SOLV Energy (MWH) Q2 2026 earnings summary

Executive summary

• Achieved record first half 2026 results, with revenue up 72% year-over-year, adjusted EBITDA up 75%, and adjusted gross profit up 56%, driven by strong execution, new construction, and M&A activity.

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

• Closed the Roberson Waite Electric acquisition in July 2026, expanding utility infrastructure and substation capabilities.

• Raised full-year 2026 guidance for revenue, adjusted gross profit, and adjusted EBITDA, reflecting robust execution and recent M&A activity.

• Maintains a strong balance sheet with no long-term debt and disciplined growth focus.

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; 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.

• Gross margin for Q2 2026 was 14.7% (down from 21.1% in Q2 2025); first half gross margin was 15.9%.

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

Outlook and guidance

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

• Adjusted gross profit guidance increased to $620–$660 million (16.0%–16.6% margin); adjusted EBITDA guidance to $485–$505 million (12.5%–12.7% margin).

• Guidance reflects strong new construction execution and M&A contributions.

• 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.