Babcock & Wilcox Enterprises, Inc. reported a revenue of $587.7 million for the fiscal year ending December 31, 2025, reflecting a slight increase of $6.6 million compared to $581.0 million in 2024. The company's operating income improved significantly, reaching $20.7 million, a turnaround from an operating loss of $6.3 million in the previous year. This positive shift in profitability was attributed to a higher volume of parts sales and two natural gas conversion projects, which contributed $35.2 million and $25.7 million, respectively. However, the company faced declines in revenue from other project categories, including environmental control systems and construction projects.
In terms of strategic developments, Babcock & Wilcox undertook a significant restructuring in 2025, resulting in the divestiture of several non-core businesses, including the ASH, Diamond Power, and Vølund divisions. These divestitures were part of a broader strategy to streamline operations and improve financial stability. The company recorded gains from these sales, including a $53.2 million gain from the sale of Diamond Power and a $21.5 million gain from the sale of ASH. As a result of these actions, the company now operates under a single reportable segment, simplifying its business structure.
Operationally, Babcock & Wilcox's backlog decreased to $423.6 million as of December 31, 2025, down from $495.2 million in 2024. The company reported total bookings of $549.6 million for the year, a decline from $751.4 million in the previous year. This reduction in backlog and bookings reflects the challenges faced in securing new contracts amid fluctuating market conditions. The company also reported a total employee headcount of approximately 1,650 as of the end of 2025, with ongoing efforts to enhance workforce engagement and retention.
The company’s financial outlook remains cautious, with management noting that macroeconomic factors such as inflation, interest rates, and geopolitical tensions could impact future performance. Babcock & Wilcox is actively managing its liquidity and cost structure to navigate these challenges while continuing to support customer needs. The company has also indicated that it is exploring additional strategic acquisitions to bolster its market position and enhance growth opportunities.
About Babcock & Wilcox Enterprises, Inc.
Babcock & Wilcox Enterprises, Inc. provides renewable, environmental, and thermal energy technologies and services globally. Its core segments include hydrogen generation, emissions control, waste-to-energy, and steam generation systems for industrial, utility, and municipal customers. The company offers engineered equipment, aftermarket parts, and maintenance services, leveraging over 155 years of experience and a broad installed base to support energy transition and environmental compliance in power generation and industrial markets.
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