The significant revenue and earnings growth, robust backlog, and strong IPO execution suggest SOLV is gaining market share in the power infrastructure sector. Traders should monitor whether the company can maintain margins amid rapid growth and assess execution risk on the large backlog. The bullish guidance implies strong visibility, making MWH a potential growth play in the energy transition space.
Price Chart
Executive Summary
SOLV Energy reported strong full-year 2025 results with revenue up 34.7% YoY to $2.49 billion and net income soaring to $149.2 million from $9.9 million in 2024. The company initiated 2026 guidance with revenue expected between $3.72–$3.82 billion, signaling continued growth despite a projected decline in gross margin to 15.6–16.2%. The results reflect strong demand for power infrastructure services and the recent completion of its IPO, which raised $552.5 million.
Key Financial Metrics
Key Facts
- Full-year 2025 revenue: $2.49 billion (up 34.7% YoY from $1.85 billion)
- Full-year 2025 net income: $149.2 million (up 1,400% YoY from $9.9 million)
- Q4 2025 revenue: $793.6 million (up 80% YoY from $440.9 million)
- Company initiated 2026 guidance: revenue of $3.72–$3.82 billion (up ~50% YoY at midpoint)
- Raised $552.5 million in net IPO proceeds and increased revolver to $200 million
- Year-end 2025 backlog reached $8 billion, up 87% YoY
Financial Impact
Revenue expected to grow ~50% in 2026 to $3.77B midpoint, with Adjusted EBITDA growing to $410M (25% YoY increase from $341.7M in 2025)
Risk Factors
- Gross margin guidance for 2026 (15.6–16.2%) is below 2025 level of 18.6%, indicating potential pricing pressure or cost inflation
- Company disclosed material weaknesses in internal controls over financial reporting
- Backlog may not convert to revenue or profits as expected due to project delays or cancellations
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-115127 |
| Document: d31700d8k.htm | 0001193125-26-115127 |
| Document: 0001193125-26-115127-index-headers.html | 0001193125-26-115127 |
| Document: 0001193125-26-115127-index.html | 0001193125-26-115127 |
| Document: 0001193125-26-115127.txt | 0001193125-26-115127 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | Press Release | $21.53 | awaiting T+60 | — | $22.55 (+4.74%) |
Jun 4, 2026 20w ago | Press Release | $32.81 $25.52 | ▲ +22.22% | ▲ +26.22% | $22.55 (+31.27%) |
May 29, 2026 21w ago | 424B4 | $34.63 $28.19 | ▲ +18.60% | ▲ +19.83% | $22.55 (+34.88%) |
May 29, 2026 21w ago | EFFECT | $35.53 $28.04 | ▼ −21.08% | ▼ −22.26% | $22.55 (−36.53%) |
May 28, 2026 21w ago | Press Release | $35.53 $28.04 | ▲ +21.08% | ▲ +22.26% | $22.55 (+36.53%) |
May 26, 2026 22w ago | Press Release | $38.11 $28.92 | ▲ +24.11% | ▲ +25.99% | $22.55 (+40.83%) |
May 26, 2026 22w ago | S-1 | $38.11 $28.92 | ▼ −24.11% | ▼ −25.99% | $22.55 (−40.83%) |
May 12, 2026 24w ago | 8-K | $45.84 $27.66 | ▼ −39.66% | ▼ −44.04% | $22.55 (−50.81%) |
May 12, 2026 24w ago | Press Release | $45.84 $27.66 | ▼ −39.66% | ▼ −44.04% | $22.55 (−50.81%) |
May 4, 2026 25w ago | Press Release | $42.51 $23.86 | ▼ −43.87% | ▼ −45.73% | $22.55 (−46.95%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers