Revenue remains highly unstable due to lumpy project-based contracts, contributing to a significant net loss of $76.9M in 2026Q1 and a net margin of -35.9%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 668.48M | 587.68M | 717.33M | 727.32M | 609.44M | 710.87M | 566.32M | 859.11M | 1.06B | 1.56B | 1.58B | 1.76B | 1.59B | 1.77B |
| Revenue Growth % | 1.53% | -18.07% | -1.37% | 19.34% | -14.27% | 25.53% | -34.08% | -19.13% | -31.8% | -1.3% | -10.19% | 10.54% | -10.07% | - |
| Cost of Goods Sold | 503.34M | 443.82M | 540.31M | 550.61M | 464.3M | 535.83M | 400.46M | 698.85M | 1.19B | 1.46B | 1.4B | 1.45B | 1.36B | 1.33B |
| COGS % of Revenue | - | 75.52% | 75.32% | 75.7% | 76.19% | 75.38% | 70.71% | 81.35% | 112.2% | 93.59% | 88.65% | 82.46% | 85.82% | 75.31% |
| Gross Profit | 165.14M | 143.85M | 177.03M | 176.7M | 145.13M | 175.05M | 165.85M | 160.26M | -129.64M | 99.88M | 179.2M | 308.16M | 225.36M | 436.48M |
| Gross Margin % | 24.7% | 24.48% | 24.68% | 24.3% | 23.81% | 24.62% | 29.29% | 18.65% | -12.2% | 6.41% | 11.35% | 17.54% | 14.18% | 24.69% |
| Gross Profit Growth % | - | -18.74% | 0.18% | 21.75% | -17.09% | 5.54% | 3.49% | 223.61% | -229.8% | -44.26% | -41.85% | 36.74% | -48.37% | - |
| Operating Expenses | 136.9M | 120.94M | 151.94M | 160.1M | 146.29M | 155.63M | 167.59M | 189.64M | 227.11M | 269.21M | 257.5M | 256.51M | 260.45M | 225.11M |
| OpEx % of Revenue | - | 20.58% | 21.18% | 22.01% | 24% | 21.89% | 29.59% | 22.07% | 21.38% | 17.28% | 16.31% | 14.6% | 16.38% | 12.74% |
| Selling, General & Admin | 134.95M | 119.48M | 141.48M | 150.15M | 152.7M | 164.85M | 154.62M | 179.01M | 223.33M | 259.8M | 247.1M | 239.97M | 241.7M | 204.07M |
| SG&A % of Revenue | - | 20.33% | 19.72% | 20.64% | 25.06% | 23.19% | 27.3% | 20.84% | 21.02% | 16.68% | 15.66% | 13.66% | 15.2% | 11.54% |
| Research & Development | 1.95M | 1.46M | 5.79M | 7.2M | 2.56M | 1.59M | 4.38M | 2.86M | 3.78M | 9.41M | 10.4M | 16.54M | 18.75M | 21.04M |
| R&D % of Revenue | - | 0.25% | 0.81% | 0.99% | 0.42% | 0.22% | 0.77% | 0.33% | 0.36% | 0.6% | 0.66% | 0.94% | 1.18% | 1.19% |
| Other Operating Expenses | 0 | 0 | 4.67M | 2.75M | -8.96M | -10.82M | 8.59M | 7.77M | 0 | 0 | -2.4M | -1.22M | 1.16M | 1.44M |
| Operating Income | 28.24M | 22.91M | 25.08M | 16.61M | -1.15M | 19.42M | -1.74M | -29.38M | -426.6M | -281.56M | -102.8M | 21.86M | -57.52M | 210.23M |
| Operating Margin % | 4.23% | 3.9% | 3.5% | 2.28% | -0.19% | 2.73% | -0.31% | -3.42% | -40.15% | -18.08% | -6.51% | 1.24% | -3.62% | 11.89% |
| Operating Income Growth % | - | -8.65% | 51.06% | 1538.91% | -105.94% | 1218.13% | 94.09% | 93.11% | -51.51% | -173.9% | -570.24% | 138.01% | -127.36% | - |
| EBITDA | 38.41M | 33.05M | 41.79M | 37.6M | 22.84M | 37.76M | 15.07M | -5.78M | -398.08M | -251.12M | -63.22M | 56.79M | -21.06M | 233.26M |
| EBITDA Margin % | 5.75% | 5.62% | 5.83% | 5.17% | 3.75% | 5.31% | 2.66% | -0.67% | -37.47% | -16.12% | -4.01% | 3.23% | -1.32% | 13.2% |
| EBITDA Growth % | 11.68% | -20.92% | 11.15% | 64.64% | -39.52% | 150.59% | 360.83% | 98.55% | -58.52% | -297.23% | -211.31% | 369.66% | -109.03% | - |
| D&A (Non-Cash Add-back) | 10.16M | 10.14M | 16.71M | 21M | 23.99M | 18.34M | 16.8M | 23.61M | 28.52M | 30.45M | 39.58M | 34.93M | 36.45M | 23.03M |
| EBIT | 28.24M | 16.04M | -14.64M | -23.41M | 34.68M | 60.81M | 39.41M | -80.06M | -506.19M | -297.89M | -117.17M | 21.41M | -36.13M | 212.95M |
| Net Interest Income | -29.01M | -36.05M | -45.33M | -41.49M | -39.21M | -33M | -59.15M | -93.98M | -49.37M | -25.43M | -2.99M | -441K | 568K | 814K |
| Interest Income | 1.93M | 4.56M | 814K | 1.08M | 586K | 531K | 646K | 923K | 244K | 507K | 810K | 618K | 1.06M | 1.28M |
| Interest Expense | 30.94M | 40.61M | 46.15M | 42.57M | 39.8M | 33.53M | 59.8M | 94.9M | 49.61M | 25.93M | 3.8M | 1.06M | 492K | 462K |
| Other Income/Expense | -109.19M | -47.48M | -85.87M | -82.58M | -3.96M | 7.86M | -2.18M | -95.06M | -129.2M | -35.98M | -16.83M | -1.66M | 1.36M | 2.26M |
| Pretax Income | -80.94M | -24.57M | -60.79M | -65.98M | -5.12M | 27.29M | -3.92M | -124.45M | -555.8M | -314.2M | -108.1M | 20.2M | -55.69M | 212.49M |
| Pretax Margin % | -12.11% | -4.18% | -8.47% | -9.07% | -0.84% | 3.84% | -0.69% | -14.49% | -52.32% | -20.17% | -6.85% | 1.15% | -3.5% | 12.02% |
| Income Tax | 10.67M | 8.28M | 12.17M | 9.82M | 9.07M | -2.03M | 8.18M | 5.29M | 102.22M | 64.82M | 6.9M | 3.67M | -29.53M | 72.01M |
| Effective Tax Rate % | -13.19% | -33.7% | -20.02% | -14.88% | -177.34% | -7.43% | -208.75% | -4.25% | -18.39% | -20.63% | -6.38% | 18.17% | 53.02% | 33.89% |
| Net Income | -128.9M | -36.16M | -59.91M | -197.21M | -22.86M | 30.89M | -10.32M | -121.97M | -725.29M | -379.82M | -115.6M | 19.14M | -26.53M | 174.53M |
| Net Margin % | -19.28% | -6.15% | -8.35% | -27.11% | -3.75% | 4.35% | -1.82% | -14.2% | -68.27% | -24.38% | -7.32% | 1.09% | -1.67% | 9.87% |
| Net Income Growth % | -94.99% | 39.65% | 69.62% | -762.64% | -174% | 399.42% | 91.54% | 83.18% | -90.95% | -228.57% | -703.94% | 172.15% | -115.2% | - |
| Net Income (Continuing) | -91.62M | -32.85M | -72.96M | -75.79M | -14.19M | 29.31M | -12.1M | -129.73M | -658.02M | -381.26M | -122.33M | 16.53M | -11.89M | 140.48M |
| Discontinued Operations | -2M | -3.31M | 13.18M | -121.18M | -12.4M | 2.23M | 1.8M | 694K | 0 | 2.24M | 0 | 2.8M | 0 | 34.34M |
| Minority Interest | 0 | 0 | 591K | 611K | 485K | 25.47M | 1.1M | 1.42M | 8.83M | 8.6M | 8.8M | 719K | 1.03M | 924K |
| EPS (Diluted) | -0.96 | -0.48 | -0.82 | -2.38 | -0.43 | 0.26 | -0.21 | -3.87 | -52.45 | -40.34 | -11.50 | 1.78 | -2.47 | 16.24 |
| EPS Growth % | -6.6% | 41.46% | 65.55% | -453.49% | -265.38% | 223.81% | 94.57% | 92.62% | -30.02% | -250.78% | -746.07% | 172.06% | -115.21% | - |
| EPS (Basic) | - | -0.48 | -0.82 | -2.38 | 0.43 | 0.26 | -0.21 | -3.87 | -52.45 | -40.34 | -11.50 | 1.78 | -2.48 | 16.30 |
| Diluted Shares Outstanding | 133.75M | 105.4M | 91.72M | 89M | 88.3M | 83.6M | 48.7M | 31.5M | 13.83M | 9.42M | 10.06M | 10.77M | 10.75M | 10.75M |
| Basic Shares Outstanding | 133.75M | 105.4M | 91.72M | 89M | 88.3M | 82.4M | 48.7M | 31.5M | 13.83M | 9.42M | 10.06M | 10.73M | 10.71M | 10.71M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | 1.26% | - | - |
Project execution and liquidity
As evidenced by the quarterly data, BW's revenue trajectory remains highly erratic, swinging from a 142.9% expansion in 2025Q4 to a 29.0% contraction in 2025Q3, suggesting that the company's reliance on large, lumpy project-based contracts creates significant top-line instability that complicates long-term forecasting.
The extreme variance in quarterly revenue growth indicates that the company's business model is heavily susceptible to the timing of project milestones rather than steady-state demand. Investors should monitor whether the recent revenue volatility reflects a strategic shift toward higher-margin service work or merely the inherent unpredictability of the legacy EPC project pipeline.
According to the provided financial statements, gross margins have fluctuated significantly, ranging from a low of 18.7% in 2025Q1 to a peak of 36.6% in 2024Q4, highlighting the company's struggle to maintain consistent profitability across its diverse portfolio of thermal, environmental, and renewable service offerings.
The wide variance in gross margins suggests that the company's profitability is highly sensitive to the specific mix of projects recognized in any given period. This inconsistency implies that the firm lacks the pricing power to fully insulate its margins from the inflationary pressures and execution risks inherent in its industrial service contracts.
Based on reported figures, BW's operating income has failed to scale consistently with gross profit, as evidenced by the 2026Q1 operating margin of -0.5% despite generating $43.5M in gross profit, which indicates that fixed overhead costs continue to overwhelm the company's ability to achieve meaningful operating leverage.
The inability to convert gross profit into positive operating income suggests that the company's SG&A structure remains bloated relative to its current revenue scale. This persistent lack of operating leverage warrants further investigation into whether the company's corporate cost base is structurally misaligned with its current operational footprint.
As reported in financial statements, the company's net income has remained consistently negative over the last ten quarters, with a significant $76.9M loss in 2026Q1, suggesting that non-operating items and recurring restructuring charges are severely undermining the quality of reported earnings and shareholder value creation.
The recurring nature of net losses, despite periods of positive gross profit, points to significant non-operating drags that likely include interest expenses and potential impairment charges. Investors should be wary of the disconnect between the company's operational performance and its bottom-line results, which appears to be exacerbated by high stock-based compensation and legacy liabilities.
Based on an analysis of the income statement, short-sellers would likely focus on the company's persistent inability to achieve positive net margins, which reached -35.9% in 2026Q1, signaling that the core business may be fundamentally incapable of covering its interest and overhead obligations without external financing.
The reliance on percentage-of-completion accounting may be masking deeper operational issues, such as cost overruns on legacy contracts that have yet to be fully recognized. If the company cannot demonstrate a clear path to positive net income, the risk of further liquidity strain appears high, particularly given the current cash position.
Quick answers to the most common questions about buying BW stock.
For fiscal year 2025, Babcock & Wilcox Enterprises, Inc. (BW) reported total revenue of $587.7M. This represents a 66.8% decline compared to $1.77B in 2013.
Babcock & Wilcox Enterprises, Inc. (BW) reported a net loss of $36.2M for the fiscal year ending 2025.
Babcock & Wilcox Enterprises, Inc. (BW) reported an operating income of $22.9M, resulting in an operating profit margin of 3.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Babcock & Wilcox Enterprises, Inc. (BW) generated $143.9M in gross profit for the year, representing a gross profit margin of 24.5%. This demonstrates the company's core pricing power and production efficiency.