SOLV Energy, trading under the ticker MWH, reported third-quarter 2026 revenue of $1.24 billion, a 65% increase driven by strong growth in new construction activity and infrastructure services. Adjusted EBITDA reached $173 million for the quarter and $383 million for the first nine months, supported by adjusted gross margin performance and operating leverage.
The company's total backlog stood at a record $9.2 billion as of September 30, of which $3.1 billion relates to battery energy storage system components, reflecting accelerating customer demand for integrated solutions. Management raised its 2026 revenue guidance to between $4.03 billion and $4.12 billion, up from the prior range of $3.87 billion to $3.97 billion, and set adjusted EBITDA guidance at $525 million to $540 million.S1
Adjusted gross margin was 17.3% in the third quarter, down from 19.7% a year earlier, which had benefited from high-margin repair work and contingency releases. Net income rose to $123 million from $70 million, and diluted earnings per share were $0.53, with results supported by operational efficiency following the company's February 2026 initial public offering. Liquidity ended the quarter at $609 million, including $422 million in cash and $187 million of available credit.S1
The company disclosed a $77 million non-cash compensation charge in the first nine months tied to the modification of legacy equity awards at the IPO. Management also highlighted a 1.2 gigawatt project award, the largest single project in its history, and a $45 million acquisition of ASB Energy Services on October 30, 2026, to expand self-perform high-voltage substation and battery storage capabilities.S1
Management pointed to a projected 28% rise in U.S. electricity demand between 2024 and 2034, compared with 5% growth over the prior decade, as a driver of the market shift toward larger and more complex power programs. The company estimates it holds about a 15% share of the domestic market and currently has 5 gigawatts of projects above 600 megawatts in its backlog, while its operations and maintenance portfolio covers 24 gigawatts of generating capacity.S1
