BWXT · 10-K filed 23 Feb 2026 · year to 31 Dec 2025

BWX Technologies

37 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. Government

earns from · approximately 68%named as a risk

For the year ended December 31, 2025, whether directly or as a sub-tier contractor to a government contractor, U.S. Government contracts comprised approximately 68% of our total consolidated revenues.Risk factors (Item 1A)

Also named by ADI, AIR, APH, ASTS, ATI, AVAV, AWK, BA and 46 more

U.S. Department of Energy (DOE)

earns fromnamed as a risk

In addition, our Government Operations segment depends on U.S. Government funding, particularly funding levels at the DOE.Risk factors (Item 1A)

Also named by AAON, AMRC, AOS, CDE, CDRE, CEG, CLF, CW and 16 more

U.S. Navy

earns from

All three indicate growth in the total number of ships and a sustained, or increased, procurement profile for nuclear-powered submarines and aircraft carriers.Business (Item 1)

Also named by CW, GD, HEI, HII, KTOS

Suppliers

Single-source suppliers

depends onnamed as a risk

We rely on a limited number of suppliers, including several single-source suppliers, for materials used in our products in both our Government Operations and Commercial Operations segments.Risk factors (Item 1A)

Also named by ACHR, AMAT, BAX, BSX, CL, DOV, EL, ETN and 11 more

Partners and platforms

Pantex Plant

operates in

PanTeXas Deterrence, LLC is a limited liability company formed by BWXT TSG, Fluor Federal Services, Inc, SOC LLC and The Texas A&M University System to provide nuclear production operations services, long-term plant modernization and capability enhancement/stewardship along with other required services to support the NNSA and broader national security requirements assigned to the Pantex Plant near Amarillo, Texas.Business (Item 1)

Hanford Tank Farms

operates in

Hanford Tank Waste Operations & Closure, LLC is a limited liability company formed by BWXT TSG, Amentum Environment & Energy, Inc. and Fluor Federal Services, Inc. to achieve significant risk and financial liability reduction through accelerated cleanup of high-risk waste at the DOE-owned Hanford Tank Farms near Richland, Washington.Business (Item 1)

Amentum Environment & Energy, Inc.

depends on

Savannah River Mission Completion, LLC, a limited liability company formed by BWXT TSG, Amentum Environment & Energy, Inc. and Fluor Federal Services, Inc. was awarded a contract to receive, store, treat and dispose of radioactive liquid waste for the DOE at the Savannah River Site located in Aiken, South Carolina.Business (Item 1)

Canadian National Laboratory

operates in

Nuclear Laboratory Partners of Canada, Inc. (NLPC) is a company formed by BWXT Government Group, Kinectrics, Inc., and Amentum Environment & Energy, Inc. to manage and operate the Canadian National Laboratory.Business (Item 1)

Other companies

Atlantic Richfield Company (ARCO)

depends onnamed as a risk

Although this ARCO indemnity would cover claims by the Army Corps to seek recovery from BWXT for SLDA cleanup costs, no assurance can be given that this indemnity will be available or sufficient in the event such claims are asserted.Business (Item 1)

Babcock & Wilcox Enterprises, Inc. (BWE)

named as a risk

In conjunction with the spin-off, claims and liabilities associated with the asbestos personal injury, property damage and indirect property damage claims mentioned above have been expressly assumed by BWE pursuant to the master separation agreement between us and BWE.Risk factors (Item 1A)

Kinectrics, Inc.

On May 20, 2025, we completed the acquisition Kinectrics Holdings, Inc., the parent company of Kinectrics, Inc. ("Kinectrics").Business (Item 1)

Aerojet Ordnance Tennessee, Inc.

On January 3, 2025, we completed the acquisition of Aerojet Ordnance Tennessee, Inc. ("A.O.T"), a subsidiary of L3Harris Technologies, Inc.Business (Item 1)

Competitors

Curium Pharma

competes with

This segment competes with a number of nuclear medicine companies which include, but are not limited to, Curium Pharma, SHINE Technologies. and Jubilant DraxImage Inc.Business (Item 1)

Also named by LNTH

Westinghouse Electric Corporation

competes with

This segment competes with a number of companies specializing in nuclear capabilities including, but not limited to, Framatome, Cameco Corporation, Doosan Heavy Industries & Construction Co., Ltd., AECON Group Inc., Westinghouse Electric Corporation and AtkinsRéalis.Business (Item 1)

Places

Canada

operates in · 3,500 employeesnamed as a risk

We have significant manufacturing and sales operations in foreign countries, particularly in Canada.Risk factors (Item 1A)

Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more

Shallow Land Disposal Area (SLDA), Parks Township, Pennsylvania

$350 millionnamed as a risk

In December 2014, the Army Corps issued a Proposed Record of Decision Amendment, which reflects a revised cost estimate of $350 million, in addition to the $62 million expended through September 2014, to implement the selected remedy.Business (Item 1)

Ontario

concentrated innamed as a risk

Our future business prospects in Canada are dependent upon the continued operation of Canadian nuclear plants and refurbishment of the majority of the plants in Ontario to extend their operating lives.Risk factors (Item 1A)

Also named by DKNG, DRVN, ENB, MYRG, OHI, TAP

Lynchburg, Virginia

operates in

All phases of uranium downblending and uranium recovery are performed at our Lynchburg, Virginia and Erwin, Tennessee sites.Business (Item 1)

Erwin, Tennessee

operates in

These facilities have provisions in their government contracts pursuant to which substantially all of our decommissioning costs and financial assurance obligations are covered by the DOE, including the costs to complete the decommissioning projects underway at the facility in Erwin, Tennessee.Business (Item 1)

Hazards

Hurricane Helene

named as a risk

While we have experienced disruptions due to severe weather, environmental and natural disasters and other natural and man-made events in the past, including a recent facility closure due to Hurricane Helene, none have had a material adverse effect on our business or operations to date.Risk factors (Item 1A)

Also named by BAX, IMKTA, MNST, SO, SYM

Commodities and inputs

Canadian dollar

exposed to its price · $215,979named as a risk

In order to manage the operational risks associated with FX rate fluctuations, we attempt to hedge those risks with FX derivative instruments.Market risk (Item 7A)

Also named by ABBV, ADBE, AMG, AYI, BBY, CBRE, CDRE, CDW and 67 more

Steel

exposed to its pricenamed as a risk

Despite these attempts, the cost and gross profit we realize on a fixed-price contract have and could vary materially from the estimated amounts because of supplier, contractor and subcontractor performance, execution issues, changes in job conditions, variations in labor and equipment productivity, inflation and increases in the cost of labor and raw materials, particularly steel, over the term of the contract.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Regulators

U.S. Nuclear Regulatory Commission (NRC)

subject to · $71.5 millionnamed as a risk

We provided financial assurance totaling $71.5 million and $68.1 million during the years ended December 31, 2025 and 2024, respectively, with surety bonds for the ultimate decommissioning of these licensed facilities.Business (Item 1)

Also named by AEE, AEP, BRK/B, CAH, CDRE, CEG, CW, D and 20 more

Canadian Nuclear Safety Commission (CNSC)

subject to · $32.5 millionnamed as a risk

We provided financial assurance totaling $32.5 million and $28.5 million during the years ended December 31, 2025 and 2024, respectively, with letters of credit and surety bonds for the ultimate decommissioning of these licensed facilities.Business (Item 1)

Also named by GEV

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk

We are also subject to regulatory oversight by the FDA and Health Canada for our medical isotope business.Risk factors (Item 1A)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

Health Canada

subject tonamed as a risk

Any delay or denial of such approvals could have a material adverse effect on our medical isotope business.Risk factors (Item 1A)

Also named by HIMS, PROF

Laws and programs

Price-Anderson Act

subject to · approximately $16.5 billionnamed as a risk

Because we provide nuclear fabrication and other services to the DOE relating to its nuclear devices, facilities and other programs and the nuclear power industry in the ongoing maintenance and modifications of its nuclear power plants, including the manufacture of equipment and other components for use in such nuclear power plants, we expect, in the event of a nuclear incident or precautionary evacuation (as such terms are defined in the Atomic Energy Act), to be entitled to the indemnification protections under the Price-Anderson Act against liability arising from nuclear incidents occurring in the U.S., with an available indemnification amount, for our DOE contracts, of approximately $16.5 billion (for nuclear incidents or precautionary evacuations occurring within the US) and of $2 billion (for nuclear incidents or precautionary evacuations occurring in foreign countries).Risk factors (Item 1A)

Also named by CDRE, CEG, CW, DUK, ETR, FLR, J, LEU and 5 more

U.S. Congressional appropriations

subject to · $2,151.3 million of unfunded backlognamed as a risk

At December 31, 2025, our ending backlog was $7,260.7 million, which included $2,151.3 million of unfunded backlog related to U.S. Government contracts.Business (Item 1)

Also named by LMT

CERCLA

subject tonamed as a risk

We have been identified as a potentially responsible party at various cleanup sites under CERCLA.Business (Item 1)

Also named by AA, AAOI, ALB, AN, APD, APLD, ATI, AWK and 27 more

Cybersecurity Maturity Model Certification (CMMC)

subject tonamed as a risk

CMMC requirements may change over time and could impose additional compliance obligations on us and our suppliers, and failure to meet applicable CMMC requirements could affect our ability to receive or perform certain defense-related contracts.Risk factors (Item 1A)

Also named by ADI, AVAV, GE, HEI, HLIO, HON, HWM, KTOS and 15 more

Federal Acquisition Regulation (FAR)

subject tonamed as a risk

These laws and regulations include the FAR, the Defense FAR Supplement ("DFARS"), the Truthful Cost or Pricing Data Act, the CAS national security laws, regulations, and orders restricting the use and dissemination of classified information, and U.S. export control laws governing the export of certain products and technical information.Risk factors (Item 1A)

Also named by ACN, AIR, ALSN, ASTS, AXON, CACI, CDRE, CLS and 12 more

Public Law 85-804

subject tonamed as a risk

However, because the indemnification protections afforded by Public Law 85-804 are granted on a discretionary basis, situations could arise where the U.S. Government elects not to offer such protections.Risk factors (Item 1A)

Also named by TTEK

U.S.-Canada tariffs and trade policy

subject tonamed as a risk

Uncertainty remains with respect to trade policies and treaties between the U.S. and other countries, including Canada, where we manufacture heavy nuclear components and products for our medical radioisotopes business that may be sold to US customers.Risk factors (Item 1A)

Canada Nuclear Liability and Compensation Act (NLCA)

subject tonamed as a risk

The Price-Anderson Act and Canada's NLCA indemnification provisions may not apply to all liabilities that we might incur while performing services as a contractor for the DOE and the nuclear power industry.Risk factors (Item 1A)

Convention on Supplementary Compensation for Nuclear Damage (CSC)

subject tonamed as a risk

The ratification by the U.S. authorizes the Secretary of Energy to issue regulations establishing a retrospective risk pooling program whereby, in the event that the U.S. must make a contribution to the CSC international fund, U.S. nuclear suppliers, including BWXT, would pay the full cost of this contribution by the U.S.Business (Item 1)

Executive Order 14372

subject tonamed as a risk

In addition, the President recently issued Executive Order ("EO") 14372 that could limit certain contractors performing work under critical defense weapons, supplies, and equipment contracts from issuing dividends or distributions, share repurchases, increasing executive salaries, and using particular metrics to determine executive incentive compensation.Risk factors (Item 1A)

Naval Nuclear Propulsion Program

earns from

The majority of the revenue generated by this segment is from long-term contracts with the DOE/NNSA's Naval Nuclear Propulsion Program.Business (Item 1)