Solv Energy (MWH) Q4 FY2025 earnings: revenue $794 million

Solv Energy, Inc. (MWH) reported revenue of $794 million for Q4 FY2025, the quarter ended 31 December 2025. Net income was $36 million. The figures are the company's own, from the 10-K it filed with the SEC on 25 March 2026.

Revenue

$794 million

+5.4% on the quarter

Q1 FY2025Q4 FY2025

Operating margin

5.7%

Q1 FY2025Q4 FY2025

Net income

$36 million

-48.6% on the quarter

Q1 FY2025Q4 FY2025

Diluted EPS

n/a

Q1 FY2025Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 new.

Fourth-quarter revenue and gross profit rose: Fourth-quarter revenue was $794 million against $441 million a year earlier, and gross profit was $144 million against $82 million.
Full-year revenue and adjusted EBITDA rose: Full-year revenue was $2,490 million against $1,848 million, and adjusted EBITDA was $341.7 million against $165.1 million. Fourth-quarter adjusted EBITDA was $100.4 million against $53.0 million.
Gross margin lower in quarter, higher for year: Gross margin was 18.1% in the fourth quarter against 18.5% a year earlier, and 18.6% for the full year against 14.0%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	A year earlier	On the quarter
Revenue	794	753	n/a	+5.4%
Cost of revenue	650	605	n/a	+7.4%
Gross profit	144	148	n/a	-2.9%
Gross margin	18.1%	19.7%	n/a
Selling, general and administrative	83.3	50.5	n/a	+64.9%
Operating income	45.2	82.8	n/a	-45.4%
Operating margin	5.7%	11.0%	n/a
Interest expense	n/a	13.7	n/a
Pre-tax income	37.3	70.6	n/a	-47.2%
Income tax	n/a	0.5	n/a
Effective tax rate	n/a	0.8%	n/a
Net income	36.1	70.1	n/a	-48.6%
Net margin	4.5%	9.3%	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	A year earlier	On the quarter
Operating cash flow	209	71.8	n/a	+191.0%
Capital expenditure	8.2	7.8	n/a	+5.1%
Free cash flow	201	64.0	n/a	+213.8%
Free cash flow margin	25.3%	8.5%	n/a
Cash from investing	n/a	-7.2	n/a
Cash from financing	n/a	-20.0	n/a
Depreciation and amortisation	22.3	23.5	n/a	-5.1%
Share-based compensation	n/a	0.9	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	A year earlier	On the quarter
Shareholders' equity	-98.1	n/a	n/a
Non-controlling interest	3.0	n/a	n/a
Debt	422	n/a	n/a
Other liabilities	1,489	n/a	n/a
Total liabilities and equity	1,816	n/a	n/a
Fixed assets	106	n/a	n/a
Goodwill	429	n/a	n/a
Intangible assets	362	n/a	n/a
Cash and equivalents	395	208	n/a	+89.8%
Receivables	269	n/a	n/a
Other assets	254	n/a	n/a
Total assets	1,816	n/a	n/a

Questions

What was Solv Energy's revenue in Q4 FY2025?

Solv Energy (MWH) reported revenue of $794 million for Q4 FY2025, the quarter ended 31 December 2025.

How much did Solv Energy earn in Q4 FY2025?

Net income for Q4 FY2025 was $36 million.

When did Solv Energy report Q4 FY2025 results?

Solv Energy filed its 10-K for the year that ended with the quarter on 25 March 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 7 quarters

	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	408	536	753	794	677	951	1,242
Cost of revenue	349	423	605	650	558	812	1,021
Gross profit	59.1	113	148	144	119	140	221
Gross margin	14%	21%	20%	18%	18%	15%	18%
SG&A	36.1	41.2	50.5	83.3	111	52.6	61.7
Operating income	9.3	58.1	82.8	45.2	-7.2	69.7	142
Operating margin	2%	11%	11%	6%	-1%	7%	11%
Interest expense	12.7	14.1	13.7	n/a	6.9	1.4	1.7
Pre-tax income	-0.2	45.7	70.6	37.3	-23.2	72.7	144
Tax rate	n/a	2%	1%	n/a	n/a	8%	15%
Net income	-0.7	44.3	70.1	36.1	-23.4	37.0	69.9
Net margin	-0%	8%	9%	5%	-3%	4%	6%
Diluted EPS	n/a	n/a	n/a	n/a	-$0.20	$0.30	$0.53
Operating cash flow	20.2	30.7	71.8	209	14.2	31.8	131
Capital expenditure	2.8	2.5	7.8	8.2	10.4	5.5	11.1
Free cash flow	17.4	28.1	64.0	201	3.8	26.3	120
Dividends paid	47.8	24.0	n/a	n/a	145	39.6	n/a
Shares outstanding	n/a	n/a	n/a	n/a	202m	202m	203m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 25 March 2026: the filing.