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SOLV Energy
SOLV Energy (MWH) investor relations material
SOLV Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Mar, 2026
Executive summary
Achieved record financial performance in Q4 and full year 2025, marking the first earnings call as a public company and driven by strong demand for infrastructure services and a successful IPO raising $552.5 million in net proceeds.
Safety performance remains industry-leading, with TRIR and LTIR well below benchmarks.
Positioned as a market leader in utility-scale solar, battery storage, and lifecycle infrastructure services for the power industry.
Year-end 2025 backlog reached $8 billion, up 87% year-over-year, with over 20 GW under contract for O&M services.
IPO proceeds used to fully delever the balance sheet, enhancing financial flexibility.
Financial highlights
Full year 2025 revenue reached $2.49 billion, up 35% year-over-year; Q4 2025 revenue was $794 million, up 80% from Q4 2024.
Gross profit for 2025 was $464 million (18.6% margin), compared to $259 million (14.0%) in 2024.
Net income for 2025 was $149 million, up from $10 million in 2024.
Adjusted EBITDA for 2025 was $342 million, more than double 2024; Q4 2025 adjusted EBITDA was $100 million.
O&M services revenue grew nearly 55% year-over-year to $113 million.
Outlook and guidance
2026 revenue guidance set at $3.72–$3.82 billion, with gross profit of $580–$620 million and gross margin of 15.6%–16.2%.
Adjusted EBITDA guidance for 2026 is $400–$420 million.
Continued focus on expanding service offerings, strategic acquisitions, and ongoing professionalization.
Drivers of 2026 gross margin guidance vs 2025
Strategy to capture $7.4B embedded O&M revenue
Target areas for 2026 M&A and service expansion
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Latest events from SOLV Energy
- IPO targets growth and deleveraging for a top U.S. solar EPC/O&M with $6.7B backlog.MWH
Registration Filing30 Jan 2026 - Dual-class IPO with tax receivable agreement, strong governance, and pre-IPO owner liquidity.MWHRegistration Filing23 Jan 2026
- Strong 2025 growth, robust backlog, and IPO proceeds to repay debt and fund expansion.MWHRegistration Filing20 Jan 2026
Next SOLV Energy earnings date
Q1 20264 Jun, 2026
SOLV Energy
Next SOLV Energy earnings date
Q1 20264 Jun, 2026
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