SOLV Energy (MWH) Q4 2025 earnings summary

Executive summary

• Achieved record financial performance in Q4 and full year 2025, driven by robust project execution, expanding O&M services, and a successful IPO raising $552.5 million in net proceeds.

• 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.

• Safety performance remains a core value, with TRIR and LTIR significantly below industry averages.

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 up 89% from Q4 2024.

• O&M services contributed $113 million, a 55% increase year-over-year.

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.

• Strong backlog provides visibility for the next 12–30 months.

• Focus on delivering financial targets, expanding service offerings, and ongoing professionalization.