BWX Technologies (BWXT) Cash Flow: Operating & Free Cash Flow

BWX Technologies (BWXT) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), BWX Technologies generated $479.85M of operating cash flow and spent $184.56M on capital expenditures. That left free cash flow of $295.29M, up 15.9% from $254.78M a year earlier, or 9.2% of revenue. It returned $122.47M to shareholders through $92.47M in dividends and $30.00M in share buybacks.

BWX Technologies Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for BWX Technologies, Inc. (BWXT) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	329.86	282.30	246.32	238.62	306.29	279.20	244.68	227.31	148.37
Depreciation & Amortization	109.19	85.86	78.57	73.84	69.08	60.67	61.72	60.10	56.56
Deferred Income Tax	49.42	19.85	-5.13	5.52	40.09	7.89	3.79	17.45	93.46
Stock Based Compensation	26.07	21.68	15.90	14.13	18.61	16.84	12.73	11.88	15.22
Change in Working Capital	-29.50	-9.11	-16.68	-141.50	-14.74	-174.77	-42.77	-171.59	-106.60
Change in Accounts Receivable	-93.27	-47.57	0.46	19.36	87.88	-106.88	27.08	62.19	-42.80
Change in Inventory	0.00	0.00	0.00	0.00	-1.99	6.84	-14.14	11.60	-26.61
Change in Accounts Payable	-23.56	34.53	-9.03	-40.50	28.80	-1.24	44.59	1.89	-7.48
Change in Other Working Capital	87.33	1.41	6.43	-120.36	-129.43	-73.49	-100.31	-247.26	-29.71
Other Operating Activities	-5.19	27.70	39.59	54.10	-33.31	6.61	-0.78	24.15	15.15
Net Cash from Operating Activities	479.85	408.43	363.70	244.70	386.03	196.44	279.37	169.29	222.15
Investing Activities
Capital Expenditures	-184.56	-153.65	-151.29	-198.31	-311.05	-255.03	-182.12	-109.34	-96.88
Acquisitions	-564.82	0.00	0.00	-58.78	0.00	-15.82	0.26	-222.05	-3.50
Purchases of Investments	0.00	-0.20	-2.34	-3.80	-4.74	-4.23	-4.21	-4.52	-3.24
Sales/Maturities of Investments	3.40	0.00	6.00	3.81	5.55	6.36	5.87	3.93	12.85
Other Investing Activities	3.87	-0.72	-8.01	0.84	5.59	3.40	0.21	5.25	0.11
Net Cash from Investing Activities	-742.11	-154.56	-155.64	-256.24	-304.65	-265.32	-180.00	-326.72	-90.66
Financing Activities
Debt Repayment	987.50	-612.25	-434.35	100.00	225.55	138.52	45.51	282.59	-27.65
Common Stock Issued	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.07
Common Stock Repurchased	-30.00	-27.57	-7.59	-20.00	-225.79	-21.96	-20.00	-214.76	0.00
Dividends Paid	-92.47	-88.35	-84.97	-81.07	-79.67	-72.94	-65.37	-63.82	-42.04
Other Financing Activities	-171.39	19.38	4.45	15.03	-10.24	-18.57	-3.84	-13.34	-0.55
Net Cash from Financing Activities	693.64	-252.79	-169.37	13.95	-90.14	25.05	-43.71	-9.32	-61.18
Summary
Effect of Forex Changes on Cash	-4.75	-2.13	1.94	-1.21	0.24	-0.27	0.33	-9.98	7.44
Net Change in Cash	426.63	-1.04	40.63	1.22	-8.52	-44.10	55.99	-176.74	77.76
Cash at Beginning of Period	80.57	81.62	40.99	39.78	48.30	92.40	36.41	213.14	125.64
Cash at End of Period	507.20	80.57	81.62	40.99	39.78	48.30	92.40	36.41	203.40
Free Cash Flow	295.29	254.78	212.42	46.39	74.97	-58.59	97.24	59.95	125.27
Supplemental Disclosures
Interest Paid	65.16	72.43	63.22	51.34	50.84	-	-	-	-
Income Taxes Paid	47.89	45.51	84.48	71.76	44.95	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About BWX Technologies Cash Flow

What is BWX Technologies's free cash flow?

BWX Technologies generated free cash flow of $295.29M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $479.85M minus $184.56M of capital expenditures. That was up 15.9% from $254.78M a year earlier. Free cash flow equaled 9.2% of revenue.

How much does BWX Technologies spend on capital expenditures?

BWX Technologies spent $184.56M on capital expenditures in fiscal 2025, compared with $153.65M a year earlier. That equals 38.5% of operating cash flow.

Does BWX Technologies pay dividends or buy back shares?

Yes. In fiscal 2025 BWX Technologies returned $92.47M in dividends and $30.00M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition