Key Highlights

  • BWXT reported third quarter 2026 Revenue of $953.0 million, up 10.0% from $866.3 million a year earlier.
  • Net income attributable to the company rose to $101.7 million, or $1.11 per diluted share, from $82.1 million, or $0.89.
  • Government Operations Operating Margin widened to 19.2% from 15.8% on segment revenue of $639.1 million.
  • Total Backlog stood at $8.56 billion at Sep 30, 2026, up from $7.26 billion at Dec 31, 2025.
  • BWXT agreed on Jul 31, 2026 to sell its medical Business to a Private Equity buyer in a deal valued at up to $800 million.

Third-Quarter Revenue and Profit Climb on Both Segments

BWX Technologies (NYSE:BWXT) disclosed results for the third quarter ended Sep 30, 2026 in its quarterly filing dated Nov 2, 2026. Consolidated revenue rose 10.0%, or $86.7 million, to $953.0 million, as both operating segments grew. The company manufactures naval nuclear reactors and fuel for the U.S. Navy and serves commercial nuclear power and related markets.

Operating income increased $18.7 million to $132.1 million. Net Income attributable to the company was $101.7 million, compared with $82.1 million a year earlier, and Diluted Earnings per Share were $1.11 against $0.89.

Over the nine months ended Sep 30, 2026, revenue climbed 17.4% to $2.71 billion, and net income attributable reached $281.8 million, or $3.06 per diluted share.

Government Margin Jumps to 19.2% While Commercial Sales Rise 25.2%

Government Operations revenue grew 3.6% to $639.1 million, helped by $13.8 million of added sales from the special materials business acquired in January 2025 and by enrichment operations. Segment Operating Income rose $25.2 million to $122.6 million, lifting the margin to 19.2% from 15.8%.

Commercial Operations revenue increased 25.2% to $314.2 million. The Acquisition of Precision Components Group on Jul 1, 2026 added $26.2 million, and on-site inspection, maintenance and refurbishment work contributed $15.3 million more. Segment operating income edged up to $26.3 million, but the margin slipped to 8.4% from 9.5% on acquisition and restructuring costs and a less favorable product mix.

Unallocated corporate expenses grew $8.8 million to $16.8 million, mainly on $4.5 million of higher restructuring and transformation spending.

Backlog Reaches $8.56 Billion as Medical Unit Heads for Sale

Backlog totaled $8.56 billion at Sep 30, 2026, including $6.48 billion in Government Operations and $2.07 billion in Commercial Operations. About $1.97 billion of the total is unfunded U.S. Government work. The company expects to recognize roughly 46% of backlog revenue by the end of 2027.

On Jul 31, 2026, BWXT signed a definitive agreement to sell its medical business, including BWXT Medical and the stable medical isotope operations of Kinectrics, to Nordic Capital for up to $800 million. BWXT will keep a minority interest and continue to Supply specialized isotope expertise. The unit was classified as held for sale in the third quarter, and closing is expected in 2026 or the first quarter of 2027, subject to regulatory approvals.

Unexercised contract Options excluded from backlog were about $1.4 billion, subject to annual congressional appropriations.

Cash Generation, Dividends and the Close of the Medical Sale Frame the Next Updates

Operating cash flow rose $98.9 million to $451.7 million in the first nine months of 2026, while capital expenditures were $136.2 million. Cash and cash equivalents stood at $568.5 million, with no borrowings and $1.25 billion available under the revolving Credit facility. The company declared dividends of $0.27 per share each quarter in 2026 and paid $75.2 million to shareholders over the nine months; it made no repurchases in that period. Completion of the medical sale is the next item to watch.