v3.26.3
Segment Reporting
 9 Months Ended
Sep. 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
September 30,		Nine Months Ended
September 30,
2026202520262025
(In thousands)
REVENUES:
Government Operations$639,076 $616,697 $1,818,266 $1,760,943 
Commercial Operations314,202 250,971 900,360 555,420 
Eliminations(306)(1,382)(3,812)(3,780)
$952,972 $866,286 $2,714,814 $2,312,583 
SEGMENT EXPENSES:
Government Operations
Research and Development Costs$2,967 $2,079 $8,935 $5,454 
Gains on Asset Disposals and Impairments, Net
— — (3)(4,431)
Other Segment Expenses (1)
537,642 537,377 1,548,357 1,510,465 
$540,609 $539,456 $1,557,289 $1,511,488 
Commercial Operations
Research and Development Costs$861 $1,400 $3,160 $4,603 
Losses on Asset Disposals and Impairments, Net
— 1 126 14 
Other Segment Expenses (1)
288,905 226,696 827,962 514,770 
289,766 228,097 831,248 519,387 
Total Segment Expenses$830,375 $767,553 $2,388,537 $2,030,875 
OPERATING INCOME
Government Operations$122,597 $97,371 $327,416 $304,536 
Commercial Operations26,290 23,959 74,651 37,301 
$148,887 $121,330 $402,067 $341,837 
Unallocated Corporate (2)
(16,810)(7,981)(49,160)(29,434)
Total Operating Income (3)
$132,077 $113,349 $352,907 $312,403 
Other Income (Expense)(177)(5,781)(94)(15,259)
Income before Provision for Income Taxes$131,900 $107,568 $352,813 $297,144 
(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$24,129 $20,131 $66,437 $55,081 
Commercial Operations1,854 1,085 5,539 1,268 
$25,983 $21,216 $71,976 $56,349 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
(In thousands)(In thousands)
CAPITAL EXPENDITURES:
Government Operations$21,563 $25,703 $64,206 $59,973 
Commercial Operations26,905 21,368 65,201 51,278 
Segment Capital Expenditures$48,468 $47,071 $129,407 $111,251 
Corporate Capital Expenditures3,796 1,196 6,793 3,114 
Total Capital Expenditures$52,264 $48,267 $136,200 $114,365 
DEPRECIATION AND AMORTIZATION:
Government Operations$20,529 $18,762 $59,818 $56,080 
Commercial Operations11,149 7,865 28,716 18,127 
Segment Depreciation and Amortization$31,678 $26,627 $88,534 $74,207 
Corporate Depreciation and Amortization1,836 1,831 5,354 5,422 
Total Depreciation and Amortization$33,514 $28,458 $93,888 $79,629 
Information about our Product and Service Lines:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
(In thousands)(In thousands)
REVENUES:
Government Operations:
Nuclear Components and Fuel$476,652 $490,346 $1,397,520 $1,359,978 
Uranium Processing and Nuclear Services107,916 97,952 313,662 302,807 
Advanced Reactor Design and Engineering54,508 28,399 $107,084 98,158 
$639,076 $616,697 $1,818,266 $1,760,943 
Commercial Operations:
Nuclear Manufacturing$151,041 $103,426 $400,362 $294,411 
Nuclear Services and Engineering163,161 147,545 499,998 261,009 
$314,202 $250,971 $900,360 $555,420 
Eliminations(306)(1,382)(3,812)(3,780)
$952,972 $866,286 $2,714,814 $2,312,583 
Information about our Consolidated Operations in Different Geographic Areas:
September 30,
2026		December 31,
2025
(In thousands)
NET PROPERTY, PLANT AND EQUIPMENT (1):
United States$1,011,065 $870,374 
Canada721,052 701,723 
All Other Countries15,361 13,039 
$1,747,478 $1,585,136 
(1) Values are inclusive of assets classified as held for sale (see Note 2).
See Note 3 for revenues by geographic area for each of our segments.
Information about our Major Customers:
In the three months ended September 30, 2026 and 2025, sales to the U.S. Government accounted for approximately 87% and 91% of our Government Operations segment revenues, respectively. In the nine months ended September 30, 2026 and 2025, sales to the U.S. Government accounted for approximately 88% and 90% of our Government Operations segment revenues, respectively. In the three months ended September 30, 2026 and 2025, sales to large utility customers accounted for approximately 58% and 45% of our Commercial Operations segment revenues, respectively. In the nine months ended September 30, 2026 and 2025, sales to large utility customers accounted for approximately 57% and 56% 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.