MWH SOLV Energy (MWH) Q4 FY25 earnings call
SOLV Energy reported record Q4 and full-year FY25 results, driven by strong demand in utility-scale solar and storage, particularly from data center growth. The company's substantial backlog and growing O&M services position it for continued expansion, leveraging its full lifecycle service model and scale. While FY26 gross margin guidance reflects new project starts, management remains focused on disciplined execution and strategic inorganic growth to expand service offerings.
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MWH operating KPIs by quarter
| KPI | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Backlog | $8BBacklog as of the end of 2025 stood at $8 billion, an increase of 87% since year-end 2024, providing us meaningful visibility into future performance.Source: earnings call transcript | ~$8.2BWe ended the quarter with approximately $8.2 billion of backlog, providing strong visibility into future revenue.Source: earnings call transcript | ~$8.9BWe ended the quarter with approximately $8.9 billion of backlog, representing 44% growth year-over-year.Source: earnings call transcript | — |
| Backlog Storage / Hybrid | $2BAnd yes, and on the backlog, I think it's roughly about $8 billion kind of roughly as of the end of the year, $2 billion of that is related to either stand-alone or projects that are otherwise hybrid or both solar and battery.Source: earnings call transcript | ~$1.95BIt's roughly $1.95 billion of backlog associated to stand-alone or hybrid projects against our -- the number we just reported.Source: earnings call transcript | ~$2.5BAdditionally, and providing evidence of further market momentum, we now see approximately $2.5 billion of the reported backlog relating to projects associated with storage, either on a hybrid or stand-alone basis.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.