Babcock & Wilcox Enterprises, Inc. reported its financial results for the third quarter of 2025, revealing a revenue of $149.0 million, a decrease of 2.4% from $152.6 million in the same period last year. For the nine months ending September 30, 2025, the company achieved revenues of $448.9 million, slightly up from $444.9 million in 2024. The operating income for the third quarter was $6.5 million, a significant increase from $1.6 million in the prior year, while the nine-month operating income rose to $14.9 million from a loss of $1.9 million in 2024. The net income attributable to common stockholders for the third quarter was $31.4 million, compared to a loss of $9.0 million in the same quarter last year.
The company experienced notable changes in its operational metrics, particularly in its Environmental segment, which saw a revenue decline of 54% year-over-year, primarily due to the completion of larger projects in 2024 that were not fully replaced in 2025. Conversely, the Thermal segment reported an 8% increase in revenue, driven by higher parts volume and natural gas conversion projects. The Renewable segment also showed growth, with revenues increasing by 59% compared to the previous year, largely attributed to the pulp and paper business.
Strategically, Babcock & Wilcox has been active in divesting non-core assets to improve its financial position. In 2025, the company sold its Diamond Power business for $177 million, recording a gain of $53.2 million, and its Vølund business for $15.1 million, resulting in a net loss of $36.9 million. The divestitures are part of a broader strategy to enhance liquidity and reduce debt, with total proceeds from asset sales amounting to $187.5 million this year. The company also raised $32.5 million through its At-The-Market offering, selling 15 million shares.
As of September 30, 2025, Babcock & Wilcox reported total assets of $657.9 million and total liabilities of $890.1 million, resulting in a stockholders' deficit of $232.2 million. The company had cash and cash equivalents totaling $24.4 million, alongside $165.5 million in current restricted cash. The company’s total debt stood at $416.4 million, with ongoing efforts to manage its liquidity and financial obligations, including a recent amendment to its Credit Agreement extending the maturity date to November 30, 2026.
Looking ahead, Babcock & Wilcox remains cautious about market conditions, including inflation and geopolitical factors that could impact operations. The company is focused on improving its financial position through strategic divestitures and operational efficiencies, while also navigating the challenges posed by the evolving energy landscape. The management has expressed optimism about future growth opportunities, particularly in the renewable energy sector, as demand for sustainable solutions continues to rise.
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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