Q2 26 EPS GAAP
$0.07
BEAT +180.00%
Est. $0.03
Includes $5.9 million favorable change in fair value of customer warrants and $(0.3) million from stock appreciation rights revaluation; adjusted net income excluding these non-cash items was $9.1 million
Q2 26 Revenue
$319.7M
BEAT +62.31%
Est. $197.0M
Market Reaction
Did BW Beat Earnings? Q2 2026 Results
Babcock & Wilcox Enterprises delivered a blowout second quarter for fiscal 2026, posting results that far exceeded Wall Street expectations as its AI data center power business accelerated sharply. Revenue reached $319.70 million, beating the $196.97… Read more Babcock & Wilcox Enterprises delivered a blowout second quarter for fiscal 2026, posting results that far exceeded Wall Street expectations as its AI data center power business accelerated sharply. Revenue reached $319.70 million, beating the $196.97 million consensus by 62.31% and rising 121.9% year over year, driven in large part by $100.70 million in revenue from its Base Electron project, a 1.2 GW natural gas-fired facility being built near Center, North Dakota to serve AI infrastructure demand. GAAP diluted EPS came in at $0.07, topping the $0.03 consensus estimate by 180.00%; that figure is reported on a GAAP basis and includes a $5.90 million favorable change in the fair value of customer warrants and a $(0.30) million impact from stock appreciation rights revaluation. The company also swung to net income of $14.30 million from a net loss of $58.50 million a year ago. Looking ahead, management raised its full-year 2026 adjusted EBITDA target to a range of $80.00 million to $105.00 million, citing a global pipeline exceeding $14.00 billion and a 2026 to 2028 addressable market estimated at $190.00 billion.
Key Takeaways
- • Large project volume increase including $100.7 million from Base Electron data center project
- • 130% year-over-year revenue growth driven by AI data center demand
- • $6.0 million reduction in interest expense
- • $5.9 million favorable change in fair value of customer warrants
- • $5.1 million decrease in tax expense
- • Growing demand for baseload electricity from AI data centers, utilities and industrial customers
BW Forward Guidance & Outlook
B&W raised its full-year 2026 Adjusted EBITDA target range to $80.0 million to $105.0 million, reflecting continued momentum across its business and confidence in additional opportunities ahead. The company's total global pipeline exceeds $14 billion, with a 2026-2028 addressable market estimated at $190 billion across global utility, industrial, and U.S. AI data center markets. Management expressed a strong outlook for the second half of 2026 and beyond, driven by growing demand for baseload generation and behind-the-meter data center projects. B&W secured an additional 1 GW of steam turbines from Siemens Energy for delivery within 12-15 months to secure speed to market for future data center projects, with future expansion potential for another 1.2 GW at the Base Electron site.
BW YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
BW Revenue by Segment
With YoY comparisons, source: SEC Filings
BW Revenue by Geography
Regional revenue distribution
“During the second quarter of 2026, we delivered strong operating results while displaying continued core business momentum, as second quarter revenue, net income and Adjusted EBITDA exceeded Company and consensus street expectations. The growing need for reliable electricity from AI data centers, utilities, industrial customers and expanding economies is accelerating investment in power generation capacity, driving strong demand for our core parts and services, environmental technologies as well as coal and natural gas-fired generation solutions.”
— Kenneth Young, Q2 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT Includes $5.9 million favorable change in fair value of customer warrants and $(0.3) million from stock appreciation rights revaluation; adjusted net income excluding these non-cash items was $9.1 million | $0.03 | $0.07 | +180.00% | $319.7M | +62.31% |
| 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% |