v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
As described in Note 1, our operations are assessed based on two reportable segments. An analysis of our operations by reportable segment is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(In thousands)
REVENUES:
Government Operations$601,291 $588,959 $1,179,191 $1,144,246 
Commercial Operations302,512 176,139 586,158 304,449 
Eliminations(2,178)(1,059)(3,507)(2,398)
$901,625 $764,039 $1,761,842 $1,446,297 
SEGMENT EXPENSES:
Government Operations
Research and Development Costs$3,004 $1,924 $5,968 $3,375 
Gains on Asset Disposals and Impairments, Net
(3)— (3)(4,431)
Other Segment Expenses (1)
515,244 495,979 1,010,715 973,088 
518,245 $497,903 $1,016,680 $972,032 
Commercial Operations
Research and Development Costs$1,163 $2,641 $2,299 $3,203 
Losses on Asset Disposals and Impairments, Net
1 13 126 13 
Other Segment Expenses (1)
278,812 166,792 539,057 288,074 
279,976 169,446 541,482 291,290 
Total Segment Expenses$798,221 $667,349 $1,558,162 $1,263,322 
OPERATING INCOME
Government Operations$105,678 $109,417 $204,819 $207,163 
Commercial Operations24,332 6,877 48,361 13,342 
130,010 $116,294 $253,180 $220,505 
Unallocated Corporate (2)
(15,874)(13,870)(32,351)(21,451)
Total Operating Income (3)
$114,136 $102,424 $220,829 $199,054 
Other Income (Expense)(542)(4,665)82 (9,478)
Income before Provision for Income Taxes$113,594 $97,759 $220,911 $189,576 
(1)Other segment expenses include the total cost of operations and selling, general, and administrative expenses.
(2)Unallocated Corporate includes general corporate overhead not allocated to segments in addition to losses on asset disposals and impairments, net.
(3)The following amounts are included in Operating Income:

Equity in Income of Investees:
Government Operations$22,633 $18,362 $42,308 $34,950 
Commercial Operations1,795 183 3,685 183 
$24,428 $18,545 $45,993 $35,133 
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(In thousands)(In thousands)
CAPITAL EXPENDITURES:
Government Operations$15,546 $15,770 $42,644 $34,270 
Commercial Operations24,011 16,701 $38,296 29,910 
Segment Capital Expenditures$39,557 $32,471 $80,940 $64,180 
Corporate Capital Expenditures1,874 258 $2,997 1,918 
Total Capital Expenditures$41,431 $32,729 $83,937 $66,098 
DEPRECIATION AND AMORTIZATION:
Government Operations$20,758 $19,222 $39,290 $37,318 
Commercial Operations8,819 6,243 $17,567 10,262 
Segment Depreciation and Amortization$29,577 $25,465 $56,857 $47,580 
Corporate Depreciation and Amortization1,785 1,794 $3,518 3,591 
Total Depreciation and Amortization$31,362 $27,259 $60,375 $51,171 
Information about our Product and Service Lines:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(In thousands)(In thousands)
REVENUES:
Government Operations:
Nuclear Components and Fuel$472,463 $428,552 $920,867 $869,631 
Uranium Processing and Nuclear Services104,467 121,690 $205,747 204,855 
Advanced Reactor Design and Engineering24,361 38,717 $52,577 69,760 
$601,291 $588,959 $1,179,191 $1,144,246 
Commercial Operations:
Nuclear Manufacturing$129,115 $104,775 $249,321 $190,985 
Nuclear Services and Engineering173,397 71,364 $336,837 113,464 
$302,512 $176,139 $586,158 $304,449 
Eliminations(2,178)(1,059)(3,507)(2,398)
$901,625 $764,039 $1,761,842 $1,446,297 
Information about our Consolidated Operations in Different Geographic Areas:
June 30,
2026		December 31,
2025
(In thousands)
NET PROPERTY, PLANT AND EQUIPMENT:
United States$877,684 $870,374 
Canada707,840 701,723 
All Other Countries17,664 13,039 
$1,603,188 $1,585,136 
See Note 3 for revenues by geographic area for each of our segments.
Information about our Major Customers:
In the three months ended June 30, 2026 and 2025, sales to the U.S. Government accounted for approximately 87% and 86% of our Government Operations segment revenues, respectively. In the six months ended June 30, 2026 and 2025, sales to the U.S. Government accounted for approximately 88% and 89% of our Government Operations segment revenues, respectively. In the three months ended June 30, 2026 and 2025, sales to large utility customers accounted for approximately 54% and 60% of our Commercial Operations segment revenues, respectively. In the six months ended June 30, 2026 and 2025, sales to large utility customers accounted for approximately 57% and 66% of our Commercial Operations segment revenues, respectively.
Evaluation of segment performance:
Our Chief Operating Decision Maker ("CODM") measures the performance of each segment based on several metrics, including revenue and operating income and uses these results, in part, to evaluate the performance of and to allocate resources to each segment. Our CODM does not use assets by segment to evaluate segment performance or allocate resources. Consequently, we do not disclose assets by segment.