Document

10-Q 1 bwxt_63026x10qdocument.htm 10-Q Document

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 June 30, 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.)

1720 Mt. Athos Road

Lynchburg,

Virginia

24504

(Address of principal executive offices)

(Zip Code)

800 Main Street, 4th Floor, Lynchburg, Virginia 24504

(Former name or former address, if changed since last report)

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 July 31, 2026 was 91,621,980.

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 and Six Months Ended June 30, 2026 and 2025 (Unaudited)	2
	Condensed Consolidated Statements of Comprehensive Income
	Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)	3
	Condensed Consolidated Balance Sheets
	June 30, 2026 and December 31, 2025 (Unaudited)	4
	Condensed Consolidated Statements of Stockholders' Equity
	Three Months Ended March 31 and June 30, 2026 and 2025 (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows
	Six Months Ended June 30, 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	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	32

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 5	Other Information	29
Item 6.	Exhibits	34

Signatures		35

Table of Contents

PART I

FINANCIAL INFORMATION

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Unaudited) (In thousands, except share and per share amounts)
Revenues	$	901,625	$	764,039	$	1,761,842	$	1,446,297
Costs and Expenses:
Cost of operations	699,320		572,642		1,362,169		1,089,707
Research and development costs	4,167		4,565		8,266		6,578
(Gain) loss on asset disposals and impairments, net	(2)		13		123		(4,418)
Selling, general and administrative expenses	108,432		102,940		216,448		190,509
Total Costs and Expenses	811,917		680,160		1,587,006		1,282,376
Equity in Income of Investees	24,428		18,545		45,993		35,133
Operating Income	114,136		102,424		220,829		199,054
Other Income (Expense):
Interest income	4,474		551		9,388		1,273
Interest expense	(5,283)		(11,741)		(10,016)		(19,735)
Other – net	267		6,525		710		8,984
Total Other Income (Expense)	(542)		(4,665)		82		(9,478)
Income before Provision for Income Taxes	113,594		97,759		220,911		189,576
Provision for Income Taxes	24,496		19,297		40,622		35,588
Net Income	$	89,098	$	78,462	$	180,289	$	153,988
Net Income Attributable to Noncontrolling Interest	(84)		(74)		(205)		(138)
Net Income Attributable to BWX Technologies, Inc.	$	89,014	$	78,388	$	180,084	$	153,850
Earnings per Common Share:
Basic:
Net Income Attributable to BWX Technologies, Inc.	$	0.97	$	0.86	$	1.96	$	1.68
Diluted:
Net Income Attributable to BWX Technologies, Inc.	$	0.97	$	0.85	$	1.96	$	1.68
Shares used in the computation of earnings per share (Note 9):
Basic	91,720,867		91,542,967		91,692,421		91,568,526
Diluted	92,007,253		91,702,703		91,957,928		91,788,204

See accompanying notes to condensed consolidated financial statements.

Table of Contents

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE INCOME


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Unaudited) (In thousands)
Net Income	$	89,098	$	78,462	$	180,289	$	153,988
Other Comprehensive Income (Loss):
Currency translation adjustments	(21,070)		19,703		(34,056)		23,838
Derivative financial instruments:
Unrealized gains (losses) arising during the period, net of tax (provision) benefit of $(72), $236, $32, and $58, respectively	224		(220)		(92)		396
Reclassification adjustment for losses (gains) included in net income, net of tax (benefit) provision of $(45), $58, $(200), and $95, respectively	127		(211)		596		(343)
Amortization of benefit plan costs, net of tax benefit of $(184), $(157), $(368), and $(315), respectively	796		657		1,591		1,296
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)	(19,923)		19,929		(31,961)		24,826
Total Comprehensive Income	69,175		98,391		148,328		178,814
Comprehensive Income Attributable to Noncontrolling Interest	(84)		(74)		(205)		(138)
Comprehensive Income Attributable to BWX Technologies, Inc.	$	69,091	$	98,317	$	148,123	$	178,676

See accompanying notes to condensed consolidated financial statements.

Table of Contents

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS


	June 30, 2026		December 31, 2025
	(Unaudited) (In thousands)
Current Assets:
Cash and cash equivalents	$	608,203	$	499,779
Restricted cash and cash equivalents	3,120		3,085
Accounts receivable – trade, net	198,251		220,391
Accounts receivable – other	88,979		67,858
Retainages	62,303		46,311
Contracts in progress	652,011		610,315
Inventories	46,293		46,537

Other current assets	50,877		66,078
Total Current Assets	1,710,037		1,560,354
Property, Plant and Equipment, Net	1,603,188		1,585,136
Investments	8,828		8,243
Goodwill	494,922		500,860
Deferred Income Taxes	5,882		12,275
Investments in Unconsolidated Affiliates	164,708		150,143
Intangible Assets	311,773		329,859
Other Assets	123,792		124,625
TOTAL ASSETS	$	4,423,130	$	4,271,495

See accompanying notes to condensed consolidated financial statements.

Table of Contents

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

LIABILITIES AND STOCKHOLDERS' EQUITY


	June 30, 2026		December 31, 2025
	(Unaudited) (In thousands, except share and per share amounts)
Current Liabilities:

Accounts payable	212,881		141,289
Accrued employee benefits	86,290		117,641
Accrued liabilities – other	100,844		107,802
Advance billings on contracts	313,256		305,285
Total Current Liabilities	713,271		672,017
Long-Term Debt	2,019,897		2,015,983
Accumulated Postretirement Benefit Obligation	77,902		78,460
Environmental Liabilities	103,880		100,278
Pension Liability	69,344		78,167
Other Liabilities	104,687		93,578
Total Liabilities	3,088,981		3,038,483
Commitments and Contingencies (Note 5)
Stockholders' Equity:
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 129,006,562 and 128,720,819 shares at June 30, 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	183,530		159,884
Retained earnings	2,653,709		2,523,631
Treasury stock at cost, 37,384,981 and 37,289,582 shares at June 30, 2026 and December 31, 2025, respectively	(1,452,744)		(1,432,943)
Accumulated other comprehensive loss	(51,334)		(19,373)
Stockholders' Equity – BWX Technologies, Inc.	1,334,450		1,232,487
Noncontrolling interest	(301)		525
Total Stockholders' Equity	1,334,149		1,233,012
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	4,423,130	$	4,271,495

See accompanying notes to condensed consolidated financial statements.

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BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

Common Stock

Capital In

Excess of

Par Value

Retained

Earnings

Accumulated

Other

Comprehensive

Income (Loss)

Total

Stockholders’

Equity

Par Value

Treasury

Stock

Stockholders’ Equity

Noncontrolling Interest

(Unaudited) (In thousands, except share and per share amounts)

Balance December 31, 2025

128,720,819

1,288

159,884

2,523,631

(19,373)