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Solv Energy Reports Third Quarter 2026 Financial Results
SAN DIEGO, Nov. 12, 2026 (GLOBE NEWSWIRE) — SOLV Energy, Inc. (“SOLV” or the “Company”) (Nasdaq: MWH), a leading provider of infrastructure services to the power industry, today announced financial results for the third quarter ended September 30, 2026.
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Three Months Ended |
Nine Months Ended |
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(in $ millions, unless noted otherwise) |
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1) Commencing in 2026, the Company classified certain annual incentive compensation within Cost of Revenue instead of Selling, General & Administrative Expense. This change affects the presentation of Gross Profit, Gross Margin and Adjusted Gross Margin but has no impact on Net Income, Adjusted EBITDA, or cash flows.
2) Represents Net Income before Non-Controlling Interest.
3) Adjusted Gross Profit and Adjusted Gross Margin exclude the impact of the allocation of non-cash compensation expense to cost of revenue.
Financial and Business Highlights
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Trailing twelve-month safety metrics below industry benchmarks
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Record financial performance during the first nine months of 2026, with revenue up 69% year over year
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Total backlog as of September 30, 2026 of approximately $9.2 billion
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Over 24 GW under contract for O&M services
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Completed the acquisition of ASB energy services on October 30, 2026
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Raising full-year 2026 financial guidance
“SOLV delivered another quarter of strong results, driven by continued execution across the business, our focus on safety, and the dedication of our employees,” said George Hershman, Chief Executive Officer of SOLV Energy. “With a growing backlog, momentum across our operations, and continued demand across our <a href="https://bitcomme.com/christmas-kindness-market-happening-sunday/” title=”Christmas ‘Kindness Market’ happening Sunday”>markets, we are raising our full-year guidance and remain focused on disciplined execution, responsible growth, and expanding the value we provide to our customers. We believe the strength of our backlog and the opportunities we see throughout the energy infrastructure lifecycle position us well as we look ahead to 2027.”
Revenue for the third quarter of 2026 increased 65% year over year to $1,242 million, bringing year to date revenue to $2,870 million, or an increase of 69% year over year. This growth was primarily driven by both an increase in new construction activity and in existing infrastructure revenue.
