Babcock & Wilcox Enterprises (BW) financial statements
Babcock & Wilcox Enterprises reported revenue of $588M in fiscal 2025, down 9.3% a year over 9 years.
Net income was -$36M and the operating margin 3.5%, against -7.7% in 2016.
Free cash flow was -$86M, and the company returned $386,000 in net buybacks.
The diluted share count rose 110% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Babcock & Wilcox Enterprises's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4B | $1.3B | $1.1B | $859M | $566M | $711M | $609M | $587M | $581M | $588M |
| Cost of revenue | $1.3B | $1.3B | $1.2B | $699M | $400M | $536M | $464M | $466M | $454M | $444M |
| Gross profit | $138M | $24M | -$130M | $160M | $166M | $175M | $145M | $121M | $127M | $144M |
| Research and development | $9M | $8M | $4M | $3M | $4M | $2M | $4M | — | — | — |
| Selling, general and admin | $217M | $221M | $205M | $151M | $142M | $152M | $153M | $135M | $125M | $119M |
| Operating income | -$110M | -$316M | -$427M | -$29M | -$2M | $19M | -$1M | -$20M | -$6M | $21M |
| Interest expense | $4M | $26M | $50M | $95M | $60M | $40M | $45M | $50M | $46M | $38M |
| Pre-tax income | -$120M | -$318M | -$556M | -$124M | -$4M | $27M | -$5M | -$104M | -$91M | -$25M |
| Income tax | $3M | $64M | $102M | $5M | $8M | -$2M | $9M | $6M | $13M | $8M |
| Net income | -$116M | -$380M | -$725M | -$122M | -$10M | $31M | -$23M | -$197M | -$60M | -$36M |
| EPS (diluted) | -$2.31 | -$8.09 | -$52.45 | -$3.87 | -$0.21 | $0.26 | -$0.43 | -$2.38 | -$0.82 | -$0.48 |
| Diluted shares | 50M | 47M | 14M | 32M | 49M | 84M | 88M | 89M | 92M | 105M |
| Gross margin | 9.7% | 1.8% | -12.2% | 18.7% | 29.3% | 24.6% | 23.8% | 20.7% | 21.8% | 24.5% |
| Operating margin | -7.7% | -23.6% | -40.2% | -3.4% | -0.3% | 2.7% | -0.2% | -3.4% | -1.1% | 3.5% |
| Net margin | -8.1% | -28.3% | -68.3% | -14.2% | -1.8% | 4.3% | -3.8% | -33.6% | -10.3% | -6.2% |
Balance sheet
Fiscal years, from Babcock & Wilcox Enterprises's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $87M | $44M | $43M | $44M | $57M | $225M | $77M | $65M | $27M | $96M |
| Receivables | $282M | $253M | $197M | $142M | $128M | $132M | $158M | $77M | $92M | $118M |
| Inventory | $86M | $73M | $61M | $63M | $74M | $80M | $103M | $98M | $58M | $61M |
| Total current assets | $778M | $732M | $550M | $412M | $396M | $582M | $558M | $498M | $553M | $471M |
| Property, plant and equipment | $122M | $115M | $91M | $97M | $85M | $86M | $85M | $69M | $61M | $66M |
| Goodwill | $163M | $86M | $47M | $47M | $47M | $116M | $84M | $54M | $51M | $53M |
| Total assets | $1.5B | $1.3B | $745M | $627M | $599M | $913M | $942M | $776M | $727M | $663M |
| Total current liabilities | $618M | $744M | $712M | $602M | $271M | $253M | $372M | $350M | $407M | $387M |
| Long-term debt | — | $0 | $31M | — | — | — | — | — | — | — |
| Total liabilities | $968M | $1.1B | $1.0B | $921M | $930M | $855M | $944M | $976M | $1.0B | $794M |
| Shareholders' equity | $552M | $182M | -$286M | -$296M | -$332M | $33M | -$3M | -$201M | -$284M | -$132M |
| Net debt | -$87M | -$44M | $18M | $60M | -$57M | -$225M | -$77M | -$65M | -$27M | -$89M |
Cash flow
Fiscal years, from Babcock & Wilcox Enterprises's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2M | -$190M | -$282M | -$176M | -$41M | -$111M | -$31M | -$42M | -$119M | -$69M |
| Capital spending | $22M | $14M | $5M | $4M | $8M | $7M | $13M | $10M | $11M | $17M |
| Free cash flow | -$20M | -$204M | -$287M | -$180M | -$49M | -$118M | -$44M | -$52M | -$130M | -$86M |
| Share buybacks (net) | -$78M | -$967,000 | -$805,000 | -$117,000 | -$283,000 | -$5M | -$3M | -$1M | -$336,000 | -$386,000 |
| Net borrowing | — | — | — | — | $172M | — | — | — | — | — |
| Free cash flow margin | -1.4% | -15.2% | -27.0% | -21.0% | -8.7% | -16.6% | -7.2% | -8.9% | -22.4% | -14.6% |
Questions
What was Babcock & Wilcox Enterprises's revenue in 2025?
$588M in fiscal 2025, from its 10-K filing.
How much free cash flow does Babcock & Wilcox Enterprises generate?
-$86M in fiscal 2025 (operating cash flow minus capital spending).
From Babcock & Wilcox Enterprises's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.