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BWX Technologies Inc.’s $800 Million Nordic Capital Deal — Is The Nuclear Focus Getting Sharper?

BWX Technologies reported its second quarter 2026 results with revenue reaching $902 million, marking an 18% increase year-over-year, including 9% organic growth. Adjusted EBITDA rose 7% to approximately $155 million, while adjusted earnings per share increased 5% to $1.07. The company raised its full-year free cash flow guidance by $30 million to a range of $345 million to $360 million, supported by disciplined working capital management and controlled capital expenditures, which totaled $41 million for the quarter. Capital spending is expected to represent about 6% of sales in 2026, with potential increases to approximately 7% in future years to support expansion initiatives. Revenue growth was driven by strong performance in BWX Technologies’ Commercial Operations segment, where revenue surged 72%, including 33% organic growth, fueled by commercial nuclear power, nuclear medicine, and contributions from the recently acquired Kinectrics. Adjusted EBITDA more than doubled in this segment, despite margin compression to 11.