BWX Technologies, Inc.

BWX Technologies, Inc. (NYSE: BWXT) is a specialty manufacturer of nuclear components, developer of nuclear technologies, and service provider with an operating history exceeding 100 years. The company operates through two reportable segments: Government Operations and Commercial Operations. More information about the company is available at www.bwxt.com.

The Government Operations segment, representing approximately 76 percent of backlog, engineers, designs, and manufactures precision naval nuclear components, reactors, and nuclear fuel for the U.S. Department of Energy and National Nuclear Security Administration's Naval Nuclear Propulsion Program. This segment also provides management and operation services for high-consequence U.S. Government nuclear facilities, environmental remediation services, and develops advanced nuclear reactors for space and terrestrial applications. The segment is the largest domestic supplier of research reactor fuel elements for colleges, universities, and national laboratories and performs uranium downblending and recovery operations.

The Commercial Operations segment, representing approximately 24 percent of backlog, designs and manufactures commercial nuclear steam generators, heat exchangers, pressure vessels, reactor components, and containers for spent nuclear fuel storage. This segment supplies heavy nuclear components to the worldwide nuclear industry and is the only commercial heavy nuclear component manufacturer in North America. It also manufactures nuclear fuel, fuel handling systems, reactor controls, and provides engineering and maintenance services for nuclear power plants. Additionally, this segment manufactures medical radioisotopes, radiopharmaceuticals, and medical devices while partnering with life science and pharmaceutical companies.

As of December 31, 2025, the company employed approximately 10,400 persons worldwide, with significant operations in the United States and Canada. The company maintains specialized technical capabilities and regulatory expertise that create substantial barriers to entry in its markets. Recent acquisitions include Aerojet Ordnance Tennessee, Inc. in January 2025 and Kinectrics Holdings, Inc. in May 2025, both expanding the company's advanced materials and lifecycle management capabilities. The company's business model relies on large, long-term contracts with government and commercial customers, with backlog of approximately $7.3 billion at year-end 2025.