$BWXT · BWX Technologies, Inc.
BWX Technologies reported Q3 2026 results with revenue of $953M (+10% YoY), GAAP diluted EPS of $1.11, and non-GAAP EPS of $1.26. The company tightened its 2026 non-GAAP EPS guidance to $4.72-$4.77 and introduced a preliminary 2027 outlook calling for high-single-digit revenue growth and high-single-digit to low-double-digit adjusted EBITDA and non-GAAP EPS growth.
- Q3 revenue $953M, +10% YoY; Government Operations +4%, Commercial Operations +25%
- GAAP diluted EPS $1.11 vs $0.89 YoY; non-GAAP EPS $1.26 vs $1.00 YoY (+26%)
- Operating cash flow $202.7M, +42% YoY; free cash flow $150.5M, +59% YoY
- 2026 non-GAAP EPS guidance tightened to $4.72-$4.77 (prior $4.70-$4.80); free cash flow $350M-$360M
- Preliminary 2027 outlook: high-single-digit revenue growth, high-single-digit to low-double-digit adjusted EBITDA and non-GAAP EPS growth
Extended-hours trading shows BWXT at $128.17, down 1.76% from the regular close of $130.70. The decline suggests the market is underwhelmed despite the beat and guidance tightening — possibly due to the 2027 preliminary outlook landing within existing expectations rather than above, or the unallocated corporate expense doubling to $16.8M.
BWXT's preliminary 2027 outlook signals accelerating earnings growth above prior Investor Day targets, anchored by BANR technology wins with the U.S. Army and Canadian nuclear projects.
BWXT's BANR technology selection for the U.S. Army's Janus Program and Prodigy Clean Energy's Canadian project underscores the accelerating defense and commercial demand for advanced nuclear solutions, reinforcing the multi-decadal investment cycle thesis across the nuclear value chain.
Federal budget uncertainty, continuing resolution funding mechanisms, and potential government shutdowns could disrupt Government Operations revenue. Labor market challenges and supply chain disruptions flagged as ongoing risks to execution.