On this page of StockholderLetter.com we present the latest annual shareholder letter from BWX Technologies, Inc. — ticker symbol BWXT. Reading current and past BWXT letters to shareholders can bring important insights into the investment thesis.

 •  3/18/2026 Letter Continued (Full PDF)
 •  3/15/2023 BWXT Stockholder Letter
 •  3/14/2024 BWXT Stockholder Letter
 •  3/19/2025 BWXT Stockholder Letter
 •  More "Industrial Machinery & Equipment" Category Stockholder Letters
 •  BWXT Benford's Law Stock Score = 97

BWXT Shareholder/Stockholder Letter Transcript:

$3,198
Financial Highlights
($ in millions, except per share amounts)
Revenue
$2,496
2023
2024
2025
$2,496
$2,704
$3,198
2023
Net Income
GAAP
$246
Non-GAAP*
$278
$282
$306
$2,704
2024
$330
Revenue
$369
$ in millions
EPS
2025
$4.01
GAAP
$2.68
$3.07
$3.58
Non-GAAP*
$3.02
$3.33
$4.01
Adjusted EBITDA*
$472
$499
$574
$85
$88
$92

$20
$30
Share Repurchases
Dividends per Share
2023
2024
2025
Non-GAAP EPS*
Cash Returned to Shareholders
Dividends
$3.33
$3.02
$0.23
$0.24
$574
$472
$499
2023
2024
$0.25
2025 BWXT Shareprice Performance
2025
Adjusted EBITDA*
$ in millions
$172.84
12/31/2025
$0.25
55.2%
$0.24
Increase
$111.39
$0.23
12/31/2024
2023
2024
2025
Quarterly Dividend Per Share
* A reconciliation of non-GAAP to the comparable GAAP figures can be found at the end of this annual report.

BWXT: The Nuclear Experts
BWXT enters this new chapter with momentum built on
decades of experience     and accelerated by a year of
record performance. In 2025, we delivered results that
exceeded expectations, strengthened our competitive
position and reaffirmed our reputation as the company
that delivers. With a backlog that doubled year   over   year,
and a strategy built around velocity, agility and innovation,
we are executing with precision at a moment when
nuclear matters more than ever.
Leadership & Impact
Velocity & Agility
Investment
& Innovation
Mission Delivery
| $7.3B funded backlog,
| Centrifuge Manufacturing
| Acquisition of Aerojet
| Defense: Shipped two
the largest in company
history     reflecting durable
demand and disciplined
execution.
| Trusted across defense,
utilities, space, medicine
and environmental
restoration     a breadth of
experience unmatched in
today   s nuclear landscape.
| Global footprint with
operations across the
U.S., Canada, Europe and
international project sites.
| 10,000+ skilled
professionals, bringing
real experience     and the
ability to execute at scale
    to the most complex
nuclear missions.
Development Facility
    built from dirt to
operational in seven
months, reestablishing a
fully domestic uranium
enrichment capability
critical to national security.
| Positioned at the
intersection of national
security, energy security
and AI    deploying
automation, advanced
digital tools and AI   driven
workflows across
both new and legacy
facilities, bringing our
factory   of   the   future
approach to the entire
enterprise to accelerate
decisions, tighten
execution and deliver at
speed.
| Driving Performance
Excellence     embedding
speed, discipline and
problem   solving across
every function to enable
faster decision   making
and tighter execution.
* Photo courtesy of U.S. Department of Energy, Oak Ridge National Laboratory
Ordnance Tennessee
    securing BWXT as
the sole U.S. source
for depleted uranium
processing for defense
applications, with
preparations underway
for a new HPDU
manufacturing facility.
steam generators for
CVN-81; delivered
TRISO fuel for Project
Pele; started TRISO fuel
production for Antares.
| Commercial: Produced
three Bruce Power Unit
7 steam generators;
Delivered four heat
exchangers; Completed
Unit 4 Upper Feeder
Fabrication and Bruce
Unit 3 replacement
cyclone separators.
| Acquisition of Kinectrics
    expanding commercial
nuclear services, stable
isotope production for
nuclear medicine and
adjacent transmission and
distribution capabilities.
| National security and
environment: Assumed
management of Hanford
environmental restoration
project, Strategic
Petroleum Reserve
and Canadian Nuclear
Laboratories.
| Cambridge facility
expansion     increasing
manufacturing capacity
by nearly 50% and
reinforcing our position
at the forefront of North
American manufacturers
of heavy commercial
nuclear components.
| Medical: Enabled more
| BWXT Innovation Campus
    accelerating the
development of advanced
nuclear technologies,
microreactors and
next   generation systems
through an integrated hub
for testing, prototyping
and future   focused
engineering.
BWX Tec h nologi es, Inc .
than 20,000 treatments
and 100,000 diagnostic
scans through reliable
medical isotope delivery.
2 02 5 AN N UAL REPORT
1

Letter from the President and CEO
From just about any perspective, 2025 was an extraordinary year for BWXT. Strategically,
we sit at the nexus of the commercial nuclear and global security markets in a position
to capitalize on two powerful megatrends, defense and artificial intelligence, both of
which are signaling high demand for nuclear solutions. And that demand is translating
into powerful growth, excellent financial performance and an unprecedented backlog of
booked business. We are well suited to competing in this exciting environment, and our
year over year results bear that out.
We closed 2025 with a funded backlog of $7.3 billion   fuel
for future growth across both segments   and delivered a total
shareholder return of 56.4%.
Our strategy is clear: leverage our scale, experiential qualifications
and regulatory credentials to deliver for our customers. Our
competitive posture varies by market, ranging from sole source
to merchant supplier and in some cases technology provider. We
believe this agility enables BWXT to win under a very broad range
of competitive outcomes.
Within the BWXT enterprise, we have an operating system called
the Battle Plan that describes in broad terms our intentions
and priorities for the business. It has five elements: (1) Sustain
and Grow the Core; (2) Invest Strategically; (3) Enter Adjacent
Markets; (4) Drive Performance; and (5) Deliver the Mission.
Following are summaries of our progress in all elements of the
Battle Plan.
Revenues
+18%
Adjusted EBITDA*
+15%
Free Cash Flow*
+16%
Order Backlog
+50%
Sustain and Grow the Core
We signed the next pricing agreement for the U.S. Naval Nuclear
Propulsion Program, securing $2.6 billion in contracts for reactor
components for Virginia- and Columbia-class submarines and
Ford-class aircraft carriers   building on a previous $2.1 billion
award announced earlier in the year.
Rex D. Geveden
President and Chief Executive Officer
2
BWX Te c h n ol o g ie s, In c .
2025 A N N UA L R EPORT
In Canada, we secured projects worth over C$1 billion, including
48 steam generators for Ontario Power Generation and the
reactor pressure vessel for the first BWRX-300 small modular
reactor (SMR) at Darlington   making BWXT the first North
American manufacturer to produce this component for SMR
technology. In addition, we secured contracts with multiple SMR
* Non-GAAP figures exclude any mark-to-market adjustment for pension and postretirement
benefits recognized and other one-time items. A reconciliation of non-GAAP to the
comparable GAAP figures can be found at the end of this annual report.

developers for equipment and component design services
and a contract to provide owner   s engineering services for
a potential new-build of Westinghouse AP1000 reactors
in Bulgaria.
Invest Strategically
We opened the BWXT Innovation Campus in Virginia, the hub
for advanced nuclear and microreactor development. We
expanded our Cambridge facility to increase heavy-component
manufacturing capacity and completed construction of the
Centrifuge Manufacturing Development Facility in Oak Ridge,
Tennessee. We also began preparations for a new high-purity
depleted uranium (HPDU) manufacturing facility to support
the NNSA.
We acquired Aerojet Ordnance Tennessee, securing the sole
U.S. source for depleted uranium processing for defense
applications and completed the acquisition of Kinectrics,
expanding our commercial operations and isotope
production capabilities.
With DPX, we expanded our focus to institutionalize continuous
improvement at every level and in every function. In the early
days of this initiative, we are finding new opportunities for
operating efficiency, rationalization of the corporate footprint,
supply chain efficiencies, total cost of labor cost controls
and the like.
We will continue to drive factory operational excellence and
modernization through automation, AI and process optimization.
To support this, we recently opened the BWXT Digital Center
in Melbourne, Florida   our hub for digital transformation, AI and
cybersecurity initiatives across the enterprise.
Deliver the Mission
BWXT continued to deliver on critical programs for our
customers. We shipped two large steam generators for
CVN-81, a Ford-class carrier, from our Mount Vernon facility.
For Project Pele, we completed design and commenced reactor
core assembly, and in November, we shipped the first core
of TRISO nuclear fuel to Idaho National Laboratory   a major
milestone in advancing transportable nuclear power for defense
applications. We also started TRISO production for Antares,
which aims to achieve reactor criticality by July 4, in line with
the administration   s nuclear executive orders. While others are
developing advanced nuclear fuels, BWXT is delivering today.
In the space domain, we continue to advance the technologies
required for nuclear thermal propulsion with NASA and see
emerging opportunities around fission surface power   
technologies that will shape future exploration.
Enter Adjacent Markets
With the acquisition of Kinectrics, we secured new capabilities
in the production of stable isotopes for nuclear medicine,
broadened our service offerings in commercial nuclear to
include licensing and safety analysis and entered the adjacent
transmission and distribution market with a particularly strong
foothold in cable testing for wind power.
With Aerojet Ordnance Tennessee, we added a new and
strategically important assay (depleted uranium) to our special
materials portfolio and subsequently won a $1.63B contract
to produce 2,000 metric tons of high purity depleted uranium
for the National Nuclear Security Administration (NNSA). We
also secured a $1.5B contract with NNSA for defense nuclear
fuels bolstering our special materials line of business. Our joint
venture team also won a $2.6 billion award to manage the
Strategic Petroleum Reserve, adding a vital energy security
mission to our portfolio.
Drive Performance
In 2025, we continued our operational excellence journey,
with the launch of an enterprise-wide initiative called Driving
Performance Excellence (DPX). Historically, our continuous
improvement efforts centered on optimizing factory operations.
In our Technical Services Group (TSG), we assumed
management of the Canadian Nuclear Laboratories, our first
international TSG project, and took leadership of the Hanford
environmental restoration project, one of the largest of its kind
on Earth.
In medical, we delivered more than 20,000 treatments directly
to patients while also facilitating diagnostic scans for more than
100,000 individuals.
Looking Ahead
As we move into 2026 and beyond, our path is informed by
competitive conditions, market demand, our strategy and our
commitment to the Battle Plan. Global demand for nuclear
solutions is on the rise, and BWXT is ready to address that
demand through operational focus, expansion of our capacity,
the development of new technologies, the acquisition of worldclass talent and strengthening our critical supply chains.
With a record backlog and an unmatched team, we are ready to
seize the opportunities ahead and create enduring value for our
customers and shareholders.
BWX Tec h nolog i es, Inc .
202 5 AN N UAL REPORT
3

3/18/2026 Letter Continued (Full PDF)

 

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