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Solv Energy (MWH) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 14, 2026 · Solv Energy (MWH) Q2 2026 earnings results →
Q2 2026 Revenue up 78% year over year to $951M · 4¢ of every $1 of revenue kept as net profit · operating margin 7.3%
Solv Energy made $951M in Q2 2026 (+78% Y/Y): New Construction $913M, Existing Infrastructure $28.0M, Other $10.2M. Operating margin 7.3%, net earnings $37.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.
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What changed this quarter
Revenue was $951.2M in Q2 2026, up 77% year over year and up 41% from the previous quarter. New Construction was the largest line at 96% of revenue. New Construction added $427.0M year over year (up 88%), 103% of the total change. Other declined 24%.
Gross margin was 14.7%, down 6.4 points from a year earlier. Operating profit was $69.7M, a 7.3% margin (down 3.5 points year over year). Of the extra revenue versus a year earlier, 3% reached operating profit, below the 11% margin then. Operating expenses grew 27% against revenue growth of 77%. The fastest-growing cost line was SG&A (+28%). Net earnings were $37.0M, down 16% year over year. The effective tax rate was 8.0%.
Operating cash flow was $31.8M (up 4% year over year), 48% of net income including minority interests. Non-cash charges added back $26.8M of depreciation and amortization and $14.8M of share-based compensation. Working capital and other items used $76.6M. Capital expenditures of $5.5M left free cash flow of $26.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 14, 2026 | $951M | +78% | 7.3% | $37.0M | $31.8M |
| Q1 2026 | 10-Q | May 13, 2026 | $677M | +66% | -1.1% | −$27.4M | $14.2M |
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About Solv Energy
SOLV Energy (Nasdaq: MWH) is a leading provider of infrastructure services to the power industry, including engineering, procurement, construction, testing, commissioning, operations, maintenance and repowering. Since 2008, we have built more than 500 power plants, representing over 22 GW of generating capacity. SOLV Energy also provides operations and maintenance (O&M) services to 152 power plants, representing over 23 GW of generating capacity. In addition to EPC and O&M for utility-scale power plants and related T&D infrastructure, we offer large-scale repair, emergency response and repowering services and install end-to-end SCADA and network infrastructure solutions to maximize project performance and energy availability.
In its own words, from its 8-K, filed Aug 13, 2026.
Solv Energy against its Heavy Construction Other Than Bldg Const - Contractors peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +78% against the peers' median +28%. Operating margin: 7.3% against the peers' median 7.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MWH Solv Energy | Q2 2026 | $951M | +78% | 7.3% |
| J Jacobs Solutions | Q3 FY26 | $4.1B | +34% | 7.0% |
| FLR Fluor | Q3 2026 | $3.7B | +10% | 6.0% |
| KBR KBR | Q3 2026 | $2.0B | +5% | 9.2% |
| GVA Granite Construction | Q3 2026 | $1.8B | +23% | 12.7% |
| STRL Sterling Infrastructure | Q3 2026 | $1.6B | +127% | 19.6% |
| ROAD Construction Partners | Q3 FY26 | $999M | +28% | 10.9% |
| BYOP KiNRG | Q2 2026 | $369M | — | 4.6% |
| ORN Orion Group Holdings | Q3 2026 | $256M | +14% | 3.3% |
Source: Solv Energy 10-Q on SEC EDGAR · CIK 2065636 · Heavy Construction Other Than Bldg Const - Contractors
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