SOLV Energy (MWH) Q2 2026 earnings summary

Executive summary

• Achieved record first half 2026 results, with revenue up 72% year-over-year and adjusted EBITDA up 75%, driven by strong execution, new construction, and recent acquisitions.

• Backlog reached $8.9 billion as of June 30, 2026, a 44% increase year-over-year, providing strong revenue visibility.

• Closed the acquisition of Roberson Waite Electric in July 2026, expanding utility infrastructure and substation capabilities as part of a targeted M&A strategy.

• Raised full-year 2026 guidance for revenue, adjusted gross profit, and adjusted EBITDA, reflecting robust execution and improved outlook.

• Market fundamentals remain strong, driven by rising U.S. power demand, electrification, and industrial reshoring.

Financial highlights

• Q2 2026 revenue was $951 million, up 77% year-over-year; first half revenue totaled $1.63 billion, up 72%.

• Adjusted gross profit for Q2 was $145 million (up 28%); first half adjusted gross profit was $269 million (up 56%).

• Adjusted EBITDA for Q2 was $117 million (12.4% margin); first half adjusted EBITDA reached $210 million (12.9% margin), up 75% year-over-year.

• Q2 2026 net income was $67 million; first half net income was $39 million, impacted by one-time IPO-related charges.

• Gross margin for Q2 2026 was 14.7%; first half gross margin was 15.9%; adjusted gross margin for the first half was 16.5%.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $3.87–$3.97 billion.

• Adjusted gross profit guidance increased to $620–$660 million; adjusted EBITDA guidance to $485–$505 million.

• Adjusted gross margin guidance updated to 16–16.6%, mainly due to accounting changes, not operational performance.

• Backlog provides strong visibility into 2027 and 2028, with a typical 24–30 month look-ahead.

• Management expects to recognize most remaining performance obligations over the next 12–18 months.