Revenue performance remains highly erratic, evidenced by a 44.3% growth spike in 2026Q1 following a period of contraction, while net margins have suffered significantly, reaching a low of -95.2% in 2024Q4.
| 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 | -50M | 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 constraints
As reported in recent financial filings, BWNB's top-line performance exhibits significant volatility, characterized by a 44.3% revenue surge in 2026Q1 following a period of sharp contraction, suggesting that the company's reliance on lumpy, project-based engineering contracts continues to obscure underlying organic growth trends across its core segments.
The erratic revenue trajectory appears to be a function of the company's transition toward environmental and renewable projects, which lack the recurring revenue profile of the legacy thermal business. Investors should monitor whether the recent revenue spike represents a sustainable shift in project pipeline conversion or merely the timing of milestone recognition under percentage-of-completion accounting.
Based on the provided income statement data, gross margins have fluctuated significantly, ranging from a low of 18.7% in 2025Q1 to a peak of 36.6% in 2024Q4, indicating that the company's profitability is highly sensitive to project mix and the effective management of specialized material costs.
The wide variance in gross margins suggests that the company lacks consistent pricing power in its competitive construction and environmental segments. This volatility implies that margin stability is likely contingent on the company's ability to prioritize high-margin aftermarket service work over lower-margin, capital-intensive EPC projects.
According to the company's historical income statements, BWNB has struggled to translate operating performance into bottom-line profitability, with net margins reaching as low as -95.2% in 2024Q4, highlighting a disconnect between operational output and the significant non-operating expenses that continue to weigh on shareholder value.
The recurring net losses, despite occasional positive operating income, suggest that interest expenses and potential asset impairments are consuming the company's core earnings power. Analysts should investigate the nature of these below-the-line items to determine if they represent structural debt burdens or one-time charges related to legacy project liabilities.
As evidenced by the income statement, SG&A expenses remain a substantial burden, frequently exceeding $40M per quarter, which appears to limit the company's ability to achieve meaningful operating leverage even during periods of higher revenue realization, such as the $214.4M revenue quarter in 2026Q1.
The high fixed-cost structure, particularly in SG&A, suggests that the company has not yet achieved the necessary scale to absorb its overhead requirements. This cost rigidity may indicate that management is maintaining a significant administrative and engineering footprint in anticipation of future project growth that has yet to materialize consistently.
Quick answers to the most common questions about buying BWNB stock.
For fiscal year 2025, Babcock & Wilcox Enterprises, I (BWNB) reported total revenue of $587.7M. This represents a 66.8% decline compared to $1.77B in 2013.
Babcock & Wilcox Enterprises, I (BWNB) reported a net loss of $36.2M for the fiscal year ending 2025.
Babcock & Wilcox Enterprises, I (BWNB) 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, I (BWNB) 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.