BWX Technologies, Inc. (BWXT) Cash Flow Statement
Where BWXT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $479.8M +17.5% vs 2024
- Capital expenditures
- $184.6M 5.8% of revenue
- Free cash flow
- $295.3M 9.2% margin
- Returned to shareholders
- $122.5M 41% of free cash flow
- Change in cash
- $426.6M cash at year-end $507.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
BWXT operating cash flow, capex and free cash flow
BWXT cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $239.8M2016 | $479.8M2025 | +8.0%/yr | |
| Capital expenditures | $52.6M2016 | $184.6M2025 | +15.0%/yr | |
| Free cash flow | $187.2M2016 | $295.3M2025 | +5.2%/yr | |
| Free cash flow margin | 12.1%2016 | 9.2%2025 | −2.8 pts | |
| Operating cash flow / net income | 1.312016 | 1.452025 | +0.15 | |
| Stock-based compensation | $15.4M2016 | $26.1M2025 | +6.0%/yr | |
| Dividends paid | $37.4M2016 | $92.5M2025 | +10.6%/yr | |
| Share buybacks (net) | $293.0M2016 | $30.0M2025 | −22.4%/yr | |
| Capex / revenue | 3.4%2016 | 5.8%2025 | +2.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BWXT cash flow by activity
BWXT net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BWXT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $329.9M | $282.3M | $245.8M | $238.6M | $306.3M | $279.2M | $244.7M | $227.3M | $148.4M | $183.6M |
| Depreciation & amortization | $109.2M | $85.9M | $78.6M | $73.8M | $69.1M | $60.7M | $61.7M | $60.1M | $56.6M | $50.6M |
| Stock-based compensation | $26.1M | $21.7M | $15.9M | $14.1M | $18.6M | $16.8M | $12.7M | $11.9M | $15.2M | $15.4M |
| Change in working capital | −$29.5M | −$9.1M | −$16.7M | −$141.5M | −$14.7M | −$174.8M | −$42.8M | −$171.6M | −$106.6M | −$10.8M |
| Other non-cash items | $44.2M | $27.7M | $40.1M | $59.6M | $6.8M | $14.5M | $3.0M | $41.6M | $108.6M | $1.1M |
| Cash from operating activities | $479.8M | $408.4M | $363.7M | $244.7M | $386.0M | $196.4M | $279.4M | $169.3M | $222.2M | $239.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$184.6M | −$153.6M | −$151.3M | −$198.3M | −$311.1M | −$255.0M | −$182.1M | −$109.3M | −$96.9M | −$52.6M |
| Investments (net) | $3.4M | −$154.6M | −$168.1M | −$256.2M | $814,000 | $2.1M | $1.7M | −$587,000 | $9.6M | −$9.4M |
| Acquisitions & other investing | −$560.9M | $153.6M | $163.8M | $198.3M | $5.6M | −$12.4M | $463,000 | −$216.8M | −$3.4M | −$117.7M |
| Cash from investing activities | −$742.1M | −$154.6M | −$155.6M | −$256.2M | −$304.7M | −$265.3M | −$180.0M | −$326.7M | −$90.7M | −$179.7M |
| Financing activities | ||||||||||
| Dividends paid | −$92.5M | −$88.3M | −$85.0M | −$81.1M | −$79.7M | −$72.9M | −$65.4M | −$63.8M | −$42.0M | −$37.4M |
| Share repurchases & issuance (net) | −$30.0M | −$20.0M | −$7.6M | −$26.6M | −$230.8M | −$27.2M | −$29.2M | −$214.8M | −$8.0M | −$293.0M |
| Net borrowing (repayment) | $987.5M | −$156.2M | −$81.2M | $97.6M | $220.7M | $131.7M | $45.5M | $273.2M | −$27.7M | $232.9M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$171.4M | $11.8M | $4.4M | $24.0M | −$356,000 | −$6.5M | $5.3M | −$3.9M | $16.6M | $8.6M |
| Cash from financing activities | $693.6M | −$252.8M | −$169.4M | $14.0M | −$90.1M | $25.0M | −$43.7M | −$9.3M | −$61.2M | −$88.9M |
| Summary | ||||||||||
| Net change in cash | $426.6M | −$1.0M | $40.6M | $1.2M | −$8.5M | −$44.1M | $56.0M | −$176.7M | $77.8M | −$29.1M |
| Cash at end of period | $507.2M | $80.6M | $81.6M | $41.0M | $39.8M | $48.3M | $92.4M | $36.4M | $203.4M | $125.6M |
| Free cash flow | $295.3M | $254.8M | $212.4M | $46.4M | $75.0M | −$58.6M | $97.2M | $60.0M | $125.3M | $187.2M |
| Free cash flow margin | 9.2% | 9.4% | 8.5% | 2.1% | 3.5% | −2.8% | 5.1% | 3.3% | 7.4% | 12.1% |
| Capex / revenue | 5.8% | 5.7% | 6.1% | 8.9% | 14.6% | 12.0% | 9.6% | 6.1% | 5.7% | 3.4% |
| Operating cash flow / net income | 1.45 | 1.45 | 1.48 | 1.03 | 1.26 | 0.70 | 1.14 | 0.74 | 1.50 | 1.31 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $89.1M | $91.2M | $93.7M | $82.2M | $78.5M | $75.5M | $71.0M | $69.5M | $73.0M | $68.5M | $65.9M | $60.4M |
| Depreciation & amortization | $31.4M | $29.0M | $29.6M | $28.5M | $27.3M | $23.9M | $22.4M | $21.3M | $21.6M | $20.6M | $20.4M | $19.8M |
| Stock-based compensation | $9.9M | $10.2M | $5.4M | $7.0M | $8.7M | $5.0M | $6.8M | $4.6M | $6.0M | $4.3M | $3.6M | $3.6M |
| Change in working capital | −$3.8M | $1.4M | −$59.5M | $24.3M | $56.6M | −$50.9M | $130.2M | $93.4M | −$34.5M | −$58.9M | $89.6M | −$9.4M |
| Other non-cash items | $29.8M | −$39.2M | $57.9M | $1.2M | −$11.9M | −$2.9M | $46.5M | −$156.1M | −$157,000 | −$1.4M | $42.4M | −$21,000 |
| Cash from operating activities | $156.4M | $92.6M | $127.0M | $143.2M | $159.0M | $50.6M | $276.9M | $32.6M | $65.9M | $33.0M | $221.8M | $74.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$41.4M | −$42.5M | −$70.2M | −$48.3M | −$32.7M | −$33.4M | −$52.5M | −$40.3M | −$30.4M | −$30.4M | −$50.8M | −$30.9M |
| Investments (net) | $0 | $0 | $1,000 | −$44.4M | −$473.1M | −$156.3M | −$53.6M | −$40.3M | −$30.3M | −$30.3M | −$50.7M | −$39.1M |
| Acquisitions & other investing | $3.9M | −$4.4M | $2.0M | $48.3M | $32.7M | $33.4M | $52.5M | $40.3M | $30.4M | $30.4M | $50.8M | $30.9M |
| Cash from investing activities | −$37.5M | −$46.9M | −$68.2M | −$44.4M | −$473.1M | −$156.3M | −$53.6M | −$40.3M | −$30.3M | −$30.3M | −$50.7M | −$39.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$24.7M | −$25.8M | −$22.8M | −$22.9M | −$23.1M | −$23.7M | −$22.0M | −$22.0M | −$22.0M | −$22.4M | −$21.1M | −$21.1M |
| Share repurchases & issuance (net) | $0 | $0 | $89.91B | $0 | $0 | −$30.0M | $0 | $34,000 | −$34,000 | −$20.0M | −$87,000 | −$557,000 |
| Net borrowing (repayment) | $0 | $0 | $536.9M | −$23.1M | $331.9M | $141.9M | −$176.6M | $18.4M | — | — | — | $3.4M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.9M | −$8.4M | −$90.07B | −$187,000 | −$7.7M | −$3.4M | $15.7M | −$1.4M | −$10.8M | $10.2M | −$126.0M | −$654,000 |
| Cash from financing activities | −$22.8M | −$34.2M | $354.0M | −$46.2M | $301.0M | $84.8M | −$182.9M | −$4.9M | −$32.8M | −$32.2M | −$147.2M | −$18.9M |
| Summary | ||||||||||||
| Net change in cash | $95.9M | $13.1M | $420.3M | $42.8M | −$17.8M | −$18.6M | $38.6M | −$12.6M | $2.6M | −$29.6M | $25.4M | $16.6M |
| Cash at end of period | $616.3M | $520.3M | $507.2M | $87.0M | $44.1M | $62.0M | $80.6M | $42.0M | $51.3M | $52.0M | $78.6M | $56.2M |
| Free cash flow | $115.0M | $50.1M | $56.8M | $94.9M | $126.3M | $17.3M | $224.4M | −$7.7M | $35.5M | $2.6M | $171.0M | $43.4M |
| Free cash flow margin | 12.8% | 5.8% | 6.4% | 11.0% | 16.5% | 2.5% | 30.1% | −1.1% | 5.2% | 0.4% | 23.6% | 7.4% |
| Capex / revenue | 4.6% | 4.9% | 7.9% | 5.6% | 4.3% | 4.9% | 7.0% | 6.0% | 4.5% | 5.0% | 7.0% | 5.2% |
| Operating cash flow / net income | 1.76 | 1.02 | 1.36 | 1.74 | 2.03 | 0.67 | 3.90 | 0.47 | 0.90 | 0.48 | 3.37 | 1.23 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BWXT cash generation
In fiscal 2025 (ended December 31, 2025), BWX Technologies generated $479.8 million of cash from operations (up 17.5%) and spent $184.6 million on capital expenditures, leaving free cash flow of $295.3 million, 9.2% of revenue. It returned $122.5 million to shareholders through dividends ($92.5 million) and net share buybacks ($30.0 million). Cash and equivalents rose by $426.6 million over the year.
Related: BWXT income statement, BWXT balance sheet, BWXT dividend history. See the BWXT stock overview for the latest quote and news.
BWXT cash flow FAQ
What is BWX Technologies's free cash flow?
BWX Technologies's free cash flow was $295.3 million in fiscal 2025: $479.8 million of operating cash flow minus $184.6 million of capital expenditures It was $254.8 million a year earlier..
How much cash does BWX Technologies generate from operations?
BWX Technologies generated $479.8 million of cash from operating activities in fiscal 2025, 1.45 times its net income of $329.9 million.
How much does BWX Technologies spend on capital expenditures?
BWX Technologies spent $184.6 million on capital expenditures in fiscal 2025, 5.8% of revenue, compared with $153.6 million the year before.
How much stock does BWX Technologies buy back?
BWX Technologies spent $30.0 million on net share repurchases in fiscal 2025.
How much does BWX Technologies pay in dividends?
BWX Technologies paid $92.5 million in dividends in fiscal 2025, 31.3% of free cash flow.