Q1 26 EPS
$-0.62
MISS 1,761.86%
Est. $-0.03
Q1 26 Revenue
$214.4M
BEAT +43.22%
Est. $149.7M
Did BW Beat Earnings? Q1 2026 Results
Babcock & Wilcox Enterprises delivered a standout first quarter for fiscal 2026, with revenue climbing 44% year-over-year to $214.40 million as the company's transformation into a power generation partner for AI data centers accelerated sharply. The … Read more Babcock & Wilcox Enterprises delivered a standout first quarter for fiscal 2026, with revenue climbing 44% year-over-year to $214.40 million as the company's transformation into a power generation partner for AI data centers accelerated sharply. The single biggest driver was more than $60.00 million in incremental large-project volume, anchored by the Base Electron AI data center power generation project, which helped push Adjusted EBITDA up 296% to $16.10 million, both metrics coming in ahead of company and consensus expectations. On a GAAP basis, the net loss widened to $79.60 million, though $81.80 million of that figure reflected non-cash charges tied to rising valuations on customer warrants and stock appreciation rights, the kind of momentum-driven accounting complexity that has shadowed the stock's rapid rise. Bookings exploded to $2.50 billion, up 1,971%, while backlog reached $2.70 billion. The company reiterated its full-year 2026 Adjusted EBITDA target of $80.00 million to $100.00 million, even as pending class-action lawsuits challenging disclosures related to the Base Electron contract loom as a key risk. EPS came in at negative $0.62.
Key Takeaways
- • Large project volume increase of over $60 million including ongoing Base Electron project
- • Strong parts and services revenue, described as strongest first quarter in recent history
- • Higher demand from consumers, industrials and AI data centers driving increased coal baseload generation
- • Positive operating cash flow of $17.8 million vs. negative $8.5 million in Q1 2025
BW Forward Guidance & Outlook
The company reiterated its full year 2026 Adjusted EBITDA target range of $80.0 million to $100.0 million from the core business. Management highlighted a global pipeline exceeding $14.0 billion (up 17%), bookings of $2.5 billion (up 1,971% YoY), and backlog of $2.7 billion (up 483% YoY). The company expects to fully pay off remaining outstanding December 2026 bonds in 2026. Management expressed optimism about continued execution on existing pipeline and future expansion driven by surging demand from AI data centers and hyperscaler customers for baseload power generation.
BW YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
BW Revenue by Segment
With YoY comparisons, source: SEC Filings
BW Revenue by Geography
Regional revenue distribution
“We are pleased to report a strong financial and operational start to 2026 as first quarter revenue and Adjusted EBITDA exceeded Company and consensus street expectations. We are experiencing strong interest from new AI data center and hyperscaler customers, which plan to utilize our power generation solutions to support the increasing demand for energy.”
— Kenneth Young, Q1 2026 Earnings Press Release
BW Earnings Trends
BW vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BW EPS Trend
Earnings per share: estimate vs actual
BW Revenue Trend
Quarterly revenue: estimate vs actual
BW Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $-0.03 | $-0.62 | -1,761.86% | $214.4M | +43.22% |
| Q4 25 BEAT FY | $-0.09 | $-0.05 | +42.33% | $161.0M | +3.47% |
| FY Full Year | — | $-0.45 | — | $587.7M | — |
| Q3 25 BEAT | $-0.11 | $-0.06 | +42.86% | $149.0M | -4.22% |
| Q2 25 BEAT | $-0.11 | $-0.10 | +9.09% | $144.1M | -17.20% |
| Q1 25 BEAT | $-0.16 | $-0.11 | +31.25% | $181.2M | +11.44% |