BWX Q3 Beats; Raises EPS, Sets $570M EBITDA

BWX Technologies reported Q3 2025 revenue of $866.3 million, up 28.9% year‑over‑year, and adjusted EPS of $1.00, both above Wall Street and Zacks estimates. Management said book‑to‑bill was 2.6 and backlog totaled $7.4 billion (up 23% sequentially and 119% year‑over‑year), while adjusted EBITDA rose about 1%, operating margin eased to 13.1%, and free cash flow improved to $94.9 million. The company reaffirmed full‑year revenue guidance near a $3.1 billion midpoint, raised full‑year adjusted EPS guidance to roughly $3.78, and set adjusted EBITDA guidance near $570 million. BWXT highlighted operational growth opportunities including taking on management of the Strategic Petroleum Reserve M&O contract, participating as preferred bidder in a BWXT‑led JV to operate Canadian Nuclear Laboratories, and manufacturing the reactor core for Pele (on track for 2027 delivery), alongside AI and advanced manufacturing initiatives to boost productivity. Shares have risen about 92% year‑to‑date but traded mixed after the quarter, and analysts will be watching management commentary for signs the outperformance is sustainable.