Q4 25 EPS
$-0.05
BEAT +42.33%
Est. $-0.09
Q4 25 Revenue
$161.0M
BEAT +3.47%
Est. $155.6M
vs S&P Since Q4 25
+31.8%
BEATING MARKET
BW +40.0% vs S&P +8.2%
Full Year 2025 Results
FY 25 EPS
$-0.45
FY 25 Revenue
$587.7M
Market Reaction
Did BW Beat Earnings? Q4 2025 Results
Babcock & Wilcox Enterprises delivered a fourth-quarter 2025 performance that management described as significantly ahead of street expectations on revenue, operating income, and EBITDA, with revenue coming in at $161.00 million and a loss of $0.05 p… Read more Babcock & Wilcox Enterprises delivered a fourth-quarter 2025 performance that management described as significantly ahead of street expectations on revenue, operating income, and EBITDA, with revenue coming in at $161.00 million and a loss of $0.05 per share, as the company's sweeping strategic transformation began to show tangible results. The quarter's defining moment was securing a full notice to proceed on a $2.40 billion design-build contract with Base Electron, backed by Applied Digital, to supply 1.2 GW of natural gas-fired power generation capacity for AI data center campuses, a deal that drove continuing operations backlog up 470% to $2.80 billion. That contract momentum, combined with a year of disciplined divestitures including Diamond Power for $177.00 million and ASH for $29.00 million, helped reduce net debt to $119.70 million while full-year Adjusted EBITDA more than doubled to $43.70 million. Looking ahead, Base Electron is evaluating an option for an additional 1.2 GW of capacity, and analysts have responded with notable price target upgrades, reflecting growing confidence in B&W's positioning at the intersection of AI-driven power demand and baseload generation technology.
Key Takeaways
- • Parts & services revenues increased 17% in 2025 driven by increased coal generation usage and higher baseload demand in North America
- • Favorable business mix shift toward higher-margin parts sales
- • Two natural gas conversion projects contributing $25.7 million in incremental revenue
- • Adjusted EBITDA from continuing operations increased 107% year-over-year to $43.7 million
- • Significant reduction in SG&A expenses and R&D costs
- • Improved benefit plan performance reducing pension-related expenses
BW YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
BW Revenue by Segment
With YoY comparisons, source: SEC Filings
BW Revenue by Geography
Regional revenue distribution
“During the fourth quarter of 2025, we delivered strong operating results while displaying continued core business momentum and achieving a substantial reduction of debt on our balance sheet. Adjusted EBITDA and Operating Income significantly outperformed consensus street expectations for the quarter. The improvements in our operating results demonstrate B&W's evolution and the notable strategic advancements we have made since 2024.”
— Kenneth Young, Q4 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% |