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Babcock & Wilcox Enterprises (BW) investor relations material
Babcock & Wilcox Enterprises Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Strategy focused on expanding global parts and services, targeting large North American opportunities, and reducing debt through asset divestitures and equity raises.
Signed a limited notice to proceed with Applied Digital for a $1.5 billion AI data center project, with full notice expected in coming months.
Global project pipeline exceeds $10 billion, with the AI Data Center pipeline over $3 billion.
Completed significant divestitures of non-core businesses in 2025, generating over $187.5 million in net proceeds to support debt reduction and liquidity.
Strategic partnership with Denham Capital to convert coal plants to natural gas for AI Data Centers in North America and Europe.
Financial highlights
Q3 2025 consolidated revenues were $149 million, down slightly year-over-year due to lower project volume, offset by higher parts and natural gas conversion projects.
Operating income for Q3 2025 rose to $6.5 million, a 315% increase year-over-year, driven by improved gross margin and reduced SG&A expenses.
Adjusted EBITDA for Q3 2025 was $12.6 million, up 58% year-over-year; nine months: $33.9 million.
Net income attributable to common stockholders for Q3 2025 was $31.4 million, compared to a net loss of $9.0 million in Q3 2024, reflecting gains from discontinued operations.
Backlog reached $393.5 million, up 56% year-over-year.
Outlook and guidance
Projecting 2026 Adjusted EBITDA of $70–85 million from core business, representing 80% year-over-year growth from 2025, excluding potential upside from AI data center projects.
Management expects sufficient liquidity for the next twelve months due to recent asset sales, equity offerings, and debt restructuring.
Anticipates substantial growth in 2026, driven by improved balance sheet and market tailwinds.
Quantify 2026 AI Data Center project upside
Future debt reduction strategy post-2026 bonds?
What drove Q3 margin improvement despite revenue dip?
Applied Digital project: 2026 revenue contribution
Post-2026 debt reduction: strategic priorities
Carbon capture project: market drivers for CDRs
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Next Babcock & Wilcox Enterprises earnings date
Q4 202531 Mar, 2026
Next Babcock & Wilcox Enterprises earnings date
Q4 202531 Mar, 2026
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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.
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