0001193125-26-220257 | 10-Q | XBRL Viewer

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Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		2 Months Ended	3 Months Ended
	Feb. 12, 2026	Mar. 31, 2026	Mar. 31, 2026	Dec. 23, 2026	Dec. 31, 2025
Restricted Stock [Member]
StockBased Compensation [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross		261,000
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value		$ 6,525
Stock issued during period, shares, restricted stock award, forfeited		3,600
Employee benefits and share-based compensation		$ 276
Unamortizednon cashcompensation cost		$ 6,159	$ 35,288
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average remaining contractual term		2 years 10 months 24 days
Restricted Stock [Member] \| IPO [Member]
StockBased Compensation [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value		$ 5
Employee Stock Option [Member]
StockBased Compensation [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross	3,077,446
Stock issued during period, shares, restricted stock award, forfeited			4,908
Share-based compensation arrangement by share-based payment award, option, nonvested, weighted average exercise price	$ 25
Employee benefits and share-based compensation		$ 1,583
Restricted Stock Units (RSUs) [Member]
StockBased Compensation [Line Items]
Share-based compensation arrangement by share-based payment award, option, nonvested, weighted average exercise price				$ 25
Employee benefits and share-based compensation			$ 1,553
Resticted stock based compensation payable		$ 39,464	$ 39,464
Restricted Stock Units (RSUs) [Member] \| Maximum [Member]
StockBased Compensation [Line Items]
Resticted stock based compensation payable					$ 32,854
Restricted Stock Units (RSUs) [Member] \| Minimum [Member]
StockBased Compensation [Line Items]
Resticted stock based compensation payable					$ 6,610
Time Vested [Member]
StockBased Compensation [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number		15,588,909	15,588,909		216,187
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period			9,593,243
unrecognizednon cashcompensation expense			$ 11,597
Performance Vested [Member]
StockBased Compensation [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number					123,953
unrecognizednon cashcompensation expense			2,147
Additional C Units [Member]
StockBased Compensation [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number					79,007
unrecognizednon cashcompensation expense			1,962
MOIC Vested [Member]
StockBased Compensation [Line Items]
Employee benefits and share-based compensation			2,576
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number					82,969
unrecognizednon cashcompensation expense			15,225
One time incremental non cash compensation			$ 52,270
Common Class A [Member]
StockBased Compensation [Line Items]
Common stock, shares, outstanding		115,348,571	115,348,571		115,348,571
Common Class A [Member] \| Restricted Stock [Member]
StockBased Compensation [Line Items]
Share-based compensation arrangement by share-based payment award, option, nonvested, weighted average exercise price		$ 25	$ 25
Common Class A [Member] \| 2026 Plan [Member]
StockBased Compensation [Line Items]
Share-based compensation arrangement by share-based payment award, options, exercises in period	7,500,000
Percentage of common stock outstanding	3.00%
Common stock, shares, outstanding		4,161,554	4,161,554
Common Class B [Member]
StockBased Compensation [Line Items]
Common stock, shares, outstanding		87,128,137	87,128,137		87,128,137
Common Class B [Member] \| Restricted Stock Units (RSUs) [Member]
StockBased Compensation [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number		15,588,909	15,588,909
Common Class C [Member] \| Restricted Stock Units (RSUs) [Member]
StockBased Compensation [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period			9,593,243

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (23,358)	$ (714)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Stockholders'/Members' Equity - Summary of capitalization and voting rights of the Company's classes of stock (Detail) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Common Class A [Member]
Schedule Of Capitalization And Voting Rights Of Company Classes Of Stock [Line Items]
Common stock, shares authorized	1,250,000,000	1,250,000,000
Common stock, shares, outstanding	115,348,571	115,348,571
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common Class B [Member]
Schedule Of Capitalization And Voting Rights Of Company Classes Of Stock [Line Items]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares, outstanding	87,128,137	87,128,137
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Preferred Stock [Member]
Schedule Of Capitalization And Voting Rights Of Company Classes Of Stock [Line Items]
Preferred stock, shares authorized	20,000,000
Preferred stock, shares outstanding.	0
Common Stock [Member] \| Common Class A [Member]
Schedule Of Capitalization And Voting Rights Of Company Classes Of Stock [Line Items]
Common stock, shares authorized	1,250,000,000
Common stock, shares, outstanding	115,348,571
Common stock, par or stated value per share	$ 1
Common Stock [Member] \| Common Class B [Member]
Schedule Of Capitalization And Voting Rights Of Company Classes Of Stock [Line Items]
Common stock, shares authorized	100,000,000
Common stock, shares, outstanding	87,128,137
Common stock, par or stated value per share	$ 1

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting Information [Line Items]

Segment Information

(5)	Segment Information

In the first quarter of 2026, the Company had a segment change moving from two operating segments to one operating segment to align with how the chief operating decision maker (the “CODM”) manages the business. The Company’s CODM is its Chief Executive Officer. As a result of this change, the Company now has one operating segment and one reportable segment.

The CODM allocates resources and assesses performance of the Company based on consolidated net income (loss), as reported on the condensed consolidated statement of operations, which, as the segment measure of profit or loss that is closest to GAAP, is the required segment measure. The CODM uses this to make decisions regarding the Company’s business, including performance assessments and strategic and operational planning, in compliance with ASC 280, Segment Reporting. Consolidated net loss was $(

23,358)

and $(

714

) for the three months ended March 31, 2026 and 2025, respectively. The CODM is regularly provided with expense categories for the Company’s single operating segment that are the same as the expense captions present in the Company’s condensed consolidated statement of operations. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Event [Line Items]

Subsequent Events

(16)	Subsequent Events

Acquisition of Roberson Waite Electric

On April 30, 2026, the Company entered into an agreement to acquire Roberson Waite Electric (“RWE”), a California-based provider of utility substation construction, testing, commissioning, and related infrastructure services, for total estimated consideration of $45 million, subject to customer closing adjustments. The consideration includes $36 million to be paid in cash at closing, with the remainder to be paid in subsequent years subject to various performance criteria. The Company expects to close the transaction by the third quarter of 2026.

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Share-Based Payment Award, Stock Options, Valuation Assumptions

The weighted-average assumptions used to estimate the fair value of stock options granted during the three months ended March 31, 2026 were as follows:


	Three Months Ending March 31, 2026
Fair value of stock option		12.0
Risk-free interest rate		3.78	%
Expected life (years) (1)		6.5
Expected dividend yield		—
Volatility		42	%

(i)	Expected life (years): The expected life was estimated using the simplified method due to a lack of historical exercise activity for the Company. The simplified method calculates the expected life as the mid-point between the vesting date and the contractual expiration date of the award.

Summary of Share-Based Payment Arrangement, Stock Appreciation Right, Activity


	Time-vested					Performance-vested					MOIC-vested					Additional C Units
	Number of Units			Weighted Average Exercise Price		Number of Units			Weighted Average Exercise Price		Number of Units			Weighted Average Exercise Price		Number of Units			Weighted Average Exercise Price
Outstanding, December 31, 2025		216,187		$	200.16		123,953		$	105.96		82,969		$	106.09		79,007		$	261.48
Effect of Reorganization Transactions and IPO		(216,187	)		200.16		(123,953	)		105.96		(82,969	)		106.09		(79,007	)		261.48
Exchange of SOLV Energy Holdings LLC Equity Awards		15,602,637			25.00		—			—		—			—		—			—
Forfeited		(13,728	)		25.00		—			—		—			—		—			—

Outstanding, March 31, 2026		15,588,909			25.00		—			—		—			—		—			—

Vested, March 31, 2026		9,593,243		$	25.00		—		$	—		—		$	—		—		$	—

Debt Obligations - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Feb. 12, 2026	Mar. 31, 2026	Mar. 31, 2025
Line of Credit Facility [Line Items]
Gain (Loss) on Extinguishment of Debt		$ (10,688)	$ 0
Unamortized Deferred Financing Costs		1,598
Payments of Financing Costs		2,919
SOLV Energy Credit Agreement [Member]
Line of Credit Facility [Line Items]
Gain (Loss) on Extinguishment of Debt		10,485
Extinguishment of Debt, Amount		401,100
Debt Instrument, Unamortized Discount (Premium), Net		6,419
Debt Instrument Prepayment Penalty		4,066
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 200,000
Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.35%
Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.20%
Revolving Credit Facility [Member] \| Base Rate [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	1.25%
Revolving Credit Facility [Member] \| Base Rate [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	0.50%
Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	2.25%
Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	1.50%
Letter of Credit [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Fair Value of Amount Outstanding		8,453
New Revolver [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Fair Value of Amount Outstanding		$ 0

Basis of Presentation - Additional Information (Detail)	3 Months Ended
Basis of Presentation - Additional Information (Detail)	Mar. 31, 2026
SOLV Energy Holdings LLC [Member]
Basis of Presentation [Line Items]
Ownership interest	43.00%

Segment Information - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) Segment	Mar. 31, 2025 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments \| Segment	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	In the first quarter of 2026, the Company had a segment change moving from two operating segments to one operating segment to align with how the chief operating decision maker (the “CODM”) manages the business. The Company’s CODM is its Chief Executive Officer. As a result of this change, the Company now has one operating segment and one reportable segment.
Number of Operating Segments \| Segment	1
Net Income (Loss) \| $	$ (23,358)	$ (714)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net Income (Loss) \| $	$ 23,358	$ 714

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Revenue from Contracts with Customers - Summary of Company's revenue disaggregated by service type (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 676,805	$ 407,847
Percentage Of Revenue	100.00%	100.00%
New Construction [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 650,733	$ 377,161
Percentage Of Revenue	96.10%	92.50%
Existing infrastructure [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 24,964	$ 26,508
Percentage Of Revenue	3.70%	6.50%
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,108	$ 4,178
Percentage Of Revenue	0.20%	1.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Summary of Significant Accounting Policies -Additional Information (Detail)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Tax receivable agreement benefit sharing percentage	85.00%

Description of Business

3 Months Ended

Mar. 31, 2026

Nature of Operations [Line Items]

Description of Business

(1)	Description of Business

SOLV Energy, Inc. was incorporated as a Delaware corporation on April 1, 2025 (Date of Formation) for the purpose of completing an initial public offering (“IPO”) of its Class A common stock and related transactions in order to continue the business of SOLV Energy Holdings LLC as a publicly-traded entity.

SOLV Energy, Inc. is a holding company whose sole material assets are the limited liability company interests in SOLV Energy Holdings LLC. All of our business is conducted through SOLV Energy Holdings LLC, together with its subsidiaries, and the financial results of SOLV Energy Holdings LLC are consolidated in our financial statements. SOLV Energy Holdings LLC is taxed as a partnership for federal income tax purposes and, as a result, its members, including SOLV Energy, Inc., pay income taxes with respect to their allocable shares of its net taxable income. Except where the context clearly indicates otherwise, “SOLV,” “we,” “us,” “our,” or the “Company” refers to SOLV Energy, Inc. and all of its direct and indirect subsidiaries, including SOLV Energy Holdings LLC.

The Company’s operations are conducted primarily through its subsidiaries, SOLV Energy, LLC, SEHV Solutions, LLC (collectively, “SOLV Energy”), along with CS Energy LLC, and CS Energy Devco, LLC, (collectively, “CS Energy”), SOLV Drilling Industrial Services, LLC (“SDI”) (f/k/a Sacramento Drilling, Inc), and Spartan Infrastructure, Inc. (“Spartan”).

The Company is a leading provider of infrastructure services to the power industry, including engineering, procurement, construction (“EPC”), testing, commissioning, operations, maintenance and repowering. The Company specializes in designing, building and maintaining utility-scale solar and battery storage projects and related transmission and distribution (“T&D”) infrastructure, and provides operation and maintenance (“O&M”) services pursuant to long-term contracts that typically obligate the customer to pay the Company a fixed monthly fee for operations and routine preventative maintenance and additional fees for corrective maintenance on a time and materials basis.

Initial Public Offering and Reorganization

On February 12, 2026, the Company successfully completed an IPO of 23,575,000 shares of its Class A common stock for net proceeds of approximately $552,500 after deducting the underwriters’ discount and expenses and commissions payable.

In connection with the IPO, SOLV Energy Holdings LLC amended and restated its limited liability company agreement to, among other things, (i) recapitalize all existing ownership interests in SOLV Energy Holdings LLC into a single class of common units (“LLC Interests”) and (ii) appoint a wholly-owned subsidiary of SOLV Energy, Inc. as the sole managing member of SOLV Energy Holdings LLC upon or prior to the acquisition of LLC Interests by SOLV Energy, Inc. in connection with the IPO. Simultaneously with the IPO, SOLV Energy, Inc. amended and restated its certificate of incorporation to, among other things, provide (i) for Class A common stock, with each share of its Class A common stock entitling its holder to one vote per share on all matters presented to the Company’s stockholders generally and (ii) for Class B common stock, with each share of the Company’s Class B common stock entitling its holder to one vote per share on all matters presented to the Company’s stockholders generally, and that shares of the Company’s Class B common stock may only be held by the direct and indirect holders of LLC Interests and the Company’s Class B common stock immediately following consummation of the Transactions (“Continuing Equity Owners”) and their respective permitted transferees. As a result, SOLV Energy, Inc. became a holding company and the sole manager of the Company, through its wholly-owned subsidiary, with no material assets other than the ownership of the voting membership interest in the Company.

Additionally, in connection with the IPO and the related liquidation of SOLV Energy Parent Holdings LP, all outstanding Restricted Class C Units (including Legacy SOLV Units and Additional C Units issued in connection with the merger between SOLV Energy Holdings LLC and ASP Endeavor Acquisition LLC, the parent company of CS Energy (the “Merger”)) were converted into common units of SOLV Energy Holdings LLC. Vested class C Units were converted into vested common units. Unvested time units were converted into unvested common units subject to the same time-based vesting schedule.

Unvested performance units were converted into common units and treated as time units at the time of original grant, with time-based vesting deemed to have commenced on the original vesting start date, resulting in a portion becoming vested and the remaining portion continuing to vest on the same schedule, subject to continued employment or service.

Simultaneously with the IPO, SOLV Energy Parent Holdings LP was liquidated by distributing LLC Interests and nominal cash to the Continuing Equity Owners. SOLV Energy, Inc. acquired the LLC Interests held by certain Continuing Equity Owners in exchange for 91,773,571 shares of its Class A common stock. After giving effect to the use of proceeds from the IPO, SOLV Energy, Inc. issued 87,141,865 shares of Class B common stock to the Continuing Equity Owners, which is equal to the number of LLC Interests held by such Continuing Equity Owners, for nominal consideration.

Subsequent to the IPO, SOLV Energy, Inc. used the net proceeds from this offering to purchase 23,575,000 newly issued LLC Interests directly and/or indirectly from the Company at a price per unit equal to the IPO price per share of Class A common stock less the underwriting discounts and commissions.

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Summary of Earnings Per Share, Basic and Diluted


	Three Months Ended March 31, 2026
Basic net (loss) income per s h are:
Numerator:
Net (loss) income	$	(27,414	)
Less: Net (loss) income attributable to non-controlling interests and LLC members prior to IPO	$	(4,056	)

Net (loss) income attributable to SOLV Energy, Inc., basic and diluted		(23,358	)
Denominator:
Weighted average shares of common stock outstanding, basic		115,348,571
Net (loss) income per share, basic	$	(0.20	)

Diluted net (loss) income per share:
Numerator:
Net (loss) income attributable to SOLV Energy, Inc., basic and diluted	$	(23,358	)
Denominator:
Weighted average shares of common stock outstanding, basic		115,348,571
Effect of dilutive securities:
Vested LLC Interests Attributable to Continuing Equity Owners		—
Unvested LLC Interests Attributable to Management Holdings		—
Restricted Stock Awards		—
Stock Options		—

Weighted averages shares of common stock, diluted		115,348,571
Net (loss) income per share, diluted	$	(0.20	)

Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following securities were excluded from the computation of diluted net loss per share for the period presented because their effect on net loss per share would have been anti-dilutive:


	Three Months Ended March 31, 2026
Vested LLC Interests Attributable to Continuing Equity Owners		81,132,471
Unvested LLC Interests Attributable to SOLV Energy Management Holdings LP		5,995,666
Restricted Stock Awards		257,400
Stock options		3,072,538

Intangible Assets - Summary of the Company's intangible assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible Assets	$ 650,760	$ 650,760
Accumulated Amortization	(303,249)	(288,370)
Intangible Assets, Net	$ 347,511	362,390
Trade Name
Intangible Asset, Acquired, Finite-Lived [Line Items]
Remaining Weighted Average Amortization Period in Years	8 years 3 months 18 days
Intangible Assets	$ 120,670	120,670
Accumulated Amortization	(46,031)	(43,378)
Intangible Assets, Net	$ 74,639	77,292
Customer Relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Remaining Weighted Average Amortization Period in Years	5 years 2 months 12 days
Intangible Assets	$ 343,900	343,900
Accumulated Amortization	(161,787)	(152,376)
Intangible Assets, Net	$ 182,113	191,524
Backlog
Intangible Asset, Acquired, Finite-Lived [Line Items]
Remaining Weighted Average Amortization Period in Years	6 months
Intangible Assets	$ 60,190	60,190
Accumulated Amortization	(59,528)	(58,813)
Intangible Assets, Net	$ 662	1,377
Patents/Know-How
Intangible Asset, Acquired, Finite-Lived [Line Items]
Remaining Weighted Average Amortization Period in Years	10 years 9 months 18 days
Intangible Assets	$ 126,000	126,000
Accumulated Amortization	(35,903)	(33,803)
Intangible Assets, Net	$ 90,097	$ 92,197

Stock-Based Compensation - Summary of Share-Based Payment Arrangement, Stock Appreciation Right, Activity (Detail)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Time Vested [Member]
Schedule Of Share Based Compensation Stock Appreciation Rights Award Activity [Line Items]
Outstanding Balance, Units \| shares	216,187
Outstanding Balance, Price \| $ / shares	$ 200.16
Effect of Reorganization Transactions and IPO, Units \| shares	(216,187)
Effect of Reorganization Transactions and IPO, Price \| $ / shares	$ 200.16
Exchange of SOLV Energy Holdings LLC Equity Awards \| shares	15,602,637
Exchange of SOLV Energy Holdings LLC Equity Awards, Price \| $ / shares	$ 25
Forfeited in Period \| shares	(13,728)
Forfeited in Period, Price \| $ / shares	$ 25
Outstanding Balance, Units \| shares	15,588,909
Outstanding Balance, Price \| $ / shares	$ 25
Vested in Period \| shares	9,593,243
Vested in Period, Price \| $ / shares	$ 25
Performance Vested [Member]
Schedule Of Share Based Compensation Stock Appreciation Rights Award Activity [Line Items]
Outstanding Balance, Units \| shares	123,953
Outstanding Balance, Price \| $ / shares	$ 105.96
Effect of Reorganization Transactions and IPO, Units \| shares	(123,953)
Effect of Reorganization Transactions and IPO, Price \| $ / shares	$ 105.96
MOIC Vested [Member]
Schedule Of Share Based Compensation Stock Appreciation Rights Award Activity [Line Items]
Outstanding Balance, Units \| shares	82,969
Outstanding Balance, Price \| $ / shares	$ 106.09
Effect of Reorganization Transactions and IPO, Units \| shares	(82,969)
Effect of Reorganization Transactions and IPO, Price \| $ / shares	$ 106.09
Additional C Units [Member]
Schedule Of Share Based Compensation Stock Appreciation Rights Award Activity [Line Items]
Outstanding Balance, Units \| shares	79,007
Outstanding Balance, Price \| $ / shares	$ 261.48
Effect of Reorganization Transactions and IPO, Units \| shares	(79,007)
Effect of Reorganization Transactions and IPO, Price \| $ / shares	$ 261.48

Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Debt [Line Items]

Summary of Debt Obligations

Debt obligations consisted of the following:


	March 31, 2026		December 31, 2025
Long-term debt	$	—	$	397,128
Less: unamortized issuance costs		—		(5,140	)

Long-term debt, net	$	—	$	391,988

Current portion of long-term debt	$	—	$	4,063
Less: unamortized issuance costs		—		(1,565	)

Current portion of long-term debt, net	$	—	$	2,498

Details of Certain Accounts

3 Months Ended

Mar. 31, 2026

Details of Certain Accounts [Line Items]

Details of Certain Accounts

(15)	Details of Certain Accounts

Capitalized Project Development Costs

A reconciliation of capitalized project development costs is as follows:


	Three Months Ended March 31,
	2026			2025
Capitalized project development costs, at beginning of period	$	17,734		$	25,204
Costs capitalized during the year, net of refunds		(498	)		—
Costs expensed from sale of projects during the year		—			1,259
Impaired costs written off during the year		(3,939	)		—

Capitalized project development costs, at end of period	$	13,297		$	26,463

Prepaids and Other Current Assets

Prepaids and other current assets consisted of the following:


	March 31, 2026		December 31, 2025
Supplier deposits	$	55,561	$	43,485
Materials inventory		40,243		4,594
Non-trade receivables		1,437		3,473
Prepaid insurance		1,986		2,942
Rebates receivable		770		2,495
Other		5,531		3,898

Total prepaids and other current assets	$	105,528	$	60,887

Property and Equipment

Property and equipment, net consisted of the following:


	March 31, 2026			December 31, 2025
Machinery and equipment	$	92,585		$	80,022
Vehicles		4,454			4,391
Vehicles under finance leases		64,125			56,724
Furniture and fixtures		2,845			2,845
Leasehold improvements		15,255			15,214
Computer equipment		5,357			5,305
Construction in progress		1,059			3,340
Buildings and land		467			467

Property and equipment, gross		186,147			168,308
Less: Accumulated depreciation		(70,010	)		(61,925	)

Property and equipment, net of accumulated depreciation	$	116,137		$	106,383

The following table summarizes depreciation expense included in “Cost of revenue” and “Selling, general and administrative expenses”:


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	7,895	$	4,267
Selling, general and administrative expenses		956		1,537

Total depreciation expense	$	8,851	$	5,804

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	March 31, 2026		December 31, 2025
Vendor payables and accrued purchases	$	413,186	$	422,853
Accrued compensation and benefits		51,982		73,330
Restricted Unit Appreciation Plan liability		39,464		32,854
Indirect taxes payable		12,255		11,905
Accrued professional services		4,585		8,580
Accrued warranty		3,306		4,278
Deferred acquisition consideration		—		5,500
Accrued interest		120		2,918

Total accounts payable and accrued expenses	$	524,898	$	562,218

Other Long-Term Liabilities

Other long-term liabilities consisted of the following:


	March 31, 2026		December 31, 2025
Warranty reserves		6,969		6,300
Deferred tax liability		5,339		5,339
Deferred compensation liability		7,725		5,343
Deferred revenue		1,289		1,362

Total other long-term liabilities	$	21,322	$	18,344

Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Contract with Customer, Performance Obligation Satisfied in Previous Period	$ 21,266	$ 3,825
Remaining performance obligations	2,456,236
Company revenue	$ 244,793	$ 188,871
Minimum [Member]
Disaggregation of Revenue [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 years
Maximum [Member]
Disaggregation of Revenue [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	18 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Loss Per Share - Summary of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2026	Mar. 31, 2025
Basic net (loss) income per share:
Net (loss) income		$ (27,414)	$ (502)
Less: Net (loss) income attributable to non-controlling interests and LLC members prior to IPO		(4,056)	212
Net (loss) income attributable to SOLV Energy, Inc., basic and diluted		$ (23,358)	(714)
Weighted average shares of common stock outstanding, basic	115,348,571	115,348,571
Net (loss) income per share, basic	$ (0.2)	$ (0.2)
Diluted net (loss) income per share:
Net (loss) income attributable to SOLV Energy, Inc., basic and diluted		$ (23,358)	$ (714)
Weighted average shares of common stock outstanding, basic	115,348,571	115,348,571
Weighted averages shares of common stock, diluted	115,348,571	115,348,571
Net (loss) income per share, diluted	$ (0.2)	$ (0.2)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-Paragraph 1A
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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Income Taxes and Tax Receivable Agreement

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes and Tax Receivable Agreement

(8)	Income Taxes and Tax Receivable Agreement

The Company is organized as a corporation for income tax purposes and is subject to federal, state and local taxes on its income, which is primarily sourced from its membership interest in SOLV Energy Holdings LLC held for any given reporting period. SOLV Energy Holdings LLC is a partnership for U.S. federal income tax purposes and, as a result, its members, including the Company, will pay income taxes with respect to their allocable shares of its taxable income.

As of March 31, 2026, the Company had deferred tax assets of $101,302 and a deferred tax liability of $5,339. For the three months ended March 31, 2026, the Company’s effective tax rate was -17.9%. The difference between the estimated annual effective income tax rate and the U.S. federal statutory rate is primarily attributable to the tax effect of stock based compensation and the exclusion of tax related to

non-controlling

interests.

The Company’s income tax provision was $4,166 for the period from February 12, 2026, to March 31, 2026.

On February 12, 2026, the Company recorded a net deferred tax asset of $101,302 related to (i) the temporary difference between the book and tax basis of its investment in SOLV Energy Holdings LLC of $69,866, (ii) $19,423 of tax benefits from future deductions attributable to payments under the Tax Receivable Agreements, and (iii) $12,005 tax deductions for NOL carryovers as a result of the Blocker Companies merger.

The initial deferred tax asset were recorded as adjustments to additional

paid-in

capital in the condensed consolidated balance sheet as of March 31, 2026. Additionally, and concurrent with the Transactions, the Company recorded a liability pursuant to the TRA of $172,344 and a corresponding reduction to additional

paid-in

capital. The net impact to additional

paid-in

capital was a reduction of $71,042 and is presented within the Company’s condensed consolidated statements of stockholders’ equity.

In connection with the IPO and the Transactions, the Company entered into the TRA with the Continuing Equity Owners that provides for the payment by the Company to such the Continuing Equity Owners of 85% of the benefits, that the Company realizes, or is deemed to realize, as a result of the Company’s allocable share of existing tax basis acquired in its IPO and other tax benefits related to entering into the TRA.

- Definition

The entire disclosure for income tax.

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+ Details

Income Taxes and Tax Receivable Agreement - Additional Information (Detail) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2026	Mar. 31, 2025	Feb. 12, 2026	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 101,302	$ 101,302		$ 101,302	$ 0
Deferred tax liability	5,339	$ 5,339			$ 5,339
Effective income tax rate reconciliation, at federal statutory income tax rate, percent		17.90%
Effective Tax Rate	4,166	$ 4,166	$ 262
Temporary difference between book and tax basis				69,866
Tax benefits from future deductions				19,423
Deferred tax assets, operating loss carryforwards				$ 12,005
Liability for tax receivable agreement	$ 172,344	172,344
Adjustments to additional paid in capital deferred tax asset		$ 71,042
Percentage of tax receivable agreement with continuing equity owners		85.00%

Subsequent Events - Additional information (Detail) - Subsequent Event [Member] - Roberson Waite Electric [Member] $ in Millions	Apr. 30, 2026 USD ($)
Subsequent Event [Line Items]
Business combination, consideration transferred	$ 45
Business combination, consideration transferred, tangible and intangible assets, excluding cash	$ 36

Details of Certain Accounts - Summary of Property and equipment, net (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 186,147	$ 168,308
Less: Accumulated depreciation	(70,010)	(61,925)
Property and equipment, net of accumulated depreciation	116,137	106,383
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	92,585	80,022
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	4,454	4,391
Vehicles under finance leases [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	64,125	56,724
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,845	2,845
Leaseholds and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	15,255	15,214
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	5,357	5,305
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,059	3,340
Land and Building [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 467	$ 467

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 20, 2025
Related Party Transactions [Line Items]
Secured notes			$ 112,500
Annual service fee expense		$ 3,000
American Securities [Member]
Related Party Transactions [Line Items]
Related Party Transaction, Amounts of Transaction	$ 750	$ 750

Details of Certain Accounts - Summary of reconciliation of capitalized project development costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of reconciliation of capitalized project development costs [Line Items]
Capitalized project development costs, at beginning of period	$ 17,734	$ 25,204
Costs capitalized during the year, net of refunds	(498)	0
Costs expensed from sale of projects during the year	0	1,259
Impaired costs written off during the year	(3,939)	0
Capitalized project development costs, at end of period	$ 13,297	$ 26,463

Debt Obligations

3 Months Ended

Mar. 31, 2026

Schedule of Debt [Line Items]

Debt Obligations

(7)	Debt Obligations

Debt obligations consisted of the following:


	March 31, 2026		December 31, 2025
Long-term debt	$	—	$	397,128
Less: unamortized issuance costs		—		(5,140	)

Long-term debt, net	$	—	$	391,988

Current portion of long-term debt	$	—	$	4,063
Less: unamortized issuance costs		—		(1,565	)

Current portion of long-term debt, net	$	—	$	2,498

Extinguishment of Term Debt

In connection with the completion of the IPO and the application of the net proceeds therefrom, the Company caused SOLV Energy Holdings LLC to terminate its existing term credit agreement and fully repay outstanding term debt of

approximately $

401,100

. The Company recognized a $

10,485

loss on the extinguishment of debt relating to the

write-off

of unamortized debt issuance costs of $

6,419

and prepayment penalty of $

4,066

New Revolving Credit Facility

On February 12, 2026, in connection with the IPO, the Company terminated its existing revolving credit facility (the “Old Revolver”) and entered into a New Revolving Credit Facility (the “New Revolver”) with various lenders providing for revolving borrowings in an aggregate principal amount of $200,000. The obligations under the New Revolver are secured by substantially all of the assets of the Company and its

subsidiaries.

The

New Revolver matures on February 12, 2031 and is subject to the usual and customary affirmative and negative covenants for facilities and transactions of this type. The New Revolver bears interest at a rate per annum equal to either of the following, plus, in each case, an applicable margin ranging from

0.50

% to

1.25

%, with respect base rate borrowings and

1.50

% to

2.25

% with respect to SOFR borrowings, in each case, based on our total net leverage ratio: (a) the base rate and (b) a benchmark reference rate. The New Revolver is subject to an annual unused line fee which shall accrue at a rate ranging from

0.20

% to

0.35

%, based on the total net leverage ratio. For additional information regarding the terms of the New Revolver, including interest rates, maturities, covenants and collateral, refer to Note 8—Debt Obligations in our Annual Report on Form

10-K

for the

year ended December 31, 2025.

of March 31, 2026, there were no borrowings outstanding under the New Revolver and $8,453 of letters of credit were outstanding.

The Old

Revolver was legally terminated and replaced with the New Revolver

and the Company accounted fo

r the repl

acement as a modification of a revolving-debt arrangement. The analysis was based on a comparison of borrowing capacity under the

Old

Revolver and the New Revolver. Accordingly, the unamortized deferred financing costs of $

1,598

associated with the

Old

Revolver continue to be deferred and are amortized over the term of the New Revolver.

In connection with entry into the New Revolver, the Company incurred approximately $2,919 of lender and third-party

fees.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 08, 2026
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Entity Central Index Key	0002065636
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Entity File Number	001-43117
Entity Registrant Name	SOLV Energy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-4537250
Entity Address, Address Line One	16680
Entity Address, Address Line Two	West Bernardo Drive
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92127
City Area Code	858
Local Phone Number	251-4888
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	MWH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		115,348,571
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		87,046,962

Stockholders'/Members' Equity - Additional Information (Detail)	Mar. 31, 2026 shares
Stockholders' Equity Note [Abstract]
Capital Unit Held	115,348,571
Percentage Of Ownership Interest Held In Non Controlling Interest	57.00%

Stockholders'/Members' Equity

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Stockholders'/Members' Equity

(10)	Stockholders’/Members’ Equity

The following table summarizes the capitalization and voting rights of the Company’s classes of stock as of March 31, 2026:

Authorized

Issued &
Outstanding

Votes per share

Economic Rights

Preferred Stock

20,000,000

None

N/A

Common Stock:

Class A

1,250,000,000

115,348,571

Yes

Class B

100,000,000

87,128,137

The Company’s board of directors is authorized to direct the Company to issue shares of preferred stock in one or more series and the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. Through March 31, 2026, no series of preferred stock have been issued.

Holders of shares of our Class A common stock are entitled to receive dividends when and if declared by our board of directors out of funds legally available therefore, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock. Upon our dissolution or liquidation, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of our Class A common stock will be entitled to receive pro rata our remaining assets available for distribution. Holders of shares of our Class A common stock do not have preemptive, subscription, redemption or conversion rights. There will be no redemption or sinking fund provisions applicable to the Class A common stock.

Holders of our Class B common stock do not have any right to receive dividends or to receive a distribution upon dissolution or liquidation. Additionally, holders of shares of our Class B common stock do not have preemptive, subscription, redemption or conversion rights. There will be no redemption or sinking fund provisions applicable to the Class B common stock. Any amendment of our amended and restated certificate of incorporation that gives holders of our Class B common stock (i) any rights to receive dividends or any other kind of distribution, (ii) any right to convert into or be exchanged for Class A common stock or (iii) any other economic rights will require, in addition to stockholder approval, the affirmative vote of holders of our Class A common stock voting separately as a class. The Company must, at all times, maintain (i) a

one-to-one

ratio between the number of shares of Class A common stock issued by the Company and the number of LLC Interests owned by the Company, and (ii) maintain a

one-to-one

ratio between the number of shares of Class B common stock owned by the Continuing Equity Owners and the number of LLC Interests owned by the Continuing Equity Owners.

Shares of Class B common stock will be issued in the future only to the extent necessary to maintain a

one-to-one

ratio between the number of LLC Interests held by the Continuing Equity Owners and the number of shares of Class B common stock issued to the Continuing Equity Owners. Shares of Class B common stock are transferable only together with an equal number of LLC Interests. Only permitted transferees of LLC Interests held by the Continuing Equity Owners will be permitted transferees of Class B common stock.

The LLC Interests held by Continuing Equity Owners include a redemption right which may be settled by the Company, at the Company’s election, through the (i) issuance of a new share of Class A common stock for each LLC Interest redeemed or (ii) settled by cash proceeds received from a qualifying offering of Class A common stock. The LLC Interests are not classified as temporary equity as the cash settlement is limited to the proceeds from a new offering of Class A common stock which is equity-classified.

Noncontrolling Interests

SOLV Energy, Inc., through a wholly owned subsidiary, became the sole manager of SOLV Energy Holdings LLC and accordingly consolidates the results of operations of SOLV Energy Holdings LLC. The noncontrolling interests balance on the Company’s consolidated balance sheets represents the portion of LLC Interests held by the Continuing Equity Owners. Net (loss) income is attributed to the noncontrolling interests based on the weighted-average ownership percentages of LLC Interests outstanding during the period.

As of March 31, 2026, SOLV Energy, Inc., directly and indirectly, held 115,348,571 units in SOLV Energy Holdings LLC resulting in an ownership interest of 57.0%.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Loss Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail)	3 Months Ended
	Mar. 31, 2026 shares
Vested LLC Interests Attributable to Continuing Equity Owners [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	81,132,471
Unvested LLC Interests Attributable to SOLV Energy Management Holdings LP [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	5,995,666
Restricted Stock Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	257,400
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	3,072,538

Business Combinations

3 Months Ended

Mar. 31, 2026

Business Combination [Line Items]

Business Combinations

(14)	Business Combinations

SDI Acquisition

On January 8, 2025, the Company acquired 100% of the ownership interests in SDI, a solar predrill and pile foundation installation contractor based in Sacramento, California. The aggregate consideration for the acquisition was approximately $16,941, of which approximately $11,154 was paid in cash at closing and $5,500 is deferred and payable on the

one-year

anniversary of the acquisition. On January 8, 2026, the Company settled the remaining $5,500 deferred acquisition payment obligation. As of March 31, 2026, the fair value allocation was final, with no measurement period adjustment made to the account balances recorded at the acquisition date.

The Company’s condensed consolidated financial statements include SDI’s revenue and net income which were immaterial for the three months ended March 31, 2026 and 2025. Pro forma financial information has not been presented for the SDI acquisition as the impact to the Company’s condensed consolidated financial statements was not material.

Spartan Acquisition

On June 13, 2025, the Company acquired 100% of the equity interests of Spartan for an approximate acquisition purchase price of $67,006, which was paid in cash at closing. Spartan specializes in providing services related to infrastructure development and investment. Specifically, the company self-performs electrical transmission construction services and provides procurement and subcontracting engineering services.

The Company recorded provisional amounts for certain acquired assets and liabilities as the valuations were not complete as of the acquisition date. During the current quarter, a $244 adjustment to was recorded to deferred taxes with the offset to goodwill. The measurement period remains open.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The entire disclosure for business combination.

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+ Details

Debt Obligations - Schedule of Debt Obligations (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Debt [Line Items]
Long-term debt	$ 0	$ 397,128
Less: unamortized issuance costs	0	(5,140)
Long-term debt, net	0	391,988
Current portion of long-term debt	0	4,063
Less: unamortized issuance costs	0	(1,565)
Current portion of long-term debt, net	$ 0	$ 2,498

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Stock-Based Compensation - Summary of Share-Based Payment Award, Stock Options, Valuation Assumptions (Detail)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Fair value of stock option

Risk-free interest rate

3.78%

Expected life (years)

6 years 6 months

^[1]

Expected dividend yield

0.00%

Volatility

42.00%

[1]	Expected life (years): The expected life was estimated using the simplified method due to a lack of historical exercise activity for the Company. The simplified method calculates the expected life as the mid-point between the vesting date and the contractual expiration date of the award.

Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Loss Per Share

(11)	Loss Per Share

Basic loss per share is computed by dividing net income attributable to the Company by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted loss per share is computed by adjusting the net income available to the Company and the weighted average shares outstanding to give effect to potentially dilutive securities. Shares of Class B common stock are noneconomic and are not entitled to receive any distributions or dividends and are therefore excluded from this presentation since they are not participating securities.

The Company’s current capital structure is not reflective of the capital structure of SOLV Energy Holdings LLC prior to the IPO and the Transactions. Therefore, earnings per share has not been presented for the period of the year prior to the IPO or for the three months ended March 31, 2025.

Prior to the IPO, SOLV Energy Holdings LLC membership structure included Class A Units and Restricted Class C Units. The Company analyzed the calculation of earnings per unit for the periods prior to the IPO and determined that it resulted in values that would not be meaningful to the users of these condensed consolidated financial statements. Therefore, earnings per share information has not been presented for the three months ended March 31, 2025.

Basic and diluted earnings per share of common stock for the three months ended March 31, 2026 have been computed as follows (in thousands, except share and per share amounts):


	Three Months Ended March 31, 2026
Basic net (loss) income per s h are:
Numerator:
Net (loss) income	$	(27,414	)
Less: Net (loss) income attributable to non-controlling interests and LLC members prior to IPO	$	(4,056	)

Net (loss) income attributable to SOLV Energy, Inc., basic and diluted		(23,358	)
Denominator:
Weighted average shares of common stock outstanding, basic		115,348,571
Net (loss) income per share, basic	$	(0.20	)

Diluted net (loss) income per share:
Numerator:
Net (loss) income attributable to SOLV Energy, Inc., basic and diluted	$	(23,358	)
Denominator:
Weighted average shares of common stock outstanding, basic		115,348,571
Effect of dilutive securities:
Vested LLC Interests Attributable to Continuing Equity Owners		—
Unvested LLC Interests Attributable to Management Holdings		—
Restricted Stock Awards		—
Stock Options		—

Weighted averages shares of common stock, diluted		115,348,571
Net (loss) income per share, diluted	$	(0.20	)

The calculation of diluted net loss per share for the three months ended March 31, 2026 excludes (i) the exchange of LLC Interests (and the cancellation of an equal number of shares of Class B common stock) to Class A common stock, (ii) unvested common units of SOLV Energy Holdings LLC held indirectly through SOLV Energy Management Holdings LP, (iii) stock options granted under the 2026 Plan with an exercise price equal to the initial public offering price, and (iv) unvested restricted stock awards granted under the 2026 Plan, respectively, because their inclusion in the calculation would be anti-dilutive.

The following securities were excluded from the computation of diluted net loss per share for the period presented because their effect on net loss per share would have been anti-dilutive:


	Three Months Ended March 31, 2026
Vested LLC Interests Attributable to Continuing Equity Owners		81,132,471
Unvested LLC Interests Attributable to SOLV Energy Management Holdings LP		5,995,666
Restricted Stock Awards		257,400
Stock options		3,072,538

Stockholders'/Members' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Summary of capitalization and voting rights of the Company's classes of stock

The following table summarizes the capitalization and voting rights of the Company’s classes of stock as of March 31, 2026:

Authorized

Issued &
Outstanding

Votes per share

Economic Rights

Preferred Stock

20,000,000

None

N/A

Common Stock:

Class A

1,250,000,000

115,348,571

Yes

Class B

100,000,000

87,128,137

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Summary of Significant Accounting Policies [Line Items]

Summary of Significant Accounting Policies

(3)	Summary of Significant Accounting Policies

Included below are selected significant accounting policies including those that were added or modified during the three months ended March 31, 2026 as a result of new transactions entered into or the adoption of new accounting policies. Refer to

Note 3—Summary of Significant Accounting Policies

in the Annual Report for the full list of our significant accounting policies.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying condensed consolidated financial statements and these notes.

Actual results could differ from those estimates and may result in material effects on the Company’s operating results and financial position. Estimates made in preparing the accompanying condensed consolidated financial statements primarily include, but are not limited to, those related to revenue recognition, goodwill and long-lived asset valuations, impairment assessments, stock-based compensation awards, and estimates related to the tax receivable agreement.

Income Taxes

After the completion of the IPO, the Company became subject to U.S. federal, state, and local income taxes with respect to its allocable share of taxable income of SOLV Energy Holdings LLC assessed at the prevailing corporate tax rates. SOLV Energy Holdings LLC operates as a limited liability company and is treated as a partnership for income tax purposes. Accordingly, SOLV Energy Holdings LLC incurs no significant liability for federal or state income taxes since the taxable income or loss is passed through to its members. SOLV Energy Holdings LLC incurs liabilities for certain state taxes paid directly by it, which are not significant and for which the expense is included in the provision for income taxes in the accompanying condensed consolidated statements of income for the three months ended March 31, 2026 and 2025.

The Company uses the liability method to account for income taxes in accordance with

ASC 740—Income Taxes

. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of differences between the financial reporting and tax bases of assets and liabilities. Deferred tax amounts are calculated using the enacted tax rates expected to be in effect when the temporary differences reverse. Deferred tax assets are recorded when it is considered more likely than not that they will be realized. The Company evaluates the need for a valuation allowance by considering all available evidence, including projections of future taxable income, the timing of temporary difference reversals, the existence of tax planning strategies and historical operating results.

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authority, based on the technical merits of the position. As of March 31, 2026 and December 31, 2025, there were no known items that would require an accrual for uncertain tax positions.

Tax Receivable Agreement

In connection with the IPO, the Company entered into a Tax Receivable Agreement (“TRA”) with SOLV Energy Holdings LLC and the Continuing Equity Owners whereby the Company agreed to pay to such Continuing Equity Owners 85% of the benefits that the Company realizes, or is deemed to realize, as a result of the Company’s allocable share of existing tax basis acquired in the IPO, increases in the Company’s share of existing tax basis and adjustments to the tax basis of the assets of SOLV Energy Holdings LLC as a result of sales or exchanges of common units, and certain other tax benefits related to entering into the TRA.

In addition to tax expenses, the Company will also make payments under the TRA, which are expected to be significant. The Company will account for the income tax effects and corresponding TRA’s effects resulting from future taxable purchases or redemptions of LLC Interests of the Continuing Equity Owners by recognizing an increase in deferred tax assets, based on enacted tax rates at the date of the purchase or redemption. Further, the Company will evaluate the likelihood that it will

realize the benefit represented by the deferred tax asset and, to the extent that management estimates that it is more likely than not that the Company will not realize the benefit, the Company will reduce the carrying amount of the deferred tax asset with a valuation allowance. The amounts to be recorded for both the deferred tax assets and the liability for obligations under the TRA will be estimated at the time of any purchase or redemption as an adjustment to stockholders’ equity, and the effects of changes in any estimates after this date will be included in net income. Similarly, the effect of subsequent changes in the enacted tax rates will be included in net income. Judgment is required in assessing the future tax consequences of events that have been recognized in the Company’s financial statements. A change in the Company’s assessment of such consequences, such as realization of deferred tax assets, changes in tax laws or interpretations thereof could materially impact results.

The Company recognizes obligations arising under the TRA in accordance with ASC 450—Contingencies. Obligations under the TRA are accrued when it is probable that a liability has been incurred and its amount is estimable. Liabilities associated with the TRA are classified as either current or noncurrent based on the expected date of payment and are presented in the condensed consolidated balance sheets. The exchange of partnership interest will result in an increase in TRA liabilities with a corresponding adjustment to Additional

paid-in

capital. Subsequent remeasurement of the TRA liabilities is recognized in the condensed consolidated statement of operations. See Note 8 — Income Taxes and Tax Receivable Agreement for additional information.

Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation (“ASC 718”). Stock-based awards, including stock options and restricted stock awards are measured at their grant-date fair value and recognized as

non-cash

compensation expense on a straight-line basis over the requisite service period, which generally corresponds to the vesting period of the award. The fair value of the stock-based awards is determined based on the Company’s Class A common stock closing price on the grant date.

For periods prior to the Company’s IPO, the grant date fair value of the Restricted Class C Units were determined on each grant date using the Black-Scholes option-pricing model, which required management to make certain assumptions with respect to selected model inputs, such as: (i) the risk-free interest rate, (ii) the expected volatility of the price of the Restricted Class C Units, (iii) the expected dividend yield, and (iv) the expected time to liquidity.

The fair value of the Restricted Unit Appreciation (“RUA”) Plan awards were measured based on the fair value of Class A units of SOLV Energy Parent Holdings LP, which is estimated using generally accepted equity valuation and allocation methods. Subsequent to the IPO, the fair value of RUA awards is derived from the fair market value of the Class A common stock on the settlement date and is therefore a Level 1 measurement. The change in fair value at each reporting end will be recognized in the condensed consolidated statement of operations.

See Note 9 – Stock-based Compensation, for addition information on the Company’s stock-based compensation plans and awards.

Earnings (Loss) per Share

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to SOLV Energy, Inc. by the weighted average number of shares of Class A common stock outstanding during the period. Diluted earnings (loss) per share is computed by giving effect to all potential shares, including exchangeable SOLV Energy Holdings LLC Units, unvested Restricted common units, stock-options and restricted stock awards, to the extent dilutive. The Company uses the

“if-converted”

method to determine the potential dilutive effects of the vested SOLV Energy Holdings LLC units and the treasury stock method to determine the potential dilutive effects of the unvested Restricted common units and the vesting of the outstanding equity awards. Both methods are used as if the common units and outstanding equity awards were converted into Class A common stock of SOLV Energy, Inc. as of the IPO date.

See Note 11 – Earnings per Share, for additional information on

dilutive

securities.

New Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU

2024-03,

“

Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic

220-40):

Disaggregation of Income Statement Expenses

.” The update requires entities to tabularly disclose in the footnotes to the financial statements, the amounts of purchased inventory, employee compensation, depreciation, intangible asset amortization, and depreciation included in each relevant expense caption. The standard also requires disclosure of the amount and a qualitative description of other items remaining in relevant expense captions that are not separately disaggregated. This update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption and both prospective and retrospective application are permitted. The Company is currently assessing the effect of this update.

In September 2025, the FASB issued ASU

2025-06,

“

Intangibles-Goodwill and

Other-Internal-Use

Software (Subtopic

350-40):

Targeted Improvements to the Accounting for

Internal-Use

Software

”, which amends the guidance on

internal-use

software. The ASU removed all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic

350-40.

Instead an entity is required to start capitalizing software costs when 1) management has authorized and committed to funding the software project and 2) it is probable that the project will be completed, and the software will be used to perform the function intended (referred to as the

“probable-to-complete

recognition threshold”). Among other things, the ASU also specified that disclosures are required for all capitalized

internal-use

software costs, regardless of how these costs are presented in the financial statements. The ASU is effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently assessing the effect of this update.

Details of Certain Accounts - Summary of Prepaids and other current assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Prepaid Expense And Other Assets Current [Line Items]
Supplier deposits	$ 55,561	$ 43,485
Materials inventory	40,243	4,594
Non-trade receivables	1,437	3,473
Prepaid insurance	1,986	2,942
Rebates receivable	770	2,495
Other	5,531	3,898
Total prepaids and other current assets	$ 105,528	$ 60,887

Details of Certain Accounts - Summary of depreciation expense included in cost of revenue and selling, general and administrative expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of depreciation expense included in cost of revenue and selling, general and administrative expenses Net [Line Items]
Cost of revenue	$ 7,895	$ 4,267
Selling, general and administrative expenses	956	1,537
Total depreciation expense	$ 8,851	$ 5,804

Details of Certain Accounts - Summary of Accounts payable and accrued expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Accounts Payable And Accrued Liabilities [Line Items]
Vendor payables and accrued purchases	$ 413,186	$ 422,853
Accrued compensation and benefits	51,982	73,330
Restricted Unit Appreciation Plan liability	39,464	32,854
Indirect taxes payable	12,255	11,905
Accrued professional services	4,585	8,580
Accrued warranty	3,306	4,278
Deferred acquisition consideration	0	5,500
Accrued interest	120	2,918
Total accounts payable and accrued expenses	$ 524,898	$ 562,218

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 384,911	$ 394,876
Accounts receivable, net	285,039	269,044
Contract assets	157,875	156,744
Capitalized project development costs	13,297	17,734
Prepaid and other current assets	105,528	60,887
Total current assets	946,650	899,285
Property and equipment, net	116,137	106,383
Operating lease right-of-use assets	7,598	8,010
Goodwill	429,035	429,279
Intangible assets, net	347,511	362,390
Deferred tax assets	101,302	0
Other long-term assets	8,373	10,925
Total assets	1,956,606	1,816,272
LIABILITIES AND STOCKHOLDERS'/MEMBERS' EQUITY
Accounts payable and accrued expenses	524,898	562,218
Contract liabilities	346,295	308,619
Current portion of equipment financing	6,617	6,526
Current portion of lease liabilities	14,461	12,978
Current portion of long-term debt	0	2,498
Total current liabilities	892,271	892,839
Term debt, long term	0	391,988
Equipment financing, long-term	19,703	21,317
Lease liabilities, long-term	39,742	36,559
Tax receivable agreement	172,344	0
Other long-term liabilities	21,322	18,344
Total liabilities	1,145,382	1,361,047
Commitments and Contingencies - See Note 12
Member's equity:
Total member's equity	0	550,334
Stockholders' equity:
Additional paid-in capital	455,857	0
Accumulated deficit	(23,358)	(98,139)
Total stockholders' equity to SOLV Energy, Inc.	432,520	(98,139)
Non-controlling interest	378,704	3,030
Total members'/stockholders' equity	811,224	455,225
Total liabilities and stockholders'/member's equity	1,956,606	1,816,272
Common Class A [Member]
Stockholders' equity:
Common stock	12	0
Common Class B [Member]
Stockholders' equity:
Common stock	$ 9	$ 0

Business Combinations - Additional Information (Detail) - USD ($)	Jun. 13, 2025	Jan. 08, 2025	Mar. 31, 2026	Jan. 08, 2026
Business Combination [Line Items]
Adjustment of deferred taxes with the offset to goodwill			$ 244,000
SDI [Member]
Business Combination [Line Items]
Business Combination, Voting Equity Interest Acquired, Percentage		100.00%
Business combination, consideration transferred		$ 16,941,000
Payments to Acquire Businesses, Gross		11.154
Business Combination Deferred Payment		$ 5,500,000
Deferred Policy Acquisition Cost				$ 5,500,000
Spartan [Member]
Business Combination [Line Items]
Business Combination, Voting Equity Interest Acquired, Percentage	100.00%
Business combination, consideration transferred	$ 67,006,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of deferred policy acquisition cost capitalized on contract remaining in force.

+ References + Details

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue	$ 676,805	$ 407,847
Cost of revenue	557,732	348,748
Gross profit	119,073	59,099
Selling, general and administrative expenses (including non-cash compensation expense of $59,560 and $712 for the three months ended March 31, 2026 and 2025, respectively)	111,375	36,070
Amortization expense	14,879	13,768
Total operating expenses	126,254	49,838
Operating income (loss)	(7,181)	9,261
Loss on debt extinguishment	10,688	0
Interest expense	6,897	12,691
Interest income	(1,450)	(3,272)
Other (income) loss, net	(68)	82
Loss before income taxes	(23,248)	(240)
Income tax expense	4,166	262
Net loss	(27,414)	(502)
Less: net income (loss) attributable to non-controlling interests and LLC members prior to IPO	(4,056)	212
Net loss attributable to SOLV Energy, Inc.	$ (23,358)	$ (714)
Net loss per share:
Net loss per share, Basic	$ (0.2)
Net loss per share, Diluted	$ (0.2)
Weighted average shares outstanding, Basic	115,348,571
Weighted average shares outstanding, Diluted	115,348,571

Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Other Intangible Assets [Line Items]

Intangible Assets

(6)	Intangible Assets

The value of intangible assets was determined upon acquisition based on fair value assumptions determined at that time. Intangible assets with finite useful lives are amortized over their respective estimated useful lives using the straight-line method. The following table summarizes the Company’s intangible assets:


	As of March 31, 2026
	Remaining Weighted Average Amortization Period in Years		Intangible Assets		Accumulated Amortization			Intangible Assets, Net
Trade Name		8.3	$	120,670	$	(46,031	)	$	74,639
Customer Relationships		5.2		343,900		(161,787	)		182,113
Backlog		0.5		60,190		(59,528	)		662
Patents/Know-How		10.8		126,000		(35,903	)		90,097

Total			$	650,760	$	(303,249	)	$	347,511


	As of December 31, 2025
	Intangible Assets		Accumulated Amortization			Intangible Assets, Net
Trade Name	$	120,670	$	(43,378	)	$	77,292
Customer Relationships		343,900		(152,376	)		191,524
Backlog		60,190		(58,813	)		1,377
Patents/Know-How		126,000		(33,803	)		92,197

Total	$	650,760	$	(288,370	)	$	362,390

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2026

Disaggregation of Revenue [Line Items]

Revenue from Contracts with Customers

(4)	Revenue from Contracts with Customers

Revenue Overview

The Company applies the guidance in ASC 606,

Revenue from Contracts with Customers (Topic 606)

, when recognizing revenue associated with its contracts with customers. The Company generates revenue from the construction of new solar, battery storage, T&D or other projects pursuant to EPC contracts. The Company also generates revenue from maintaining, upgrading, repowering or expanding of existing solar, battery storage or T&D projects pursuant to O&M agreements.

The Company recognizes revenue using the

percentage-of-completion

method (an input method), based on costs incurred to date compared to total estimated costs. Costs related to uninstalled materials are included in this calculation incurred, provided that control of those materials has transferred to the customer. This method is the most accurate measure of the Company’s contract performance because it directly measures the value of the goods and services transferred to the customer.

Estimated costs include the Company’s latest estimates using judgments with respect to labor hours and costs, materials, subcontractor costs, among other costs. Changes to total estimated costs or losses, if any, are recognized in the period in which they are determined to be assessed at the contract level.

O&M agreements may include multiple performance obligations. The Company allocates the transaction price to each performance obligation using an estimate of the stand-alone selling price of each distinct service in the contract.

Revenues recognized by the Company from the sale of development projects are recognized at a point in time when control of the related project transfers to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for the project.

The following table presents the Company’s revenue disaggregated by service type:


	Three Months Ended March 31,
	2026				2025
By service type:
New Construction	$	650,733	96.1	%	$	377,161	92.5	%
Existing infrastructure		24,964	3.7	%		26,508	6.5	%
Other		1,108	0.2	%		4,178	1.0	%

Total revenues	$	676,805	100.0	%	$	407,847	100.0	%

Variable Consideration

The nature of the Company’s contracts gives rise to variable consideration, including unexecuted change orders and liquidated damage penalties. Change orders are for goods and services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract. The Company recognizes revenue for variable consideration when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. The Company estimates the amount of revenue to be recognized on variable consideration by using the expected value or the most likely amount method, whichever is expected to better predict the amount.

Estimates of variable consideration and the determination of whether to include estimated amounts in the transaction price are based on an assessment of the anticipated performance and all information (historical, current, and forecasted) that is reasonably available including, but not limited to, contractual entitlement and documented approval by customers. Revenues were positively impacted by $21,266 and $3,825 during the three months ended March 31, 2026 and 2025, respectively, as a result of changes in estimates associated with performance obligations on contracts partially satisfied prior to December 31, 2025 and 2024.

Practical Expedient

If the Company has a right to consideration from a customer in an amount that corresponds directly with the value of the Company’s performance completed to date, the Company recognizes revenue in the amount to which it has a right to invoice for services performed.

Remaining Performance Obligations

As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $2,456,236, which is related to the Company’s EPC service contracts. The Company anticipates recognizing revenue on substantially all the remaining performance obligations under these contracts over the next 12 to 18 months.

For the Company’s O&M agreements, the Company has elected to apply the optional exemption, which waives the requirement to disclose the remaining performance obligation for revenue recognized through the right to invoice practical expedient and contracts that have an original expected duration of one year or less.

Contract Assets and Liabilities

During the three months ended March 31, 2026 and 2025, the Company recognized revenue of $244,793 and $188,871 related to contract liabilities outstanding as of the end of each respective period end.

Contract assets and liabilities consisted of the following:


	March 31, 2026		December 31, 2025
Unbilled and retention receivables	$	157,875	$	156,744

Total contract assets	$	157,875	$	156,744

Deferred revenue	$	346,224	$	308,524
Provision for project losses		71		95

Total contract liabilities	$	346,295	$	308,619

Contract assets and liabilities fluctuate period to period based primarily on changes in the number and size of projects in progress at period end, variability in billing and payment terms, and the amounts of unapproved change orders and contract claims. The increase in contract assets for the three months ended March 31, 2026 was primarily attributable to several new projects that commenced in 2026, partially offset by completion of certain projects and the corresponding billings of amounts previously recorded in contract assets.

The increase in contract liabilities for the three months ended March 31, 2026 is due primarily to several new large projects that commenced in 2026, timing of billings in relation to costs incurred on certain projects, partially offset by completion of certain projects and satisfaction of performance obligations related to contract amounts previously billed.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

(13)	Related Party Transactions

Transactions with a Minority Investor

Prior to the IPO and the related liquidation of SOLV Energy Parent Holdings LP, on December 20, 2025, SOLV Energy Parent Holdings LP redeemed the units held by a minority investor in exchange for a $112,500 note secured by a first priority lien on all of SOLV Energy Parent Holdings LP’s assets, including its equity interests in the SOLV Energy Holdings LLC. The note was subsequently settled in January 2026 using cash on hand distributed upstream to SOLV Energy Parent Holdings LP from SOLV Energy Holdings LLC.

Transactions with American Securities

The Company was party to management consulting agreements with American Securities (“Consulting Agreements”), pursuant to which American Securities agreed to provide certain management and legal services to the Company. The Company was required to pay American Securities an annual fee to $3,000,

payable in equal quarterly cash installments. Payments made, including reimbursable expenses, to American Securities under the Consulting Agreements during the three months ended March 31, 2026 and March 31, 2025 amounted to $750 and $750, respectively. The payments made during the three month ended March 31, 2026 were made prior to the consummation of the IPO. The SOLV Consulting Agreement was terminated in connection with the consummation of the IPO and Reorganization and, therefore, no further payments will be made in the future. Payments made to American Securities under the Consulting Agreements are included in “Selling, general and administrative expenses”.

In connection with the redemption of the minority investor units noted above, SOLV Energy, LLC entered into a loan agreement, dated as of January 5, 2026, with affiliated funds of American Securities. The loan agreement was terminated on February 12, 2026 in connection with the IPO.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
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+ Details

Revenue from Contracts with Customers - Summary of Contract assets and liabilities consisted (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Unbilled and retention receivables	$ 157,875	$ 156,744
Total contract assets	157,875	156,744
Deferred revenue	346,224	308,524
Provision for project losses	71	95
Total contract liabilities	$ 346,295	$ 308,619

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Description of Business - Additional information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Feb. 12, 2026	Mar. 31, 2026	Mar. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from issuance initial public offering		$ 552,542	$ 0
Equity method investment units purchased	23,575,000
Common Class A [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of Stock, number of shares issued in transaction	91,773,571
Common Class A [Member] \| IPO [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares, issued	23,575,000
Proceeds from issuance initial public offering	$ 552,500
Common Class B [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of Stock, number of shares issued in transaction	87,141,865

Basis of Presentation

3 Months Ended

Mar. 31, 2026

Product Information [Line Items]

Basis of Presentation

(2)	Basis of Presentation

The accompanying condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries which reflect all adjustments necessary to state fairly the Company’s condensed consolidated financial position, results of operations and cash flows in accordance with principles generally accepted in the United States of America (“U.S. GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. These condensed consolidated financial statements and related notes do not include all information and footnotes required by GAAP for annual reports. The accompanying condensed consolidated interim financial statements are unaudited and should be read in conjunction with the annual consolidated financial statements, and the notes thereto for the fiscal year ended December 31, 2025. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year.

The Company classifies certain assets and liabilities as current utilizing the duration of the related contract or program as the Company’s operating cycle, which is generally longer than one year. This primarily impacts contract liabilities and contract assets. The Company classifies all other assets and liabilities based on whether the asset will be realized or the liability will be paid within one year.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of SOLV Energy, Inc. and SOLV Energy Holdings LLC and its wholly-owned subsidiaries. SOLV Energy Holdings LLC is considered a variable interest entity and SOLV Energy, Inc. is the primary beneficiary and, through a wholly-owned subsidiary, the sole managing member of SOLV Energy Holdings LLC and has decision making authority that significantly affects the performance of the entity. Accordingly, the Company consolidates SOLV Energy Holdings LLC and reports

non-controlling

interests representing the economic interest in SOLV Energy Holdings LLC held by the Continuing Equity Owners.

The

non-controlling

interests in the condensed consolidated statement of operations for the three months ended March 31, 2026 represents the portion of earnings attributable to the economic interest in SOLV Energy Holdings LLC held by the Continuing Equity Owners. The

non-controlling

interests in the condensed consolidated balance sheet as of March 31, 2026 represents the portion of the net assets of the Company attributable to the Continuing Equity Owners, based on the portion of the LLC Interests owned by such unit holders, which was 43.0% of the total LLC Interests as of March 31, 2026.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (27,414)	$ (502)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization	23,730	19,572
Non-cash compensation expense	64,874	712
Loss on extinguishment of debt (non-cash portion)	6,676	0
Write off of project development costs	3,939	0
Other	152	7
Change in operating assets and liabilities	(57,716)	386
Net cash provided by operating activities	14,241	20,175
Cash flows from investing activities:
Purchases of property and equipment	(10,440)	(2,778)
Cash paid for acquisitions, net of cash acquired	0	(10,756)
Net cash used in investing activities	(10,440)	(13,534)
Cash flows from financing activities:
Issuance of Class A common stock in IPO, net of underwriting discount	552,542	0
Repayment of term debt	(405,203)	(1,015)
Payment of deferred acquisition consideration	(5,500)	0
Payment of offering costs	(3,536)	0
Proceeds on debt	0	32,500
Payment of debt issuance costs	(2,800)	0
Payments for finance leases	(2,901)	(1,979)
Proceeds on equipment financing	0	14,500
Payments on equipment financing	(1,523)	(1,764)
Distributions to members of SOLV Energy Holdings LLC	(144,845)	(47,844)
Net cash used in financing activities	(13,766)	(5,602)
Net increase (decrease) in cash and cash equivalents	(9,965)	1,039
Cash and cash equivalents, beginning of period	394,876	207,987
Cash and cash equivalents, end of period	384,911	209,026
Supplemental cash flow information
Interest paid	8,572	12,073
Income taxes paid	0	0
Supplemental disclosure of non-cash financing activities:
Deferred offering costs in accounts payable	1,939	0
Deferred offering costs reclassified to APIC	$ 9,843	$ 0

Condensed Consolidated Statements of Stockholders'/Member's Equity - USD ($) $ in Thousands	Total	Non- Controlling Interests [Member]	Accumulated Deficit [Member]	Common Stock [Member] Class A Common Stock	Common Stock [Member] Class B Common Stock	Additional Paid-in Capital [Member]	Stockholders' Equity	SOLV Energy Holdings LLC [Member] Non- Controlling Interests [Member]	SOLV Energy Holdings LLC [Member] Accumulated Deficit [Member]	SOLV Energy Holdings LLC [Member] Member's Equity [Member]
Beginning balance at Dec. 31, 2024	$ 393,447							$ 2,510	$ (247,322)	$ 638,259
Compensation expense	770									770
Distributions	(47,844)									(47,844)
Net income (loss)	(502)							212	(714)
Ending balance at Mar. 31, 2025	(345,871)							2,722	(248,036)	591,185
Beginning balance at Dec. 31, 2025	550,334
Beginning balance at Dec. 31, 2025	455,225							3,030	(98,139)	550,334
Compensation expense	606									606
Distributions	(142,320)							(2,145)		(140,175)
Contribution from NCI	0
Net income (loss)	(27,414)
Net income prior to the transactions and IPO	13,588							0	13,588
Impact of the Transactions	0	$ 141,255		$ 9	$ 9	$ 185,826	$ 185,844	(885)	84,551	(410,765)
Impact of the Transactions, shares				91,773,571	87,141,865
Issuance of Class A Common Stock in IPO, net of issuance costs	541,036	232,807		$ 3		308,226	308,229
Issuance of Class A Common Stock in IPO, net of issuance costs, shares				23,575,000
Establishment of deferred tax asset from IPO and Transactions	(71,042)					(71,042)	(71,042)
Equity based compensation subsequent to the Transactions and IPO	57,658	24,811				32,847	32,847
Net income subsequent to the Transactions and IPO	(41,002)	(17,644)	$ (23,358)				(23,358)
Distributions subsequent to the transactions and IPO	(2,525)	(2,525)					0
Forfeiture of Class B common stock and LLC Units					(13,728)
Ending balance at Mar. 31, 2026	0
Ending balance at Mar. 31, 2026	$ 811,224	$ 378,704	$ (23,358)	$ 12	$ 9	$ 455,857	$ 432,520	$ 0	$ 0	$ 0
Ending balance, shares				115,348,571	87,128,137

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Common Class A [Member]
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,250,000,000	1,250,000,000
Common stock, shares, issued	115,348,571	115,348,571
Common stock, shares, outstanding	115,348,571	115,348,571
Common Class B [Member]
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares, issued	87,128,137	87,128,137
Common stock, shares, outstanding	87,128,137	87,128,137

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Other Intangible Assets [Line Items]

Summary of the Company's intangible assets

The following table summarizes the Company’s intangible assets:


	As of March 31, 2026
	Remaining Weighted Average Amortization Period in Years		Intangible Assets		Accumulated Amortization			Intangible Assets, Net
Trade Name		8.3	$	120,670	$	(46,031	)	$	74,639
Customer Relationships		5.2		343,900		(161,787	)		182,113
Backlog		0.5		60,190		(59,528	)		662
Patents/Know-How		10.8		126,000		(35,903	)		90,097

Total			$	650,760	$	(303,249	)	$	347,511


	As of December 31, 2025
	Intangible Assets		Accumulated Amortization			Intangible Assets, Net
Trade Name	$	120,670	$	(43,378	)	$	77,292
Customer Relationships		343,900		(152,376	)		191,524
Backlog		60,190		(58,813	)		1,377
Patents/Know-How		126,000		(33,803	)		92,197

Total	$	650,760	$	(288,370	)	$	362,390

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Summary of Significant Accounting Policies [Line Items]
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying condensed consolidated financial statements and these notes. Actual results could differ from those estimates and may result in material effects on the Company’s operating results and financial position. Estimates made in preparing the accompanying condensed consolidated financial statements primarily include, but are not limited to, those related to revenue recognition, goodwill and long-lived asset valuations, impairment assessments, stock-based compensation awards, and estimates related to the tax receivable agreement.
Income Taxes	Income Taxes After the completion of the IPO, the Company became subject to U.S. federal, state, and local income taxes with respect to its allocable share of taxable income of SOLV Energy Holdings LLC assessed at the prevailing corporate tax rates. SOLV Energy Holdings LLC operates as a limited liability company and is treated as a partnership for income tax purposes. Accordingly, SOLV Energy Holdings LLC incurs no significant liability for federal or state income taxes since the taxable income or loss is passed through to its members. SOLV Energy Holdings LLC incurs liabilities for certain state taxes paid directly by it, which are not significant and for which the expense is included in the provision for income taxes in the accompanying condensed consolidated statements of income for the three months ended March 31, 2026 and 2025. The Company uses the liability method to account for income taxes in accordance with ASC 740—Income Taxes . Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of differences between the financial reporting and tax bases of assets and liabilities. Deferred tax amounts are calculated using the enacted tax rates expected to be in effect when the temporary differences reverse. Deferred tax assets are recorded when it is considered more likely than not that they will be realized. The Company evaluates the need for a valuation allowance by considering all available evidence, including projections of future taxable income, the timing of temporary difference reversals, the existence of tax planning strategies and historical operating results. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authority, based on the technical merits of the position. As of March 31, 2026 and December 31, 2025, there were no known items that would require an accrual for uncertain tax positions.
Tax Receivable Agreement	Tax Receivable Agreement In connection with the IPO, the Company entered into a Tax Receivable Agreement (“TRA”) with SOLV Energy Holdings LLC and the Continuing Equity Owners whereby the Company agreed to pay to such Continuing Equity Owners 85% of the benefits that the Company realizes, or is deemed to realize, as a result of the Company’s allocable share of existing tax basis acquired in the IPO, increases in the Company’s share of existing tax basis and adjustments to the tax basis of the assets of SOLV Energy Holdings LLC as a result of sales or exchanges of common units, and certain other tax benefits related to entering into the TRA. In addition to tax expenses, the Company will also make payments under the TRA, which are expected to be significant. The Company will account for the income tax effects and corresponding TRA’s effects resulting from future taxable purchases or redemptions of LLC Interests of the Continuing Equity Owners by recognizing an increase in deferred tax assets, based on enacted tax rates at the date of the purchase or redemption. Further, the Company will evaluate the likelihood that it will realize the benefit represented by the deferred tax asset and, to the extent that management estimates that it is more likely than not that the Company will not realize the benefit, the Company will reduce the carrying amount of the deferred tax asset with a valuation allowance. The amounts to be recorded for both the deferred tax assets and the liability for obligations under the TRA will be estimated at the time of any purchase or redemption as an adjustment to stockholders’ equity, and the effects of changes in any estimates after this date will be included in net income. Similarly, the effect of subsequent changes in the enacted tax rates will be included in net income. Judgment is required in assessing the future tax consequences of events that have been recognized in the Company’s financial statements. A change in the Company’s assessment of such consequences, such as realization of deferred tax assets, changes in tax laws or interpretations thereof could materially impact results. The Company recognizes obligations arising under the TRA in accordance with ASC 450—Contingencies. Obligations under the TRA are accrued when it is probable that a liability has been incurred and its amount is estimable. Liabilities associated with the TRA are classified as either current or noncurrent based on the expected date of payment and are presented in the condensed consolidated balance sheets. The exchange of partnership interest will result in an increase in TRA liabilities with a corresponding adjustment to Additional paid-in capital. Subsequent remeasurement of the TRA liabilities is recognized in the condensed consolidated statement of operations. See Note 8 — Income Taxes and Tax Receivable Agreement for additional information.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation (“ASC 718”). Stock-based awards, including stock options and restricted stock awards are measured at their grant-date fair value and recognized as non-cash compensation expense on a straight-line basis over the requisite service period, which generally corresponds to the vesting period of the award. The fair value of the stock-based awards is determined based on the Company’s Class A common stock closing price on the grant date. For periods prior to the Company’s IPO, the grant date fair value of the Restricted Class C Units were determined on each grant date using the Black-Scholes option-pricing model, which required management to make certain assumptions with respect to selected model inputs, such as: (i) the risk-free interest rate, (ii) the expected volatility of the price of the Restricted Class C Units, (iii) the expected dividend yield, and (iv) the expected time to liquidity. The fair value of the Restricted Unit Appreciation (“RUA”) Plan awards were measured based on the fair value of Class A units of SOLV Energy Parent Holdings LP, which is estimated using generally accepted equity valuation and allocation methods. Subsequent to the IPO, the fair value of RUA awards is derived from the fair market value of the Class A common stock on the settlement date and is therefore a Level 1 measurement. The change in fair value at each reporting end will be recognized in the condensed consolidated statement of operations. See Note 9 – Stock-based Compensation, for addition information on the Company’s stock-based compensation plans and awards.
Earnings (Loss) per Share	Earnings (Loss) per Share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to SOLV Energy, Inc. by the weighted average number of shares of Class A common stock outstanding during the period. Diluted earnings (loss) per share is computed by giving effect to all potential shares, including exchangeable SOLV Energy Holdings LLC Units, unvested Restricted common units, stock-options and restricted stock awards, to the extent dilutive. The Company uses the “if-converted” method to determine the potential dilutive effects of the vested SOLV Energy Holdings LLC units and the treasury stock method to determine the potential dilutive effects of the unvested Restricted common units and the vesting of the outstanding equity awards. Both methods are used as if the common units and outstanding equity awards were converted into Class A common stock of SOLV Energy, Inc. as of the IPO date. See Note 11 – Earnings per Share, for additional information on dilutive securities.
New Accounting Pronouncements Not Yet Adopted	New Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, “ Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses .” The update requires entities to tabularly disclose in the footnotes to the financial statements, the amounts of purchased inventory, employee compensation, depreciation, intangible asset amortization, and depreciation included in each relevant expense caption. The standard also requires disclosure of the amount and a qualitative description of other items remaining in relevant expense captions that are not separately disaggregated. This update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption and both prospective and retrospective application are permitted. The Company is currently assessing the effect of this update. In September 2025, the FASB issued ASU 2025-06, “ Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ”, which amends the guidance on internal-use software. The ASU removed all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic 350-40. Instead an entity is required to start capitalizing software costs when 1) management has authorized and committed to funding the software project and 2) it is probable that the project will be completed, and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”). Among other things, the ASU also specified that disclosures are required for all capitalized internal-use software costs, regardless of how these costs are presented in the financial statements. The ASU is effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently assessing the effect of this update.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

(9)	Stock-Based Compensation

In connection with the IPO, the stockholders approved the 2026 Equity Incentive Plan (the “2026 Plan”), which became effective on February 12, 2026. The 2026 Plan is administered by the Corporation’s board of directors or a committee thereof and provides for customary limitations, including an annual compensation limit applicable to

non-employee

directors.

The 2026 Plan provides for the issuance of up to 7,500,000 shares of Class A common stock for equity-based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards, and includes an annual automatic increase in the share reserve equal to 3% of the total number of shares of Class A common stock outstanding as of the end of the immediately preceding fiscal year, beginning on January 1 following the IPO and continuing through the ninth anniversary of the effective date of the 2026 Plan, unless the Corporation’s board of directors determines a lesser increase for any such year. As of March 31, 2026, 4,161,554 shares of Class A common stock are available for future grant under the 2026 Plan.

Restricted Stock Awards (“RSA”)

In connection with the IPO on February 12, 2026, the Company granted an aggregate of

261,000 shares of RSAs to certain of the Company’s executives and employees and

non-employee

directors in conjunction with the 2026 Plan with an aggregate grant date fair value of $6,525. The RSA awards were granted to all employees with at least one year of service with a grant date value of $5 based on the IPO price. The RSAs vest on the third anniversary of the completion of the IPO, subject to continued employment on such date. Additionally, vesting is subject to certain change in control and termination provisions as provided in the award agreements. No RSAs have been granted after the IPO. During the three months ended March 31, 2026, 3,600 restricted stock awards were forfeited.

As of March 31, 2026, all the RSAs are outstanding and remain unvested. The fair value of the RSAs of $25.00 per unit was based on the fair value of a share of Class A common stock at the time of the IPO. Total

non-cash

compensation expense for RSAs was approximately $276

for the period from February 12, 2026, to March 31, 2026, and is included in “Cost of revenue” and “Selling, general and administrative expenses” in the condensed consolidated statement of operations for the three months ended March 31, 2026.

The unamortized

non-cash

compensation cost related to RSAs of approximately $6,159 as of March 31, 2026 expected to be recognized over a weighted-average period of approximately 2.9 years.

Stock Options

In connection with the IPO on February 12, 2026,

the

Company granted an aggregate of 3,077,446 stock options exercisable for shares of Class A common stock with an exercise price per share of $25.00 based on the fair value at the time of the IPO. These option grants were issued pursuant to the 2026 Equity Incentive Plan in connection with the conversion of legacy Class C profits interests of SOLV Energy Holdings LLC into LLC Units effected at the IPO, as described in the Company’s prospectus dated February 11, 2026. The options will vest in three equal annual installments over the three-year period following the IPO, subject to continued employment through the vesting date. Additionally, vesting is subject to certain change in control and termination provisions as provided in the award agreements. During the three months ended March 31, 2026, 4,908 stock options were forfeited.

As of March 31, 2026, all the stock options are outstanding and remain unvested. Total

non-cash

compensation expense for the stock options was approximately $1,583

The unamortized

non-cash

compensation cost related to stock options was approximately $35,288 as of March 31, 2026 expected to be recognized over a weighted-average period of approximately 2.9 years.

The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option pricing model. The Black-Scholes option-pricing model requires estimates of highly subjective assumptions, which greatly affect the fair value of each stock option. The weighted-average assumptions used to estimate the fair value of stock options granted during the three months ended March 31, 2026 were as follows:


	Three Months Ending March 31, 2026
Fair value of stock option		12.0
Risk-free interest rate		3.78	%
Expected life (years) (1)		6.5
Expected dividend yield		—
Volatility		42	%

(i)	Expected life (years): The expected life was estimated using the simplified method due to a lack of historical exercise activity for the Company. The simplified method calculates the expected life as the mid-point between the vesting date and the contractual expiration date of the award.

Restricted Unit Appreciation (“RUA”) Plan

At the completion of the IPO, all of the RUA awards have vested and will be settled in cash on December 23, 2026, based on the fair market value

the Class A common stock on such date. Based on the initial public offering price of $25.00 per share, the aggregate cash amount that is payable to settle the RUA awards is approximately $39,464 as of March 31, 2026, an increase of approximately $6,610 from $32,854

as of December 31, 2025. The change in fair value was recognized in “Cost of revenue” and “Selling, general and administrative expenses” in the condensed consolidated statement of operations.

Restricted Class C Unit Conversion

The Reorganization Transactions entered into in connection with the IPO consequently ended the Restricted Class C unit and Additional Class C unit plans and caused all outstanding units to be converted into LLC Interests of SOLV Energy Holdings LLC with a uniform time-based vesting condition. Prior to the IPO, the Restricted Class C units were granted to employees and

non-employees

with time, performance and multiple on invested capital (“MOIC”) vesting conditions. The time units vested in equal annual installments over a five-year period on the anniversary date of the vest date. The performance units vested based on the achievement of certain EBITDA performance targets. All performance units would become fully vested on the eighth anniversary of the grant date, whether or not the Company met some or all of the performance targets for any fiscal year. The MOIC units vested based upon a cash distribution threshold being achieved.

In connection with the IPO, vested Restricted Class C units and Additional Class C units were converted to vested LLC Interests. The unvested Restricted Class C that were time-vesting units and unvested Additional Class C units converted to unvested LLC Interests with the same time vesting schedule. The unvested Restricted Class C units that were performance and MOIC vesting units were converted to LLC Interests and are treated as if they were time-vesting units at the time of grant, with time vesting beginning on the original vesting start date of the time units, such that a portion of such LLC Interests are vested LLC Interests and a portion are unvested LLC Interests, subject to the remaining time vesting schedule that applies to the time-vesting units. For each such LLC Interest, there is a corresponding share of the Company’s Class B common stock. The shares of Class B common stock have voting rights, but no economic rights. As of March 31, 2026, there were 15,588,909 shares of our Class B common stock outstanding tied to the LLC Interests into which the Restricted Class C Units and Additional Class C units converted, which include 9,593,243 that are vested LLC Interests.


	Time-vested					Performance-vested					MOIC-vested					Additional C Units
	Number of Units			Weighted Average Exercise Price		Number of Units			Weighted Average Exercise Price		Number of Units			Weighted Average Exercise Price		Number of Units			Weighted Average Exercise Price
Outstanding, December 31, 2025		216,187		$	200.16		123,953		$	105.96		82,969		$	106.09		79,007		$	261.48
Effect of Reorganization Transactions and IPO		(216,187	)		200.16		(123,953	)		105.96		(82,969	)		106.09		(79,007	)		261.48
Exchange of SOLV Energy Holdings LLC Equity Awards		15,602,637			25.00		—			—		—			—		—			—
Forfeited		(13,728	)		25.00		—			—		—			—		—			—

Outstanding, March 31, 2026		15,588,909			25.00		—			—		—			—		—			—

Vested, March 31, 2026		9,593,243		$	25.00		—		$	—		—		$	—		—		$	—

The Company determined that the exchange of the Restricted Class C time and performance vesting units and the Additional Class C units for LLC Interests and Class B common stock is a Type I modification pursuant to ASC 718,

Compensation – Stock Compensation (“ASC 718”)

because the units prior to and after the exchange are expected to vest. The Company recorded $1,553 in

non-cash

compensation expense associated with the Restricted Class C time vesting units, performance vesting units and the Additional Class C units, for the period ended March 31, 2026 in the condensed consolidated statement of operations. As of March 31, 2026, there was $11,597, $2,147 and $1,962 of unrecognized

non-cash

compensation expense expected to be recognized through 2029, respectively, for these units.

The Company determined that the exchange of the Restricted Class C MOIC-vested units for LLC Interests and Class B common stock is a Type III modification pursuant to ASC 718 because the MOIC-vested units vesting condition was deemed improbable and is now considered probable. As a result of the exchange, the Company recognized a

one-time

incremental

non-cash

compensation expense of

approximately $52,270

for the applicable vested LLC Interests in the condensed consolidated statement of operations for the period ended March 31, 2026. The Company

recorded $2,576 in

non-cash

compensation expense associated with these MOIC-vested units for the for the period ended March 31, 2026. As of March 31, 2026, there was $15,225 of unrecognized

non-cash

compensation expense expected to be recognized through 2029.

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2026

Disaggregation of Revenue [Line Items]

Summary of Company's revenue disaggregated by service type

The following table presents the Company’s revenue disaggregated by service type:


	Three Months Ended March 31,
	2026				2025
By service type:
New Construction	$	650,733	96.1	%	$	377,161	92.5	%
Existing infrastructure		24,964	3.7	%		26,508	6.5	%
Other		1,108	0.2	%		4,178	1.0	%

Total revenues	$	676,805	100.0	%	$	407,847	100.0	%

Summary of Contract assets and liabilities consisted

Contract assets and liabilities consisted of the following:


	March 31, 2026		December 31, 2025
Unbilled and retention receivables	$	157,875	$	156,744

Total contract assets	$	157,875	$	156,744

Deferred revenue	$	346,224	$	308,524
Provision for project losses		71		95

Total contract liabilities	$	346,295	$	308,619

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Statements of Operations (parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Non-cash compensation expense	$ 59,560	$ 712

Details of Certain Accounts (Tables)

3 Months Ended

Mar. 31, 2026

Details of Certain Accounts [Line Items]

Summary of reconciliation of capitalized project development costs

A reconciliation of capitalized project development costs is as follows:


	Three Months Ended March 31,
	2026			2025
Capitalized project development costs, at beginning of period	$	17,734		$	25,204
Costs capitalized during the year, net of refunds		(498	)		—
Costs expensed from sale of projects during the year		—			1,259
Impaired costs written off during the year		(3,939	)		—

Capitalized project development costs, at end of period	$	13,297		$	26,463

Summary of Prepaids and other current assets

Prepaids and other current assets consisted of the following:


	March 31, 2026		December 31, 2025
Supplier deposits	$	55,561	$	43,485
Materials inventory		40,243		4,594
Non-trade receivables		1,437		3,473
Prepaid insurance		1,986		2,942
Rebates receivable		770		2,495
Other		5,531		3,898

Total prepaids and other current assets	$	105,528	$	60,887

Summary of Property and equipment, net

Property and Equipment

Property and equipment, net consisted of the following:


	March 31, 2026			December 31, 2025
Machinery and equipment	$	92,585		$	80,022
Vehicles		4,454			4,391
Vehicles under finance leases		64,125			56,724
Furniture and fixtures		2,845			2,845
Leasehold improvements		15,255			15,214
Computer equipment		5,357			5,305
Construction in progress		1,059			3,340
Buildings and land		467			467

Property and equipment, gross		186,147			168,308
Less: Accumulated depreciation		(70,010	)		(61,925	)

Property and equipment, net of accumulated depreciation	$	116,137		$	106,383

Summary of depreciation expense included in cost of revenue and selling, general and administrative expenses

The following table summarizes depreciation expense included in “Cost of revenue” and “Selling, general and administrative expenses”:


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	7,895	$	4,267
Selling, general and administrative expenses		956		1,537

Total depreciation expense	$	8,851	$	5,804

Summary of Accounts payable and accrued expenses

Accounts payable and accrued expenses consisted of the following:


	March 31, 2026		December 31, 2025
Vendor payables and accrued purchases	$	413,186	$	422,853
Accrued compensation and benefits		51,982		73,330
Restricted Unit Appreciation Plan liability		39,464		32,854
Indirect taxes payable		12,255		11,905
Accrued professional services		4,585		8,580
Accrued warranty		3,306		4,278
Deferred acquisition consideration		—		5,500
Accrued interest		120		2,918

Total accounts payable and accrued expenses	$	524,898	$	562,218

Summary of Other long-term liabilities consisted

Other long-term liabilities consisted of the following:


	March 31, 2026		December 31, 2025
Warranty reserves		6,969		6,300
Deferred tax liability		5,339		5,339
Deferred compensation liability		7,725		5,343
Deferred revenue		1,289		1,362

Total other long-term liabilities	$	21,322	$	18,344

Details of Certain Accounts - Summary of Other long-term liabilities consisted (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Other Non current Liabilities [Line Items]
Warranty reserves	$ 6,969	$ 6,300
Deferred tax liability	5,339	5,339
Deferred compensation liability	7,725	5,343
Deferred revenue	1,289	1,362
Total other long-term liabilities	$ 21,322	$ 18,344

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(12)	Commitments and Contingencies

Legal Proceedings

From time to time, the Company is involved in various lawsuits, claims, inquiries and other regulatory and compliance matters, most of which are routine to the nature of the Company’s business.

Additional lawsuits, claims, inquiries and other regulatory and compliance matters could arise in the future. The range of expenses for resolving any future matters would be assessed as they arise; until then, a range of potential expenses for such resolution cannot be determined.

Based upon current information, the Company concluded that the impact of the resolution of these matters would not be, individually or in the aggregate, material to the Company’s financial position, results of operations or cash flows.

Warranties

The Company provides warranties for EPC and O&M projects, guaranteeing the work performed against defects in equipment, materials, design, or workmanship. The length of the warranty period is generally two years. Materials and equipment used in construction are either provided by the customers or warranted against defects by suppliers. The warranty claims that the Company historically received have not been substantial.

See Note 15 –

Details of Certain Accounts

for warranty reserves recorded on the condensed consolidated balance sheets.

Tariffs

In February 2026, the U.S. Supreme Court issued a ruling invalidating certain tariffs previously imposed under the International Emergency Economic Powers Act (IEEPA). We are evaluating the impacts of these developments on our results of operations. We will continue to monitor recent developments on tariff policy and evaluate any changes to the applicability of tariffs to our business as they occur. As of March 31, 2026, we have not recorded any impact for potential recovery of tariff-related costs as refunds are uncertain.