Babcock & Wilcox Enterprises, Inc.

Listed Company

BW-PACIK 0001630805NYSEAcceleratedSmaller ReportingHeating Equipment, Except Electric & Warm Air FurnacesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$587.68M

Net Income

$-36.16M

Total Assets

$662.94M

Equity

$-131.54M

Shares Out

135.26M

Op. Cash Flow

$-68.89M

Business

Babcock & Wilcox Enterprises, Inc. provides renewable, environmental and thermal technologies and services for energy and emissions control applications. It offers hydrogen generation (BrightLoop™), oxygen‑fired biomass and waste‑to‑energy systems, emissions control technologies (including particulate, NOx, SO2 and mercury removal), steam generation equipment, aftermarket parts, construction, maintenance and field services. The company organizes its operations into three reporting segments: Babcock & Wilcox Renewable, Babcock & Wilcox Environmental, and Babcock & Wilcox Thermal. It serves global industrial, electric utility, municipal and waste‑to‑energy markets through direct contracts, competitive bids, joint ventures and regional manufacturing and service facilities in Europe, Canada, Mexico and other international markets.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	588	581	587	609	711
Cost of operations	444	454	466	464	536
Selling, general and administrative expenses	119	125	135	153	152
Research and development costs	2	5	7	4	2
Impairment of long-lived assets	1	4	0	—	—
Loss (gain) on asset disposals, net	1	−400,000	100,000	—	—
Total costs and expenses	567	587	608	611	691
Operating income (loss)	21	−6	−20	−1	19
Interest expense	−38	−46	−43	−40	—
Interest income	1	650,000	907,000	586,000	531,000
Gain (loss) on debt extinguishment	2	−7	0	0	7
Benefit plans, net	−10	−31	−38	38	48
Foreign exchange	100,000	200,000	−2	−1	—
Other expense, net	−1	−1	−1	−4	−2
Total other expense	−45	−85	−84	−4	8
Loss from continuing operations before income tax expense	−25	−91	−104	−5	27
Income tax expense	8	13	6	9	−2
Loss from continuing operations	−33	−104	−109	−14	29
(Loss) income from discontinued operations, net of tax	−3	44	−88	−12	2
Net loss attributable to stockholders	−36	−60	−197	−23	31
Less: Dividends on Series A Preferred Stock	15	15	15	15	9
Net loss attributable to stockholders of common stock, basic	−51	−75	−212	−38	22
Net loss attributable to stockholders of common stock, diluted	−51	−75	−212	−38	22
Continuing operations, basic (in dollars per share)	−0.45	−1.3	−1.39	−0.29	0.23
Discontinued operations, basic (in dollars per share)	−0.03	0.48	−0.99	−0.14	0.03
Basic loss per share (in dollars per share)	−0.48	−0.82	−2.38	−0.43	0.26
Diluted loss per share (in dollars per share)	−0.48	−0.82	−2.38	−0.43	0.26
Basic (in shares)	105	92	89	88	82
Diluted (in shares)	105	92	89	88	84

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	89	23	40	76	—
Current restricted cash	85	94	6	—	—
Accounts receivable trade, net of allowance for credit losses of $2.1 million and $1.3 million as of December 31, 2025 and December 31, 2024, respectively	118	92	77	158	132
Contracts in progress	73	79	46	118	80
Inventories, net	61	58	98	103	80
Other current assets	44	24	42	27	29
Current assets held for sale	0	183	162	21	0
Total current assets	471	553	498	558	582
Net property, plant and equipment, and finance leases	66	61	69	85	86
Goodwill	53	51	54	84	116
Intangible assets, net	15	18	22	26	33
Right-of-use assets	18	17	26	28	30
Long-term restricted cash	27	10	297,000	21	0
Deferred tax assets	945,000	167,000	2	2	—
Other assets	13	16	21	27	55
Total assets	663	727	776	942	913
Accounts payable	69	88	83	131	86
Accrued employee benefits	5	4	4	13	13
Advance billings on contracts	112	56	52	131	68
Accrued warranty expense	4	3	4	10	13
Financing lease liabilities	2	2	1	1	2
Operating lease liabilities	4	3	3	3	4
Other accrued liabilities	40	28	51	54	54
Current borrowings	67	125	6	4	12
Current liabilities held for sale	0	98	138	25	0
Total current liabilities	387	407	350	372	253
Borrowings, net of current portion	19	9	35	13	2
Pension and other postretirement benefit liabilities	176	193	173	136	183
Finance lease liabilities, net of current portion	27	29	26	27	29
Operating lease liabilities, net of current portion	15	14	24	26	27
Deferred tax liability	11	10	10	12	1
Other noncurrent liabilities	9	10	14	17	33
Total liabilities	794	1,010	976	944	855
Preferred Stock, par value $0.01 per share, authorized shares of 20,000; issued and outstanding shares of 7,669 at both December 31, 2025 and 2024	77,000	77,000	77,000	77,000	77,000
Common stock, par value $0.01 per share, authorized shares of 500,000; issued and outstanding shares of 130,447 and 95,138 at December 31, 2025 and 2024, respectively	6	5	5	5	5
Capital in excess of par value	1,691	1,559	1,546	1,538	1,519
Treasury stock at cost, 2,690 and 2,379 shares at December 31, 2025 and 2024, respectively	−116	−116	−115	−114	−111
Accumulated deficit	−1,697	−1,646	−1,571	−1,359	−1,321
Accumulated other comprehensive loss	−16	−87	−66	−73	−59
Stockholders' deficit attributable to shareholders	−132	−284	−201	−3	33
Non-controlling interest	0	591,000	611,000	485,000	25
Total stockholders' deficit	−132	−283	−200	−2	59
Total liabilities and stockholders' deficit	663	727	776	942	913

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization of long-lived assets	10	17	21	24	18
Impairment of long-lived assets	10	10	57	7	—
Amortization of deferred financing costs and debt premium	4	6	6	5	8
Amortization of guaranty fee	108,000	3	935,000	856,000	2
Non-cash operating lease expense	4	7	7	7	4
Gain on sale of business	−39	−59	0	0	—
Loss on asset disposals	6	431,000	200,000	—	—
Provision for (benefit from) deferred income taxes, including valuation allowances	783,000	7	−1	6	−8
Mark to market, prior service cost amortization for pension and postretirement plans	10	35	39	−7	−16
Stock-based compensation, net of associated income taxes	3	5	9	10	8
Foreign exchange	−6	3	3	582,000	—
Bad debt (recovery) expense	−6	−1	9	—	—
Accounts receivable trade, net	−16	−12	13	−28	225,000
Contracts in progress	−20	42	−40	−54	−20
Other current and noncurrent assets	−14	−6	10	—	—
Advance billings on contracts	51	−3	−47	62	2
Inventories, net	−8	−6	−8	−19	−3
Income taxes	168,000	10	−6	−248,000	−2
Accounts payable	−58	8	13	53	7
Accrued and other current liabilities	16	−29	−3	−19	−48
Accrued contract loss	−5	−2	838,000	6	−204,000
Pension liabilities, accrued postretirement benefits and employee benefits	−11	−17	−5	−37	−61
Other, net	−355,000	534,000	−2	−4	−18
Net cash used in operating activities	−69	−119	−42	−31	−111
Purchase of property, plant and equipment	−17	−11	−10	−13	−7
Proceeds from sale of business and assets	216	121	0	5	25
Purchases of securities	−6	−7	−6	—	—
Sales and maturities of securities	4	7	8	—	—
Other, net	0	34,000	−102,000	466,000	0
Net cash provided by (used in) investing activities	197	110	−8	−69	−34
Borrowings on loan payable	85	216	253	7	7
Repayments on loan payable	−139	−122	−227	−17	−846,000
Buyback of Senior Notes due 2026	−111	0	0	—	—
Finance lease payments	−2	−1	−1	−2	−2
Payment of holdback funds from acquisition	0	−3	−3	0	0
Payment of Preferred Stock dividends	−15	−19	−11	−15	−9
Shares of common stock returned to treasury stock	−386,000	−336,000	−1	−3	−5
Issuance of common stock, net	130	8	0	0	161
Payment of non-controlling interest dividends	−118,000	0	0	—	—
Debt issuance costs	−7	−8	−658,000	−1	−25
Other, net	−260,000	−179,000	−153,000	−48,000	−222,000
Net cash (used in) provided by financing activities	−59	70	9	−11	303
Effects of exchange rate changes on cash	901,000	−1	−439,000	−3	1
Net increase (decrease) in cash, cash equivalents and restricted cash	70	60	−42	−113	159
Income taxes paid, net	9	8	7	8	5
Interest paid	36	37	23	26	20

Filings

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