SOLV Energy (Nasdaq: MWH) reports record 2025 results and issues 2026 outlook

Rhea-AI Filing Summary

SOLV Energy, Inc. reported sharply higher results for the quarter and full year ended December 31, 2025. Fourth-quarter revenue rose to $793.6 million from $440.9 million a year earlier, with net income attributable to controlling interests increasing to $35.5 million from $9.8 million.

For full-year 2025, revenue grew to $2.49 billion from $1.85 billion, while net income attributable to controlling interests jumped to $149.2 million from $9.9 million. Gross margin improved to 18.6% from 14.0%, and Adjusted EBITDA increased to $341.7 million from $165.1 million, reflecting stronger profitability.

Operating cash flow strengthened to $331.6 million from $117.6 million, lifting cash and cash equivalents to $394.9 million as of December 31, 2025. Management highlighted record performance, the successful completion of its IPO last month, and introduced full-year 2026 financial guidance alongside these results.

Positive

• Record revenue and earnings growth: 2025 revenue rose to $2.49 billion from $1.85 billion, while net income attributable to controlling interests increased to $149.2 million from $9.9 million, indicating a substantially stronger earnings profile.
• Margin and cash flow strength: Gross margin expanded from 14.0% to 18.6%, Adjusted EBITDA more than doubled to $341.7 million, and operating cash flow increased to $331.6 million, supporting a year-end cash balance of $394.9 million.

Negative

• None.

Insights

Equity research analyst

SOLV Energy delivered record 2025 growth with stronger margins and cash generation.

SOLV Energy showed substantial scale-up in 2025. Revenue increased to $2.49 billion from $1.85 billion, while net income attributable to controlling interests rose to $149.2 million from $9.9 million, indicating a much more profitable business model at higher volumes.

Profitability quality improved as gross margin expanded from 14.0% to 18.6% and Adjusted EBITDA more than doubled to $341.7 million from $165.1 million. Higher selling, general and administrative expenses supported growth but were outweighed by operating leverage and margin expansion.

Cash generation was strong, with operating cash flow climbing to $331.6 million from $117.6 million, boosting cash and cash equivalents to $394.9 million as of December 31, 2025. Management also referenced a recently completed IPO and introduced 2026 financial guidance, signaling confidence in continued disciplined, scalable growth.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 19, 2026

SOLV Energy, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-43117		33-4537250
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

16680 West Bernardo Drive

San Diego, CA 92127

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (858) 251-4888

Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol		Name of each exchange on which registered
Class A common stock, par value $0.0001 per share		MWH		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On March 19, 2026, SOLV Energy, Inc. issued a press release announcing its financial results for the quarter and full year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished with this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be deemed incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press Release, dated March 19, 2026, issued by SOLV Energy, Inc.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned hereunto duly authorized.

Date: March 19, 2026				SOLV ENERGY, INC.
				By:		/s/ Adam Forman
				Name:		Adam Forman
				Title:		Chief Legal Officer

Exhibit 99.1

SOLV Energy Reports Fourth Quarter and Full Year 2025 Results

SAN DIEGO, California – March 19, 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 fourth quarter and full year ended December 31, 2025.

Financial Summary

(in $ millions except percentages)		Three Months Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
Revenue			794				441				2,490				1,848
Gross Profit			144				82				464				259
Gross Margin			18.1	%			18.5	%			18.6	%			14.0	%
Net Income1			36				10				149				10
Adjusted EBITDA			100				53				342				165

1) Net Income Attributable to Controlling Interest

Financial and Recent Business Highlights

• Raised $552.5 million in net proceeds from initial public offering

• Repaid outstanding term loan and upsized revolver to $200 million

• Year-end 2025 backlog of $8 billion, an 87% increase over year-end 2024

• Over 20 GW now under contract for O&M services

“We closed 2025 with record financial performance that reflects the strength of our value proposition and the sustained demand for infrastructure services. Our track record combined with the successful completion of our IPO last month has created a strong foundation for our business. The positive reception from the investment community underscores the confidence our customers, employees, and shareholders have in our mission and long-term vision,” said George Hershman, Chief Executive Officer of SOLV Energy.

“As we look ahead, we expect that 2026 will be a foundational year of disciplined, scalable growth. We remain focused on executing our strategy and deepening relationships with both new and existing customers. Today, we are introducing our 2026 financial guidance, which reflects our conviction in the significant opportunities ahead and our focus on delivering durable, profitable growth. We are energized by the road in front of us and remain dedicated to creating long-term value for all stakeholders,” Hershman concluded.

Financial Guidance

Today, the Company is initiating full year 2026 financial guidance for the year ending December 31, 2026, with expected ranges of:

• Revenue of $3.720 billion to $3.820 billion

• Gross Profit of $580 million to $620 million

• Gross Margin of 15.6% to 16.2%

• Adjusted EBITDA of $400 million to $420 million

Conference Call and Webcast Information

Management will present results during a conference call today March 19, 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 more than 500 power plants, representing 21 GW of generating capacity. SOLV Energy also provides operations and maintenance (O&M) services to 150 power plants, representing over 20 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.

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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 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, 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

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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; 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; our business is highly competitive; 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; the

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unavailability, reduction or elimination of government and economic incentives; 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 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 and Adjusted EBITDA, 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. Our board of directors, management and investors use EBITDA and Adjusted EBITDA to assess our financial performance because such measures allow them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as carrying levels of interest expense), asset base (such as depreciation and amortization) and items outside the control of our management team (such as income taxes). The non-GAAP measures as defined by the Company may not be comparable to similar non-GAAP measures presented by

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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:

Solebury Strategic Communications / Anthony Rozmus

InvestorRelations@solvenergy.com

Media Contact:

Ashley McCarthy

media@solvenergy.com

(Financial Tables to Follow)

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Consolidated Statements of Operations

(In thousands, unaudited)

		Three Months Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
Revenue		$	793,630			$	440,949			$	2,490,496			$	1,847,803
Cost of revenue			649,758				359,449				2,026,263				1,588,639
Gross profit			143,872				81,500				464,233				259,164
Selling, general and administrative expenses			83,292				40,355				211,041				127,885
Amortization expense			15,333				16,369				57,748				66,347
Total operating expenses			98,625				56,724				268,789				194,232
Operating income (loss)			45,247				24,776				195,444				64,932
Loss on debt extinguishment			—				4,398				—				4,398
Interest expense			12,297				13,733				52,730				55,394
Interest income			(1,252	)			(2,645	)			(7,156	)			(4,601	)
Other income, net			(3,068	)			(96	)			(3,476	)			(781	)
Income (loss) before income taxes			37,270				9,386				153,346				10,522
Income tax expense			1,801				(399	)			3,643				598
Net income (loss)		$	35,469			$	9,785			$	149,703			$	9,924
Less: net income attributable to non-controlling interests			(66	)			4				520				2
Net income (loss) attributable to controlling interests		$	35,535			$	9,781			$	149,183			$	9,922

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Consolidated Balance Sheets

(In thousands, unaudited)

		December 31,
		2025				2024
ASSETS
Cash and cash equivalents		$	394,876			$	207,987
Accounts receivable, net			269,044				277,962
Contract assets			156,744				50,200
Capitalized project development costs			17,734				25,204
Prepaid and other current assets			60,887				26,953
Total current assets			899,285				588,306
Property and equipment, net			106,383				67,635
Operating lease right-of-use assets			8,010				8,014
Goodwill			429,279				410,006
Intangible assets, net			362,390				398,578
Other long-term assets			10,925				5,492
Total assets		$	1,816,272			$	1,478,031
LIABILITIES AND MEMBER’S EQUITY
Accounts payable and accrued expenses		$	562,218			$	401,883
Contract liabilities			308,619				241,000
Due to related party			—				4,739
Current portion of equipment financing			6,526				3,767
Current portion of lease liabilities			12,978				9,559
Current portion of long-term debt			2,498				2,479
Total current liabilities			892,839				663,427
Term debt, long term			391,988				362,832
Equipment financing, long-term			21,317				15,777
Lease liabilities, long-term			36,559				28,014
Other long-term liabilities			18,344				14,534
Total liabilities			1,361,047				1,084,584
Commitments and Contingencies - See Note 13
Non-controlling interest			3,030				2,510
Accumulated deficit			(98,139	)			(247,322	)
Member’s equity			550,334				638,259
Total member’s equity			455,225				393,447
Total liabilities and member’s equity		$	1,816,272			$	1,478,031

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Consolidated Statements of Cash Flows

(In thousands, unaudited)

		Year Ended December 31,
		2025				2024
Cash flows from operating activities:
Net income (loss)		$	149,703			$	9,924
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization			85,543				84,836
Amortization of debt issuance costs			1,337				4,329
Allowance for credit losses			437				(2,635	)
Unit-based compensation expense			27,326				8,607
Gain on investment			—				(750	)
Change in fair value of derivative			17				(236	)
Loss on disposal of property and equipment			38				215
Loss on extinguishment of debt			—				3,061
Write off of project development costs			7,180				457
Change in operating assets and liabilities:
Accounts receivable			21,469				(49,970	)
Contract assets			(100,437	)			133,127
Other current and non-current assets			(32,801	)			(2,526	)
Accounts payable and accrued expenses			109,250				(96,457	)
Contract liabilities			66,896				24,344
Long-term liabilities			(4,313	)			1,287
Net cash provided by operating activities			331,645				117,613
Cash flows from investing activities:
Purchases of property and equipment			(21,411	)			(8,569	)
Proceeds from sale of property and equipment			—				300
Cash paid for acquisitions			(55,331	)
Distribution from investment			—				—
Investment in unconsolidated entity			—				—
Net cash used in investing activities			(76,742	)			(8,269	)
Cash flows from financing activities:
Proceeds from debt			32,500				—
Principal payments on debt			(4,062	)			(18,622	)
Proceeds from line of credit			—				97,250
Repayments to line of credit			—				(97,250	)
Payments of financing fees			—				(8,781	)
Payments for finance leases			(9,324	)			(4,299	)

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Proceeds on equipment financing			14,500				—
Payments on equipment financing			(6,201	)			(3,467	)
Contingent Consideration			—				—
Deferred purchase price			—				(34,144	)
Payments of offering costs			(4,179	)			—
Contribution from non-controlling interests			—				465
Distributions to parent			(91,248	)			(10,525	)
Net cash used in financing activities			(68,014	)			(79,373	)
Net increase in cash and cash equivalents			186,889				29,971
Cash and cash equivalents, beginning of period			207,987				178,016
Cash and cash equivalents, end of period			394,876				207,987

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Reconciliation of Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA

(in thousands)

		Three Months Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
(in $ thousands)
Net income attributable to controlling interests		$	35,535			$	9,781			$	149,183			$	9,922
Interest expense			12,297				13,733				52,730				55,394
Interest income			(1,252	)			(2,645	)			(7,156	)			(4,601	)
Provision for income taxes			1,801				(399	)			3,643				598
Depreciation and amortization			23,651				22,163				85,543				84,836
EBITDA			72,032				42,633				283,943				146,149
Non-cash compensation expense			24,455				2,722				27,326				8,607
(Gain) loss on the disposal of assets			295				107				38				215
Loss on the extinguishment of debt			—				4,398				—				4,398
Change in the fair value of derivative			(4	)			(193	)			17				(236	)
Change in the fair value of investments			—				—				—				(750	)
Non-recurring private equity management fees, transaction, integration and transition costs, and other non-cash costs			3,633				3,382				30,353				6,750
Adjusted EBITDA		$	100,411			$	53,049			$	341,677			$	165,133

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FAQ

How did SOLV Energy (MWH) perform financially in full-year 2025?

SOLV Energy delivered significantly stronger 2025 results, with revenue rising to $2.49 billion from $1.85 billion and net income attributable to controlling interests increasing to $149.2 million from $9.9 million. Gross margin improved to 18.6%, showing better profitability on higher volumes.

What were SOLV Energy’s fourth-quarter 2025 results?

In fourth-quarter 2025, SOLV Energy generated revenue of $793.6 million compared with $440.9 million a year earlier. Net income attributable to controlling interests was $35.5 million versus $9.8 million, reflecting strong year-end performance and improved profitability at the project level.

How did SOLV Energy’s profitability and margins change in 2025?

Profitability improved notably in 2025. Gross margin increased to 18.6% from 14.0%, while Adjusted EBITDA rose to $341.7 million from $165.1 million. These gains indicate better project economics, operating leverage, and cost management across the company’s infrastructure services portfolio.

What was SOLV Energy’s cash flow and cash position at year-end 2025?

SOLV Energy generated $331.6 million of cash from operating activities in 2025, up from $117.6 million in 2024. This strong cash generation helped increase cash and cash equivalents to $394.9 million as of December 31, 2025, enhancing financial flexibility for future growth.

Did SOLV Energy provide any outlook or guidance for 2026?

Yes. Management described 2026 as a foundational year of disciplined, scalable growth and announced initiation of full-year 2026 financial guidance for the year ending December 31, 2026. Detailed guidance ranges are referenced but not fully included in the excerpt provided.

What strategic developments did SOLV Energy highlight alongside its 2025 results?

SOLV Energy emphasized record 2025 performance, sustained demand for infrastructure services, and the successful completion of its IPO last month. Management also underscored a focus on executing strategy, deepening customer relationships, and delivering durable, profitable growth supported by new 2026 financial guidance.

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