BWX Technologies, Inc. (BWXT) · Nov 2, 2026 · Earnings

BWXT earnings beat on EPS, but revenue misses expectations

Beat — Non-GAAP EPS $1.26 vs ~$1.18 consensus

BWXT earnings beat on adjusted EPS and cash flow, while revenue missed consensus; its preliminary 2027 EBITDA outlook improves on the investor-day framework.

BWXT is expanding across government nuclear programs and commercial nuclear components as it targets a long-duration nuclear investment cycle; its September 2026 investor-day framework already called for high-single-digit 2027 growth and a longer-term margin expansion path.

The quarter beat on the earnings line, but not on demand volume. Non-GAAP EPS rose 26% to $1.26, above the published consensus of roughly $1.18, while revenue grew 10% to $953.0 million but fell short of consensus near $970.5 million. The gap matters because the revenue miss suggests the quarter’s earnings outperformance came partly from profitability, lower interest expense and taxes—not simply from stronger-than-expected top-line delivery. “Third quarter GAAP EPS increased as higher operating income, lower interest expense and a lower effective tax rate, were partially offset by lower other income and higher restructuring & transformation and acquisition related costs.” 〔0〕

Metric	Q3 2026	Q3 2025	Consensus / prior guidance
Revenue (Financial Results Summary)	$953.0M (+10%)	$866.3M	~$970.5M
Non-GAAP EPS (Financial Results Summary)	$1.26 (+26%)	$1.00	~$1.18
Adjusted EBITDA (Financial Results Summary)	$179.7M (+19%)	$151.1M
Free cash flow (Financial Results Summary)	$150.5M (+59%)	$94.9M
FY26 non-GAAP EPS guidance (Outlook table)	$4.72–$4.77	$4.01	$4.70–$4.80 prior

Commercial growth is doing more of the work, while government execution is uneven. Commercial revenue jumped 25% and commercial operating income rose 10%, led by nuclear components, services and medical; Government revenue increased only 4%, with special materials and advanced nuclear offset by lower naval-propulsion volume. “The Government Operations increase was driven by growth in special materials and advanced nuclear, partially offset by lower volume in naval propulsion.” 〔1〕

The longer-term setup improved modestly rather than being reset. BWXT left 2026 revenue guidance at approximately $3.8 billion and kept adjusted EBITDA, EPS and free-cash-flow guidance broadly within the prior ranges. The more meaningful update was preliminary 2027 guidance calling for high-single-digit revenue growth and high-single-digit to low-double-digit adjusted EBITDA and EPS growth, with EBITDA growth ahead of the framework given at investor day. That is incremental evidence of momentum, not a wholesale change to the company’s existing growth story. “Introducing preliminary 2027 outlook calling for high-single-digit revenue growth, and high-single-digit to low-double-digit adjusted EBITDA(1) and non-GAAP EPS(1) growth; adjusted EBITDA(1) growth ahead of the framework provided at 2026 Investor Day.” 〔2〕

Cash conversion was a clear strength, though some of the improvement came from working capital. Quarterly free cash flow rose 59% to $150.5 million, helped by higher net income, advanced billings and working-capital management. The filing itself identifies timing effects, so the cash result is supportive but not pure evidence of a permanently higher earnings-to-cash conversion rate. “Third quarter operating cash flow increased as higher net income, an increase in advanced billings, and good working capital management were partially offset by timing of income tax payments.” 〔3〕

Bottom line: BWXT delivered a genuine adjusted-EPS beat and stronger cash flow, while missing the revenue bar and leaving 2026 guidance essentially intact. The above-framework 2027 EBITDA outlook nudges the business story higher, but this is a modest improvement—not a rewrite of the investment case.

What to watch next

Q4 2026 results and finalized 2027 guidance

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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BWXT earnings beat on EPS, but revenue misses expectations

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