Solaris Energy Infrastructure (SEI) FY2025 results: revenue $622 million, up 98.7% on the year
Solaris Energy Infrastructure, Inc. (SEI) reported revenue of $622 million for fiscal 2025, the year ended 31 December 2025, up 98.7% on the year before. Net income was $30 million, up 90.8%, and diluted earnings per share $0.66. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$622 million
+98.7% on the year
FY2018FY2025
Operating margin
21.8%
16.9% a year earlier
FY2018FY2025
Net income
$30 million
+90.8% on the year
FY2018FY2025
Diluted EPS
$0.66
+32.0% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 2 new, 1 kept.
Revenue up 8% on the quarter: Quarterly revenue was $180 million, up 8% sequentially from $166.8 million in the third quarter.
Net loss and adjusted profit per share: The company reported a net loss of $4 million, or $(0.04) per diluted Class A share, and adjusted pro forma net income of $30 million, or $0.35 per fully diluted share.
Power Solutions segment profit down 8%: Segment revenue was $104 million, roughly flat, while segment Adjusted EBITDA was $53 million, down 8% from the third quarter.
Logistics revenue and profit rose: Logistics revenue was $76 million, up 23%, and segment Adjusted EBITDA was $23 million, up 31%, on a higher fully utilized system count and lower fixed cost absorption.
Hyperscaler agreement for over 500 MW: On February 12, 2026 the company agreed to provide over 500 MW to a leading hyperscaler for an initial 10-year term, with a five-year extension option, starting in the first quarter of 2027.
$ million except per share. Read moreFree 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
209
59.4
89.4
+252.2%
Capital expenditure
647
188
64.4
+243.3%
Free cash flow
-438
-129
25.0
Free cash flow margin
-70.3%
-41.2%
8.5%
Cash from investing
-686
-305
-62.0
Cash from financing
671
400
-30.4
+67.8%
Depreciation and amortisation
84.3
47.2
36.2
+78.5%
Share-based compensation
23.4
10.6
7.7
+120.6%
Buybacks
0.0
8.1
26.4
Dividends paid
21.8
14.6
14.1
+49.0%
Dividend per share
$0.48
$0.48
$0.45
0.0%
Diluted shares, weighted
n/a
29m
30m
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
564
356
206
+58.7%
Non-controlling interest
263
311
110
-15.5%
Debt
1,064
316
30.0
+237.2%
Operating lease liabilities
8.2
8.1
11.5
+1.2%
Finance lease liabilities
2.1
1.2
2.4
+74.5%
Other liabilities
241
139
109
+73.8%
Total liabilities and equity
2,143
1,130
468
+89.6%
Goodwill
105
104
13.0
+1.3%
Intangible assets
59.8
71.5
0.7
-16.4%
Cash and equivalents
353
114
5.8
+209.2%
Receivables
103
71.8
n/a
+43.6%
Inventory
14.4
10.9
6.7
+32.0%
Other assets
1,507
758
442
+98.8%
Total assets
2,143
1,130
468
+89.6%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.