BWX Technologies (BWXT) financial statements
BWX Technologies reported revenue of $3.2B in fiscal 2025, up 8.4% a year over 9 years.
Net income was $329M and the operating margin 12.6%, against 15.1% in 2016.
Free cash flow was $295M, and the company returned $92M in dividends and $30M in net buybacks.
The diluted share count fell 12% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from BWX Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B | $1.7B | $1.8B | $1.9B | $2.1B | $2.1B | $2.2B | $2.5B | $2.7B | $3.2B |
| Cost of revenue | $1.1B | $1.2B | $1.3B | $1.4B | $1.5B | $1.6B | $1.7B | $1.9B | $2.0B | $2.5B |
| Gross profit | $464M | $496M | $504M | $534M | $575M | $550M | $552M | $621M | $655M | $733M |
| Research and development | $6M | $7M | $15M | $18M | $14M | $11M | $10M | $8M | $7M | $14M |
| Selling, general and admin | $210M | $210M | $214M | $217M | $231M | $230M | $234M | $280M | $319M | $394M |
| Operating income | $234M | $292M | $305M | $326M | $359M | $346M | $349M | $383M | $381M | $404M |
| Interest expense | $8M | $15M | $28M | $35M | $31M | $36M | $36M | $47M | $39M | $44M |
| Pre-tax income | $257M | $296M | $280M | $314M | $362M | $396M | $314M | $321M | $349M | $398M |
| Income tax | $74M | $147M | $53M | $69M | $83M | $89M | $76M | $75M | $66M | $68M |
| Net income | $183M | $148M | $227M | $244M | $279M | $306M | $238M | $246M | $282M | $329M |
| EPS (diluted) | $1.76 | $1.47 | $2.27 | $2.55 | $2.91 | $3.24 | $2.60 | $2.68 | $3.07 | $3.58 |
| Diluted shares | 104M | 100M | 100M | 96M | 96M | 95M | 92M | 92M | 92M | 92M |
| Gross margin | 29.9% | 29.4% | 28.0% | 28.2% | 27.1% | 25.9% | 24.7% | 24.9% | 24.2% | 22.9% |
| Operating margin | 15.1% | 17.3% | 16.9% | 17.2% | 16.9% | 16.3% | 15.6% | 15.3% | 14.1% | 12.6% |
| Net margin | 11.8% | 8.8% | 12.6% | 12.9% | 13.1% | 14.4% | 10.7% | 9.8% | 10.4% | 10.3% |
Balance sheet
Fiscal years, from BWX Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $140M | $206M | $33M | $92M | $46M | $38M | $39M | $76M | $74M | $500M |
| Receivables | $136M | $189M | $72M | $57M | $153M | $71M | $61M | $70M | $99M | $220M |
| Inventory | $8M | $9M | $16M | $17M | $15M | $16M | $23M | $27M | $40M | $47M |
| Total current assets | $694M | $873M | $542M | $630M | $774M | $774M | $772M | $818M | $930M | $1.6B |
| Property, plant and equipment | $300M | $349M | $439M | $580M | $816M | $1.0B | $1.1B | $1.2B | $1.3B | $1.6B |
| Goodwill | $211M | $218M | $274M | $276M | $284M | $286M | $293M | $297M | $287M | $501M |
| Total assets | $1.6B | $1.7B | $1.7B | $1.9B | $2.3B | $2.5B | $2.6B | $2.7B | $2.9B | $4.3B |
| Total current liabilities | $440M | $528M | $377M | $405M | $530M | $460M | $368M | $375M | $474M | $672M |
| Long-term debt | $498M | $481M | $754M | $809M | $863M | $1.2B | $1.3B | $1.2B | $1.0B | $2.0B |
| Total liabilities | $1.4B | $1.4B | $1.4B | $1.5B | $1.7B | $1.9B | $1.9B | $1.8B | $1.8B | $3.0B |
| Shareholders' equity | $150M | $285M | $236M | $404M | $618M | $637M | $748M | $933M | $1.1B | $1.2B |
| Net debt | $399M | $306M | $738M | $738M | $820M | $1.2B | $1.3B | $1.1B | $981M | $1.5B |
Cash flow
Fiscal years, from BWX Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $240M | $222M | $169M | $279M | $196M | $386M | $245M | $364M | $408M | $480M |
| Capital spending | $53M | $97M | $109M | $182M | $255M | $311M | $198M | $151M | $154M | $185M |
| Free cash flow | $187M | $125M | $60M | $97M | -$59M | $75M | $46M | $212M | $255M | $295M |
| Stock-based compensation | $15M | $15M | $12M | $13M | $17M | $19M | $14M | $16M | $22M | $26M |
| Dividends paid | $37M | $42M | $64M | $65M | $73M | $80M | $81M | $85M | $88M | $92M |
| Share buybacks (net) | -$293M | $0 | -$215M | -$20M | -$22M | -$226M | -$20M | $0 | -$20M | -$30M |
| Net borrowing | $540M | $109M | $1.2B | $700M | $844M | $325M | $100M | -$81M | -$156M | -$1.3B |
| Free cash flow margin | 12.1% | 7.4% | 3.3% | 5.1% | -2.8% | 3.5% | 2.1% | 8.5% | 9.4% | 9.2% |
| Dividends per share | $0.36 | $0.42 | $0.64 | $0.68 | $0.76 | $0.84 | $0.88 | $0.92 | $0.96 | $1.01 |
Questions
What was BWX Technologies's revenue in 2025?
$3.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does BWX Technologies generate?
$295M in fiscal 2025 (operating cash flow minus capital spending).
From BWX Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.