Nuclear Components & Fuel was BWX Technologies’s largest segment in fiscal 2025, bringing in $1.80B of $3.20B (56%).
| Segment | FY 2009 | FY 2010 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nuclear Components & Fuel | $1.49B | $1.61B | $1.69B | $1.80B | |||||||||
| Government Programs | — | — | — | — | |||||||||
| Nuclear Component Program | — | — | — | — | |||||||||
| Aftermarket Services | — | — | — | — | |||||||||
| After Market Services | — | — | — | — | |||||||||
| New Build Steam Generation Systems | — | — | — | — | |||||||||
| New Build Environmental Equipment | — | — | — | — | |||||||||
| Uranium Processing & Nuclear Services | $233.20M | $276.69M | $287.01M | $406.56M | |||||||||
| Nuclear Manufacturing | $221.46M | $231.94M | $288.77M | $429.22M | |||||||||
| Downblending & Nuclear Services | — | — | — | — | |||||||||
| Nuclear Services & Engineering | $205.90M | $234.40M | $235.20M | $423.85M | |||||||||
| Nuclear Services | — | — | — | — | |||||||||
| Nuclear Environmental Services | — | — | — | — | |||||||||
| Nuclear Components | — | — | — | — | |||||||||
| Nuclear Equipment Operations | — | — | — | — | |||||||||
| Nuclear Equipment | — | — | — | — | |||||||||
| Advanced Reactor Design & Engineering | $80.48M | $144.46M | $203.81M | $147.14M | |||||||||
| Commercial Operations | — | — | — | — | |||||||||
| Nuclear Services & Advanced Reactor Design And Engineering | — | — | — | — | |||||||||
| Management &Amp; Operation Contracts Of U.S. Government Facilities | — | — | — | — | |||||||||
| Management Operation Contracts Of U.S. Government Facilities | — | — | — | — | |||||||||
| Eliminations/Other | — | — | — | — | |||||||||
| Nuclear Projects | — | — | — | — | |||||||||
| Total | $2.24B | $2.50B | $2.71B | $3.20B |
BWX Technologies brought in $3.20B from its five segments in fiscal 2025, the year ended December 31, 2025. That was up 18.3% from $2.71B in fiscal 2024. Nuclear Components & Fuel was the largest at $1.80B (56.1%), ahead of Nuclear Manufacturing at $429.22M (13.4%) and Nuclear Services & Engineering at $423.85M (13.2%). The other two segments brought in $553.70M combined.
Compared with fiscal 2024, Nuclear Services & Engineering grew fastest, up 80.2% to $423.85M, while Advanced Reactor Design & Engineering fell the most, down 27.8% to $147.14M. From fiscal 2022 to 2025, combined revenue from these segments grew from $2.24B to $3.20B, a compound annual growth rate of 12.7%. Nuclear Components & Fuel's share of the total fell from 66.9% to 56.1%.
Fixed-Price Incentive Fee was BWX Technologies’s largest revenue line in fiscal 2025, bringing in $1.80B of $3.22B (56%).
| Contract With Customer Basis Of Pricing | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Fixed-Price Incentive Fee | $1.23B | $1.22B | $17.38M | $1.80B | ||||
| Firm-Fixed-Price | $334.08M | $469.14M | $1.50B | — | ||||
| Cost-Plus Fee | $244.06M | $337.60M | $388.12M | $833.22M | ||||
| Time-&-Materials | $117.50M | $142.99M | $413.38M | $591.11M | ||||
| Total | $1.92B | $2.17B | $2.32B | $3.22B |
BWX Technologies brought in $3.22B from its three revenue lines in fiscal 2025, the year ended December 31, 2025. BWX Technologies regrouped these revenue lines after fiscal 2024, so the total does not compare directly with that year's $2.32B. Fixed-Price Incentive Fee was the largest at $1.80B (55.8%), ahead of Cost-Plus Fee at $833.22M (25.8%) and Time-&-Materials at $591.11M (18.3%).
Compared with fiscal 2024, Fixed-Price Incentive Fee grew fastest, up 10,252.0% to $1.80B. Every revenue line above 2% of revenue grew.
BWX Technologies stopped reporting Firm-Fixed-Price as a separate revenue line after fiscal 2024, when it brought in $1.50B.
Government was BWX Technologies’s largest revenue line in fiscal 2025, bringing in $2.20B of $2.88B (76%).
| Major Customers | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Government | $1.70B | $1.88B | $2.07B | $2.20B | ||||
| Non-Government | $405.49M | $420.71M | $861.52M | $684.86M | ||||
| Total | $2.11B | $2.31B | $2.93B | $2.88B |
BWX Technologies brought in $2.88B from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That is less than the $3.22B it reports by contract with customer basis of pricing, so these revenue lines do not cover all of its revenue. Government was the largest at $2.20B (76.3%), ahead of Non-Government at $684.86M (23.7%).
Compared with fiscal 2024, Government grew 6.4% to $2.20B, while Non-Government fell 20.5% to $684.86M.
BWX Technologies (BWXT) reports its revenue by segment, by contract with customer basis of pricing and by major customers. In fiscal 2025, Nuclear Components & Fuel was its largest segment, bringing in $1.80B (56.1% of the total), followed by Nuclear Manufacturing at $429.22M (13.4%).
Nuclear Components & Fuel was BWX Technologies' largest segment in fiscal 2025, bringing in $1.80B, or 56.1% of the $3.20B total across its five segments.
Fixed-Price Incentive Fee was BWX Technologies' largest revenue line in fiscal 2025, bringing in $1.80B, or 55.8% of the $3.22B total across its three revenue lines.
Among BWX Technologies' segments that make up at least 2% of revenue, Nuclear Services & Engineering grew fastest in fiscal 2025, up 80.2% from $235.20M to $423.85M.
Every figure comes from BWX Technologies' annual financial filings, as reported. Each line keeps the name BWX Technologies gives it, and years follow its fiscal calendar.
BWX Technologies' revenue by segment goes back to fiscal 2009, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.