Nuclear · BWXT
BWX Technologies (BWXT) gets 68% of its revenue from the U.S. government
What BWX Technologies reports in its FY2025 10-K, and what federal contract records show.
Summary
BWX Technologies reported that 68% of its FY2025 revenue came from the U.S. government: about $2.18B by our calculation of $3.20B in total. That ranks 15th of the 30 companies we cover that disclose a share. The share fell 8.0 pts from FY2024.
Federal agencies obligated $174M in prime contracts to the 4 recipient records we matched to BWX Technologies in federal fiscal year 2025, 4.2% of it from the Department of Defense. That is far below the revenue the company reports, so the comparison is withheld while we review the match.
Share of revenue over time
BWX Technologies: U.S. government share of revenue, by fiscal year
What BWX Technologies counts as government revenue
- Definition used
- U.S. government
- Foreign military sales
- Not applicable
- Subcontract work
- Not stated
- Adjusted ex-FMS share
- Same as reported
“During the years ended December 31, 2025, 2024 and 2023, the U.S. Government represented approximately 68%, 76% and 75% of our total consolidated revenues, respectively.”
BWX Technologies, FY2025 Form 10-K · read the filing
Down from 76% in 2024.
The contract record
Prime contract obligations on USAspending.gov for the 4 recipient records we matched to BWX Technologies (obligations are not revenue).
In FFY2025, 4.2% of these obligations came from the Department of Defense and 95.8% from civilian agencies.
Contract obligations by awarding agency, FFY2025
Top 2 awarding sub-agencies; the rest grouped as Other.
| Awarding agency | Obligations | Share |
|---|---|---|
| Department of Energy | $166M | 95.8% |
| Department of the Army | $7.4M | 4.2% |
Obligations by federal fiscal year
| Federal fiscal year | Obligations | Note |
|---|---|---|
| FFY2026 | $418M | preliminary DoD data posts with a 90-day delay |
| FFY2025 | $174M | Matched to FY2025 |
| FFY2024 | $57.7M | |
| FFY2023 | $121M |
Largest contracts active in FFY2025
Ranked by total obligated value to date on each award (all years), among awards with activity in FFY2025. Links open the award on USAspending.gov.
| Award | Agency | Description | Obligated to date | Period |
|---|---|---|---|---|
| 89233123CNA000308Nuclear Fuel Services Inc | Department of Energy | ENRICHED URANIUM CONVERSION AND PURIFICATION SERVICES | $288M | 2023–2028 |
| 89233125FNA400743Bwxt Enrichment Operations, Llc | Department of Energy | DOMESTIC URANIUM ENRICHMENT PILOT PLANT TASK ORDER 1 | $267M | 2025–2030 |
| 89233125CNA000429Bwxt Ordnance Tennessee, Inc. | Department of Energy | HIGH PURITY DEPLETED URANIUM (HPDU) PRODUCTION SERVICES | $131M | 2025–2030 |
| W15QKN23F0195Bwxt Ordnance Tennessee, Inc. | Department of the Army | 2,940 DEPLETED URANIUM (DU) PENETRATORS FOR THE 120MM ARMOR PIERCING, FIN STABILIZED, DISCARDING SABOT WITH TRACER M829A4 CARTRIDGE, 3,480… | $11.5M | 2023–2025 |
| W15QKN25F0105Bwxt Ordnance Tennessee, Inc. | Department of the Army | DELIVERY ORDER 03 FOR DEPLETED URANIUM PENETRATORS AND NRE | $7.4M | 2025–2026 |
| W15QKN24F0039Bwxt Ordnance Tennessee, Inc. | Department of the Army | DELIVERY ORDER 02 FOR DEPLETED URANIUM PENETRATORS AND NRE | $7.2M | 2024–2025 |
| 89233124CNA000371Nuclear Fuel Services Inc | Department of Energy | DOMESTIC URANIUM ENRICHMENT CENTRIFUGE PILOT PLANT DEPLOYMENT STUDY | $3.3M | 2024–2025 |
| W15QKN09C0166Bwxt Ordnance Tennessee, Inc. | Defense Contract Management Agency | KINETIC ENERGY ENHANCED LETHALITY & PROTECTION MATERIALS | $2.6M | 2009–2012 |
| W52P1J07E0005Bwxt Ordnance Tennessee, Inc. | Defense Contract Management Agency | NO COST FACILITY CONTRACT | $0K | 2007–2007 |
Recipients we matched to BWX Technologies
These USAspending recipient records are rolled into the figures above. Readers can check each one; if a match looks wrong, tell us.
| Recipient name | UEI | How matched | FFY2025 obligations |
|---|---|---|---|
| BWXT ENRICHMENT OPERATIONS, LLC | URJ3CAC3MSH8 | USAspending parentBWXT ENRICHMENT OPERATIONS, LLC | $67.0M |
| NUCLEAR FUEL SERVICES INC | SMJQJGD5JEJ3 | USAspending parentBWX TECHNOLOGIES, INC. | $52.4M |
| BWXT ORDNANCE TENNESSEE, INC. | MMACD85DT5D5 | Name pattern | $54.2M |
| BWXT NUCLEAR OPERATIONS GROUP, INC. | WJYVCPD5HKK7 | USAspending parentBWX TECHNOLOGIES, INC. | — |
Joint ventures (not included in totals)
Peers
| Company | Sector | U.S. gov share | Total revenue |
|---|---|---|---|
| BWXTBWX Technologies | Nuclear | 68% | $3.20B |
| CWCurtiss-Wright | Defense tech other sector, similar size | 47% | $3.50B |
| DRSLeonardo DRS | Defense tech other sector, similar size | 80% | $3.65B |
| MOG-AMoog | Aerospace other sector, similar size | 38% | $3.86B |
| AVAVAeroVironment | Defense tech other sector, similar size | 85% | $1.98B |
| VVXV2X | Government services other sector, similar size | 96% | $4.48B |
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Sources
- BWX Technologies, FY2025 annual report (U.S. government share) (accessed October 15, 2026)
- BWX Technologies, FY2024 annual report (U.S. government share) (accessed October 16, 2026)
- BWX Technologies, FY2023 annual report (U.S. government share) (accessed October 16, 2026)
- BWX Technologies, FY2022 annual report (U.S. government share) (accessed October 16, 2026)
- BWX Technologies, FY2021 annual report (U.S. government share) (accessed October 16, 2026)
- SEC XBRL company facts for BWX Technologies (revenue history) (accessed October 16, 2026)
- USAspending.gov recipient profile: Bwxt Enrichment Operations, Llc (accessed October 16, 2026)
- USAspending.gov API, prime contract awards (award types A–D) (accessed October 16, 2026)
- Federal Exposure methodology