SOLV Energy (NASDAQ:MWH) announced its financial results for the fourth quarter and full fiscal year ended December 31, 2025, marking its first earnings report as a public company following its successful Nasdaq debut in February 2026.
The company reported full-year revenue of $2.49 billion, a 34.7% increase over the prior year, fueled by the rapid expansion of solar and energy storage infrastructure across the United States.
Gross profit for the year reached $464 million, with net income attributable to controlling interests totaling $149 million.
The cornerstone of the report was the company’s massive forward-looking momentum.
SOLV Energy ended 2025 with a record backlog of $8 billion, representing an 87% year-over-year increase.
This surge in contracted work provides high visibility into the next several years of operations, supported by over 20 GW of generating capacity currently under operations and maintenance (O&M) contracts.
The company’s successful IPO raised $552.5 million in net proceeds, which were immediately utilized to repay its outstanding term loan and upsize its revolving credit facility to $200 million, leaving the firm with a lean, flexible capital structure.
Operationally, the company continues to benefit from the "speed to power" demands of hyperscale data centers and the broader electrification of the industrial sector.
By focusing on projects of 200 MW and larger, SOLV Energy has positioned itself as a critical partner for independent power producers and utilities navigating the transition away from coal-fired generation.
Adjusted EBITDA for fiscal 2025 reached $341.7 million, with the fourth quarter alone contributing $100.4 million as project execution hit a peak cadence.
Looking ahead to fiscal 2026, SOLV Energy issued robust guidance that anticipates another year of significant scaling.
The company targets full-year revenue between $3.72 billion and $3.82 billion, representing nearly 50% growth at the midpoint.