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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Babcock & Wilcox Enterprises
Babcock & Wilcox Enterprises (BW) investor relations material
Babcock & Wilcox Enterprises Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary9 Nov, 2026
Executive summary
Q3 revenue was $290.8M, up 109% YoY; adjusted EBITDA was $17.7M, up 88%; bookings rose 112% to $228M and backlog increased 571% to $2.51B.
Global pipeline exceeded $16B, including 6 GW of incremental power-generation opportunities and more than $10B in non-data-center generation.
Rising electricity demand supported activity across parts and services, environmental technologies, and coal- and natural gas-fired generation solutions.
Financial highlights
Q3 revenue was $290.8M vs. $139.2M YoY; $77.8M came from Base Electron. 9M revenue was $824.9M vs. $426.7M.
Q3 operating income was $13.8M vs. $3.4M; net income was $93.9M vs. $35.1M, while continuing-operations income was $93.5M and included an $85.1M non-cash warrant fair-value gain.
Adjusted EBITDA was $17.7M vs. $9.4M in Q3 and $55.5M vs. $27.3M in 9M; adjusted net income was $4.8M.
Q3 basic EPS was $0.61 vs. $0.30; diluted EPS was $0.02 vs. $0.30.
Outlook and guidance
Reaffirmed FY 2026 adjusted EBITDA target of $80M-$105M and set FY 2027 target at $125M-$140M; ~75% of the 2027 target is supported by backlog or recurring book-and-bill activity.
The 2027 target is not performance guidance and cannot be reconciled to GAAP without unreasonable effort; management characterized the outlook as conservative, with larger project contributions mainly expected in 2028-29.
Remaining performance obligations were $2.51B at September 30; expected revenue recognition was $258.6M in 2026, $705.9M in 2027 and $1.55B thereafter.
The $2.4B Base Electron project covers four 300-MW gas-fired plants, targeted to begin commercial operation in 2030.
Q4 cash flow was expected to improve with collection of elevated September receivables; parts and services revenue was expected to rise in Q4 and remain strong in Q1.
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Latest events from Babcock & Wilcox Enterprises
- A 400+ GW installed base supports a $16B+ pipeline amid rising power demand.BW
Company presentation - Poised for growth with a $14B pipeline and advanced solutions for AI-driven power demand.BWCompany presentation
- Q2 2026 revenue soared 130% to $319.7M, with backlog at $2.6B and a $50M buyback announced.BWQ2 2026
- Record backlog and strong financials highlighted, with key governance proposals not approved.BWAGM 2026
- 11.7 million shares registered for resale; no proceeds to company; aftermarket and pipeline drive growth.BWRegistration filing
- Driving energy innovation for AI and utilities with a $14B pipeline and strong project execution.BWCompany presentation
- Q1 2026 revenue up 44% to $214.4M, record bookings, and net debt sharply reduced.BWQ1 2026
- Record backlog, board declassification, and expanded incentive plan drive governance changes.BWProxy filing
- Adjusted EBITDA rose as asset sales and cost savings improved margins and liquidity.BWQ3 2024
Next Babcock & Wilcox Enterprises earnings date
Q4 20269 Mar, 2027
Babcock & Wilcox Enterprises
Next Babcock & Wilcox Enterprises earnings date
Q4 20269 Mar, 2027
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Frequently asked questions
Babcock & Wilcox Enterprises Inc provides energy and environmental technologies and services for power and industrial markets. The company designs and supplies equipment for fossil and renewable energy generation, emissions control, and thermal solutions. It also offers maintenance and engineering services. The company is headquartered in Akron, Ohio, and its shares are listed on the NYSE.