Babcock & Wilcox Enterprises, Inc. announced its financial results for the third quarter of 2026 on November 9, 2026. The company reported revenue of $290.8 million for the quarter, which represents a 109% increase compared to the same period in 2025. This growth was driven by an increase in large project volume, including $77.8 million from the Base Electron project.
Net income for the third quarter was $93.9 million, compared to $35.1 million in the prior year. This increase was attributed to improved operating income and a reduction in interest expense of $4.4 million. Additionally, the company recorded a gain of $85.1 million related to the change in fair value of customer warrants. Earnings per share (EPS) were reported at $0.61, compared to $0.30 in the third quarter of 2025.
Adjusted EBITDA for the quarter was $17.7 million, an increase of 88% compared to the prior year. The company also reported significant growth in its backlog and bookings. Bookings for the quarter totaled $228 million, a 112% increase year-over-year. Backlog stood at $2.5 billion, a 571% increase compared to the same period in 2025. The company noted that its total global pipeline exceeds $16 billion, which includes 6 gigawatts of new incremental power opportunities for utilities, industrials, and data centers.
In terms of balance sheet management, Babcock & Wilcox repurchased $38 million in shares during the third quarter. The company also completed the full redemption of $61.8 million in outstanding 6.5% bonds due in December 2026. As of September 30, 2026, the company had secured debt and bonds of $166.4 million and a cash, cash equivalents, and restricted cash balance of $128.9 million.
The company reiterated its full year 2026 Adjusted EBITDA target range of $80.0 million to $105.0 million. Furthermore, management issued a full year 2027 Adjusted EBITDA target range of $125 million to $140 million.
