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BWX Technologies Business Segments

Business, geographic, and product segment breakdowns

BWX Technologies generates $3.4B in annual revenue across 2 key segments: Commercial Operations ($1.0B), and Government Operations ($2.4B). The company-wide operating margin is 12.28%. Based on the Q1 2026 filing.

Commercial Operations (TTM)$1.0BGovernment Operations (TTM)$2.4B
Latest FilingQ1 2026
Report Date2026-05-04
Market Cap$17.8B
P/E Ratio51.76
ROE28.95%

Products & Services

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Nuclear Components and Fuel$456.5M$441.1M$428.6M$490.3M$436.4M$448.4M
Nuclear Services and Engineering$59M$42.1M$71.4M$147.5M$162.8M$163.4M
Nuclear Manufacturing$93.3M$86.2M$104.8M$103.4M$134.8M$120.2M
Uranium Processing and Nuclear Services$88.2M$83.2M$121.7M$98M$103.8M$101.3M
Advanced Reactor Design and Engineering$50.2M$31M$38.7M$28.4M$49M$28.2M

Geographic

Property, Plant and Equipment, Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
United States$813.4M$821.4M$835.5M$847.8M$870.4M$879.6M
Canada$462.6M$474.2M$690.4M$676.6M$701.7M$702.4M
All Other Countries$2.2M—$11.8M$11.9M$13M$14.2M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
United States$608.4M$565.6M$608.5M$643.7M$613.5M$598.9M
Canada$126.8M$101.8M$141.2M$199.5M$246.1M$232.6M
Other$12.2M$16.2M$15.4M$24.4M$27.2M$30.1M

Business Segments

Concentration risk percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Government Operations2.0%92.0%86.0%91.0%1.0%89.0%
Commercial Operations—73.0%60.0%45.0%7.0%61.0%

Costs and Expenses, Adjusted

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Government Operations$512.6M$474.1M$497.9M$539.5M$516.6M$498.4M
Commercial Operations$137.5M$121.8M$169.4M$228.1M$278.2M$261.5M

Equity in Income of Investees:

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Government Operations$15.6M$16.6M$18.4M$20.1M$17.6M$19.7M
Commercial Operations$0$0$183K$1.1M$1M$1.9M

Financial assurance to pay expected cost of decommissioning

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Commercial Operations$7.1M$8.1M$8.1M$8.1M$8.1M—
Government Operations$17M$17.9M$17.9M$17.9M$17.9M—

Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Commercial Operations-$14.3K-$250-$250-$250-$250—
Government Operations-$615.5K$1.2M$1.2M$1.2M$1.2M—

Gain (Loss) on Sale of Assets and Asset Impairment Charges

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Commercial Operations—$0-$13K-$1K—-$125K
Government Operations—$4.4M$0$0—$0

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Commercial Operations$114.3M———$251.9M—
Government Operations$173.1M———$248.9M—

Other segment expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Government Operations$508.2M$477.1M$496M$537.4M$514.2M$495.5M
Commercial Operations$136.7M$121.3M$166.8M$226.7M$277.3M$260.2M

Purchase price adjustment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Commercial Operations—$32.5M$32.5M$32.5M$32.5M—
Government Operations—$18.7M$18.7M$18.7M$18.7M—

Research and development costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Government Operations$1.9M$1.5M$1.9M$2.1M$2.9M$3M
Commercial Operations$743K$562K$2.6M$1.4M$904K$1.1M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Government Operations$595M$555.3M$589M$616.7M$589.1M$577.9M
Commercial Operations$152.3M$128.3M$176.1M$251M$297.7M$283.6M

Total Capital Expenditures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Government Operations$28.1M$18.5M$15.8M$25.7M$38.5M$27.1M
Commercial Operations$19.6M$13.2M$16.7M$21.4M$25.8M$14.3M

Total Depreciation and Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Government Operations$16.1M$18.1M$19.2M$18.8M$19.1M$18.5M
Commercial Operations$4.6M$4M$6.2M$7.9M$8.7M$8.7M

Total operating income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Government Operations$98.1M$97.7M$109.4M$97.4M$90.3M$99.1M
Commercial Operations$14.9M$6.5M$6.9M$24M$20.4M$24M

Translation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Commercial Operations-$2.4M$1.9M$1.9M$1.9M$1.9M—
Government Operations-$49.8K$292.5K$292.5K$292.5K$292.5K—

Number of facilities

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Government Operations0.500.500.500.500.50—