Babcock & Wilcox Enterprises, I Earnings Recaps
Q2 2026
Aug 12, 2026
Shares fell 1.9% as investors digested labor shortages that increased costs on key construction projects, offsetting strong bookings growth and a raised EBITDA target.
Key takeaways
- Reported bookings surged 1,058% year-over-year to $2.7 billion in H1 2026, with backlog increasing 533% year-over-year to $2.6 billion.
- Raised full-year 2026 adjusted EBITDA target range to $80–$105 million, reflecting confidence in growth opportunities.
- Labor shortages in the U.S. negatively impacted project efficiencies and raised direct costs on a specific construction job during Q2.
- Company is taking remedial steps to increase skilled labor availability including union incentives and delayed retirements.
- Progress continues on AI data center projects with manufacturing reservations secured for 20 steam turbines to support a growing pipeline of 4–6 GW in new opportunities.
Q1 2026
May 12, 2026
Babcock & Wilcox Enterprises’ stock surged 35.8% following first quarter results that materially outperformed expectations, driven by exceptional revenue and adjusted EBITDA growth fueled by strong demand in utility, industrial, and AI data center segments.
Key takeaways
- Revenue grew 44% year-over-year to $214 million, propelled by large project volume including Base Electron contributions.
- Adjusted EBITDA reached $16.1 million, marking a 296% increase over Q1 2025.
- Bookings surged to $2.5 billion, a staggering 1,900% increase year-over-year, with backlog expanding 483% to $2.7 billion.
- Pipeline grew over 17% to more than $14 billion, reflecting increased opportunities in AI data centers and baseload power generation.
- Net debt was significantly reduced, falling below 1x trailing adjusted EBITDA following $15 million of bond payoffs and ongoing debt reduction efforts.