SOLV Energy Backlog Jumps 87% to $8B, 2026 Revenue Guidance $3.72–3.82B
SOLV Energy posted Q4 revenue of $794 million, up 80% year-over-year, and full-year revenue of $2.49 billion, driving 2025 net income to $149 million. Year-end backlog rose 87% to $8 billion, the company raised $552.5 million in IPO proceeds and guided 2026 revenue of $3.72–3.82 billion.
1. Fourth Quarter and Full-Year 2025 Financial Highlights
SOLV Energy generated Q4 revenue of $794 million, up 80% from the prior year, and full-year revenue of $2.49 billion, a 35% increase. Gross profit rose to $144 million for the quarter and $464 million for the year, while net income attributable to controlling interest reached $36 million and $149 million respectively.
2. IPO Proceeds and Debt Restructuring
The company raised $552.5 million in net proceeds from its IPO, repaid its outstanding term loan and increased its revolver capacity to $200 million, bolstering liquidity and reducing leverage ahead of 2026.
3. Backlog and Contracted O&M Growth
Year-end 2025 backlog expanded 87% to $8 billion, driven by strong demand for power infrastructure services, and over 20 GW of projects are now under contract for operations and maintenance services.
4. 2026 Financial Guidance
SOLV Energy initiated 2026 guidance with projected revenue of $3.72–3.82 billion, gross profit of $580–620 million, gross margin of 15.6%–16.2% and adjusted EBITDA of $400–420 million, underscoring confidence in disciplined, scalable growth.