Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Friday, October 30, 2026

Back to today

From X

@StableBread

Fajasy on X

BWX Technologies’ $BWXT commercial segment grew Q2 2026 revenue 72% to $302.5M, while its government segment grew just 2% to $601.3M. $BWXT reported Q2 2026 on August 3, and CEO Rex Geveden called it “another strong quarter characterized by excellent execution across the company”: → Revenue: $901.6M, up 18% y/y (9% organic). → Adjusted EBITDA: $155.5M, up 7%, a 17.2% margin vs. 19.1%. The government segment fell 5% to $126.5M, but grew 22.1% excluding a $29.4M one-time contract gain in Q2 2025, while the commercial segment more than doubled to $36.1M. → EPS: $0.97 GAAP (+14%) and $1.07 non-GAAP (+5%). → FCF: $115.0M, down 9%, as capex rose 27% to $41.4M. → Backlog: $8.4B, up 40% y/y, including $2.26B of government contracts not yet funded by Congress. Q2 bookings were $648.9M vs. $1,640.5M a year earlier, but over the past 12 months, new orders still ran 1.7x revenue. The 2026 guide now calls for $3.8B of revenue, $662-672M of adjusted EBITDA (a 17.5% margin), $4.70-4.80 of non-GAAP EPS, and $345-360M of FCF. In August, $BWXT also changed its guidance for both segments: 1) Government Operations: Lower revenue growth (high single digits, down from low teens) but a higher margin (20.5%, up from 19% at the start of 2026). CFO Mike Fitzgerald said on the Q2 call that high-purity depleted uranium (HPDU) costs are coming in under budget. Most of the segment’s contracts pay $BWXT its costs plus a fee, and the fee goes up when $BWXT spends less than the target cost, so lower HPDU costs mean less revenue but more profit. 2) Commercial Operations: Higher revenue growth (45%, up from 30%), with Precision Components Group (PCG), acquired July 1, adding slightly more than half of the increase, but a lower margin (13%, down from 14%) as $BWXT spends on U.S. capacity and new hires.

Investor Letters

All letters

Another Haircut with Avy the Barber

SoFi’s stock case hinges on interest rates, tangible book value and private-credit loan sales after its $1.5 billion equity offering.

SOFI $22B
WHAT ARE WE DOING? “Contrarians At The Gate” 3 clicks

Twilio CEO: ‘Buy the dip!’

Twilio CEO Khozema Shipchandler urged investors to “buy the dip” after earnings sent the software maker’s shares down 17% after hours.

TWLO $31B
The Technology Letter 2 clicks

CoStar: 3Q26 Business Recap

CoStar’s 3Q26 revenue growth slowed to 14% as bookings fell to $37 million, while cost cuts lifted EBIT margin to 8.8%.

CSGP $12B
Speedwell Memos 3 clicks

My Last GFL Update - Hopefully

GFL’s take-private structure hinges on BC Partners rolling 60% of its stake to preserve debt portability under the 40% permitted-holder…

GFL $16B
310 Value’s Newsletter 5 clicks

Are Neoclouds Dead?

Neoclouds face tighter debt financing as AI infrastructure capex outruns cash flow, leaving cash-burning GPU providers more exposed than…

NBIS $42B
Daniel Romero 9 clicks

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 67 of 269

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

190 firms

Sectors

Ordered by how often our editor reaches for them.