Welcome to our dedicated page for Babcock & Wilcox Enterprises SEC filings (Ticker: BW), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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Babcock & Wilcox Enterprises shared an investor presentation outlining its business profile, recent results and growth opportunities. For the twelve months ended December 31, 2025, revenue was $587.7 million, with fourth-quarter revenue of $161.0 million and operating income of $12.2 million, indicating positive operating profitability. The company reported pro forma total debt of $281.1 million, cash and restricted cash of $201.4 million and net debt of $79.7 million, highlighting a relatively modest net leverage position.
The presentation emphasizes B&W’s role as a global energy and environmental technology provider, including coal, natural gas, renewable and emissions-control solutions, and its focus on fast-track power for AI factories and data centers. Management cites a global pipeline of over $12 billion in potential opportunities and details a $2.4 billion, 1.2 GW natural-gas power project for Base Electron backed by Applied Digital, with potential future expansion. It also notes forward-looking risks, including the need to refinance or repay 6.50% notes due 2026 and the possibility that future conditions could again raise substantial doubt about the company’s ability to continue as a going concern, alongside other operational and market uncertainties.
Babcock & Wilcox Enterprises, Inc. reported that its board of directors approved a cash dividend of $0.4843750 per share on its outstanding 7.75% Series A Cumulative Perpetual Preferred Stock.
The dividend will be paid on March 31, 2026 to holders of record as of March 21, 2026. This preferred stock is listed on the New York Stock Exchange under the symbol “BW PRA.”
Babcock & Wilcox Enterprises, Inc. Chief Executive Officer Kenneth M. Young exercised 150,000 performance stock units into common shares on March 5, 2026 at a transaction price of $13.29 per share.
To cover tax withholding obligations tied to the PSUs’ vesting, 75,150 common shares were withheld by the company. After these transactions, Young directly owned 1,519,137 common shares, and 272,767 additional shares were held indirectly through the Kenneth M. Young Revocable Trust. The PSUs were granted under the company’s Amended and Restated 2021 Long-Term Incentive Plan and vest in full if the stock reaches $12.00 per share on any trading day between July 28, 2022 and July 27, 2027.
Babcock & Wilcox Enterprises, Inc. Chief Financial Officer Cameron M. Frymyer reported equity award activity involving performance stock units and common shares. On March 5, 2026, 75,000 performance stock units were exercised into 75,000 shares of common stock at a stated price of $13.29 per share. To cover tax withholding obligations upon vesting of these units, 33,450 common shares were withheld by the company. Following these transactions, Frymyer directly owned 198,208 shares of Babcock & Wilcox common stock.
Babcock & Wilcox Enterprises General Counsel & Secretary John J. Dziewisz exercised performance stock units and received common shares. On March 5, 2026, he converted 75,000 performance stock units into 75,000 shares of common stock at a stated price of $13.29 per share.
To cover tax withholding obligations upon vesting, 33,513 common shares were withheld by the company, a non–open-market disposition. After these transactions, he directly held 280,868 common shares and indirectly held 2.25 common shares through a 401k Plan.
Neuberger Berman Group LLC filed an amendment to a Schedule 13G/A reporting shared beneficial ownership of 5,277,997 common shares of Babcock & Wilcox Enterprises, Inc., representing 4.7% of the class. The filing attributes 4,712,745 shares (4.2%) to Neuberger Berman Investment Advisers LLC.
The filing explains these holdings arise from fiduciary capacities across affiliated trust and advisory entities and disclaims admission of beneficial ownership by each listed affiliate. The filing states ownership is 5% or less of the class.
Babcock & Wilcox Enterprises reported stronger 2025 results and signed a transformative design-build agreement. The company secured a $2.4 billion contract with Base Electron to deliver four 300‑megawatt natural gas-fired boiler and steam turbine systems to power Applied Digital AI data centers, lifting pro forma backlog to $2.8 billion.
For 2025, revenue from continuing operations was $587.7 million, up slightly from 2024, while operating income improved to $20.7 million from a prior-year loss. Loss from continuing operations narrowed to $32.8 million, and consolidated Adjusted EBITDA rose to $43.7 million, more than double 2024. Year-end backlog excluding the new data center deal was $423.6 million and the global project pipeline exceeded $12.0 billion.
The company ended 2025 with $321.1 million of total debt and $201.4 million of cash, cash equivalents and restricted cash, implying net debt of $119.7 million, after fully repaying bonds due February 2026 and targeting repayment of bonds due December 2026.
Babcock & Wilcox Enterprises, Inc. entered into a Tenth Amendment to its existing Credit Agreement with Axos Bank and other lenders. The amendment extends the credit facility’s maturity date to January 18, 2028, giving the company more time before the loan comes due.
The changes also increase amounts available to be borrowed based on inventory and receivables in the borrowing base, which can enhance liquidity. The lenders agreed to suspend the $3,000,000 PBGC Reserve, with the reserve to be re-imposed on January 1, 2027 unless a $3,000,000 installment due to the PBGC on or prior to September 15, 2026 has been paid. Other updates allow certain foreign-currency holdings in deposit accounts and release BRC Group Holdings, Inc. as a specified guarantor.
Hood River Capital Management LLC has filed a Schedule 13G reporting a significant passive stake in Babcock & Wilcox Enterprises Inc. common stock. As of 12/31/2025, it beneficially owned 10,648,389 shares, representing 9.58% of the company’s common stock.
Hood River reports no voting power over these shares but has sole dispositive power, meaning it can decide when to sell them. The firm certifies the position was acquired and is held in the ordinary course of business and not for the purpose of changing or influencing control of Babcock & Wilcox.
Babcock & Wilcox Enterprises 10% owner Bryant R. Riley reported a significant insider sale of common stock. On February 11, 2026, Riley executed an open-market sale of 1,155,382 shares of B&W common stock at $9 per share, reducing his directly held position to zero.
According to the filing, these shares were held directly by Riley and were sold to satisfy repayment of debt as described in a related Schedule 13D. The Form 4 is filed jointly with BRC Group Holdings, BRF Investments, and B. Riley Securities, which report large indirect holdings through affiliated entities and accounts.