v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
As described in Note 1, our operations are assessed based on two reportable segments. The operations of our segments are managed separately, and each segment has unique technology, services and customer classes. We account for intersegment sales at prices that we generally establish by reference to similar transactions with unaffiliated customers. Reportable segments are measured based on operating income exclusive of general corporate expenses and gains (losses) on sales of corporate assets. Segment operating income is derived directly from our internal management reporting system and the accounting policies that we use to derive segment operating income are identical to those the consolidated company uses.
Information about our Segments:
 Year Ended December 31,
 202520242023
 (In thousands)
REVENUES:
Government Operations$2,350,090 $2,183,040 $2,031,337 
Commercial Operations853,070 523,972 466,344 
Eliminations(4,735)(3,358)(1,372)
$3,198,425 $2,703,654 $2,496,309 
SEGMENT EXPENSES:
Government Operations:
Research and Development Costs$8,360 $6,306 $6,459 
Losses (Gains) on Asset Disposals and Impairments, Net(4,973)2,462 1,043 
Other Segment Expenses (1)
2,024,680 1,852,328 1,699,960 
2,028,067 1,861,096 1,707,462 
Commercial Operations:
Research and Development Costs$5,507 $1,172 $1,154 
Losses (Gains) on Asset Disposals and Impairments, Net1 57 (9)
Other Segment Expenses (1)
792,102 475,927 427,667 
797,610 477,156 428,812 
Total Segment Expenses$2,825,677 $2,338,252 $2,136,274 
OPERATING INCOME:
Government Operations$394,850 $377,875 $374,682 
Commercial Operations57,728 46,816 37,532 
452,578 424,691 412,214 
Unallocated Corporate (2)
(48,119)(44,084)(29,155)
Total Operating Income (3)
$404,459 $380,607 $383,059 
Other Income (Expense)(6,339)(31,887)(61,659)
Income before Provision for Income Taxes$398,120 $348,720 $321,400 
(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. In the years ended December 31, 2025, 2024 and 2023, Unallocated Corporate includes losses (gains) on asset disposals and impairments, net of $0.0 million, $1.9 million and $0.0 million, respectively.
(3)The following amounts are included in Operating Income:
Equity in Income of Investees:
Government Operations$72,642 $55,931 $50,807 
Commercial Operations2,269 — — 
$74,911 $55,931 $50,807 
 Year Ended December 31,
 202520242023
 (In thousands)
CAPITAL EXPENDITURES:
Government Operations$98,445 $81,063 $91,699 
Commercial Operations77,081 62,773 53,358 
Segment Capital Expenditures175,526 143,836 145,057 
Corporate Capital Expenditures9,031 9,811 6,229 
Total Capital Expenditures$184,557 $153,647 $151,286 
DEPRECIATION AND AMORTIZATION:
Government Operations$75,202 $61,027 $53,388 
Commercial Operations26,801 17,708 17,745 
Segment Depreciation and Amortization102,003 78,735 71,133 
Corporate Depreciation and Amortization7,183 7,127 7,433 
Total Depreciation and Amortization$109,186 $85,862 $78,566 
Information about our Product and Service Lines:
 Year Ended December 31,
 202520242023
 (In thousands)
REVENUES:
Government Operations:
Nuclear Components and Fuel$1,796,395 $1,692,218 $1,610,183 
Uranium Processing and Nuclear Services406,557 287,014 276,690 
Advanced Reactor Design and Engineering147,138 203,808 144,464 
2,350,090 2,183,040 2,031,337 
Commercial Operations:
Nuclear Manufacturing429,223 288,772 231,944 
Nuclear Services and Engineering423,847 235,200 234,400 
853,070 523,972 466,344 
Eliminations(4,735)(3,358)(1,372)
$3,198,425 $2,703,654 $2,496,309 
Information about our Consolidated Operations in Different Geographic Areas:
December 31,
202520242023
(In thousands)
NET PROPERTY, PLANT AND EQUIPMENT:
United States$870,374 $813,352 $784,062 
Canada701,723 462,593 442,755 
All Other Countries13,039 2,216 1,703 
$1,585,136 $1,278,161 $1,228,520 
See Note 3 for revenues by geographic area for each of our segments.
Information about our Major Customers:
In the years ended December 31, 2025, 2024 and 2023, sales to the U.S. Government accounted for approximately 91%, 95% and 93% of our Government Operations segment revenues, respectively. In the years ended December 31, 2025, 2024 and 2023, sales to large utility customers accounted for approximately 63%, 71% and 77% of our Commercial Operations segment revenues, respectively.
Evaluation of segment performance:
Our Chief Operating Decision Maker (the "CODM") is the Company's President and Chief Executive Officer. Our 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.