SOLV Energy (MWH) Q4 2025 earnings summary

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.