Babcock & Wilcox Enterprises Inc (BW) financial statements: income statement, balance sheet and cash flow

Babcock & Wilcox Enterprises Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Babcock & Wilcox Enterprises Inc reported revenue of $587.7M (-18.1% year on year) and net income of ($51.0M) (+31.8% year on year).

Income statement

Babcock & Wilcox Enterprises Inc income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Revenues	$587.7M	$717.3M	$999.4M	$889.8M
Cost of operations	$443.8M	$540.3M	$775.3M	$704.2M
Selling, general and administrative expenses	$119.5M	$141.5M	$190.5M	$178.5M
Research and development costs	$1.5M	$5.8M	$8.4M	$3.8M
Impairment of long-lived assets	$950.0K	—	—	—
Loss (gain) on asset disposals, net	$1.2M	—	$57.0K	—
Total costs and expenses	$566.9M	$692.2M	$979.5M	$894.0M
Operating income (loss)	$20.7M	$25.1M	$19.9M	($4.2M)
Interest expense	($37.5M)	($46.1M)	($49.9M)	($45.0M)
Interest income	$1.5M	$814.0K	$1.2M	$641.0K
Gain (loss) on debt extinguishment	$1.8M	($7.3M)	$0	$0
Benefit plans, net	($9.8M)	($31.9M)	($37.5M)	$37.5M
Foreign exchange	$135.0K	($109.0K)	($2.5M)	($582.0K)
Other expense, net	($1.4M)	($1.2M)	($1.3M)	($3.9M)
Total other expense	($45.3M)	($85.9M)	($90.1M)	($11.3M)
Loss from continuing operations before income tax expense	($24.6M)	($60.8M)	($70.2M)	($15.5M)
Income tax expense	$8.3M	$12.2M	$8.5M	$11.1M
Loss from continuing operations	($32.8M)	($73.0M)	($78.6M)	($26.6M)
(Loss) income from discontinued operations, net of tax	($3.3M)	$13.2M	($118.3M)	—
Net loss attributable to stockholders	($36.2M)	($59.9M)	($197.2M)	($22.9M)
Less: Dividends on Series A Preferred Stock	$14.9M	$14.9M	$14.9M	$14.9M
Net loss attributable to stockholders of common stock, basic	($51.0M)	($74.8M)	($212.1M)	($37.7M)
Net loss attributable to stockholders of common stock, diluted	($51.0M)	($74.8M)	($212.1M)	($37.7M)
Continuing operations, basic (in dollars per share)	-$0.45	-$0.96	-$1.05	-$0.43
Discontinued operations, basic (in dollars per share)	-$0.03	$0.14	-$1.33	$0.00
Basic loss per share (in dollars per share)	-$0.48	-$0.82	-$2.38	-$0.43
Diluted loss per share (in dollars per share)	-$0.48	-$0.82	-$2.38	-$0.43
Basic (in shares)	105.4M	91.7M	89.0M	88.3M
Diluted (in shares)	105.4M	91.7M	89.0M	88.3M

Babcock & Wilcox Enterprises Inc income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Revenues	$319.7M	$214.4M	$149.0M	$144.1M
Cost of operations	$273.1M	$171.0M	$111.9M	$100.8M
Selling, general and administrative expenses	$33.7M	$44.4M	$29.8M	$34.0M
Research and development costs	$619.0K	$803.0K	$303.0K	$941.0K
Impairment of long-lived assets	$0	$0	$0	$0
Loss on asset disposals, net	$553.0K	($69.0K)	$557.0K	$165.0K
Total costs and expenses	$307.9M	$216.1M	$142.5M	$135.9M
Operating income	$11.8M	($1.7M)	$6.5M	$8.1M
Interest expense	($5.0M)	($4.4M)	($8.5M)	($11.0M)
Interest income	$750.0K	$640.0K	$356.0K	$537.0K
Loss on debt extinguishment	($31.0K)	($28.0K)	$1.7M	$0
Benefit plans, net	$427.0K	$429.0K	($783.0K)	($776.0K)
Foreign exchange	$4.0K	($101.0K)	($466.0K)	$1.2M
Change in fair value of customer warrants	$5.9M	($70.2M)	—	—
Other expense, net	($591.0K)	($62.0K)	($151.0K)	($294.0K)
Total other income (expense)	$1.4M	($73.8M)	($7.8M)	($10.3M)
Income (loss) from continuing operations before income tax (benefit) expense	$13.2M	($75.5M)	($1.3M)	($2.2M)
Income tax (benefit) expense	($1.1M)	$4.2M	$1.0M	$3.9M
Income (loss) from continuing operations	$14.3M	($79.6M)	($2.3M)	($6.1M)
Income (loss) from discontinued operations, net of tax	$0	$2.7M	$37.4M	($52.4M)
Net income (loss) attributable to stockholders	$14.3M	($76.9M)	$35.1M	($58.5M)
Less: Dividend on Series A Preferred Stock	$3.7M	$3.7M	$3.7M	$3.7M
Net income (loss) attributable to stockholders of common stock, basic	$10.5M	($80.7M)	$31.4M	($62.2M)
Net income (loss) attributable to stockholders of common stock, diluted	$10.5M	($80.7M)	$31.4M	($62.2M)
Basic continuing operations (in dollars per share)	$0.07	-$0.62	-$0.06	-$0.10
Basic discontinued operations (in dollars per share)	$0.00	$0.02	$0.36	-$0.53
Basic earnings (loss) per share (in dollars per share)	$0.07	-$0.60	$0.30	-$0.63
Diluted continuing operations (in dollars per share)	$0.07	-$0.62	-$0.06	-$0.10
Diluted discontinued operations (in dollars per share)	$0.00	$0.02	$0.36	-$0.53
Diluted earnings (loss) per share (in dollars per share)	$0.07	-$0.60	$0.30	-$0.63
Basic (in shares)	142.3M	133.8M	103.0M	98.7M
Diluted (in shares)	154.5M	133.8M	103.0M	98.7M

Balance sheet

Babcock & Wilcox Enterprises Inc balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$89.5M	$23.4M	$65.3M	$76.7M
Current restricted cash	$85.0M	$94.2M	—	—
Accounts receivable – trade, net of allowance for credit losses of $2.1 million and $1.3 million as of December 31, 2025 and December 31, 2024, respectively	$118.4M	$112.7M	$144.0M	$162.5M
Contracts in progress	$72.8M	$82.4M	$90.1M	$134.9M
Inventories, net	$60.9M	$108.9M	$113.9M	$102.6M
Other current assets	$44.2M	$25.1M	$23.9M	$27.0M
Current assets held for sale	$0	$43.6M	$18.5M	—
Total current assets	$470.7M	$490.2M	$497.6M	$557.6M
Net property, plant and equipment, and finance leases	$65.5M	$69.6M	$78.4M	$86.4M
Goodwill	$53.1M	$82.1M	$102.0M	$157.0M
Intangible assets, net	$15.3M	$19.1M	$45.6M	$60.3M
Right-of-use assets	$17.7M	$32.8M	$28.2M	$29.4M
Long-term restricted cash	$26.9M	$10.0M	$297.0K	$21.4M
Deferred tax assets	$945.0K	$41.0K	$2.1M	—
Other assets	$12.9M	$23.1M	$21.6M	$30.6M
Total assets	$662.9M	$727.0M	$775.7M	$942.7M
Accounts payable	$69.2M	$101.0M	$127.5M	$139.2M
Accrued employee benefits	$4.6M	$4.9M	$10.8M	$12.5M
Advance billings on contracts	$112.0M	$58.5M	$81.1M	$133.4M
Accrued warranty expense	$3.6M	$3.4M	$7.6M	$9.6M
Financing lease liabilities	$1.9M	$1.6M	$1.4M	$1.2M
Operating lease liabilities	$3.8M	$3.5M	$3.9M	$3.6M
Other accrued liabilities	$40.4M	$36.0M	$68.1M	$68.2M
Current senior notes	$83.9M	—	—	—
Current borrowings	$67.4M	$125.1M	$6.2M	$4.3M
Current liabilities held for sale	$0	$54.4M	$43.6M	—
Total current liabilities	$386.7M	$388.5M	$350.2M	$372.0M
Senior notes, net of current portion	$0	$340.2M	$337.9M	$335.5M
Senior Notes due 2030	$151.0M	—	—	—
Borrowings, net of current portion	$18.9M	$8.6M	$35.4M	$13.2M
Pension and other postretirement benefit liabilities	$176.2M	$192.7M	$172.9M	$136.2M
Finance lease liabilities, net of current portion	$26.7M	$28.5M	$26.2M	$27.5M
Operating lease liabilities, net of current portion	$15.1M	$30.3M	$25.4M	$26.6M
Deferred tax liability	$10.7M	$11.0M	$13.0M	$10.1M
Other noncurrent liabilities	$9.2M	$10.4M	$15.1M	$23.8M
Total liabilities	$794.5M	$1.0B	$976.0M	$944.7M
Preferred Stock, par value $0.01 per share, authorized shares of 20,000; issued and outstanding shares of 7,669 at both December 31, 2025 and 2024	$77000.00	$77000.00	$77000.00	$77000.00
Common stock, par value $0.01 per share, authorized shares of 500,000; issued and outstanding shares of 130,447 and 95,138 at December 31, 2025 and 2024, respectively	$5569000.00	$5208000.00	$5148000.00	$5138000.00
Capital in excess of par value	$1.7B	$1.6B	$1.5B	$1.5B
Treasury stock at cost, 2,690 and 2,379 shares at December 31, 2025 and 2024, respectively	-115.9M	-115.5M	-115.2M	-113.8M
Accumulated deficit	($1.7B)	($1.6B)	($1.6B)	($1.4B)
Accumulated other comprehensive loss	($16.0M)	($86.7M)	($66.4M)	($72.8M)
Stockholders' deficit attributable to shareholders	($131.5M)	($283.8M)	($201.0M)	($2.6M)
Non-controlling interest	$0	$591.0K	$611.0K	$485.0K
Total stockholders' deficit	($131.5M)	($283.2M)	($200.3M)	($2.1M)

Babcock & Wilcox Enterprises Inc balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$308.6M	$106.5M	$24.4M	$21.7M
Current restricted cash	$39.4M	$54.2M	$165.5M	$77.1M
Accounts receivable – trade, net of allowance for credit losses of $2.0 million and $2.1 million as of June 30, 2026 and December 31, 2025, respectively	$170.7M	$126.4M	$101.7M	$97.7M
Contracts in progress	$90.6M	$90.9M	$70.8M	$70.8M
Inventories, net	$61.0M	$60.7M	$64.6M	$65.7M
Customer contract asset current	$11.5M	$10.5M	—	—
Other current assets	$43.5M	$42.0M	$26.8M	$24.5M
Total current assets	$725.4M	$491.3M	$479.7M	$526.9M
Net property, plant and equipment and finance leases	$74.8M	$70.8M	$66.6M	$63.6M
Goodwill	$52.1M	$52.7M	$52.6M	$53.4M
Intangible assets, net	$13.4M	$14.3M	$16.8M	$17.9M
Right-of-use assets	$16.5M	$16.6M	$17.9M	$16.1M
Long-term restricted cash	$34.8M	$34.1M	$10.3M	$10.2M
Deferred tax assets	$911.0K	$931.0K	$85.0K	$89.0K
Customer contract asset noncurrent	$56.8M	$60.9M	—	—
Other assets	$24.9M	$16.2M	$13.8M	$15.3M
Total assets	$999.6M	$757.8M	$657.9M	$703.5M
Accounts payable	$169.6M	$108.8M	$75.6M	$96.9M
Accrued employee benefits	$10.3M	$10.6M	$5.9M	$5.0M
Advance billings on contracts	$81.5M	$106.5M	$79.4M	$59.1M
Accrued warranty expense	$3.9M	$3.5M	$2.6M	$2.6M
Financing lease liabilities	$2.0M	$2.0M	$1.8M	$1.8M
Operating lease liabilities	$3.6M	$3.6M	$3.4M	$3.0M
Customer warrants	$136.9M	$142.8M	—	—
Other accrued liabilities	$30.9M	$47.0M	$29.3M	$34.6M
Current senior notes	$61.4M	$69.1M	$98.2M	$108.6M
Current borrowings	$151.0K	$710.0K	$70.3M	$127.2M
Total current liabilities	$500.3M	$494.5M	$401.0M	$529.3M
Borrowings, net of current portion	$67.4M	$56.8M	$13.5M	$8.5M
Senior Notes due 2030	$147.9M	$149.3M	$144.6M	$124.9M
Pension and other postretirement benefit liabilities	$167.7M	$168.9M	$179.0M	$185.9M
Finance lease liabilities, net of current portion	$25.8M	$26.3M	$27.2M	$27.7M
Operating lease liabilities, net of current portion	$14.0M	$14.2M	$14.7M	$13.0M
Deferred tax liability	$10.5M	$10.6M	$10.5M	$11.3M
Other noncurrent liabilities	$8.7M	$9.4M	$9.8M	$9.5M
Total liabilities	$942.2M	$929.9M	$890.1M	$1.0B
Preferred Stock, par value $0.01 per share, authorized shares of 20,000; issued and outstanding shares of 7,669 at June 30, 2026 and December 31, 2025	$77000.00	$77000.00	$77000.00	$77000.00
Common stock, par value $0.01 per share, authorized shares of 500,000; issued and outstanding shares of 148,962 and 130,447 at June 30, 2026 and December 31, 2025, respectively	$5818000.00	$5682000.00	$5375000.00	$5248000.00
Capital in excess of par value	$2.0B	$1.7B	$1.6B	$1.6B
Treasury stock at cost, 3,534 and 2,690 shares at June 30, 2026 and December 31, 2025, respectively	-128.9M	-122.1M	-115.9M	-115.5M
Accumulated deficit	($1.8B)	($1.8B)	($1.7B)	($1.7B)
Accumulated other comprehensive loss	($17.7M)	($16.9M)	($12.9M)	($31.2M)
Total stockholders' equity (deficit)	$57.4M	($172.1M)	($232.2M)	($309.2M)
Total liabilities and stockholders' equity (deficit)	$999.6M	$757.8M	$657.9M	$703.5M

Cash flow statement

Babcock & Wilcox Enterprises Inc cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net loss from continuing operations	($32.8M)	($73.0M)	($78.6M)	—
Net (loss) income from discontinued operations	($3.3M)	$13.2M	($118.3M)	—
Net loss attributable to stockholders	($36.2M)	—	—	—
Depreciation and amortization of long-lived assets	$10.1M	$16.7M	$21.0M	$24.0M
Impairment of long-lived assets	$9.9M	$9.6M	—	—
Amortization of deferred financing costs and debt premium	$3.5M	$5.8M	$5.7M	$5.2M
Amortization of guaranty fee	$108.0K	$2.9M	$935.0K	$856.0K
Non-cash operating lease expense	$3.9M	$7.4M	$6.8M	$7.3M
(Gain) loss on debt extinguishment	($1.8M)	$7.3M	$0	$0
Gain on sale of business	($38.9M)	($58.9M)	—	—
Loss on asset disposals	$5.7M	—	—	—
Provision for (benefit from) deferred income taxes, including valuation allowances	$783.0K	$7.1M	($1.5M)	$5.9M
Mark to market, prior service cost amortization for pension and postretirement plans	$9.7M	$34.9M	$38.9M	($6.8M)
Stock-based compensation, net of associated income taxes	$2.8M	$4.7M	$8.7M	$10.0M
Foreign exchange	($6.1M)	$3.1M	$2.5M	$582.0K
Bad debt (recovery) expense	($6.4M)	—	—	—
Accounts receivable – trade, net	($16.5M)	($13.4M)	$31.2M	($28.2M)
Contracts in progress	($19.7M)	($41.6M)	$40.2M	($54.1M)
Other current and noncurrent assets	($14.4M)	—	—	—
Advance billings on contracts	$50.7M	($3.3M)	($47.3M)	$62.3M
Inventories, net	($7.8M)	($6.4M)	($8.1M)	($19.0M)
Income taxes	$168.0K	$9.7M	($6.3M)	($248.0K)
Accounts payable	($57.9M)	$8.1M	$12.9M	$52.7M
Accrued and other current liabilities	$15.8M	($28.5M)	($2.6M)	($18.9M)
Accrued contract loss	($4.8M)	($2.4M)	$838.0K	$6.4M
Pension liabilities, accrued postretirement benefits and employee benefits	($10.6M)	($16.8M)	($5.0M)	($36.5M)
Other, net	($355.0K)	($5.3M)	($980.0K)	($4.2M)
Net cash used in operating activities	($68.9M)	($118.7M)	($42.3M)	($30.6M)
Purchase of property, plant and equipment	($16.8M)	($11.2M)	($9.8M)	($13.2M)
Proceeds from sale of business and assets	$216.3M	$120.9M	$0	$5.5M
Purchases of securities	($6.0M)	—	—	—
Sales and maturities of securities	$3.5M	—	—	—
Other, net	$0	$34.0K	($102.0K)	$466.0K
Net cash provided by (used in) investing activities	$197.0M	$110.0M	($7.9M)	($68.8M)
Borrowings on loan payable	$84.6M	$215.6M	$252.5M	$7.2M
Repayments on loan payable	($138.9M)	($121.9M)	($226.6M)	($16.9M)
Buyback of Senior Notes due 2026	($110.7M)	—	—	—
Finance lease payments	($1.7M)	($1.4M)	($1.2M)	($2.4M)
Payment of holdback funds from acquisition	$0	($3.0M)	($2.8M)	—
Payment of Preferred Stock dividends	($14.9M)	($18.6M)	($11.1M)	($14.9M)
Shares of common stock returned to treasury stock	-386.0K	-336.0K	-1.4M	-2.8M
Issuance of common stock, net	$130.1M	$7.9M	—	$0
Payment of non-controlling interest dividends	($118.0K)	—	—	—
Debt issuance costs	($6.5M)	($8.5M)	($658.0K)	($1.4M)
Other, net	($260.0K)	($179.0K)	($153.0K)	($48.0K)

Babcock & Wilcox Enterprises Inc cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net loss from continuing operations	($65.4M)	($79.6M)	($22.4M)	($20.1M)
Net income (loss) from discontinued operations	$2.7M	$2.7M	($23.0M)	($60.4M)
Net loss	($62.7M)	($76.9M)	($45.4M)	($80.5M)
Depreciation and amortization of long-lived assets	$5.0M	$2.5M	$7.8M	$4.8M
Impairment of long-lived assets	$0	$0	$9.9M	$9.9M
Amortization of deferred financing costs and debt premium	($1.7M)	($1.2M)	—	—
Amortization of guaranty fee	$0	—	$108.0K	$108.0K
Amortization of customer warrants	$4.1M	$1.1M	—	—
Change in fair value of customer warrants	$64.4M	$70.2M	—	—
Non-cash operating lease expense	$1.8M	$929.0K	$5.2M	$3.4M
(Gain) loss on sale of business	($2.7M)	($2.7M)	($17.3M)	$35.8M
Loss on debt extinguishment	$59.0K	$28.0K	($1.7M)	$0
Loss on asset disposals, net	$484.0K	($69.0K)	$882.0K	$326.0K
Benefit from deferred income taxes, including valuation allowances	($180.0K)	($74.0K)	($481.0K)	—
Prior service cost amortization for pension and postretirement plans	($858.0K)	($429.0K)	$371.0K	$247.0K
Stock-based compensation	$14.8M	$13.2M	$2.2M	$1.5M
Foreign exchange	$97.0K	$101.0K	($5.7M)	($5.7M)
Unrealized loss on securities	$24.0K	$12.0K	$2.2M	$2.2M
Bad debt expense	$123.0K	$31.0K	$45.0K	$632.0K
Accounts receivable – trade, net	($60.9M)	($8.0M)	($6.3M)	($2.6M)
Contracts in progress	($17.8M)	($18.0M)	$11.9M	$9.8M
Other current and noncurrent assets	($6.2M)	($4.3M)	($8.2M)	($3.0M)
Advance billings on contracts	($30.5M)	($5.5M)	$16.6M	($1.1M)
Inventories, net	($98.0K)	$145.0K	($6.1M)	($7.9M)
Income taxes	($4.7M)	$2.8M	($98.0K)	($40.0K)
Accounts payable	$100.3M	$39.6M	($33.2M)	($909.0K)
Accrued and other current liabilities	($866.0K)	$5.6M	$12.8M	$8.1M
Accrued contract loss	($328.0K)	($146.0K)	($4.5M)	($3.6M)
Pension liabilities, accrued postretirement benefits and employee benefits	($777.0K)	($451.0K)	($6.8M)	($6.9M)
Other, net	($628.0K)	($456.0K)	($1.4M)	($195.0K)
Net cash provided by (used in) operating activities	$374.0K	$17.8M	($65.9M)	($33.8M)
Purchase of property, plant and equipment	($13.7M)	($7.1M)	($12.6M)	($7.1M)
Proceeds from sale of business and assets	$3.9M	$3.5M	$187.4M	$20.1M
Purchases of securities	($2.9M)	($602.0K)	($5.6M)	($4.7M)
Sales and maturities of securities	$2.9M	$642.0K	$3.2M	$2.3M
Net cash (used in) provided by investing activities	($9.9M)	($3.5M)	$172.4M	$10.6M
Borrowings on loan payable	$11.0M	$427.0K	$75.4M	$53.4M
Repayments on loan payable	($29.7M)	($29.1M)	($126.8M)	($46.6M)
Buyback of Senior Notes due 2026	($23.0M)	($15.0M)	($6.3M)	—
Finance lease payments	($945.0K)	($466.0K)	($1.2M)	($819.0K)
Payment of Preferred Stock dividends	($7.4M)	($3.7M)	($11.1M)	($3.7M)
Employee tax withholding on stock-based compensation	($8.0M)	($6.2M)	—	—
Issuance of common stock, net	$259.8M	$34.1M	$32.5M	$5.5M
Payment of non-controlling interest dividends	$0	$0	($118.0K)	($121.0K)
Repurchase of common stock	($5.0M)	—	($386.0K)	$0

Babcock & Wilcox Enterprises Inc score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.