So, you know that feeling when a company you own just knocks it out of the park? That's what happened with BWX Technologies (BWXT) on Tuesday. The stock was up sharply in premarket trading after the company reported fourth-quarter results that weren't just good—they were the kind of good that makes you check the numbers twice.

Let's start with the headline grabbers. The company reported adjusted earnings per share of $1.08. That's up 17% from a year ago and, more importantly, it crushed the consensus estimate of 88 cents. Revenue came in at $885.8 million, also beating expectations and growing a healthy 19% year-over-year. The growth was led by its Commercial Operations segment, which is a fancy way of saying the part of the business that isn't government contracts is doing really well.

But here's the real story, the number that tells you this isn't a one-quarter wonder: the backlog. At the end of 2025, BWXT's backlog stood at a whopping $7.3 billion. That's up 50% from a year ago. Think about that for a second. A company that already had a multi-billion dollar pile of future work just added another 50% to it. The CEO, Rex D. Geveden, attributed this to "significant high-value awards across both Government and Commercial segments," including large multi-year deals for naval propulsion, special materials, and commercial nuclear power. When a CEO calls a year "monumental," and the backlog is up 50%, you listen.

The profitability metrics followed suit. Adjusted operating income increased 12% to $121.1 million, helped by those improved commercial operations and lower corporate expenses. The company also generated strong cash flow in 2025, with operating cash flow of $479.8 million and free cash flow of $295.3 million. In short, they're making money, they're keeping more of it, and they have a mountain of future business lined up.

Naturally, with all that momentum, management is feeling confident about the future. They initiated guidance for fiscal 2026 that is, unsurprisingly, bullish. They expect adjusted earnings per share between $4.55 and $4.70. The consensus estimate from analysts was sitting at $4.28, so they're guiding well above that. On the top line, they're forecasting revenue of $3.75 billion, which is also above the consensus estimate of $3.673 billion. They also expect adjusted EBITDA to land between $645 million and $660 million. It's the kind of guidance that says, "We see the path, and it's pointing up."

Now, all of this fundamental goodness is reflected in the stock chart, which has been on a tear. Over the past year, BWXT has seen a staggering rise of nearly 99%. The stock was trading around $216.00 premarket, which puts it significantly above its key moving averages—about 5.9% above its 20-day simple moving average and a hefty 26.2% above its 200-day average. This kind of positioning signals strong bullish momentum. Technical analysts would point to patterns like a bullish crossover and a golden cross that occurred back in June as further evidence of a robust uptrend. The stock is now trading very close to its 52-week high of $220.57.

In premarket trading on Tuesday, BWX Technologies shares were up over 8% to $214.89. When a company beats earnings, grows its backlog by half, and then guides higher for the next year, the market tends to reward that story. For BWXT investors, Tuesday was that reward.