Q3 25 EPS
$-0.06
BEAT +42.86%
Est. $-0.11
Q3 25 Revenue
$149.0M
MISS 4.22%
Est. $155.6M
vs S&P Since Q3 25
+176.8%
BEATING MARKET
BW +186.2% vs S&P +9.4%
Market Reaction
Did BW Beat Earnings? Q3 2025 Results
Babcock & Wilcox delivered a mixed but strategically charged third quarter, beating on the bottom line while falling short on revenue, as the industrial energy company's sweeping pivot toward AI data center power generation stole the spotlight. The c… Read more Babcock & Wilcox delivered a mixed but strategically charged third quarter, beating on the bottom line while falling short on revenue, as the industrial energy company's sweeping pivot toward AI data center power generation stole the spotlight. The company posted a loss of $0.06 per share, clearing the consensus estimate of $-0.11 by 42.86%, while revenue of $149.00 million trailed the $155.57 million expectation by 4.22% and fell 29.0% year over year, weighed down by lower large project volumes as prior-year work completed and anticipated bookings shifted. The more consequential development was a limited notice to proceed with Applied Digital for a contract valued at over $1.50 billion to supply one gigawatt of natural gas-fired power for an AI Factory, lifting B&W's AI data center pipeline past $3.00 billion and total global pipeline above $10.00 billion. Operationally, adjusted EBITDA rose 59% to $12.60 million, and management introduced a 2026 adjusted EBITDA target of $70.00 million to $85.00 million from core business alone, explicitly excluding any AI data center contribution. A concurrent equity raise of $67.50 million, including $50.00 million from a single institutional investor, further reinforced the balance sheet as the company works to retire remaining near-term debt obligations.
Key Takeaways
- • Global Parts & Services achieved highest quarterly revenue, gross profit, and EBITDA in recent company history
- • Reduced corporate overhead costs drove operating income improvement of 315% year-over-year
- • Increasing demand for electricity from fossil fuels driven by AI, data centers, and expanding economies
- • Backlog increased 56% year-over-year to $393.5 million driven by Thermal projects, upgrades, and construction
BW YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
BW Revenue by Segment
With YoY comparisons, source: SEC Filings
BW Revenue by Geography
Regional revenue distribution
“This initial project with Applied Digital represents an exciting and transformational opportunity to broaden B&W's customer base as the Company expands into the rapidly evolving AI Data Center space. The impact from this deal on B&W is profound, adding over $3 billion to our pipeline which brings our total global pipeline to over $10 billion.”
— Kenneth Young, Q3 2025 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% |