Form 8-K

8-K — BWX Technologies, Inc.

Accession: 0001486957-26-000027

Filed: 2026-05-04

Period: 2026-05-04

CIK: 0001486957

SIC: 3510 (ENGINES & TURBINES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — bwxt-20260504.htm (Primary)

EX-99.1 (bwxt_33126xerexhibit991.htm)

GRAPHIC (newsreleasegraphica.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: bwxt-20260504.htm · Sequence: 1

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________________________________

FORM 8-K

______________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 4, 2026

BWX TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

_____________________________________________________________________________

Delaware 001-34658 80-0558025

(State or other jurisdiction (Commission (IRS Employer

of incorporation) File Number) Identification No.)

800 Main Street, 4th Floor

Lynchburg, Virginia 24504

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (980) 365-4300

____________________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.01 par value BWXT New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 4, 2026, we issued a press release announcing our financial results for the first quarter ended March 31, 2026. A copy of the press release is attached as Exhibit 99.1, and the information contained in Exhibit 99.1 is incorporated by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1

Earnings Release dated May 4, 2026.

104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BWX TECHNOLOGIES, INC.

By: /s/ Kevin J. Gorman

Kevin J. Gorman

Vice President and Chief Accounting Officer

May 4, 2026

EX-99.1

Filename: bwxt_33126xerexhibit991.htm · Sequence: 2

Document

BWX Technologies Reports First Quarter 2026 Results

•1Q26 revenues of $860.2 million

•1Q26 net income of $91.2 million, adjusted EBITDA(1) of $148.0 million

•1Q26 diluted GAAP EPS of $0.99, non-GAAP(1) EPS of $1.12

•Announced the acquisition of Precision Components Group, LLC (PCG), establishing a footprint for U.S. commercial nuclear component manufacturing

•Raising adjusted EBITDA(1) guidance to $650 million-$665 million, non-GAAP EPS(1) guidance to $4.60-$4.75, and free cash flow(1) guidance to $315 million-$330 million

(LYNCHBURG, Va. - May. 4, 2026) BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported first quarter 2026 results. A reconciliation of non-GAAP results is detailed in Exhibit 1.

“We started 2026 with strong results,” said Rex D. Geveden president and chief executive officer. “Our first quarter results were driven by pacing of work, higher throughput and improved operating performance as we executed on our robust backlog and pursued new opportunities across our global security, commercial power, and nuclear medicine markets.”

“Investment in global nuclear markets is accelerating and demand for BWXT’s innovative nuclear solutions is growing rapidly,” continued Geveden. “As highlighted by the recent announcement of the PCG acquisition, BWXT’s first step in establishing U.S.-based commercial nuclear manufacturing capacity, we are committed to strategically deploying capital, both organically and inorganically, to bolster our industrial scale to meet the needs of these exciting markets and drive value creation for our shareholders.”

“Given our strong first quarter results, robust backlog, and optimistic market outlook, we are raising our 2026 financial guidance,” said Geveden. “We now anticipate 2026 adjusted EBITDA of $650 million-$665 million, non-GAAP EPS of $4.60-$4.75, and $315 million-$330 million of free cash flow.”

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

Financial Results Summary

Three Months Ended March 31,

2026 2025 $ Change % Change

(Unaudited)

(In millions, except per share amounts)

Revenues

Government Operations $ 577.9 $ 555.3 $ 22.6 4%

Commercial Operations $ 283.6 $ 128.3 $ 155.3 121%

Consolidated $ 860.2 $ 682.3 $ 178.0 26%

Operating Income

Government Operations $ 99.1 $ 97.7 $ 1.4 1%

Commercial Operations $ 24.0 $ 6.5 $ 17.6 272%

Unallocated Corporate (Expense) $ (16.5) $ (7.6) $ (8.9) NM

Consolidated $ 106.7 $ 96.6 $ 10.1 10%

Consolidated non-GAAP(1)

$ 121.5 $ 107.6 $ 13.9 13%

EPS (Diluted)

GAAP $ 0.99 $ 0.82 $ 0.17 21%

Non-GAAP(1)

$ 1.12 $ 0.91 $ 0.21 22%

Net Income

GAAP $ 91.2 $ 75.5 $ 15.7 21%

Non-GAAP(1)

$ 102.8 $ 84.0 $ 18.8 22%

Adjusted EBITDA(1)

Government Operations $ 117.7 $ 116.9 $ 0.8 1%

Commercial Operations $ 36.5 $ 14.0 $ 22.5 162%

Unallocated Corporate $ (6.2) $ (1.1) $ (5.1) NM

Consolidated $ 148.0 $ 129.8 $ 18.2 14%

Cash Flows

Operating Cash Flow(2)

$ 92.6 $ 50.7 $ 42.0 83%

Capital Expenditures(2)

$ 42.5 $ 33.4 $ 9.1 27%

Free Cash Flow(1)

$ 50.1 $ 17.3 $ 32.8 190%

Dividends Paid(2)

$ 25.8 $ 23.7 $ 2.1 9%

NM = Not Meaningful

(2) Items named in the Financial Results Summary differ from names in BWXT Financial Statement. Operating Cash Flow = Net Cash Provided by Operating Activities; Capital Expenditures = Purchases of Property, Plant and Equipment; Dividends Paid = Dividends Paid to Common Shareholders

Revenues

First quarter revenue increased in both operating segments. The Government Operations increase was driven by higher special materials processing revenue and naval reactors growth, partially offset by lower microreactor volumes. The Commercial Operations increase was driven by higher revenue associated with commercial nuclear components, field services, fuel and fuel handling as well as growth in medical sales and contribution from Kinectrics.

Operating Income and Adjusted EBITDA(1)

First quarter GAAP operating income increased primarily due to an increase in both Government and Commercial Operations, partially offset by higher corporate expense as well as higher restructuring and transformation and acquisition related costs.

First quarter non-GAAP(1) operating income increased driven by growth in Commercial Operations, partially offset by a modest decline in Government Operations and higher corporate expense. The Commercial

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

Operations increase was driven by higher revenue, good operational performance, and more favorable mix. The slight decrease in Government Operations was due to revenue mix associated with newer special materials projects, partially offset by higher technical services equity income.

First quarter adjusted EBITDA(1) increased due to higher non-GAAP(1) operating income as discussed above.

EPS

First quarter GAAP and non-GAAP(1) EPS increased as higher operating income, lower interest expense, and a lower effective tax rate were partially offset by lower other income.

Cash Flows

First quarter operating cash flow growth was primarily driven by higher net income and improved working capital management. Capital expenditures increased mainly due to timing of various growth projects throughout in both Government Operations and Commercial Operations.

Dividend

BWXT paid $25.8 million, or $0.27 per common share, to shareholders in the first quarter of 2026. On April 29, 2026, the BWXT Board of Directors declared a quarterly cash dividend of $0.27 per common share payable on June 5, 2026, to shareholders of record on May 19, 2026.

2026 Guidance

BWXT raised its 2026 guidance for revenue, adjusted EBITDA, non-GAAP EPS(1), and free cash flow(1). 2026 guidance does not include contribution from the announced acquisition of Precision Components Group, LLC.

(In millions, except per share amounts) Year Ended Year Ending Year Ending

December 31, 2025 December 31, 2026 December 31, 2026

Results Current Guidance Prior Guidance

Revenue $3,198 >$3,750 ~$3,750

Adjusted EBITDA(1)

$574 $650 - $665 $645 - $660

Non-GAAP(1) Earnings Per Share

$4.01 $4.60 - $4.75 $4.55 - $4.70

Free Cash Flow(1)

$295 $315 - $330 $305 - $320

Additional information can be found in the first quarter 2026 earnings call presentation on the BWXT investor relations website at www.bwxt.com/investors. The Company does not provide GAAP guidance because it is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. These items could cause GAAP results to differ materially from non-GAAP results.

Conference Call to Discuss First Quarter 2026 Results

Date: Monday, May 4, 2026, at 5:00 p.m. EDT

Live Webcast: Investor Relations section of website at www.bwxt.com

Full Earnings Release Available on BWXT Website

A full version of this earnings release is available on our Investor Relations website at http://investors.bwxt.com/1Q2026-release.

BWXT may use its website (www.bwxt.com) as a channel of distribution of material Company information. Financial and other important information regarding BWXT is routinely accessible through and posted on our website. In addition, you may elect to automatically receive e-mail alerts and other information about BWXT by enrolling through the “Email Alerts” section of our website at http://investors.bwxt.com.

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

Non-GAAP Measures

BWXT uses and makes reference to adjusted EBITDA, non-GAAP EPS, free cash flow and free cash flow conversion, which are not recognized measures under GAAP. BWXT is providing these non-GAAP measures to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. Definitions for the non-GAAP measures are provided below and reconciliations are detailed in Exhibit 1, except that reconciliations of forward-looking GAAP measures are not provided because the company is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. Other companies may define these measures differently or may utilize different non-GAAP measures, thus impacting comparability.

Non-GAAP Earnings Per Share (EPS) is calculated using GAAP EPS less the non-operational tax effected per share impact of pension & OPEB mark-to-market gains or losses and other one-time items, such as restructuring, transformation, acquisition-related costs, and acquisition-related amortization.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is calculated using non-GAAP net income, plus provision for income taxes, less other – net, less interest income, plus interest expense, plus depreciation and amortization.

Adjusted pre-tax income is non-GAAP income before provision for income taxes.

Free Cash Flow (FCF) is calculated using net income to derive net cash provided by (used in) operating activities less purchases of property, plant and equipment.

Free Cash Flow conversion is free cash flow divided by net income.

Non-GAAP Adjustments

Our GAAP financial results detailed in Exhibit 1 have been adjusted for the following items:

Restructuring and Transformation Costs: Restructuring and transformation costs include restructuring charges as well as costs associated with our efforts to optimize underlying business processes through investments in information technology, process improvements and the implementation of strategic actions and initiatives which we deem to be incremental and non-recurring in nature.

Acquisition-related Costs: Acquisition-related costs relate to third-party professional service costs and one-time incremental costs associated with due diligence activities and efforts to integrate the acquired business with our legacy operations.

Forward-Looking Statements

BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent they may be viewed as an indicator of future revenues; our plans and expectations for each of our reportable segments, including growth opportunities and the expectations, timing and revenue of our strategic initiatives, such as medical radioisotopes, SMR components and recent acquisitions; disruptions to our supply chain and/or operations, changes in government regulations and other factors; and our expectations and guidance for 2026 and beyond. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to execute contracts in backlog; federal budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms and the debt ceiling, the potential for government shutdowns and changing funding and acquisition priorities; the demand for and competitiveness of nuclear products and services; capital priorities of power generating utilities and other customers; the timing of technology development, regulatory approvals and automation of production; the receipt and/or timing of government approvals; the potential recurrence of

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

subsequent waves or strains of COVID-19 or similar diseases; labor market challenges, including employee retention and recruitment; adverse changes in the industries in which we operate; and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see BWXT’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2025 and subsequent Form 10-Q filings. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About BWXT

At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. A U.S.-based company with approximately 10,000 employees, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, nuclear medicine, space exploration and environmental restoration. BWXT owns and operates 17 manufacturing facilities globally, and its 14 strategic partnerships support the U.S. and Canadian governments at more than two dozen additional locations.

For more information, visit www.bwxt.com. Follow us on LinkedIn, X, Facebook and Instagram.

Investor Contact: Media Contact:

Chase Jacobson John Dobken

Vice President, Investor Relations Senior Manager, Media & Public Relations

980-365-4300 Investors@bwxt.com 202-428-6913 jcdobken@bwxt.com

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

EXHIBIT 1

BWX TECHNOLOGIES, INC.

RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)

(In millions, except per share amounts)

Three Months Ended March 31, 2026

GAAP Restructuring & Transformation Costs Acquisition-Related Costs Acquisition-Related Amortization Non-GAAP

Government Operations Operating Income $ 99.1 $ — $ — $ 1.0 $ 100.1

Commercial Operations Operating Income $ 24.0 $ 3.2 $ 0.5 $ 1.5 $ 29.2

Unallocated Corporate Operating Income $ (16.5) $ 4.1 $ 4.5 $ — $ (7.9)

Operating Income $ 106.7 $ 7.3 $ 5.0 $ 2.5 $ 121.5

Other - net 0.6 — — — 0.6

Income Before Provision for Income Taxes 107.3 7.3 5.0 2.5 122.1

Provision for Income Taxes (16.1) (1.6) (1.0) (0.6) (19.3)

Net Income 91.2 5.7 4.0 1.9 102.8

Net Income Attributable to Noncontrolling Interest (0.1) — — — (0.1)

Net Income Attributable to BWXT $ 91.1 $ 5.7 $ 4.0 $ 1.9 $ 102.7

Diluted Shares Outstanding 91.9 91.9

Diluted Earnings per Common Share $ 0.99 $ 0.06 $ 0.04 $ 0.02 $ 1.12

Effective Tax Rate 15.0% 15.8%

Three Months Ended March 31, 2025

GAAP Restructuring & Transformation Costs Acquisition-Related Costs Acquisition-Related Amortization Non-GAAP

Government Operations Operating Income $ 97.7 $ 0.2 $ 0.9 $ 1.8 $ 100.6

Commercial Operations Operating Income $ 6.5 $ 1.9 $ 1.6 $ — $ 9.9

Unallocated Corporate Operating Income $ (7.6) $ 2.7 $ 2.0 $ — $ (2.9)

Operating Income $ 96.6 $ 4.8 $ 4.4 $ 1.8 $ 107.6

Other Income (Expense) (4.8) — — — (4.8)

Income Before Provision for Income Taxes 91.8 4.8 4.4 1.8 102.8

Provision for Income Taxes (16.3) (1.1) (1.0) (0.4) (18.8)

Net Income 75.5 3.7 3.4 1.4 84.0

Net Income Attributable to Noncontrolling Interest (0.1) — — — (0.1)

Net Income Attributable to BWXT $ 75.5 $ 3.7 $ 3.4 $ 1.4 $ 84.0

Diluted Shares Outstanding 91.9 91.9

Diluted Earnings per Common Share $ 0.82 $ 0.04 $ 0.04 $ 0.02 $ 0.91

Effective Tax Rate 17.7% 18.3%

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

EXHIBIT 1 (continued)

RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3)

(In millions)

Three Months Ended March 31, 2026

GAAP Restructuring & Transformation Costs Acquisition-related Costs Acquisition-related Amortization Non-GAAP

Net Income $ 91.2 $ 5.7 $ 4.0 $ 1.9 $ 102.8

Provision for Income Taxes 16.1 1.6 1.0 0.6 19.3

Other – net (0.4) — — — (0.4)

Interest Expense 4.7 — — — 4.7

Interest Income (4.9) — — — (4.9)

Depreciation & Amortization 29.0 — — (2.5) 26.5

Adjusted EBITDA $ 135.7 $ 7.3 $ 5.0 $ — $ 148.0

Three Months Ended March 31, 2025

GAAP Restructuring & Transformation Costs Acquisition-related Costs Acquisition-related Amortization Non-GAAP

Net Income $ 75.5 $ 3.7 $ 3.4 $ 1.4 $ 84.0

Provision for Income Taxes 16.3 1.1 1.0 0.4 18.8

Other – net (2.5) — — — (2.5)

Interest Expense 8.0 — — — 8.0

Interest Income (0.7) — — — (0.7)

Depreciation & Amortization 23.9 — — (1.8) 22.1

Adjusted EBITDA $ 120.5 $ 4.8 $ 4.4 $ — $ 129.8

RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3)(4)

(In millions)

Three Months Ended March 31, 2026

Operating Income (GAAP)

Non-GAAP Adjustments(3,4)

Acquisition-related Amortization Depreciation & Amortization Adjusted EBITDA

Government Operations $ 99.1 $ — $ 1.0 $ 17.5 $ 117.7

Commercial Operations $ 24.0 $ 3.7 $ 1.5 $ 7.3 $ 36.5

Unallocated Corporate $ (16.5) $ 8.6 $ — $ 1.7 $ (6.2)

Three Months Ended March 31, 2025

Operating Income (GAAP)

Non-GAAP Adjustments(3,4)

Acquisition-related Amortization Depreciation & Amortization Adjusted EBITDA

Government Operations $ 97.7 $ 1.1 $ 1.8 $ 16.3 $ 116.9

Commercial Operations $ 6.5 $ 3.5 $ — $ 4.0 $ 14.0

Unallocated Corporate $ (7.6) $ 4.6 $ — $ 1.8 $ (1.1)

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

EXHIBIT 1 (continued)

RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3)

(In millions)

Three Months Ended March 31, 2026

Net Cash Provided By Operating Activities $ 92.6

Purchases of Property, Plant and Equipment (42.5)

Free Cash Flow $ 50.1

Three Months Ended March 31, 2025

Net Cash Provided By Operating Activities $ 50.7

Purchases of Property, Plant and Equipment (33.4)

Free Cash Flow $ 17.3

(1)

Tables may not foot due to rounding.

(2) BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations.

(3) For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share.

(4) Excludes acquisition-related amortization

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended March 31,

2026 2025

(Unaudited)

(In thousands, except share and per share amounts)

Revenues $ 860,217 $ 682,258

Costs and Expenses:

Cost of operations 662,849 517,065

Research and development costs 4,100 2,013

Gain (loss) on asset disposals and impairments, net

125 (4,431)

Selling, general and administrative expenses 108,017 87,569

Total Costs and Expenses 775,091 602,216

Equity in Income of Investees 21,565 16,588

Operating Income 106,691 96,630

Other Income (Expense):

Interest income 4,914 722

Interest expense (4,733) (7,994)

Other – net 444 2,459

Total Other Income (Expense) 625 (4,813)

Income before Provision for Income Taxes

107,316 91,817

Provision for Income Taxes 16,127 16,291

Net Income $ 91,189 $ 75,526

Net Income Attributable to Noncontrolling Interest (121) (64)

Net Income Attributable to BWX Technologies, Inc. $ 91,068 $ 75,462

Earnings per Common Share:

Basic:

Net Income Attributable to BWX Technologies, Inc. $ 0.99 $ 0.82

Diluted:

Net Income Attributable to BWX Technologies, Inc. $ 0.99 $ 0.82

Shares used in the computation of earnings per share:

Basic 91,663,975 91,594,084

Diluted 91,908,600 91,873,702

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended March 31,

2026 2025

(Unaudited) (In thousands)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net Income $ 91,189 $ 75,526

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 29,013 23,912

Income of investees, net of dividends (3,261) 1,781

(Gain) loss on asset disposals and impairments - net

125 (4,431)

Recognition of losses for pension and postretirement plans 979 797

Stock-based compensation expense 10,168 5,047

Other, net 1,257 (1,075)

Changes in assets and liabilities, net of effects from acquisitions:

Accounts receivable 27,255 19,440

Accounts payable 79,502 5,340

Retainages (31,230) (11,743)

Contracts in progress and advance billings on contracts (93,045) (26,236)

Income taxes 13,264 6,427

Accrued and other current liabilities 8,373 9,387

Pension liabilities, accrued postretirement benefit obligations and employee benefits (47,210) (38,808)

Other, net 6,221 (14,714)

NET CASH PROVIDED BY OPERATING ACTIVITIES 92,600 50,650

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property, plant and equipment (42,506) (33,369)

Acquisition of businesses, net of cash acquired — (103,345)

Sales and maturities of securities — 1,859

Investments, net of return of capital, in equity method investees (4,840) (26,400)

Other, net 406 4,905

NET CASH USED IN INVESTING ACTIVITIES (46,940) (156,350)

CASH FLOWS FROM FINANCING ACTIVITIES:

Borrowings of long-term debt — 204,500

Repayments of long-term debt — (62,625)

Repurchases of common stock — (30,000)

Dividends paid to common shareholders (25,785) (23,660)

Cash paid for shares withheld to satisfy employee taxes (19,292) (12,883)

Settlements of forward contracts, net 8,316 8,438

Other, net 2,556 1,021

NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (34,205) 84,791

EFFECTS OF EXCHANGE RATE CHANGES ON CASH 1,668 2,294

TOTAL INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS

13,123 (18,615)

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 507,204 80,571

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 520,327 $ 61,956

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

Cash paid during the period for:

Interest $ 381 $ 5,331

Income taxes (net of refunds) $ 1,929 $ 10,049

SCHEDULE OF NON-CASH INVESTING ACTIVITY:

Accrued capital expenditures included in accounts payable $ 14,625 $ 10,469

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

March 31,

2026 December 31,

2025

(Unaudited)

(In thousands)

Current Assets:

Cash and cash equivalents $ 512,357 $ 499,779

Restricted cash and cash equivalents 3,203 3,085

Accounts receivable – trade, net 185,223 220,391

Accounts receivable – other 67,194 67,858

Retainages 77,542 46,311

Contracts in progress 668,611 610,315

Inventories 45,598 46,537

Other current assets 56,648 66,078

Total Current Assets 1,616,376 1,560,354

Property, Plant and Equipment, Net 1,596,110 1,585,136

Investments 7,947 8,243

Goodwill 496,263 500,860

Deferred Income Taxes 3,379 12,275

Investments in Unconsolidated Affiliates 157,628 150,143

Intangible Assets 321,438 329,859

Other Assets 125,769 124,625

TOTAL ASSETS $ 4,324,910 $ 4,271,495

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

LIABILITIES AND STOCKHOLDERS' EQUITY

March 31,

2026 December 31,

2025

(Unaudited)

(In thousands, except share

and per share amounts)

Current Liabilities:

Accounts payable 216,220 141,289

Accrued employee benefits 72,506 117,641

Accrued liabilities – other 113,908 107,802

Advance billings on contracts 271,587 305,285

Total Current Liabilities 674,221 672,017

Long-Term Debt 2,017,946 2,015,983

Accumulated Postretirement Benefit Obligation 78,429 78,460

Environmental Liabilities 102,098 100,278

Pension Liability 74,403 78,167

Other Liabilities 97,581 93,578

Total Liabilities 3,044,678 3,038,483

Commitments and Contingencies

Stockholders' Equity:

Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 128,997,724 and 128,720,819 shares at March 31, 2026 and December 31, 2025, respectively

1,289 1,288

Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued

— —

Capital in excess of par value 173,051 159,884

Retained earnings 2,589,824 2,523,631

Treasury stock at cost, 37,383,169 and 37,289,582 shares at March 31, 2026 and December 31, 2025, respectively

(1,452,330) (1,432,943)

Accumulated other comprehensive loss

(31,411) (19,373)

Stockholders' Equity – BWX Technologies, Inc. 1,280,423 1,232,487

Noncontrolling interest (191) 525

Total Stockholders' Equity 1,280,232 1,233,012

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,324,910 $ 4,271,495

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

BWX TECHNOLOGIES, INC.

BUSINESS SEGMENT INFORMATION

Three Months Ended March 31,

2026 2025

(Unaudited)

(In thousands)

REVENUES:

Government Operations $ 577,901 $ 555,286

Commercial Operations 283,645 128,310

Eliminations (1,329) (1,338)

TOTAL $ 860,217 $ 682,258

SEGMENT INCOME:

Government Operations $ 99,141 $ 97,746

Commercial Operations 24,029 6,466

SUBTOTAL $ 123,170 $ 104,212

Unallocated Corporate (16,479) (7,582)

TOTAL $ 106,691 $ 96,630

DEPRECIATION AND AMORTIZATION:

Government Operations $ 18,532 $ 18,096

Commercial Operations 8,748 4,019

Corporate 1,733 1,797

TOTAL $ 29,013 $ 23,912

CAPITAL EXPENDITURES:

Government Operations $ 27,096 $ 18,500

Commercial Operations 14,286 13,209

Corporate 1,124 1,660

TOTAL $ 42,506 $ 33,369

BACKLOG:

Government Operations $ 6,931,111 $ 3,583,690

Commercial Operations 1,719,725 1,294,990

TOTAL $ 8,650,836 $ 4,878,680

BOOKINGS:

Government Operations $ 1,967,644 $ 226,397

Commercial Operations 282,716 493,420

TOTAL $ 2,250,360 $ 719,817

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

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