BWX Technologies Posts 50% Backlog Surge to $7.3B, Raises 2026 EPS Guidance
BWX Technologies posted FY2025 non-GAAP EPS of $4.01, adjusted EBITDA of $574.3 million and 50% backlog growth to $7.3 billion from multi-year naval propulsion, special materials and commercial nuclear awards. It forecasts 2026 non-GAAP EPS of $4.55-4.70, adjusted EBITDA of $645-660 million and free cash flow of $305-320 million.
1. FY2025 Financial Performance
In FY2025, BWX Technologies achieved non-GAAP EPS of $4.01 and adjusted EBITDA of $574.3 million while backlog climbed 50% to $7.3 billion, setting a record annual performance in its tenth year as a standalone public company.
2. Backlog Growth Drivers
The substantial backlog increase was fueled by major multi-year contract awards across naval nuclear propulsion, production of specialized materials and expansion into commercial nuclear power programs.
3. 2026 Guidance Forecast
The company projects for 2026 non-GAAP EPS of $4.55-$4.70, adjusted EBITDA of $645-$660 million and free cash flow of $305-$320 million, indicating sustained order momentum and operational leverage.
4. Strategic Positioning
Operating at the intersection of national security and commercial nuclear sectors, BWX has broadened its service and product offerings through two acquisitions and secured high-value awards that support its long-term growth trajectory.