BWX Technologies Q2 Earnings Call Highlights

BWXT reported strong Q2 results , with revenue up 18% to $902 million, adjusted EPS up 5% to $1.70, and backlog rising 40% year over year to $8.4 billion. The company is sharpening its focus on nuclear markets by selling most of its medical business for up to $800 million while expanding commercial nuclear manufacturing through its PCG acquisition and potential new capacity investments. BWXT raised its 2026 outlook , targeting approximately $3.8 billion in revenue, $662 million–$672 million in adjusted EBITDA, $345 million–$360 million in free cash flow, and adjusted EPS of $4.70–$4.80.

BWX Technologies NYSE: BWXT reported second-quarter 2026 revenue growth of 18% and raised its full-year financial outlook, citing continued demand across nuclear national security and commercial power markets. Second-quarter revenue reached $902 million, including 9% organic growth, while adjusted EBITDA rose 7% to $156 million. Adjusted earnings per share increased 5% to $1.70, and free cash flow totaled $115 million. The company ended the quarter with $8.4 billion in backlog, up 40% from a year earlier, and reported a trailing 12-month book-to-bill ratio of 1.7 times.

President and CEO Rex Geveden said the company sees the nuclear industry in the early stages of a “multi-decade super cycle of growth,” supported by demand for naval propulsion, national security programs, commercial reactor equipment and nuclear services.

BWXT announced the sale of just over 80% of its medical business and Kinectrics stable-isotope enrichment operations to Nordic Capital in a transaction valued at up to $800 million. The deal includes $750 million of consideration, with shared economics that could lift the value to $800 million, according to Senior Vice President and CFO Mike Fitzgerald. BWXT will retain a 20% equity interest in the businesses and will continue providing certain specialty manufacturing services after the transaction closes. The sale excludes the company’s Isogen joint venture with Framatome, which provides irradiation services through Bruce Power.

Geveden said the medical operations represented about 3% of BWXT’s total sales but required a disproportionate amount of management attention. He said the transaction would allow the company to concentrate resources on nuclear national security and commercial power opportunities while placing the medical assets with an owner focused on the healthcare market. Fitzgerald said the businesses being sold are expected to account for approximately $130 million of 2026 revenue at a margin modestly above the Commercial Operations segment average. After the sale, BWXT will account for its retained interest through equity income rather than revenue.

The company also completed its acquisition of Precision Components Group, or PCG, in early July. While much of PCG’s current work is tied to the U.S. Naval Nuclear Propulsion Program, Geveden said the business adds commercial nuclear manufacturing capabilities, including experience supporting AP1000 components. BWXT is assessing how to deploy capital at PCG and evaluating additional U.S. commercial manufacturing expansion. Potential sites include Mount Vernon, Indiana, as well as East Coast locations that could leverage PCG’s real estate and workforce. The company said it needs deep-water port access to serve global markets for large equipment, such as steam generators and reactor pressure vessels.