Analyst Consensus ?
ConsensusBuy20 ratings
Bullish1470.0%
Neutral525.0%
Bearish15.0%
BWX Technologies, Inc. · BWXT · FY2026 Q2 · Calendar Q3 2026
BWXT raises 2026 outlook as commercial nuclear demand accelerates
The quarter supports a constructive demand-and-growth case: management described strong commercial nuclear activity, higher backlog and a raised outlook. Whether that growth converts into durable returns depends on orders, capacity execution, financing and regulatory progress.
Reported After market closeNYSEIndustrials
$11.95B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.07
Consensus $1.04
EPS surprise
+2.9%
Reported versus consensus
Reported revenue
$901.6M
Consensus $902.4M
Revenue surprise
-0.1%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-0.8%
Event window
SPY move
+1.8%
Same window
Abnormal move
-2.6%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
-6.3%
Up to 20 sessions
BWXTSPY benchmark
Ask FN2 about BWXT FY2026 Q2
Transcript, numbers and history already loaded
Why did BWXT fall 0.8% after beating EPS estimates in FY2026 Q2?What changed in BWXT's guidance and outlook in FY2026 Q2?Give me the bull and bear case for BWXT after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
BWXT reported Q2 FY2026 revenue growth of 18% year over year, while commercial operations revenue rose 72% and adjusted EBITDA more than doubled. Backlog was $8.4 billion, up 40% year over year, with book-to-bill of 1.7x. Management raised its full-year revenue, EBITDA and free-cash-flow outlook. The company also described the medical-business sale and ongoing investment in U.S. manufacturing capacity.
Guidance delta
Management raised full-year guidance to approximately $3.8 billion in revenue, $662–$672 million in EBITDA and $345–$360 million in free cash flow. The supplied analysis does not provide the prior ranges needed to quantify the change.
Key takeaways
- Commercial operations were the clearest growth area, with revenue up 72% and adjusted EBITDA more than doubling, according to the supplied call analysis.
- Backlog reached $8.4 billion, up 40% year over year, and book-to-bill was 1.7x.
- Management raised full-year revenue, EBITDA and free-cash-flow guidance.
- Capacity expansion and potential reactor-related opportunities are strategic priorities, but conversion into results depends on execution and awards.
Management priorities
- Expand U.S. commercial manufacturing capacity, including work on an East Coast site and the DOE grant-supported expansion.
- Advance the centrifuge and HPDU programs and continue development of mPower licensing and floating-nuclear feasibility work.
- Pursue new nuclear-equipment orders across SMR, AP1000 and large-reactor opportunities.
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Estimate
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Miss
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Analyst 52W Price Targets
$130.47Previous close
$70Low
$191.54Average
$255High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Nov 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Overweight | Overweight | Maintain | Oct 13, 2026 |
| Truist Securities | Hold | Hold | Maintain | Oct 6, 2026 |
| Northland Capital Markets | Outperform | Outperform | Maintain | Sep 30, 2026 |
| Guggenheim | Buy | Buy | Maintain | Sep 30, 2026 |
| BTIG | Buy | Buy | Maintain | Sep 30, 2026 |
| B of A Securities | Buy | Buy | Maintain | Sep 30, 2026 |
| BNP Paribas | Neutral | Neutral | Maintain | Sep 24, 2026 |
| Wells Fargo | Equal Weight | Underweight | Upgrade | Aug 27, 2026 |
| Seaport Global | Buy | Neutral | Upgrade | Jun 18, 2026 |
| Deutsche Bank | Buy | Hold | Upgrade | May 15, 2026 |
| Maxim Group | Hold | Buy | Downgrade | Aug 6, 2025 |
| CLSA | Outperform | Outperform | Maintain | May 27, 2025 |
| Barclays | Underweight | Underweight | Maintain | Dec 16, 2024 |
| Alembic Global | Overweight | Neutral | Upgrade | Nov 12, 2024 |
| Baird | Outperform | Neutral | Upgrade | Aug 4, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | May 9, 2023 |
| SunTrust Robinson Humphrey | Buy | Hold | Upgrade | Mar 11, 2020 |
| Bank of America | Neutral | Buy | Downgrade | May 24, 2018 |
| Drexel Hamilton | Buy | Hold | Upgrade | Nov 9, 2016 |
| Sidoti & Co. | Buy | Buy | Maintain | Mar 18, 2016 |
Named analyst price targets
Upside is calculated against the persisted previous close $130.47. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Analyst unavailable | $182 | $135.35 | +39.5% | Oct 6, 2026 |
| Oppenheimer | Analyst unavailable | $210 | $137 | +61.0% | Oct 1, 2026 |
| Northland Securities | Jeff Grampp | $220 | $136.62 | +68.6% | Sep 30, 2026 |
| Guggenheim | Analyst unavailable | $192 | $148.53 | +47.2% | Sep 14, 2026 |
| Jefferies | Laurence Alexander | $181 | $155.67 | +38.7% | Sep 3, 2026 |
| Wells Fargo | David Strauss | $170 | $153.16 | +30.3% | Aug 27, 2026 |
| Truist Financial | Analyst unavailable | $202 | $172.43 | +54.8% | Aug 14, 2026 |
| Seaport Global | Analyst unavailable | $245 | $205.4 | +87.8% | Jun 22, 2026 |
| Deutsche Bank | Scott Deuschle | $255 | $210.94 | +95.4% | May 15, 2026 |
| Deutsche Bank | Analyst unavailable | $205 | $213.52 | +57.1% | May 5, 2026 |
| BNP Paribas | Analyst unavailable | $215 | $204.08 | +64.8% | Jan 15, 2026 |
| Truist Financial | Michael Ciarmoli | $205 | $193.2 | +57.1% | Jan 9, 2026 |
| Seaport Global | Analyst unavailable | $195 | $175.28 | +49.5% | Nov 21, 2025 |
| Truist Financial | Analyst unavailable | $200 | $204.51 | +53.3% | Nov 4, 2025 |
| Northland Securities | Jeff Grampp | $225 | $204.56 | +72.5% | Nov 4, 2025 |
| Truist Financial | Michael Ciarmoli | $173 | $205.56 | +32.6% | Oct 15, 2025 |
| Deutsche Bank | Analyst unavailable | $180 | $191.39 | +38.0% | Oct 8, 2025 |
| Northland Securities | Jeff Grampp | $205 | $166.13 | +57.1% | Sep 10, 2025 |
| Truist Financial | Michael Ciarmoli | $145 | $182 | +11.1% | Aug 5, 2025 |
| Seaport Global | Analyst unavailable | $145 | $100.49 | +11.1% | Apr 1, 2025 |
| Maxim Group | Tate Sullivan | $140 | $114.69 | +7.3% | Jan 10, 2025 |
| Deutsche Bank | Scott Deuschle | $129 | $113.28 | -1.1% | Oct 3, 2024 |
| Deutsche Bank | Scott Deuschle | $107 | $88.95 | -18.0% | Jun 10, 2024 |
| Deutsche Bank | Scott Deuschle | $110 | $98.88 | -15.7% | May 7, 2024 |
| Truist Financial | Michael Ciarmoli | $95 | $101.47 | -27.2% | Mar 25, 2024 |
| Truist Financial | Michael Ciarmoli | $83 | $74 | -36.4% | Aug 14, 2023 |
| Maxim Group | Analyst unavailable | $70 | $60.26 | -46.3% | Nov 29, 2022 |
Track every rating change on BWXT the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationBWX Technologies, Inc. operates globally, specializing in the production and sale of nuclear components across the United States, Canada, and other international regions. The company's multifaceted operations are categorized into three distinct segments: Nuclear Operations Group, Nuclear Power Group, and Nuclear Services Group. The Nuclear Operations Group is a pivotal supplier of precision naval and critical nuclear components, including reactors, nuclear fuel, and assemblies, primarily supporting the United States Department of Energy/National Nuclear Security Administration's Naval Nuclear Propulsion Program. This segment also fabricates missile launch tubes for U.S. Navy submarines, produces specialized close-tolerance equipment for various nuclear applications, and is involved in converting Cold War-era stockpiles of high-enriched uranium.…
Historical context
All BWXT earningsIndustrials peers this season
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| MTZ MasTec, Inc. | FY2026 Q3 · Calendar Q4 2026 | +0.3% | +0.8% | MasTec posts record Q3 as power and data-center demand accelerates |
Latest beats and misses
Who reports nextBeat on EPS
- TSEMFY2026 Q3 · November 2, 2026+7.5% EPS-6.7% move
- CLXFY2027 Q1 · November 2, 2026+44.9% EPS+2.2% move
- AAPLFY2026 Q4 · November 2, 2026+3.0% EPS-1.8% move
- PLTRFY2026 Q3 · November 2, 2026+8.3% EPS-3.1% move
- ETRFY2026 Q3 · November 2, 2026+14.5% EPS-0.2% move
- OFY2026 Q3 · November 2, 2026+5.7% EPS+1.1% move
Missed on EPS
- VRTXFY2026 Q3 · November 2, 2026-1.2% EPS-1.0% move
- PEGFY2026 Q3 · November 2, 2026-3.4% EPS+0.1% move
- RYAAYFY2027 Q2 · November 2, 2026-0.3% EPS+2.9% move
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
Get the BWXT recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-04T15:11:59.527199+00:00
- FN2 earnings calendar · 2026-09-08T01:23:13.784197+00:00
- Polygon adjusted daily market bars · 2026-11-03T08:50:50.292291+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-03T08:50:50.289514+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-03. For educational purposes only; not investment advice.