BWX Technologies Reports 12.1% Revenue Growth to $764M in Latest Quarter

BWX Technologies, Inc. reported significant financial growth in its latest quarterly filing, with revenues reaching $764.0 million for the three months ended June 30, 2025, a 12.1% increase from $681.5 million in the same period last year. For the first half of 2025, the company generated $1.446 billion in revenue, up 12.5% from $1.285 billion in the prior year. The net income attributable to BWX Technologies increased to $78.4 million, or $0.86 per share, compared to $73.0 million, or $0.80 per share, in the previous year’s quarter. The company’s operating income also saw a rise, totaling $102.4 million for the quarter, up from $98.8 million a year earlier.

The growth in revenue was primarily driven by the Government Operations segment, which reported an increase of $48.1 million, largely due to uranium processing and downblending operations, including contributions from the recently acquired Aerojet Ordnance Tennessee, Inc. Additionally, the Commercial Operations segment experienced a revenue increase of $34.6 million, attributed to the acquisition of Kinectrics Inc. and increased manufacturing activity. However, the Commercial Operations segment's operating income decreased to $6.9 million from $16.6 million, reflecting a shift in product mix and increased expenses related to merger and acquisition activities.

In terms of strategic developments, BWX Technologies completed two significant acquisitions in early 2025: Aerojet Ordnance Tennessee, Inc. for approximately $103.3 million and Kinectrics Holdings Inc. for CAD $782.7 million (approximately $441.4 million USD). These acquisitions are expected to enhance the company's capabilities in advanced materials and lifecycle management services for the nuclear power and radiopharmaceutical markets. The integration of Kinectrics is ongoing and is anticipated to continue into 2026.

Operationally, BWX Technologies reported a backlog of $6.015 billion as of June 30, 2025, a substantial increase from $4.843 billion at the end of 2024. This backlog includes $651.4 million of unfunded backlog related to U.S. Government contracts, with approximately 53% expected to be recognized as revenue by the end of 2026. The company’s employee headcount has also increased, reflecting its growth and expansion efforts.

Looking ahead, BWX Technologies remains optimistic about its growth trajectory, bolstered by its recent acquisitions and a strong backlog. The company plans to continue leveraging its operational strengths and strategic investments to enhance its market position in the nuclear and radiopharmaceutical sectors. However, it acknowledges potential risks associated with government funding and budgetary uncertainties that could impact future performance.