Solv Energy (MWH) FY2025 results: revenue $2.5 billion, up 34.8% on the year
Solv Energy, Inc. (MWH) reported revenue of $2.5 billion for fiscal 2025, the year ended 31 December 2025, up 34.8% on the year before. Net income was $150 million, up 1408.5%. The figures are the company's own, from the 10-K it filed with the SEC on 25 March 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
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%.
- Backlog reached $8 billion: Year-end 2025 backlog was $8 billion, up 87% from year-end 2024.
- Operating cash flow rose to $331.6 million: Net cash from operating activities was $331.6 million for 2025 against $117.6 million in 2024.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 2,490 | 1,848 | 2,101 | +34.8% | |
| Cost of revenue | 2,026 | 1,589 | 1,991 | +27.5% | |
| Gross profit | 464 | 259 | 110 | +79.1% | |
| Gross margin | 18.6% | 14.0% | 5.2% | ||
| Selling, general and administrative | 211 | 128 | 95.8 | +65.0% | |
| Operating income | 195 | 64.9 | -52.9 | +201.0% | |
| Operating margin | 7.8% | 3.5% | -2.5% | ||
| Pre-tax income | 153 | 10.5 | -110 | +1,357.4% | |
| Net income | 150 | 9.9 | -110 | +1,408.5% | |
| Net margin | 6.0% | 0.5% | -5.2% |
$ million except per share.
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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 | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 332 | 118 | 50.3 | +182.0% | |
| Capital expenditure | 21.4 | 8.6 | 14.4 | +149.9% | |
| Free cash flow | 310 | 109 | 35.9 | +184.5% | |
| Free cash flow margin | 12.5% | 5.9% | 1.7% | ||
| Depreciation and amortisation | 85.5 | 84.8 | 81.8 | +0.8% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| 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 | +89.9% | |
| Receivables | 269 | n/a | n/a | ||
| Other assets | 254 | n/a | n/a | ||
| Total assets | 1,816 | 1,478 | n/a | +22.9% |
10-K for the year ended 31 December 2025, filed 25 March 2026: the filing.