Solv Energy Reports Third Quarter 2026 Financial Results

Higher earnings and raised annual guidance accompanied lower margins and cash-and-stock spending on ASB Energy Services.

Rhea-AI Summary

SOLV Energy (Nasdaq: MWH) reported third-quarter revenue of $1,242 million as construction activity and existing infrastructure revenue increased. Revenue rose 65% year over year; net income before non-controlling interests increased to $123 million from $70 million. Gross margin fell to 17.8% from 19.7%, while adjusted EBITDA rose to $173 million from $122 million.

SOLV raised its 2026 revenue outlook to $4,030–$4,120 million and adjusted EBITDA outlook to $525–$540 million. September 30 backlog was approximately $9.2 billion, with over 24 GW under operations and maintenance contracts. Quarter-end liquidity was approximately $609 million, excluding the October 30 acquisition of ASB Energy Services. That acquisition expanded high-voltage construction capabilities for approximately $36.0 million in cash, net of cash acquired, and 376,836 Class A shares.

23 points · 1 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 15 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.SOLV raised 2026 revenue guidance to $4,030–$4,120 million from $3,870–$3,970 million.
• Moderate pointThird-quarter revenue rose 65% year over year to $1,242 million.
• Moderate pointThird-quarter gross profit increased to $221 million from $148 million a year earlier.
• Moderate pointThird-quarter net income before non-controlling interests increased to $123 million from $70 million year over year.
• Moderate pointThird-quarter operating income increased to $142.161 million from $82.800 million year over year.
• Moderate pointThird-quarter adjusted EBITDA increased to $173 million from $122 million year over year.
• Moderate pointBacklog totaled approximately $9.2 billion at September 30, 2026.
• Moderate pointOperations and maintenance contracts covered over 24 GW of generating capacity.
• Moderate pointASB Energy Services acquisition completed October 30, expanding self-perform high-voltage construction capabilities and geographic presence.
• Moderate pointNine-month operating cash flow increased to $177.272 million from $122.652 million year over year.

13 minor points

• Minor pointNine-month revenue rose 69% year over year to $2,870 million.
• Minor pointNine-month gross profit increased to $480 million from $320 million a year earlier.
• Minor pointNine-month net income before non-controlling interests increased to $162 million from $114 million year over year.
• Minor pointNine-month operating income increased to $204.663 million from $150.197 million year over year.
• Minor pointNine-month adjusted EBITDA increased to $383 million from $242 million year over year.
• Minor point. Forward-looking: it has not happened yet and may not happen.SOLV raised 2026 adjusted gross profit guidance to $660–$690 million from $620–$660 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.SOLV raised 2026 adjusted gross margin guidance to 16.4%–16.7% from 16.0%–16.6%.
• Minor point. Forward-looking: it has not happened yet and may not happen.SOLV raised 2026 adjusted EBITDA guidance to $525–$540 million from $485–$505 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.SOLV raised 2026 adjusted EBITDA margin guidance to 13.0%–13.1% from 12.5%–12.7%.
• Minor pointQuarter-end liquidity totaled approximately $609 million, excluding the subsequent ASB acquisition.
• Minor pointCash increased to $422.132 million at September 30 from $394.876 million at December 31, 2025.
• Minor pointTerm debt was repaid in connection with the February 2026 initial public offering.
• Minor pointNine-month interest expense decreased to $10.041 million from $40.433 million year over year.

Negative

• Moderate pointThird-quarter gross margin declined to 17.8% from 19.7% a year earlier.
• Moderate pointThird-quarter adjusted gross margin declined to 17.3% from 19.7% a year earlier.
• Moderate pointThird-quarter adjusted EBITDA margin declined to 13.9% from 16.1% a year earlier.
• Moderate pointNine-month net income attributable to SOLV declined to $83.503 million from $113.648 million year over year.
• Moderate pointIPO-related legacy equity award changes triggered a $77 million one-time non-cash compensation charge. 1.4% of market cap
• Moderate pointASB acquisition required approximately $36.0 million cash, net of cash acquired.
• Moderate pointASB acquisition issued 376,836 Class A common shares, diluting existing holders.
• Moderate pointNine-month selling, general and administrative expenses rose to $225.759 million from $127.749 million year over year.
• Moderate pointOperating asset and liability changes absorbed $146.208 million over nine months, versus $64.755 million a year earlier.
• Moderate pointTax receivable agreement liability totaled $289.814 million at September 30, versus none at December 31, 2025.

5 minor points

• Minor pointNine-month gross margin declined to 16.7% from 18.9% a year earlier.
• Minor pointNine-month adjusted gross margin declined to 16.9% from 18.9% a year earlier.
• Minor pointNine-month adjusted EBITDA margin declined to 13.3% from 14.3% a year earlier.
• Minor pointNine-month debt extinguishment loss totaled $10.688 million.
• Minor pointNine-month income tax expense increased to $31.008 million from $1.842 million year over year.

News Explained

The acquisition's stock consideration increases shares outstanding, while the gross-margin comparison includes a reclassification that did not change net income, adjusted EBITDA, or cash flows.

SOLV Energy completed its acquisition of ASB Energy Services on October 30, 2026, paying about $36.0 million in cash, net of cash acquired, and issuing 376,836 Class A shares; absent offsetting changes, issuing shares increases the share count and reduces existing holders’ percentage ownership.

The reported gross-margin comparison is affected by a presentation change: beginning in 2026, SOLV moved certain annual incentive compensation from selling, general and administrative expense to cost of revenue, affecting gross profit and gross margin but not net income, adjusted EBITDA, or cash flows.

Key Figures

Q3 revenue: $1,242 million; up 65% year over year Gross margin: 17.8% vs. 19.7% Net income: $123 million vs. $70 million +5 more

Q3 revenue

$1,242 million; up 65% year over year

Third quarter 2026

Gross margin

17.8% vs. 19.7%

Third quarter 2026 vs. prior-year period; presentation was affected by a compensation classification change

Net income

$123 million vs. $70 million

Third quarter 2026 vs. prior-year period

Adjusted EBITDA

$173 million vs. $122 million

Third quarter 2026 vs. prior-year period

FY26 revenue guidance

$4,030–$4,120 million; prior guidance $3,870–$3,970 million

Revised full-year 2026 outlook

FY26 Adjusted EBITDA guidance

$525–$540 million; prior guidance $485–$505 million

Revised full-year 2026 outlook

FY26 Adjusted Gross Margin guidance

16.4%–16.7%; prior guidance 16.0%–16.6%

Revised full-year 2026 outlook

ASB acquisition consideration

$36.0 million cash, net of cash acquired, and 376,836 Class A common shares

Acquisition completed October 30, 2026

Previous Earnings Reports

1 past event · Latest: Aug 13

Same Type 1 event

1. Aug 13

   Earnings report

   24h Move

   +8.8%

   Q2 raised FY26 revenue and Adjusted EBITDA guidance to the ranges now superseded.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, non-controlling interest, revolving credit facility, letters of credit

4 terms

adjusted ebitda financial

"Adjusted EBITDA for the third quarter of 2026 was $173 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-controlling interest financial

"Represents Net Income before Non-Controlling Interest."

Non-controlling interest represents the portion of ownership in a company held by investors who do not have a controlling stake, meaning they do not have enough voting power to make major decisions. It is similar to owning a minority share of a business partner’s company—while they benefit from profits, they cannot control how the company is run. This matters to investors because it shows how much of the company's value is owned by outside shareholders and affects overall financial reporting.

revolving credit facility financial

"$187 million of availability under the revolving credit facility"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

letters of credit financial

"after giving effect for approximately $13 million of outstanding letters of credit"

A letter of credit is a promise from a bank to pay a seller if the buyer fails to do so, commonly used in trade and large contracts to ensure payment. Think of it as a bank standing in for the buyer, like a certified check or payment insurance that reduces the risk of nonpayment. For investors, letters of credit matter because they affect a company’s cash flow, borrowing needs and contingent liabilities, and signal how much credit support a business requires to secure deals.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SAN DIEGO, Nov. 12, 2026 (GLOBE NEWSWIRE) -- SOLV Energy, Inc. (“SOLV” or the “Company”) (Nasdaq: MWH), a leading provider of infrastructure services to the power industry, today announced financial results for the third quarter ended September 30, 2026.

Financial Summary

	Three Months Ended September 30,				Nine Months Ended September 30,
(in $ millions, unless noted otherwise)	2026		2025		2026		2025
Revenue	$1,242		$753		$2,870		$1,697
Gross Profit1	$221		$148		$480		$320
Gross Margin (%)1	17.8%		19.7%		16.7%		18.9%
Net income2	$123		$70		$162		$114
Adjusted Gross Profit3	$215		$148		$484		$320
Adjusted Gross Margin (%)3	17.3%		19.7%		16.9%		18.9%
Adjusted EBITDA	$173		$122		$383		$242
Adjusted EBITDA Margin (%)	13.9%		16.1%		13.3%		14.3%

^{1) Commencing in 2026, the Company classified certain annual incentive compensation within Cost of Revenue instead of Selling, General & Administrative Expense. This change affects the presentation of Gross Profit, Gross Margin and Adjusted Gross Margin but has no impact on Net Income, Adjusted EBITDA, or cash flows.
2) Represents Net Income before Non-Controlling Interest.
3) Adjusted Gross Profit and Adjusted Gross Margin exclude the impact of the allocation of non-cash compensation expense to cost of revenue.}

Financial and Business Highlights

• Trailing twelve-month safety metrics below industry benchmarks
• Record financial performance during the first nine months of 2026, with revenue up 69% year over year
• Total backlog as of September 30, 2026 of approximately $9.2 billion
• Over 24 GW under contract for O&M services
• Completed the acquisition of ASB energy services on October 30, 2026
• Raising full-year 2026 financial guidance

“SOLV delivered another quarter of strong results, driven by continued execution across the business, our focus on safety, and the dedication of our employees,” said George Hershman, Chief Executive Officer of SOLV Energy. “With a growing backlog, momentum across our operations, and continued demand across our markets, we are raising our full-year guidance and remain focused on disciplined execution, responsible growth, and expanding the value we provide to our customers. We believe the strength of our backlog and the opportunities we see throughout the energy infrastructure lifecycle position us well as we look ahead to 2027.”

Results of Operations

Revenue for the third quarter of 2026 increased 65% year over year to $1,242 million, bringing year to date revenue to $2,870 million, or an increase of 69% year over year. This growth was primarily driven by both an increase in new construction activity and in existing infrastructure revenue.

Gross profit in the third quarter of 2026 was $221 million, bringing year to date results to $480 million. On an adjusted basis, or excluding non-cash compensation expense in cost of revenue, Adjusted Gross Profit was $215 million, bringing year to date 2026 results to $484 million.

Gross and Adjusted Gross Margin in the third quarter of 2026 were 17.8% and 17.3%, respectively, compared to 19.7% for both measures in the prior-year period. Through the first nine months of 2026, Gross and Adjusted Gross Margin were 16.7% and 16.9%, respectively, as compared to 18.9% for both measures in the prior year period.

Third quarter and nine months ending 2026 Gross and Adjusted Gross Margin variances year over year, primarily reflect the impact in 2025 from project performance and contingency release from later stage projects, the contribution of a significant repair job in 2025, and the classification change of both non-cash and annual incentive compensation expense from SG&A to Cost of Sales during 2026.

Net income was $123 million for the third quarter of 2026, compared with $70 million in the prior-year period. The increase primarily reflects higher operating income associated with revenue growth and lower interest expense following the repayment of term debt in connection with the February 2026 IPO. Net income year to date was $162 million, compared to income of $114 million in the prior-year period. Year to date net income reflects the benefit of higher operating income and lower interest expense, partially offset by an $11 million non-cash loss on extinguishment of the term debt repaid at the IPO and a $77 million one-time non-cash compensation charge related to the modification and accelerated vesting of legacy equity awards in connection with the IPO.

Adjusted EBITDA for the third quarter of 2026 was $173 million bringing year to date performance to $383 million, or 13.9% and 13.3% of revenue, respectively. See the reconciliation of net income to Adjusted EBITDA in the financial tables included in this press release.

Acquisition of ASB Energy Services

On October 30, 2026, SOLV completed the acquisition of ASB Energy Services, a Texas-based contractor specializing in substation foundations, civil construction and battery energy storage system infrastructure. The consideration for the acquisition included approximately $36.0 million in cash, net of cash acquired, and the issuance of 376,836 shares of Class A common stock. The addition of ASB Energy Services expands SOLV’s self-perform high-voltage construction capabilities and increases the Company’s presence in Texas and other high-growth regions. ASB serves customers across the data center, energy storage, renewable energy and industrial sectors and will operate as a SOLV Energy company.

Corporate Liquidity

SOLV ended the third quarter with approximately $609 million of liquidity, including $422 million of Cash and Cash Equivalents and $187 million of availability under the revolving credit facility after giving effect for approximately $13 million of outstanding letters of credit. Third quarter ending liquidity excludes the acquisition of ASB Energy Services as described above.

Financial Outlook

Based on strong year to date execution and the Company’s current expectations for the remainder of the year, SOLV is raising its full-year 2026 financial outlook.

The Company’s updated full-year 2026 financial guidance for the year ending December 31, 2026 is as follows:

(in millions, unless noted otherwise)	Revised FY26 Guidance		Prior Guidance1
Revenue	$4,030 - $4,120		$3,870 - $3,970
Adjusted Gross Profit2	$660 - $690		$620 - $660
Adjusted Gross Margin (%)2	16.4% - 16.7%		16.0% - 16.6%
Adjusted EBITDA	$525 - $540		$485 - $505
Adjusted EBITDA Margin (%)	13.0% - 13.1%		12.5% - 12.7%

^{1) As previously presented on the Company’s second quarter 2026 earnings release on August 13, 2026
2) Adjusted Gross Profit and Adjusted Gross Margin exclude the impact of the allocation of non-cash compensation expense to cost of revenue}

Conference Call and Webcast Information

Management will present results during a conference call today November 12, 2026, at 8:30 a.m. Eastern time.

A live webcast of the conference call, including presentation materials, can be accessed through the Company’s website at https://investors.solvenergy.com and clicking on “News & Events” under the Investor Relations section. The webcast will be archived on the site for those unable to listen in real time.

About SOLV

SOLV Energy (Nasdaq: MWH) is a leading provider of infrastructure services to the power industry, including engineering, procurement, construction, testing, commissioning, operations, maintenance and repowering. Since 2008, we have built over 24 GW of generating capacity. SOLV Energy also provides operations and maintenance (O&M) services to over 24 GW of generating capacity. In addition to EPC and O&M for utility-scale power plants and related T&D infrastructure, we offer large-scale repair, emergency response and repowering services and install end-to-end SCADA and network infrastructure solutions to maximize project performance and energy availability.

Forward-Looking Statements

This press release contains forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, which are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different from the statements made herein. All statements other than statements of historical fact contained in this press release are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to any historical or current facts. These statements may include words such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “future,” “intend,” “outlook,” “potential,” “project,” “projection,” “plan,” “seek,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other similar expressions. You should evaluate all forward-looking statements made in this press release in the context of the risks and uncertainties disclosed herein, in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, including “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of the Company’s website at https://investors.solvenergy.com/financial-information/sec-filings. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: a wide range of factors, many that are beyond our control, can impact the timing, performance or profitability of our projects, any of which can result in additional costs to us, reductions or delays in revenues, the payment of liquidated damages by us or project termination; our results of operations, financial condition and other financial and operational disclosures are based upon estimates and assumptions that may differ from actual results or future outcomes; changes in estimates related to revenues and costs associated with our contracts with customers could result in a reduction or elimination of revenues, a reduction of profits or the recognition of losses; backlog may not be realized or may not result in profits and may not accurately represent future revenue; the imposition of additional duties and tariffs and other trade barriers and retaliatory countermeasures implemented by the U.S. and other governments; our results of operations may vary significantly from quarter to quarter; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy and battery storage specifically; limitations on the availability or an increase in the price of materials, equipment and subcontractors that we and our customers depend on to complete and maintain projects; our business is labor-intensive, and we may be unable to attract and retain qualified employees or we may incur significant costs in the event we are unable to efficiently manage our workforce or the cost of labor increases; the loss, or reduction in business from, certain significant customers; many of our contracts may be canceled or suspended on short notice or may not be renewed upon completion or expiration, and we may be unsuccessful in replacing our contracts; we may fail to adequately recover on contract modifications against project owners for payment or performance; the nature of our business exposes us to potential liability for warranty, engineering and other related claims; during the ordinary course of our business, we are subject to lawsuits, claims and other legal proceedings, as well as bonding claims and related reimbursement requirements; we can incur liabilities or suffer negative financial or reputational impacts relating to health and safety matters; disruptions to our information technology systems or our failure to adequately protect critical data, sensitive information and technology systems; we have identified material weaknesses in our internal control over financial reporting and if our remediation of the material weaknesses is not effective, or if we otherwise fail to maintain effective internal control over financial reporting in the future, we may not be able to accurately or timely report our financial condition or results of operations; any deterioration in the quality or reputation of our brands, which can be exacerbated by the effect of social media or significant media coverage; the loss of, or our inability to attract or keep, key personnel could disrupt our business; our inability to successfully execute our acquisition strategy; we may be unable to compete for projects if we are not able to obtain surety bonds, letters of credit or bank guarantees; we are generally paid in arrears for our services and may enter into other arrangements with certain of our customers, which could subject us to potential credit or investment risk and the risk of client defaults; insurance and claims expenses, as well as the unavailability or cancellation of third-party insurance coverage; our business and results of operations are subject to physical risks including those associated with climate change; our business is subject to operational hazards, including, among others, damage from severe weather conditions and electrical hazards, that can result in significant liabilities, and we may not be insured against all potential liabilities; increasing scrutiny and changing expectations from various stakeholders with respect to corporate sustainability practices may impose additional costs on us or expose us to reputational or other risks; our unionized workforce and related obligations; our inability to maintain, protect or enforce our rights in intellectual property; we may be subject to intellectual property rights claims by third parties, which are extremely costly to defend, could require us to pay significant damages and could limit our ability to use certain technologies; we use artificial intelligence technologies in our business, and the deployment, use, and maintenance of these technologies involve significant technological and legal risks; negative macroeconomic conditions and industry-specific market conditions; fluctuations in economic, political, financial, industry and market conditions on a regional, national or global basis, including as a result of, among other things, inflationary pressure that impacts our costs associated with labor, equipment and materials, increased interest rates, default or threat of default by the U.S. federal government with respect to its debt obligations, U.S. government shutdowns, natural disasters and other emergencies (e.g., wildfires, weather-related events or pandemics), deterioration of global or specific trade relationships, or acts of war, including but not limited to conflicts in the Middle East, geopolitical conflicts and political unrest; projects in our industry can have long sales cycles requiring significant upfront investment of resources; our revenues and profitability can be negatively impacted if our customers encounter financial difficulties or file for bankruptcy or disputes arise with our customers; the highly competitive nature of our business; technological advancements in other forms of power generation could negatively affect our business; regulatory requirements applicable to our industry and changes in current and potential legislative and regulatory initiatives may adversely affect demand for our services; we are subject to complex federal, state and other environmental, health and safety laws and regulations that could adversely affect the cost, manner or feasibility of conducting our operations or expose us to significant liabilities; we are subject to various specific regulatory regimes and requirements that could result in significant compliance costs and liabilities; any actual or perceived failure to comply with new or existing laws, regulations or other requirements relating to the privacy, security and processing of personal information; changes in tax laws or our tax estimates or positions; failure to comply with anti-corruption, anti-bribery and/or international trade laws; violations of export control and/or economic sanctions laws and regulations to which we are subject and changes to U.S. foreign trade policy; immigration laws, including our inability to verify employment eligibility; our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly; our failure to comply with the covenants contained in the credit agreement could result in an event of default that could cause repayment of our debt to be accelerated; we may incur substantial additional indebtedness in the future and may not be able to generate sufficient cash to service such indebtedness, and may be forced to take other actions to satisfy our obligations under such indebtedness, which may not be successful; and the expenses that are required in order to operate as a public company could be material. For additional discussion of factors that could impact our operational and financial results, please refer to our filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of the Company’s website at https://investors.solvenergy.com/financial-information/sec-filings. The Company assumes no responsibility to update forward-looking statements made herein or otherwise. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual financial condition, results of operations, future performance and business may vary in material respects from the performance projected in these forward-looking statements.

Non-GAAP Information

Included in this press release are certain financial measures, including EBITDA, Adjusted EBITDA, Adjusted Gross Profit, and Adjusted Gross Margin that are not required by or prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), and are designed to supplement, and not substitute, the Company’s financial information presented in accordance with GAAP. The Company’s board of directors, management and investors use EBITDA, Adjusted EBITDA, Adjusted Gross Profit, and Adjusted Gross Margin to assess the Company’s financial performance because such measures allow them to compare operating performance on a consistent basis across periods. The Company believes these measures provide investors with additional information regarding the factors and trends affecting its business and facilitate comparisons of operating performance across periods. The non-GAAP measures as defined by the Company may not be comparable to similar non-GAAP measures presented by other companies. The presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company’s future results, cash flows or leverage will be unaffected by other unusual or nonrecurring items. Please see the financial tables included with this press release for reconciliations thereof to the most directly comparable GAAP measures.

The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as provisions for income taxes necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot predict all of the components of the adjusted calculations and the GAAP measures may be materially different than the non-GAAP measures.

Investor Contact:

Mike Adams
InvestorRelations@solvenergy.com

Media Contact:

Ashley McCarthy
media@solvenergy.com

Supplemental Tables:

SOLV Energy, Inc. Condensed Consolidated Statements of Operations (Unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands, except share and per share amounts)		2026				2025				2026				2025
Revenue	$	1,241,793			$	753,067			$	2,869,841			$	1,696,866
Cost of revenue		1,020,881				604,866				2,390,243				1,376,505
Gross profit		220,912				148,201				479,598				320,361
Selling, general and administrative expenses		61,735				50,522				225,759				127,749
Amortization expense		17,016				14,879				49,176				42,415
Total operating expenses		78,751				65,401				274,935				170,164
Operating income		142,161				82,800				204,663				150,197
Loss on debt extinguishment		—				—				10,688				-
Interest expense		1,742				13,680				10,041				40,433
Interest income		(1,840	)			(1,049	)			(5,133	)			(5,904	)
Other income, net		(1,507	)			(468	)			(4,107	)			(408	)
Income before income taxes		143,766				70,637				193,174				116,076
Income tax expense		21,019				533				31,008				1,842
Net income		122,747				70,104				162,166				114,234
Net income (loss) attributable to non-controlling interests and LLC members prior to IPO		52,856				(3	)			78,663				586
Net income attributable to SOLV Energy, Inc.	$	69,891			$	70,107			$	83,503			$	113,648
	Three Months Ended September 30, 2026								Period from February 12, 2026 to September 30, 2026
Net loss per share:
Basic	$	0.55							$	0.69
Diluted	$	0.53							$	0.66
Weighted average shares outstanding:
Basic		127,229,245								121,156,542
Diluted		132,159,632								126,195,127

SOLV Energy, Inc. Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share amounts)	September 30, 2026			December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	422,132		$	394,876
Accounts receivable, net		648,537			269,044
Contract assets		155,087			156,744
Capitalized project development costs		—			17,734
Prepaid and other current assets		77,262			60,887
Total current assets		1,303,018			899,285
Other assets:
Property and equipment, net		133,115			106,383
Operating lease right-of-use assets		7,360			8,010
Goodwill		442,035			429,279
Intangible assets, net		340,102			362,390
Deferred tax assets		235,385			—
Other long-term assets		8,726			10,925
Total assets	$	2,469,741		$	1,816,272
LIABILITIES AND STOCKHOLDERS'/MEMBER'S EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	778,566		$	562,218
Contract liabilities		322,833			308,619
Current portion of equipment financing		6,920			6,526
Current portion of lease liabilities		17,758			12,978
Current portion of long-term debt		—			2,498
Total current liabilities		1,126,077			892,839
Other liabilities
Term debt, long term		—			391,988
Equipment financing, long-term		15,798			21,317
Lease liabilities, long-term		46,698			36,559
Tax receivable agreement		289,814			—
Other long-term liabilities		20,622			18,344
Total liabilities		1,499,009			1,361,047
Commitments and Contingencies - Note 12
Member's equity:
Total member's equity		—			452,195
Stockholders' equity:
Class A common stock, $0.0001 par value; 1,250,000,000 shares authorized, 131,067,175 shares issued and outstanding		14			—
Class B common stock, $0.0001 par value; 100,000,000 shares authorized, 71,326,624 shares issued and outstanding		7			—
Additional paid-in capital		525,907			—
Retained earnings		83,503			—
Total stockholders' equity to SOLV Energy, Inc.		609,431			—
Non-controlling interest		361,301			3,030
Total member's/stockholders’ equity		970,732			455,225
Total liabilities and stockholders'/member's equity	$	2,469,741		$	1,816,272

SOLV Energy, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited)
	Nine Months Ended September 30,
(in thousands)		2026				2025
Operating activities
Net income	$	162,166			$	114,234
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		77,622				63,247
Non-cash compensation expense		77,249				2,871
Loss on extinguishment of debt (non-cash portion)		6,676				-
Write off of project development costs		4,265				6,967
Tax receivable agreement liability adjustment		(3,680	)			-
Other		(818	)			88
Change in operating assets and liabilities		(146,208	)			(64,755	)
Cash flows provided by operating activities		177,272				122,652
Investing activities
Purchases of property and equipment		(27,017	)			(13,163	)
Cash paid for acquisitions, net of cash acquired		(37,104	)			(55,070	)
Cash flows used in investing activities		(64,121	)			(68,233	)
Financing activities
Issuance of Class A common stock, net of underwriting discount		844,249				-
Purchase of LLC Interests		(291,706	)			-
Repayment of term debt		(405,203	)			(3,047	)
Payment of deferred acquisition consideration		(5,500	)			-
Payment of offering costs		(6,496	)			-
Proceeds on debt		-				32,500
Payment of debt issuance costs		(2,800	)			(488	)
Payments for finance leases		(9,914	)			(6,726	)
Proceeds on equipment financing		-				14,500
Payments on equipment financing		(5,125	)			(4,444	)
Distributions to members of SOLV Energy Holdings LLC		(203,400	)			(86,632	)
Cash flows used in financing activities		(85,895	)			(54,337	)
Increase in cash and cash equivalents		27,256				82
Cash and cash equivalents, beginning of period		394,876				207,987
Cash and cash equivalents, end of period	$	422,132			$	208,069
Supplemental cash flow information:
Interest paid	$	9,238			$	36,183
Income taxes paid	$	16,073			$	1,216
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for lease liabilities	$	25,606			$	10,283
Deferred offering costs reclassified to additional paid-in-capital	$	11,052			$	-
Contingent consideration recognized in connection with acquisition	$	8,335			$	-

Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA
	Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands, except for gross margin)		2026				2025				2026				2025
Net income	$	122,747			$	70,104			$	162,166			$	114,234
Interest expense		1,742				13,680				10,041				40,433
Interest income		(1,840	)			(1,049	)			(5,133	)			(5,904	)
Provision for income taxes		21,019				533				31,008				1,842
Depreciation and amortization		27,133				22,129				77,622				61,892
EBITDA		170,801				105,397				275,704				212,497
Non-cash compensation expense		(2,421	)			899				77,249				2,871
Gain on the disposal of property and equipment		(140	)			(260	)			(174	)			(257	)
Loss on the extinguishment of debt		—				—				10,688				—
Change in the fair value of derivative		—				(33	)			(1	)			21
Tax receivable agreement remeasurement		(1,252	)			—				(3,680	)			—
Non-recurring private equity management fees, transaction, integration and transition costs, and other non-cash costs		5,892				15,529				23,090				26,720
Adjusted EBITDA	$	172,880			$	121,532			$	382,876			$	241,852

(1)

Consists of management fees paid to American Securities, that are no longer being incurred following the IPO date, one-time IPO related costs, non-recurring transaction and integration costs inclusive of deferred compensation or earn-out structures to employees of acquired businesses that are not related to normal course compensation and are conditioned on post-closing service obligations, and other non-cash or non-recurring expenses. We recorded management fees, including reimbursable expenses, of $— million and $0.8 million for the three months ended September 30, 2026 and 2025, respectively and $0.8 million and $2.7 million for the nine months ended September 30, 2026 and 2025. For the three months ended September 30, 2026, we recorded $5.3 million related to transaction and integration costs, and non-capitalized IPO related costs, and wrote-off $— million of capitalized development costs included in cost of revenue related to activity from the historical development business no longer in service, which were offset by miscellaneous immaterial adjustments. For the nine months ended September 30, 2026, we recorded $16.6 million related to transaction and integration costs, and noncapitalized IPO related costs, and wrote-off $5.2 million of capitalized development costs included in cost of revenue related to activity from the historical development business no longer in service, which were offset by miscellaneous immaterial adjustments.

Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit
	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except for gross margin)	2026			2025			2026			2025
Gross profit (GAAP)	220,912			148,201			479,598			320,361
Non-cash compensation expense	(6,218	)		—			4,473			—
Adjusted gross profit (Non-GAAP)	214,694			148,201			484,071			320,361
Gross Margin %	17.8	%		19.7	%		16.7	%		18.9	%
Adjusted Gross Margin %	17.3	%		19.7	%		16.9	%		18.9	%

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were SOLV Energy's third-quarter 2026 revenue and earnings?

SOLV reported $1,242 million in revenue, up 65% year over year, and net income before non-controlling interests of $123 million, versus $70 million. Net income attributable to SOLV was $69.891 million, compared with $70.107 million a year earlier.

What is SOLV Energy's revised full-year 2026 guidance?

SOLV expects $4,030–$4,120 million in revenue and $525–$540 million in adjusted EBITDA for the year ending December 31, 2026. The previous ranges were $3,870–$3,970 million and $485–$505 million, respectively.

Why did SOLV Energy's gross margins decline in 2026?

SOLV attributed the year-over-year margin declines primarily to favorable project performance and contingency releases in 2025, a repair job's contribution in 2025, and compensation classification changes in 2026. Non-cash and annual incentive compensation moved from selling, general and administrative expenses to cost of sales.

What made up SOLV Energy's third-quarter-end liquidity?

Quarter-end liquidity included $422 million of cash and cash equivalents and $187 million of revolving credit availability after approximately $13 million of outstanding letters of credit. These balances exclude the subsequent ASB Energy Services acquisition.