BWX Technologies, Inc.BWXT
BWX Technologies, Inc. Segments Disclosure
SEGMENT REPORTING
As described in Note 1, our operations are assessed based on two reportable segments. The operations of our segments are managed separately, and each segment has unique technology, services and customer classes. We account for intersegment sales at prices that we generally establish by reference to similar transactions with unaffiliated customers. Reportable segments are measured based on operating income exclusive of general corporate expenses and gains (losses) on sales of corporate assets. Segment operating income is derived directly from our internal management reporting system and the accounting policies that we use to derive segment operating income are identical to those the consolidated company uses.
Information about our Segments:
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (In thousands) | ||||||||||||||||||||
| REVENUES: | ||||||||||||||||||||
| Government Operations | $ | 2,350,090 | $ | 2,183,040 | $ | 2,031,337 | ||||||||||||||
| Commercial Operations | 853,070 | 523,972 | 466,344 | |||||||||||||||||
| Eliminations | (4,735) | (3,358) | (1,372) | |||||||||||||||||
| $ | 3,198,425 | $ | 2,703,654 | $ | 2,496,309 | |||||||||||||||
| SEGMENT EXPENSES: | ||||||||||||||||||||
| Government Operations: | ||||||||||||||||||||
| Research and Development Costs | $ | 8,360 | $ | 6,306 | $ | 6,459 | ||||||||||||||
| Losses (Gains) on Asset Disposals and Impairments, Net | (4,973) | 2,462 | 1,043 | |||||||||||||||||
Other Segment Expenses (1) | 2,024,680 | 1,852,328 | 1,699,960 | |||||||||||||||||
| 2,028,067 | 1,861,096 | 1,707,462 | ||||||||||||||||||
| Commercial Operations: | ||||||||||||||||||||
| Research and Development Costs | $ | 5,507 | $ | 1,172 | $ | 1,154 | ||||||||||||||
| Losses (Gains) on Asset Disposals and Impairments, Net | 1 | 57 | (9) | |||||||||||||||||
Other Segment Expenses (1) | 792,102 | 475,927 | 427,667 | |||||||||||||||||
| 797,610 | 477,156 | 428,812 | ||||||||||||||||||
| Total Segment Expenses | $ | 2,825,677 | $ | 2,338,252 | $ | 2,136,274 | ||||||||||||||
| OPERATING INCOME: | ||||||||||||||||||||
| Government Operations | $ | 394,850 | $ | 377,875 | $ | 374,682 | ||||||||||||||
| Commercial Operations | 57,728 | 46,816 | 37,532 | |||||||||||||||||
| 452,578 | 424,691 | 412,214 | ||||||||||||||||||
Unallocated Corporate (2) | (48,119) | (44,084) | (29,155) | |||||||||||||||||
Total Operating Income (3) | $ | 404,459 | $ | 380,607 | $ | 383,059 | ||||||||||||||
| Other Income (Expense) | (6,339) | (31,887) | (61,659) | |||||||||||||||||
| Income before Provision for Income Taxes | $ | 398,120 | $ | 348,720 | $ | 321,400 | ||||||||||||||
(1)Other segment expenses include the total cost of operations and selling, general and administrative expenses.
(2)Unallocated Corporate includes general corporate overhead not allocated to segments in addition to losses on asset disposals and impairments, net. In the years ended December 31, 2025, 2024 and 2023, Unallocated Corporate includes losses (gains) on asset disposals and impairments, net of $0.0 million, $1.9 million and $0.0 million, respectively.
(3)The following amounts are included in Operating Income:
Equity in Income of Investees: | ||||||||||||||||||||
| Government Operations | $ | 72,642 | $ | 55,931 | $ | 50,807 | ||||||||||||||
| Commercial Operations | 2,269 | — | — | |||||||||||||||||
| $ | 74,911 | $ | 55,931 | $ | 50,807 | |||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (In thousands) | ||||||||||||||||||||
| CAPITAL EXPENDITURES: | ||||||||||||||||||||
| Government Operations | $ | 98,445 | $ | 81,063 | $ | 91,699 | ||||||||||||||
| Commercial Operations | 77,081 | 62,773 | 53,358 | |||||||||||||||||
| Segment Capital Expenditures | 175,526 | 143,836 | 145,057 | |||||||||||||||||
| Corporate Capital Expenditures | 9,031 | 9,811 | 6,229 | |||||||||||||||||
| Total Capital Expenditures | $ | 184,557 | $ | 153,647 | $ | 151,286 | ||||||||||||||
| DEPRECIATION AND AMORTIZATION: | ||||||||||||||||||||
| Government Operations | $ | 75,202 | $ | 61,027 | $ | 53,388 | ||||||||||||||
| Commercial Operations | 26,801 | 17,708 | 17,745 | |||||||||||||||||
| Segment Depreciation and Amortization | 102,003 | 78,735 | 71,133 | |||||||||||||||||
| Corporate Depreciation and Amortization | 7,183 | 7,127 | 7,433 | |||||||||||||||||
| Total Depreciation and Amortization | $ | 109,186 | $ | 85,862 | $ | 78,566 | ||||||||||||||
Information about our Product and Service Lines:
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (In thousands) | ||||||||||||||||||||
| REVENUES: | ||||||||||||||||||||
| Government Operations: | ||||||||||||||||||||
| Nuclear Components and Fuel | $ | 1,796,395 | $ | 1,692,218 | $ | 1,610,183 | ||||||||||||||
| Uranium Processing and Nuclear Services | 406,557 | 287,014 | 276,690 | |||||||||||||||||
| Advanced Reactor Design and Engineering | 147,138 | 203,808 | 144,464 | |||||||||||||||||
| 2,350,090 | 2,183,040 | 2,031,337 | ||||||||||||||||||
| Commercial Operations: | ||||||||||||||||||||
| Nuclear Manufacturing | 429,223 | 288,772 | 231,944 | |||||||||||||||||
| Nuclear Services and Engineering | 423,847 | 235,200 | 234,400 | |||||||||||||||||
| 853,070 | 523,972 | 466,344 | ||||||||||||||||||
| Eliminations | (4,735) | (3,358) | (1,372) | |||||||||||||||||
| $ | 3,198,425 | $ | 2,703,654 | $ | 2,496,309 | |||||||||||||||
Information about our Consolidated Operations in Different Geographic Areas:
| December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (In thousands) | ||||||||||||||||||||
| NET PROPERTY, PLANT AND EQUIPMENT: | ||||||||||||||||||||
| United States | $ | 870,374 | $ | 813,352 | $ | 784,062 | ||||||||||||||
| Canada | 701,723 | 462,593 | 442,755 | |||||||||||||||||
| All Other Countries | 13,039 | 2,216 | 1,703 | |||||||||||||||||
| $ | 1,585,136 | $ | 1,278,161 | $ | 1,228,520 | |||||||||||||||
See Note 3 for revenues by geographic area for each of our segments.
Information about our Major Customers:
In the years ended December 31, 2025, 2024 and 2023, sales to the U.S. Government accounted for approximately 91%, 95% and 93% of our Government Operations segment revenues, respectively. In the years ended December 31, 2025, 2024 and 2023, sales to large utility customers accounted for approximately 63%, 71% and 77% of our Commercial Operations segment revenues, respectively.
Evaluation of segment performance:
Our Chief Operating Decision Maker (the "CODM") is the Company's President and Chief Executive Officer. Our CODM measures the performance of each segment based on several metrics, including revenue and operating income and uses these results, in part, to evaluate the performance of and to allocate resources to each segment. Our CODM does not use assets by segment to evaluate segment performance or allocate resources. Consequently, we do not disclose assets by segment.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 25, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 24, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.