SOLV Energy (MWH) Cash Flow: Operating & Free Cash Flow

SOLV Energy Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for SOLV Energy, Inc. (MWH) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022
Operating Activities
Net Income	149.18	9.92	-109.84	-120.73
Depreciation & Amortization	85.54	84.84	81.83	87.82
Stock Based Compensation	0.00	8.61	2.38	2.44
Change in Working Capital	60.06	9.81	71.99	109.24
Change in Accounts Receivable	-78.97	83.16	112.44	-11.80
Change in Accounts Payable	109.25	-96.46	-89.82	283.44
Change in Other Working Capital	29.78	-1.24	2.79	49.44
Other Operating Activities	36.86	4.44	2.79	0.99
Net Cash from Operating Activities	331.65	117.61	50.29	83.93
Investing Activities
Capital Expenditures	-21.41	-8.57	-14.40	-27.26
Acquisitions	0.00	-	-2.50	-0.82
Purchases of Investments	-55.33	-	0.55	-0.82
Sales/Maturities of Investments	0.00	-	3.05	-
Net Cash from Investing Activities	-76.74	-8.27	-13.86	-28.07
Financing Activities
Debt Repayment	27.41	-26.39	-154.53	-19.73
Common Stock Issued	-4.18	-	-	15.02
Dividends Paid	0.00	-10.53	-	-
Other Financing Activities	-91.25	-42.46	-31.95	-10.16
Net Cash from Financing Activities	-68.01	-79.37	-34.88	13.13
Summary
Effect of Forex Changes on Cash	207.99	-	-	-
Net Change in Cash	394.88	29.97	1.56	68.99
Cash at Beginning of Period	0.00	178.02	176.46	107.47
Cash at End of Period	394.88	207.99	178.02	176.46
Free Cash Flow	310.23	109.04	35.89	56.67
Supplemental Disclosures
Interest Paid	55.93	43.23	53.74	35.47
Income Taxes Paid	2.49	0.60	0.20	0.01

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About SOLV Energy Cash Flow

What is SOLV Energy's free cash flow?

SOLV Energy generated free cash flow of $310.23M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $331.64M minus $21.41M of capital expenditures. That was up 184.5% from $109.04M a year earlier. Free cash flow equaled 12.5% of revenue.

How much does SOLV Energy spend on capital expenditures?

SOLV Energy spent $21.41M on capital expenditures in fiscal 2025, compared with $8.57M a year earlier. That equals 6.5% of operating cash flow.

Does SOLV Energy pay dividends or buy back shares?

SOLV Energy's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition