−$13.0M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on BWXT

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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