Marine nuclear propulsion specialist BWX Technologies reported strong financial results for the third quarter of 2025, with consolidated revenues of $866.3 million, a 29 per cent increase compared to the $672 million in the third quarter of 2024.
Net income rose 18 per cent year-on-year to $82.2 million, or $0.89 per diluted share. Adjusted EBITDA increased 19 per cent to $151.1 million, and non-GAAP EPS was $1, a 20 per cent increase.
The company's backlog reached a record $7.4 billion, up 119 per cent year-over-year, driven by large, multi-year special materials projects. Free cash flow for the quarter was $94.9 million, a significant improvement from a negative $7.7 million in the prior-year period.
Rex D. Geveden, president and CEO, stated, “We delivered strong financial results in the third quarter...including double-digit organic revenue growth and healthy free cash flow.” He added, “The demand environment for nuclear solutions in defense…is unprecedented.”
The government operations segment revenue increased 10 per cent to $616.7 million, driven by higher naval nuclear component production, special materials processing, and the acquisition of AOT.
The commercial operations segment revenue surged 122 per cent to $251 million, driven by higher revenue across all business lines and the acquisition of Kinectrics.
Based on the strong performance, BWX raised its 2025 full-year guidance. The company now expects revenue to be over $3.1 billion and non-GAAP EPS to be in the range of $3.75-$3.80, up from previous guidance.
Adjusted EBITDA is now expected at the mid-point of the prior range, at approximately $570 million, with free cash flow at the higher end of the range, around $285 million. BWX also introduced a preliminary 2026 outlook calling for low-double-digit to low-teen adjusted EBITDA growth.
