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BWX Technologies cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$150M in Q3 2026 · $372M over twelve months

Operating cash flow$203M
Capital spending−$52.3M
Free cash flow+$150M
Cash / net income2.0×
Cash conversion cycle-8 days

Analysis

In Q3 2026, BWX Technologies generated $203M of operating cash flow and spent $52.3M on capital projects, leaving free cash flow of $150M. That is $55.6M more than in Q3 2025 ($94.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $579M; the largest uses were net borrowing (+) / repaid (−) ($859M), capital spending ($206M), acquisitions ($186M); besides operations, cash came from other financing ($1.3B), other investing ($19.4M); the cash balance rose by $490M.

Operating cash flow was $203M against net income of $102M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: payables +$78.9M, depreciation & amortization +$33.5M, receivables +$20.4M.

Its cash conversion cycle was -8 days (receivables 18 + inventory 5 − payables 31): suppliers fund its working capital.

Free cash flow

BWX Technologies: free cash flow by quarterBWX Technologies: free cash flow by quarter$224MQ4 2024$17.3MQ1 2025$126MQ2 2025$94.9MQ3 2025$56.8MQ4 2025$50.1MQ1 2026$115MQ2 2026$150MQ3 2026
Operating cash flow less capital spending.
BWX Technologies: operating cash flow against capital spendingBWX Technologies: operating cash flow against capital spendingOperating cash flowCapital spending$277M$52.5MQ4 2024$50.6M$33.4MQ1 2025$159M$32.7MQ2 2025$143M$48.3MQ3 2025$127M$70.2MQ4 2025$92.6M$42.5MQ1 2026$156M$41.4MQ2 2026$203M$52.3MQ3 2026
Latest (Q3 2026): Operating cash flow $203M, Capital spending $52.3M.

Capital allocation, year by year

BWX Technologies: where the cash came from (up) and went (down), by fiscal yearBWX Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $386MFY2021: Net borrowing −$674MFY2021: Shares issued $2.0MFY2021: Capital spending −$311MFY2021: Buybacks −$226MFY2021: Dividends −$79.7M$388MFY2021FY2022: Operating cash flow $245MFY2022: Net borrowing −$778MFY2022: Capital spending −$198MFY2022: Acquisitions −$47.3MFY2022: Buybacks −$20.0MFY2022: Dividends −$81.1M$245MFY2022FY2023: Operating cash flow $364MFY2023: Net borrowing −$81.2MFY2023: Capital spending −$151MFY2023: Dividends −$85.0M$364MFY2023FY2024: Operating cash flow $408MFY2024: Net borrowing −$156MFY2024: Capital spending −$154MFY2024: Buybacks −$20.0MFY2024: Dividends −$88.3M$408MFY2024FY2025: Operating cash flow $480MFY2025: Net borrowing −$30.0MFY2025: Capital spending −$185MFY2025: Acquisitions −$535MFY2025: Buybacks −$30.0MFY2025: Dividends −$92.5M$480MFY2025
Over these 5 years operating cash flow totalled $1.9B; the largest uses were net borrowing ($1.7B) and capital spending ($999M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$569M
Debt$2.0B
Net debt$1.5B

BWX Technologies funds itself: free cash flow was $372M over the last twelve months, and $569M of cash and investments stands against $2.0B of debt.

BWX Technologies: debt maturities by year (FY2025)BWX Technologies: debt maturities by year (FY2025)$400MYear 3$400MYear 4$1.2BYear 5
Principal due in each year as disclosed in the annual report, against $569M of cash and investments now.

Where the cash came from and went

BWX Technologies: sources (+) and uses (−) of cash, Q3 2026BWX Technologies: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$203MAcquisitions−$187MCapital spending−$52.3MCash drawn (+) / kept (−)$39.5MDividends−$24.7MOther investing$18.8MExchange rates$2.3MOther financing$718K
BWX Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026BWX Technologies: sources (+) and uses (−) of cash, 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 profit to cash

BWX Technologies: net income to operating cash flow, Q3 2026BWX Technologies: net income to operating cash flow, Q3 2026Net income$102MDepreciation & amortization$33.5MStock-based pay$9.8MReceivables$20.4MPayables$78.9MAccrued liabilities$16.0MIncome taxes payable−$1.4MOther operating capital$3.6MOperating cash flow$203M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202618531-8
Q2 202619628-3
Q1 2026216243
Q3 202518727-2
Q2 202514828-6
Q1 202512828-8

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$203M−$52.3M−$187M—−$24.7M—$39.5M$150M
Q2 2026$156M−$41.4M——−$24.7M—−$95.9M$115M
Q1 2026$92.6M−$42.5M——−$25.8M—−$13.1M$50.1M
Q4 2025$127M−$70.2M$853K—−$22.8M−$859M−$420M$56.8M
Q3 2025$143M−$48.3M$2.2M—−$22.9M−$23.1M−$42.8M$94.9M
Q2 2025$159M−$32.7M−$435M—−$23.1M$332M$17.8M$126M
Q1 2025$50.6M−$33.4M−$103M−$30.0M−$23.7M$142M$18.6M$17.3M
Q4 2024$277M−$52.5M——−$22.0M−$177M−$38.6M$224M

BWX Technologies: income statement and cash flow

BWX Technologies, Q3 2026: revenue $953M (+10% year over year), operating margin 13.9%. The chart follows the revenue to costs, profit and cash.

BWX Technologies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.