SOLV Energy (MWH) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was $1.242B, up 64.9% YoY; 9M revenue was $2.870B, up 69.1%, and adjusted EBITDA was $172.9M and $382.9M, respectively.

• Backlog reached $9.18B at September 30, including ~$3.1B of projects with battery storage; remaining EPC performance obligations were $3.27B.

• Raised FY26 guidance and demand across the energy infrastructure lifecycle support expected growth into 2027 and beyond.

• Trailing 12-month safety metrics remained below industry benchmarks, with more than 24 GW of contracted O&M coverage.

Financial highlights

• Q3 revenue was $1.242B, up 65% YoY; 9M revenue was $2.870B, up 69%, primarily on higher new construction activity and existing infrastructure revenue.

• Adjusted gross profit was $214.7M in Q3 and $484.1M for 9M; adjusted gross margins were 17.3% and 16.9%, respectively.

• Adjusted EBITDA was $172.9M in Q3, up 42% YoY, and $382.9M for 9M, up 58%; net income was $122.7M and $162.2M, respectively.

• Q3 revenue growth included $468.4M of higher new construction revenue; 9M revenue increased $1.173B, largely from new construction.

Outlook and guidance

• FY26 revenue guidance increased to $4.03B–$4.12B from $3.87B–$3.97B.

• FY26 adjusted gross profit guidance rose to $660M–$690M, with adjusted gross margin guidance of 16.4%–16.7%.

• FY26 adjusted EBITDA guidance increased to $525M–$540M, with adjusted EBITDA margin guidance of 13.0%–13.1%.

• Management expects strong growth into 2027 and beyond, supported by backlog and active business development; formal 2027 guidance is planned for the year-end call.