Filing Flows › Solv Energy (MWH) › Q2 2026 › vs Q2 2025
Solv Energy (MWH) Q2 2026 vs Q2 2025 (year over year)
Solv Energy's revenue rose $415M (+77%) from $536M in Q2 2025 to $951M in Q2 2026. The biggest changes: New Construction +$427M (+88%); Existing Infrastructure −$8.4M (-23%); Other −$3.2M (-24%). Gross margin 14.7% against 21.1% (-6.4 pts).
Solv Energy, Q2 2026: revenue $951M (+78% year over year), operating margin 7.3%, net earnings $37.0M, operating cash flow $31.8M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 14.7% | 21.1% | -6.4 pts |
| Operating margin | 7.3% | 10.8% | -3.5 pts |
| Net margin | 3.9% | 8.3% | -4.4 pts |
| Free cash flow margin | 2.8% | 5.2% | -2.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| New Construction | $913M | $486M | $427M | +88% |
| Existing Infrastructure | $28.0M | $36.4M | −$8.4M | -23% |
| Other | $10.2M | $13.4M | −$3.2M | -24% |
| Revenue | $951M | $536M | $415M | +77% |
| Gross profit | $140M | $113M | $26.6M | +23% |
| Cost of revenue | $812M | $423M | $389M | +92% |
| Other income, net | $3.0M | −$12.5M | $15.4M | — |
| Operating profit | $69.7M | $58.1M | $11.5M | +20% |
| Operating expenses | $69.9M | $54.9M | $15.0M | +27% |
| Pre-tax earnings | $72.7M | $45.7M | $27.0M | +59% |
| SG&A | $52.6M | $41.2M | $11.5M | +28% |
| Other operating costs | $17.3M | $13.8M | $3.5M | +26% |
| Net earnings | $37.0M | $44.3M | −$7.3M | -16% |
| Minority interests | $29.9M | $377K | $29.5M | 79× |
| Income tax | $5.8M | $1.0M | $4.8M | +456% |
| Operating cash sources | $78.5M | $65.7M | $12.8M | +20% |
| Depreciation & amortization | $26.8M | $20.2M | $6.6M | +33% |
| Share-based compensation | $14.8M | $1.3M | $13.5M | 12× |
| Working capital & other | $46.7M | $35.0M | $11.7M | +33% |
| Operating cash flow | $31.8M | $30.7M | $1.1M | +4% |
| Free cash flow (OCF − capex) | $26.3M | $28.1M | −$1.8M | -7% |
| Capital expenditures | $5.5M | $2.5M | $3.0M | +118% |
Questions
How much did Solv Energy's revenue grow year over year in Q2 2026?
Solv Energy's revenue rose $415M (+77%) from $536M in Q2 2025 to $951M in Q2 2026.
What drove Solv Energy's revenue change in Q2 2026?
New Construction +$427M (+88%); Existing Infrastructure −$8.4M (-23%); Other −$3.2M (-24%).