bwxt-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________________________________________________________________________________________

FORM 10-Q

_________________________________________________________________________________________________________________________________


(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026.


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File No. 001-34658

BWX TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

__________________________________________________________________________________________________________________________________

Delaware

80-0558025

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer 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

_________________________________________________________________________________________________________________________________


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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant's common stock outstanding at April 30, 2026 was 91,614,649.

Table of Contents

BWX TECHNOLOGIES, INC.

INDEX – FORM 10-Q



		PAGE
PART I – FINANCIAL INFORMATION

Item 1.	Condensed Consolidated Financial Statements	2
	Condensed Consolidated Statements of Income
	Three Months Ended March 31, 2026 and 2025 (Unaudited)	2
	Condensed Consolidated Statements of Comprehensive Income
	Three Months Ended March 31, 2026 and 2025 (Unaudited)	3
	Condensed Consolidated Balance Sheets
	March 31, 2026 and December 31, 2025 (Unaudited)	4
	Condensed Consolidated Statements of Stockholders' Equity
	Three Months Ended March 31, 2026 and 2025 (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows
	Three Months Ended March 31, 2026 and 2025 (Unaudited)	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	30

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 5	Other Information	29
Item 6.	Exhibits	32

Signatures		33

Table of Contents

PART I

FINANCIAL INFORMATION

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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 (Note 9):
Basic	91,663,975		91,594,084
Diluted	91,908,600		91,873,702

See accompanying notes to condensed consolidated financial statements.

Table of Contents

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE INCOME


	Three Months Ended March 31,
	2026		2025
	(Unaudited) (In thousands)
Net Income	$	91,189	$	75,526
Other Comprehensive Income (Loss):
Currency translation adjustments	(12,986)		4,135
Derivative financial instruments:
Unrealized (losses) gains arising during the period, net of tax benefit (provision) of $105, and $(178), respectively	(316)		616
Reclassification adjustment for losses (gains) included in net income, net of tax (benefit) provision of $(155), and $37, respectively	469		(132)
Amortization of benefit plan costs, net of tax benefit of $(184), and $(158), respectively	795		639
Unrealized losses arising during the period, net of tax provision of $—, and $(85), respectively	—		(60)
Investments:
Reclassification adjustment for gains included in net income, net of tax provision of $—, and $80, respectively	—		(301)
Other Comprehensive Income (Loss)	(12,038)		4,897
Total Comprehensive Income	79,151		80,423
Comprehensive Income Attributable to Noncontrolling Interest	(121)		(64)
Comprehensive Income Attributable to BWX Technologies, Inc.	$	79,030	$	80,359

See accompanying notes to condensed consolidated financial statements.

Table of Contents

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

March 31,
2026

SEC Form 10-Q filed by BWX Technologies Inc.