Babcock & Wilcox 2025年度报告

GLOBAL LEADER IN ENERGY AND ENVIRONMENTALTECHNOLOGIES AND SERVICES UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 FORM 10-K (Mark One) For the fiscal year ended December 31, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto Commission File No. 001-36876 BABCOCK & WILCOX ENTERPRISES, INC. (Exact name of registrant as specified in its charter) (State or other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.) (Address of Principal Executive Offices)(Zip Code) Registrant's Telephone Number, Including Area Code:(330) 753-4511 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was requiredto file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "acceleratedfiler," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Accelerated filer☒Smaller reporting company☒Emerging growth company☐ Large accelerated filer☐Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the ExchangeAct.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements ofthe registrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☒ The aggregate market value of the registrant's common stock held by non-affiliates of the registrant on the last business dayof the registrant's most recently completed second fiscal quarter (based on the closing sales price on the New York StockExchange on June 30, 2025) was approximately $63.5 million. The number of shares of the registrant's common stock outstanding at March 9, 2026 was 135,256,006. DOCUMENTS INCORPORATED BY REFERENCE In accordance with General Instruction G(3) of Form 10-K, certain information required by Part III hereof will either beincorporated into this Form 10-K by reference to our Definitive Proxy Statement for our Annual Meeting of Shareholdersfiled within 120 days of December 31, 2025 or will be included in an amendment to this Form 10-K filed within 120 days ofDecember 31, 2025. PAGEPART IItem 1.Business7Item 1A.Risk Factors12Item 1B.Unresolved Staff Comments29Item 1C.Cybersecurity29Item 2.Properties31Item 3.Legal Proceedings31Item 4.Mine Safety Disclosures31PART IIItem 5.Market for Registrant's Common Equity, Related Stockholder Matters and IssuerPurchase of Equity Securities31Item 6.Reserved32Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operation32Business Overview33Results of Operations - Years Ended December 31, 2025, 2024 and 202335Liquidity and Capital Resources40Critical Accounting Policies and Estimates42Item 7A.Quantitative and Qualitative Disclosures about Market Risk45Item 8.Consolidated Financial Statements and Supplemental Data45Report of Independent Registered Public Accounting Firms45Consolidated Statements of Operations for the Years Ended December 31,