SOLV Energy (MWH) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong execution and profitability, with revenue up 66% year-over-year to $677 million and adjusted EBITDA up 174% to $93 million, driven by increased construction revenue and favorable market conditions.

• Backlog reached $8.2 billion, up 82% year-over-year, providing strong visibility into future revenue.

• O&M business expanded to nearly 22 GW under contract, deepening recurring revenue.

• Strategic acquisition of Roberson Waite Electric for $45 million announced, expanding utility infrastructure capabilities and expected to close by Q3 2026.

• Net loss of $27 million, primarily due to a one-time, non-cash $52 million expense from legacy equity award modifications related to the IPO.

Financial highlights

• Q1 2026 revenue was $677 million, up from $408 million in Q1 2025.

• Adjusted gross profit was $124 million, with an adjusted gross margin of 18.4%.

• Adjusted EBITDA reached $93 million, up 174% year-over-year.

• Net loss per share was $(0.20) for Q1 2026.

Outlook and guidance

• Full-year 2026 revenue guidance is $3.72–$3.82 billion.

• Adjusted gross profit guidance raised to $610–$650 million, with gross margin expected at 16.4%–17%.

• Adjusted EBITDA guidance increased to $435–$455 million.

• Focus remains on accretive growth, expanding service offerings, and ongoing professionalization.