EX-99.1 2 bwxt_33125xerexhibit991.htm EX-99.1 Document
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BWX Technologies Reports First Quarter 2025 Results
•1Q25 revenues of $682.3 million
•1Q25 net income of $75.5 million, adjusted EBITDA(1) of $129.8 million
•1Q25 diluted GAAP EPS of $0.82, non-GAAP(1) EPS of $0.91
•Acquisition of Kinectrics Inc. on track to close in mid-2025
•Land purchase in Oak Ridge, Tennessee to ultimately support the U.S. Department of Energy's National Nuclear Security Administration Domestic Uranium Enrichment Centrifuge Experiment
•Reaffirms 2025 non-GAAP EPS(1) guidance of $3.40-$3.55

Lynchburg, VA – May 5, 2025 – BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported first quarter 2025 results. A reconciliation of non-GAAP results is detailed in Exhibit 1.
“We had a solid start to 2025 with financial results that were ahead of expectations, driven by an increased pace of work and good operational performance," said Rex D. Geveden, president and chief executive officer. "We had another quarter of strong Commercial backlog growth and see robust opportunities for growth in our Government markets, highlighted by our recent land purchase to support the National Nuclear Security Administration's domestic uranium enrichment program."
"BWXT’s foundation is providing our customers with mission critical nuclear products and solutions, and I am proud of the diversified and resilient portfolio we have built over our nearly ten years as a standalone company,” continued Geveden. “Our vertically integrated nuclear capabilities, unique infrastructure, and highly-skilled workforce enable our customers to put their trust in BWXT to support their most important programs through all economic cycles in the global security, clean energy, and nuclear medicine markets.”
“Our robust backlog, strong demand in our end-markets, operational excellence programs, and recent acquisitions, including the pending Kinectrics acquisition, provide confidence in our near and medium-term outlook,” said Geveden. “As such, we are reaffirming our 2025 financial guidance.”





(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

Financial Results Summary
Three Months Ended March 31,
20252024$ Change% Change
(Unaudited)
(In millions, except per share amounts)
Revenues
Government Operations$555.3 $487.1 $68.2 14%
Commercial Operations$128.3 $117.0 $11.3 10%
Consolidated$682.3 $604.0 $78.3 13%
Operating Income
Government Operations$97.7 $85.7 $12.1 14%
Commercial Operations$6.5 $8.6 $(2.1)(25)%
Unallocated Corporate (Expense)$(7.6)$(1.3)$(6.3)NM
Consolidated$96.6 $93.0 $3.7 4%
Consolidated non-GAAP(1)
$105.8 $94.6 $11.2 12%
EPS (Diluted)
GAAP$0.82 $0.75 $0.07 9%
Non-GAAP(1)
$0.91 $0.76 $0.15 20%
Net Income
GAAP$75.5 $68.5 $7.0 10%
Non-GAAP(1)
$84.0 $69.8 $14.2 20%
Adjusted EBITDA(1)
Government Operations$116.9 $99.9 $17.0 17%
Commercial Operations$14.0 $13.9 $0.1 —%
Unallocated Corporate$(1.1)$1.3 $(2.5)NM
Consolidated$129.8 $115.2 $14.6 13%
Cash Flows
Operating Cash Flow(2)
$50.7 $33.0 $17.6 53%
Capital Expenditures(2)
$33.4 $30.4 $2.9 10%
Free Cash Flow(1)
$17.3 $2.6 $14.7 565%
Dividends Paid(2)
$23.7 $22.4 $1.3 6%
NM = Not Meaningful
(2) Items named in the Financial Results Summary differ from names in BWXT Financial Statement. Operating Cash Flow = Net Cash Provided by Operating Activities; Capital Expenditures = Purchases of Property, Plant and Equipment; Dividends Paid = Dividends Paid to Common Shareholders

Revenues
First quarter revenue increased in both operating segments. The Government Operations increase was driven by higher naval nuclear component production, special materials processing, and contribution from the acquisition of A.O.T., partially offset by lower microreactor volumes. The Commercial Operations increase was driven by higher revenue associated with commercial nuclear components and fuel handling, as well as higher medical sales, partially offset by lower field services activity due to timing on life-extension and outage projects.

Operating Income and Adjusted EBITDA(1)
First quarter GAAP operating income increased as an increase in Government Operations was partially offset by lower Commercial Operations and higher corporate expense, as well as restructuring and transformation, and acquisition related costs. First quarter non-GAAP(1) operating income increased as increases in both operating segments were partially offset by higher corporate expense. The Government
(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

Operations increase was driven by higher revenue and solid operational performance. The Commercial Operations increase was driven by higher revenue and partially offset by revenue mix, material procurement costs, and growth investment.

First quarter adjusted EBITDA(1) increased for the reasons noted above.

EPS
First quarter GAAP EPS increased as higher operating income, a lower tax rate, and slightly lower interest expense, were partially offset by lower other income. Non-GAAP EPS(1) increased driven by the items noted above.

Cash Flows
First quarter operating cash flow increased driven by higher net income, working capital management, and timing of awards. Capital expenditures increased slightly due to timing of select growth investments, including the previously announced expansion of the Cambridge manufacturing plant that supports the commercial nuclear market.

Dividend
BWXT paid $23.7 million, or $0.25 per common share, to shareholders in the first quarter of 2025. On May 1, 2025, the BWXT Board of Directors declared a quarterly cash dividend of $0.25 per common share payable on June 5, 2025, to shareholders of record on May 19, 2025.
2025 Guidance
BWXT reaffirmed all components of its 2025 financial guidance.

(In millions, except per share amounts)
Year Ended
Year Ending
December 31, 2024
December 31, 2025
Results
Current Guidance
Revenue
$2,704~$3,000
Adjusted EBITDA(1)
$499~$550 - $570
Non-GAAP(1) Earnings Per Share
$3.33~$3.40 - $3.55
Free Cash Flow(1)
$255$265 - $285
Additional information can be found in the first quarter 2025 earnings call presentation on the BWXT investor relations website at www.bwxt.com/investors. The Company does not provide GAAP guidance because it is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. These items could cause GAAP results to differ materially from non-GAAP results.
Conference Call to Discuss First Quarter 2025 Results
Date: Monday, May 5, 2025, at 5:00 p.m. EDT
Live Webcast: Investor Relations section of website at www.bwxt.com
Full Earnings Release Available on BWXT Website
A full version of this earnings release is available on our Investor Relations website at http://investors.bwxt.com/1Q2025-release.
BWXT may use its website (www.bwxt.com) as a channel of distribution of material Company information. Financial and other important information regarding BWXT is routinely accessible through and posted on our website. In addition, you may elect to automatically receive e-mail alerts and other information about BWXT by enrolling through the “Email Alerts” section of our website at http://investors.bwxt.com.
(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

Non-GAAP Measures
BWXT uses and makes reference to adjusted EBITDA, non-GAAP EPS, free cash flow and free cash flow conversion, which are not recognized measures under GAAP. BWXT is providing these non-GAAP measures to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. Definitions for the non-GAAP measures are provided below and reconciliations are detailed in Exhibit 1, except that reconciliations of forward-looking GAAP measures are not provided because the company is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. Other companies may define these measures differently or may utilize different non-GAAP measures, thus impacting comparability.

Non-GAAP Earnings Per Share (EPS) is calculated using GAAP EPS less the non-operational tax effected per share impact of pension & OPEB mark-to-market gains or losses and other one-time items, such as restructuring, transformation, acquisition-related costs, and acquisition-related amortization.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is calculated using non-GAAP net income, plus provision for income taxes, less other – net, less interest income, plus interest expense, plus depreciation and amortization.
Adjusted pre-tax income is non-GAAP income before provision for income taxes.
Free Cash Flow (FCF) is calculated using net income to derive net cash provided by (used in) operating activities less purchases of property, plant and equipment.
Free Cash Flow conversion is free cash flow divided by net income.
Non-GAAP Adjustments
Our GAAP financial results detailed in Exhibit 1 have been adjusted for the following items:
Restructuring and Transformation Costs: Restructuring and transformation costs include restructuring charges as well as costs associated with our efforts to optimize underlying business processes through investments in information technology, process improvements and the implementation of strategic actions and initiatives which we deem to be incremental and non-recurring in nature.
Acquisition-related Costs: Acquisition-related costs relate to third-party professional service costs and one-time incremental costs associated with due diligence activities and efforts to integrate the acquired business with our legacy operations.
Forward-Looking Statements
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent they may be viewed as an indicator of future revenues; our plans and expectations for each of our reportable segments, including growth opportunities and the expectations, timing and revenue of our strategic initiatives, such as medical radioisotopes, SMR components and recent acquisitions; disruptions to our supply chain and/or operations, changes in government regulations and other factors; and our expectations and guidance for 2025 and beyond. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to execute contracts in backlog; federal budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms and the debt ceiling, the potential for
(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

government shutdowns and changing funding and acquisition priorities; the demand for and competitiveness of nuclear products and services; capital priorities of power generating utilities and other customers; the timing of technology development, regulatory approvals and automation of production; the receipt and/or timing of government approvals; the potential recurrence of subsequent waves or strains of COVID-19 or similar diseases; labor market challenges, including employee retention and recruitment; adverse changes in the industries in which we operate; and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see BWXT’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2024 and subsequent Form 10-Q filings. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. A U.S.-based company, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental restoration, nuclear medicine and space exploration. With approximately 8,700 employees, BWXT has 15 major operating sites in the U.S., Canada and the U.K. In addition, BWXT joint ventures provide management and operations at a dozen U.S. Department of Energy and NASA facilities. For more information, visit www.bwxt.com. Follow us on LinkedIn, X, Facebook and Instagram.

Investor Contact:Media Contact:
Chase JacobsonJohn Dobken
Vice President, Investor RelationsSenior Manager, Media & Public Relations
980-365-4300Investors@bwxt.com202-428-6913jcdobken@bwxt.com

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

EXHIBIT 1
BWX TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)
(In millions, except per share amounts)
Three Months Ended March 31, 2025
 GAAPRestructuring & Transformation CostsAcquisition-related CostsAcquisition-related AmortizationNon-GAAP
Government Operations Operating Income$97.7 $0.2 $0.9 $1.8 $100.6 
Commercial Operations Operating Income$6.5 $1.9 $1.6 $— $9.9 
Unallocated Corporate Operating Income$(7.6)$2.7 $2.0 $— $(2.9)
Operating Income$96.6 $4.8 $4.4 $1.8 $107.6 
Other Income (Expense)(4.8)— — — (4.8)
Income Before Provision for Income Taxes91.8 4.8 4.4 1.8 102.8 
Provision for Income Taxes(16.3)(1.1)(1.0)(0.4)(18.8)
Net Income75.5 3.7 3.4 1.4 84.0 
Net Income Attributable to Noncontrolling Interest
(0.1)— — — (0.1)
Net Income Attributable to BWXT
$75.5 $3.7 $3.4 $1.4 $84.0 
 
Diluted Shares Outstanding91.9 91.9 
Diluted Earnings per Common Share
$0.82 $0.04 $0.04 $0.02 $0.91 
Effective Tax Rate17.7%18.3 %
Three Months Ended March 31, 2024
 GAAPRestructuring CostsAcquisition-related CostsNon-GAAP
Government Operations Operating Income$85.7 $— $— $85.7 
Commercial Operations Operating Income$8.6 $0.9 $— $9.4 
Unallocated Corporate Operating Income$(1.3)$0.7 $0.1 $(0.5)
Operating Income$93.0 $1.6 $0.1 $94.6 
Other Income (Expense)(4.6)— — (4.6)
Income Before Provision for Income Taxes88.4 1.6 0.1 90.0 
Provision for Income Taxes(19.8)(0.4)(0.0)(20.2)
Net Income68.5 1.2 — 69.8 
Net Income Attributable to Noncontrolling Interest
(0.1)— — (0.1)
Net Income Attributable to BWXT
$68.5 $1.2 $— $69.7 
 
Diluted Shares Outstanding91.9 91.9 
Diluted Earnings per Common Share
$0.75 $0.01 $0.00 $0.76 
Effective Tax Rate22.5%22.5 %
(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

EXHIBIT 1 (continued)
RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3)
(In millions)

Three Months Ended March 31, 2025
 GAAPRestructuring & Transformation CostsAcquisition-related CostsAcquisition-related AmortizationNon-GAAP
 
Net Income$75.5 $3.7 $3.4 $1.4 $84.0 
Provision for Income Taxes16.3 1.1 1.0 0.4 18.8 
Other – net(2.5)— — (2.5)
Interest Expense8.0 — — 8.0 
Interest Income(0.7)— — (0.7)
Depreciation & Amortization23.9 — — (1.8)22.1 
Adjusted EBITDA$120.5 $4.8 $4.4 $— $129.8 
Three Months Ended March 31, 2024
 GAAPRestructuring CostsAcquisition-related CostsNon-GAAP
 
Net Income$68.5 $1.2 $— $69.8 
Provision for Income Taxes19.8 0.4 0.0 20.2 
Other – net(4.2)— — (4.2)
Interest Expense9.6 — — 9.6 
Interest Income(0.8)— — (0.8)
Depreciation & Amortization20.6 — — 20.6 
Adjusted EBITDA$113.5 $1.6 $0.1 $115.2 
RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3)(4)
(In millions)
Three Months Ended March 31, 2025
 Operating Income (GAAP)
Non-GAAP Adjustments(3,4)
Acquisition-related Amortization
Depreciation & Amortization(4)
Adjusted EBITDA
 
Government Operations$97.7 $1.1 $1.8 $16.3 $116.9 
Commercial Operations$6.5 $3.5 $— $4.0 $14.0 
Unallocated Corporate$(7.6)$4.6 $— $1.8 $(1.1)
Three Months Ended March 31, 2024
 Operating Income (GAAP)
Non-GAAP Adjustments(3)
Depreciation & AmortizationAdjusted EBITDA
 
Government Operations$85.7 $— $14.2 $99.9 
Commercial Operations$8.6 $0.9 $4.4 $13.9 
Unallocated Corporate$(7.6)$0.8 $1.9 $1.3 

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

EXHIBIT 1 (continued)
RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3)
(In millions)
Three Months Ended March 31, 2025
 
Net Cash Provided By Operating Activities$50.7 
Purchases of Property, Plant and Equipment(33.4)
Free Cash Flow$17.3 
Three Months Ended March 31, 2024
 
Net Cash Provided By Operating Activities$33.0 
Purchases of Property, Plant and Equipment(30.4)
Free Cash Flow$2.6 
(1)
Tables may not foot due to rounding.
(2)BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations.
(3)For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share.
(4)Excludes acquisition-related amortization
(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended March 31,
20252024
(Unaudited)
(In thousands, except share and per share amounts)
Revenues$682,258 $603,966 
Costs and Expenses:
Cost of operations517,065 455,357 
Research and development costs2,013 1,490 
Gains on asset disposals and impairments, net(4,431)— 
Selling, general and administrative expenses87,569 67,361 
Total Costs and Expenses602,216 524,208 
Equity in Income of Investees16,588 13,203 
Operating Income96,630 92,961 
Other Income (Expense):
Interest income722 846 
Interest expense(7,994)(9,595)
Other – net2,459 4,165 
Total Other Income (Expense)(4,813)(4,584)
Income before Provision for Income Taxes
91,817 88,377 
Provision for Income Taxes16,291 19,843 
Net Income$75,526 $68,534 
Net Income Attributable to Noncontrolling Interest(64)(66)
Net Income Attributable to BWX Technologies, Inc.$75,462 $68,468 
Earnings per Common Share:
Basic:
Net Income Attributable to BWX Technologies, Inc.$0.82 $0.75 
Diluted:
Net Income Attributable to BWX Technologies, Inc.$0.82 $0.75 
Shares used in the computation of earnings per share:
Basic91,594,084 91,555,384 
Diluted91,873,702 91,860,923 
(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31,
20252024
(Unaudited) (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income$75,526 $68,534 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization23,912 20,552 
Income of investees, net of dividends1,781 (2,400)
Gains on asset disposals and impairments - net(4,431)— 
Recognition of losses for pension and postretirement plans797 831 
Stock-based compensation expense5,047 4,297 
Other, net(1,075)129 
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable19,440 (15,493)
Accounts payable5,340 32,832 
Retainages(11,743)(26,325)
Contracts in progress and advance billings on contracts(26,236)(17,174)
Income taxes6,427 17,820 
Accrued and other current liabilities9,387 (2,025)
Pension liabilities, accrued postretirement benefit obligations and employee benefits(38,808)(27,687)
Other, net(14,714)(20,865)
NET CASH PROVIDED BY OPERATING ACTIVITIES50,650 33,026 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment(33,369)(30,422)
Acquisition of business(103,345)— 
Sales and maturities of securities1,859 — 
Investments, net of return of capital, in equity method investees(26,400)— 
Other, net4,905 99 
NET CASH USED IN INVESTING ACTIVITIES(156,350)(30,323)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt204,500 120,700 
Repayments of long-term debt(62,625)(102,263)
Repurchases of common stock(30,000)(20,000)
Dividends paid to common shareholders(23,660)(22,396)
Cash paid for shares withheld to satisfy employee taxes(12,883)(6,907)
Settlements of forward contracts, net8,438 (1,337)
Other, net1,021 47 
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES84,791 (32,156)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH2,294 (171)
TOTAL DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS
(18,615)(29,624)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD80,571 81,615 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD$61,956 $51,991 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest$5,331 $15,461 
Income taxes (net of refunds)$10,049 $2,161 
SCHEDULE OF NON-CASH INVESTING ACTIVITY:
Accrued capital expenditures included in accounts payable$10,469 $6,612 
(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS
March 31,
2025		December 31,
2024
(Unaudited)
(In thousands)
Current Assets:
Cash and cash equivalents$55,435 $74,109 
Restricted cash and cash equivalents2,813 2,785 
Accounts receivable – trade, net89,142 99,112 
Accounts receivable – other43,256 53,199 
Retainages45,410 33,667 
Contracts in progress639,654 577,745 
Inventories49,648 40,288 
Other current assets50,427 49,092 
Total Current Assets975,785 929,997 
Property, Plant and Equipment, Net1,298,059 1,278,161 
Investments8,509 10,609 
Goodwill349,329 287,362 
Deferred Income Taxes4,730 6,569 
Investments in Unconsolidated Affiliates124,022 99,403 
Intangible Assets187,520 165,325 
Other Assets106,054 92,498 
TOTAL ASSETS$3,054,008 $2,869,924 

(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
March 31,
2025		December 31,
2024
(Unaudited)
(In thousands, except share
and per share amounts)
Current Liabilities:
Current portion of long-term debt$12,500 $12,500 
Accounts payable161,625 158,077 
Accrued employee benefits43,473 77,234 
Accrued liabilities – other72,252 65,100 
Advance billings on contracts194,095 161,290 
Total Current Liabilities483,945 474,201 
Long-Term Debt1,185,356 1,042,970 
Accumulated Postretirement Benefit Obligation16,432 16,515 
Environmental Liabilities96,124 94,225 
Pension Liability78,666 82,602 
Other Liabilities93,450 79,007 
Commitments and Contingencies
Stockholders' Equity:
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 128,644,088 and 128,320,295 shares at March 31, 2025 and December 31, 2024, respectively
1,286 1,283 
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued
— — 
Capital in excess of par value234,321 228,889 
Retained earnings2,339,531 2,287,151 
Treasury stock at cost, 37,283,582 and 36,869,498 shares at March 31, 2025 and December 31, 2024, respectively
(1,431,532)(1,388,432)
Accumulated other comprehensive income (loss)(43,314)(48,211)
Stockholders' Equity – BWX Technologies, Inc.1,100,292 1,080,680 
Noncontrolling interest(257)(276)
Total Stockholders' Equity1,100,035 1,080,404 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$3,054,008 $2,869,924 
(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
Three Months Ended March 31,
20252024
(Unaudited)
(In thousands)
REVENUES:
Government Operations$555,286 $487,121 
Commercial Operations128,310 117,038 
Eliminations(1,338)(193)
TOTAL$682,258 $603,966 
 
SEGMENT INCOME:
Government Operations$97,746 $85,686 
Commercial Operations6,466 8,591 
SUBTOTAL$104,212 $94,277 
Unallocated Corporate(7,582)(1,316)
TOTAL$96,630 $92,961 
 
DEPRECIATION AND AMORTIZATION:
Government Operations$18,096 $14,234 
Commercial Operations4,019 4,444 
Corporate1,797 1,874 
TOTAL$23,912 $20,552 
 
CAPITAL EXPENDITURES:
Government Operations$18,500 $16,383 
Commercial Operations13,209 13,344 
Corporate1,660 695 
TOTAL$33,369 $30,422 
BACKLOG:
Government Operations$3,583,690 $2,908,986 
Commercial Operations1,294,990 726,523 
TOTAL$4,878,680 $3,635,509 
BOOKINGS:
Government Operations$226,397 $179,413 
Commercial Operations493,420 62,414 
TOTAL$719,817 $241,827 
(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.