SOLV Energy's Record Quarter Signals a Data-Driven Solar Surge
Backlog up 44% to $8.9B, EBITDA up 75%, and a fresh acquisition position the renewable EPC to ride the power-demand wave.
MWH · Earnings Call · 2026-08-13
SOLV Energy, a renewable EPC and O&M provider, just delivered its strongest quarter as a public company, with revenue surging 77% year-over-year to $951 million and adjusted EBITDA up 75% to $117 million. The company raised its full-year guidance, closed a strategic acquisition, and grew backlog to $8.9 billion, up 44%. This performance comes against a backdrop of accelerating U.S. power demand, driven by data centers, electrification, and reshoring—a theme that resonates across the market.
Record Quarter, Record Visibility
George Hershman, CEO, opened the call with a confident note:
We are executing more work today than at any point in our company's history with our largest projects to date underway and more employees working safely across the country than ever before.
That confidence is backed by numbers. CFO Chad Plotkin detailed the strong top-line: “Revenue was up 77% year-over-year to $951 million, bringing first half revenue to near $1.63 billion or up 72% as compared to the first half of 2025.” — Chad Plotkin, Chief Financial Officer · 2026-08-13
The backlog growth is particularly telling. Hershman highlighted: “We ended the quarter with approximately $8.9 billion of backlog, representing 44% growth year-over-year.” — George Hershman, Chief Executive Officer · 2026-08-13 This backlog is now 100% safe-harbored, insulating the company from near-term tariff disruptions.
Riding the Data Center Wave
The company is squarely positioned at the intersection of solar, storage, and grid infrastructure—the very segments seeing the most demand growth. The company's top keyword momentum in Q2 was battery storage, followed by energy infrastructure. These aren't just internal themes; they're echoed across the market. In the same earnings window, Contact Energy (New Zealand) flagged "data center" and "renewable energy" as key drivers, and Energy Vault mentioned "speed to power" and "data center" in its own call. The global keyword trajectory for Q2 2026 also shows "data center deals" and "high performance computing" among top advancers on the price tape.
Hershman articulated this macro view: "We are in the middle of a step change in the U.S. power demand, driven by growth in data infrastructure, industrial reshoring and electrification." He further emphasized that solar and battery storage are the fastest-to-market solutions, positioning SOLV to capture a large share of the $518 billion expected investment in those areas over the next decade.
Strategic Acquisitions and a Fortress Balance Sheet
The July 1 closing of Roberson Waite Electric strengthens SOLV's utility infrastructure capabilities. CFO Chad Plotkin noted the contribution: “This update reflects the expected contribution from the Roberson Waite acquisition, which closed on July 1, and our current plan for project pacing and costs, including new conversions not in our original assumptions.” — Chad Plotkin, Chief Financial Officer · 2026-08-13
This acquisition is part of a deliberate strategy to build an ecosystem that spans generation, delivery, and services. As Hershman explained, the company is looking to fill gaps in expertise, particularly in regions and trades that enhance its self-performance model. The prior acquisitions—CS Energy, SDI Services, and Spartan Infrastructure—have performed well above underwrite, and the Roberson Waite Electric is expected to follow suit. Importantly, SOLV maintains zero long-term debt, providing ample capacity for further tuck-ins.
Regarding tariffs, Hershman was reassuring: “Early on, we see that not a lot of near-term impact as most of our projects are in late-stage development, modules secured and moving forward.” — George Hershman, Chief Executive Officer · 2026-08-13 This resilience, combined with a robust energy storage pipeline and a focus on data infrastructure, underpins the company's optimism.
Outlook
The company raised its full-year 2026 guidance: revenue to $3.87–3.97 billion, adjusted EBITDA to $485–505 million, and adjusted gross margin to 16.0–16.6%. Plotkin explained the margin adjustment is a presentation change for incentive compensation, not a reflection of portfolio weakness. He also noted that the company is seeing strong visibility into 2027 and 2028, with backlog typically covering a 24–30 month window. Hershman added that customer discussions are "really positive on demand," with pipelines extending well into the 2030s.
In a market hungry for power, SOLV Energy is demonstrating that it can not only build scale but also execute with discipline. The record quarter, combined with a growing backlog and a clear M&A roadmap, makes this a name to watch.