BWX Technologies, Inc.

For the period ended Dec 31, 2025. Filed Feb 23, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 23, 2026

BWXT$126.64-1.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

	Year Ended December 31,
	2025	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES: · (In thousands)
Net Income	$329,861	$282,298	$246,321
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	109,186	85,862	78,566
Income of investees, net of dividends	19,139	(10,598)	11,130
Losses (gains) on asset disposals and impairments - net	(4,972)	4,390	1,034
Provision for deferred taxes	49,417	19,845	(5,128)
Recognition of (gains) losses for pension and postretirement plans	(5,933)	14,147	34,087
Stock-based compensation expense	26,072	21,680	15,896
Other, net	(13,423)	(83)	(1,530)
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable	(80,622)	(47,571)	462
Accounts payable	(23,562)	34,532	(9,025)
Retainages	(12,644)	21,514	(6,615)
Contracts in progress and advance billings on contracts	133,604	(7,155)	28,868
Income taxes	(29,626)	1,650	(4,786)
Accrued and other current liabilities	6,997	865	(9,754)
Pension liabilities, accrued postretirement benefit obligations and employee benefits	(23,472)	881	(6,964)
Other, net	(174)	(13,829)	(8,861)
NET CASH PROVIDED BY OPERATING ACTIVITIES	479,848	408,428	363,701
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(184,557)	(153,647)	(151,286)
Acquisition of businesses	(535,147)	—	—
Purchases of securities	—	—	(2,343)
Sales and maturities of securities	3,397	—	5,996
Investments, net of return of capital, in equity method investees	(29,676)	(197)	—
Other, net	3,874	(717)	(8,009)
NET CASH USED IN INVESTING ACTIVITIES	(742,109)	(154,561)	(155,642)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of short-term borrowing and long-term debt	(12,500)	—	—
Proceeds from issuance of convertible senior notes	1,250,000	—	—
Borrowings of long-term debt	1,030,000	456,000	353,100
Repayments of long-term debt	(1,280,000)	(612,250)	(434,350)
Payment of debt issuance costs	(33,494)	—	—
Purchase of capped calls related to convertible senior notes	(131,875)	—	—
Repurchases of common stock	(30,000)	(20,000)	—
Dividends paid to common shareholders	(92,467)	(88,349)	(84,974)
Cash paid for shares withheld to satisfy employee taxes	(13,624)	(7,570)	(7,592)
Settlements of forward contracts, net	6,267	19,591	3,689
Other, net	1,333	(207)	756
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	693,640	(252,785)	(169,371)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH	(4,746)	(2,126)	1,937
TOTAL INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS	426,633	(1,044)	40,625
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	80,571	81,615	40,990
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD	$507,204	$80,571	$81,615
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$65,163	$72,426	$63,216
Income taxes (net of refunds)	$47,892	$45,508	$84,478
SCHEDULE OF NON-CASH INVESTING ACTIVITY:
Accrued capital expenditures included in accounts payable	$12,295	$17,537	$7,105

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.