Companies · BWXT
BWX Technologies
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Latest analysis
Updated Aug 5, 2026
BWXT posts 18% revenue growth in Q2 2026 and announces $800M medical business divestiture to Nordic Capital, sharpening its pure-play nuclear focus.
BWX Technologies delivered $901.6 million in Q2 2026 revenue, a 18.0% increase over Q2 2025, driven overwhelmingly by the Kinectrics acquisition in its Commercial Operations segment, which grew 71.7% year-over-year. The July 31, 2026 agreement to sell BWXT Medical and Kinectrics' stable medical isotope business to Nordic Capital for up to $800 million is the defining strategic event of the period, effectively repositioning BWXT as a concentrated nuclear defense and commercial infrastructure play. Backlog grew to $8.4 billion at June 30, 2026, from $7.3 billion at year-end 2025, anchored by a $6.8 billion Government Operations book that reflects the durability of the Naval Nuclear Propulsion Program.
Tone: bullishRevenue
$3.2B
BWXT 10-K · FY 2025
Employees
10,400
Revenue FY2024
$2.7B
Headquarters
Lynchburg, VA
Profile
BWXT 10-K Item 1 · Feb 23, 2026BWX Technologies is a specialty manufacturer of nuclear components, developer of nuclear technologies, and service provider with over 100 years of operating history. The company primarily designs, engineers, and manufactures precision naval nuclear components, reactors, and fuel for the U.S. Government, while also serving commercial nuclear power customers and the medical radioisotope and radiopharmaceutical markets. It operates through two segments: Government Operations and Commercial Operations.
Read filing description ↓ Collapse description ↑
BWX Technologies, Inc. is a specialty manufacturer of nuclear components, a developer of nuclear technologies and a service provider with an operating history of more than 100 years. Our core businesses focus on the design, engineering and manufacture of precision naval nuclear components, nuclear reactors and nuclear fuel for the U.S. Government. We also provide special nuclear materials processing, environmental site restoration services, products and services to customers in the nuclear power industry, critical medical radioisotopes and radiopharmaceuticals and other advanced nuclear technologies. While we provide a wide range of products and services, our business segments are heavily focused on major projects. At any given time, a relatively small number of projects can represent a significant part of our operations. Through the Government Operations segment, we engineer, design and manufacture precision naval nuclear components, reactors and nuclear fuel for the DOE/NNSA Naval Nuclear Propulsion Program and supply proprietary and sole-source valves, manifolds and fittings to global naval and commercial shipping customers. We have supplied nuclear components for DOE programs since the 1950s and are the largest domestic supplier of research reactor fuel elements for colleges, universities and national laboratories. Through the Commercial Operations segment, we design and manufacture commercial nuclear steam generators, heat exchangers, pressure vessels, reactor components and other auxiliary equipment, and are the only commercial heavy nuclear component manufacturer in North America. This segment also manufactures and supplies products for diagnostic imaging and radiotherapeutic treatments and is a partner for contract development and manufacturing services for life science and pharmaceutical companies.
Primary products
- Precision naval nuclear components
- Nuclear reactors and nuclear fuel
- Special nuclear materials processing
- Environmental site restoration services
- Commercial nuclear steam generators
- Heat exchangers
Business segments
End markets
Geographies
Named customers
During the years ended December 31, 2025, 2024 and 2023, the U.S. Government represented approximately 68%, 76% and 75% of our total consolidated revenues, respectively. No individual non-U.S. Government customer accounted for more than 10% of our consolidated revenues in the years ended December 31, 2025, 2024 or 2023.
Named competitors
“We have specialized technical capabilities that have allowed us to be a valued supplier of nuclear components and fuel for the U.S. Government's naval nuclear fleet since the 1950s. Because of the technical and regulatory standards required to meet U.S. Government contracting requirements for nuclear components and fuel and the barriers to entry present in this type of environment, competition is limited.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue grew from $2.70 billion in 2024 to $3.20 billion in 2025, driven in part by the acquisitions of Aerojet Ordnance Tennessee and Kinectrics during 2025.
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