Full-Year Net Income Multiplies to $149 Million
SOLV Energy (Nasdaq: MWH) reported exceptional financial performance for the full year ended December 31, 2025, underscoring robust demand in the power infrastructure sector. The company's full-year revenue climbed to $2.49 billion, a substantial increase from $1.85 billion in 2024. Profitability saw explosive growth, with net income attributable to controlling interests reaching $149 million, a nearly fifteen-fold increase from the $10 million reported in the prior year. Adjusted EBITDA for 2025 more than doubled to $342 million from $165 million in 2024.
The growth accelerated in the fourth quarter, with revenue of $794 million compared to $441 million in the same period of 2024. This performance reflects the company's strong execution and the successful completion of its IPO, which has provided a new foundation for its business.
Project Backlog Swells 87% to $8 Billion
A key indicator of SOLV Energy's future revenue growth is its project backlog, which increased by 87% to a record $8 billion at the end of 2025. This significant expansion in contracted work signals a strong and sustained pipeline of projects, providing investors with high visibility into future earnings potential.
Beyond new construction, the company's operations and maintenance (O&M) business also expanded. SOLV now holds contracts for O&M services covering over 20 GW of generating capacity across 150 power plants. This provides a stable, recurring revenue stream that complements its larger engineering, procurement, and construction projects.
Company Strengthens Balance Sheet After IPO
SOLV Energy has significantly fortified its financial position following its recent initial public offering, which generated $552.5 million in net proceeds. The company used the capital to repay its outstanding term loan and upsize its revolving credit facility to $200 million, enhancing its financial flexibility for future growth initiatives.
Looking forward, CEO George Hershman expressed confidence in the company's trajectory and introduced financial guidance for 2026, signaling a continued focus on disciplined expansion.
We closed 2025 with record financial performance that reflects the strength of our value proposition and the sustained demand for infrastructure services. As we look ahead, we expect that 2026 will be a foundational year of disciplined, scalable growth.
— George Hershman, Chief Executive Officer
