Company: BWXT
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001486957-25-000059
Chunk: 72

Company: BWX Technologies, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 72
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,229)Revenues$866,286 $671,956  Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024Government OperationsCommercial OperationsTotalGovernment OperationsCommercial OperationsTotal (In thousands)Fixed-Price Incentive Fee$669,107 $8,350 $677,457 $1,021,222 $13,529 $1,034,751 Firm-Fixed-Price795,008 358,189 1,153,197 258,242 207,730 465,972 Cost-Plus Fee296,602 2,006 298,608 304,305 — 304,305 Time-and-Materials226 186,875 187,101 4,271 150,382 154,653 Segment Revenues$1,760,943 $555,420 2,316,363 $1,588,040 $371,641 1,959,681 Eliminations(3,780)(2,294)Revenues$2,312,583 $1,957,387 

Performance ObligationsAs we progress on our contracts and the underlying performance obligations for which we recognize revenue over time, we refine our estimates of variable consideration and total estimated costs at completion, which impact the overall profitability on our contracts and performance obligations. Changes in these estimates result in the recognition of cumulative catch-up adjustments that impact our revenues and/or costs of contracts. The aggregate impact of changes in estimates increased our revenues and operating income as follows:Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2025202420252024 (In thousands)(In thousands)Revenues (1)$4,322 $10,214 $10,253 $7,449 Operating Income (1)$3,061 $9,721 $9,107 $6,372 (1)During the three months ended September 30, 2025, no adjustments to any one contract had a material impact on our consolidated financial statements. During the nine months ended September 30, 2025, our Government Operations segment results were favorably impacted by material contract adjustments related to a nuclear operations contract. The material adjustments resulted in an increase in revenue and operating income of $29.4 million during the nine months ended September 30, 2025. During the three and nine months ended September