SOLV Energy Inc-A 2025年度报告

OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 Commission file number 001-43117 SOLV Energy, Inc.(Exact name of registrant as specified in its charter) 33-4537250(I.R.S. EmployerIdentification No.) 16680 West Bernardo Drive, San Diego, CA 92127(Address of principal executive offices) (Zip Code) (858)251-4888(Registrant’s telephone number, including area code) Securities registered pursuant to Section12(b) of the Act: Trading Symbol(s)MWH Name of each exchange on which registeredThe Nasdaq Stock Market LLC Securities registered pursuant to Section12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.☐Yes☑No Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.☐Yes☑No Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90 days.☐Yes☑No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).☐Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Acceleratedfiler☐Smallerreportingcompany☐Emerginggrowthcompany☐ Largeacceleratedfiler☐Non-accelerated filer☑ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☐ If securities are registered pursuant to Section12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐Yes☑No The Registrant was not a public company as of the last business day of its most recently completed second fiscal quarter and, therefore, cannot calculatethe aggregate market value of its voting and non-voting common equity held by non-affiliates as of such date. Number of shares of the Registrant’s ClassA Common Stock as of March 24, 2026: 115,348,571 shares Number of shares of the Registrant’s ClassB Common Stock as of March 24, 2026: 87,141,865 shares Table of Contents SOLV ENERGY, INC. 2025 FORM 10-K TABLE OF CONTENTS PART IItem1.BusinessItem1A.Risk FactorsItem1B.Unresolved Staff CommentsItem1C.CybersecurityItem2.PropertiesItem3.Legal ProceedingsItem4.Mine Safety DisclosuresPART IIItem5.Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases Of Equity SecuritiesItem6.ReservedItem7.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem7A.Quantitative and Qualitative Disclosures about Market RiskItem8.Financial Statements and Supplementary DataItem9.Changes In and Disagreements with Accountants on Accounting and Financial DisclosureItem9A.Controls and ProceduresItem9B.Other InformationItem9C.Disclosure Regarding Foreign Jurisdictions That Prevent InspectionsPARTIIIItem10.Directors, Executive Officers and Corporate GovernanceItem11.Executive CompensationItem12.Security Ownership of Certain Beneficial Owners and Management and Related Shareholder MattersItem13.Certain Relationships and Related Transactions, and Director IndependenceItem14.Principal Accountant Fees and ServicesPARTIVItem15.Exhibits and Financial Statement SchedulesItem16.Form 10-KSummarySignatures Table of Contents Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K (“Annual R