Earnings Per Share

6 Months Ended

Jun. 30, 2026

(11)	Earnings Per Share

Basic earnings per share is computed by dividing net income attributable to us by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share is computed by adjusting the net income available to us 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.

Our current capital structure is not reflective of the capital structure of Holdings prior to the IPO and the Transactions. Prior to the IPO, Holdings membership structure included Class A Units and Restricted Class C Units. We 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 has not been presented for the period of the year prior to the IPO or for the three and six months ended June 30, 2025.

Basic and diluted earnings per share of common stock for the three and six months ended June 30, 2026 have been computed as follows


	Three Months Ended June 30, 2026			Period from February 12, 2026 to June 30, 2026
Basic net income per share:
Numerator :
Net income	$	66,833		$	39,419
Less: Net income attributable to non-controlling interests and LLC members prior to IPO		29,863			25,807

Net income attributable to SOLV Energy, Inc., basic and diluted	$	36,970		$	13,612

Denominator :
Weighted average shares of common stock outstanding, basic		118,080,650			117,137,198

Net income per share, basic	$	0.31		$	0.12

Diluted net income per share:
Numerator:
Net income attributable to SOLV Energy, Inc., basic and diluted	$	36,970		$	13,612
Add: Net income attributable to non-controlling interests from assumed exchange of LLC Interests		29,863			—
Less: Income tax expense on net income attributable to non- controlling interest at 22.5%		(6,719	)		—

Net income attributable to SOLV Energy, Inc., diluted	$	60,114		$	13,612

Denominator:
Weighted average shares of common stock outstanding, basic		118,080,650			117,137,198
Effect of dilutive securities:
Vested LLC Interests a ttributable to Continuing Equity Owners		78,400,204			—
Unvested LLC Interests a ttributable to Management Holdings		5,088,760			5,021,202
Restricted Stock Awards		82,874			69,307
Stock Options		30,075			19,689
Weighted averages shares of common stock outstanding, diluted		201,682,563			122,247,396

Net income per share, diluted	$	0.30		$	0.11

The calculation of diluted net income per share for the three and six months ended June 30, 2026 excludes the restricted stock units granted under the 2026 Plan because their inclusion in the calculation would be anti-dilutive.

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


	Three Months Ended June 30, 2026		Period from February 12, 2026 to June 30, 2026
Vested LLC Interests a ttributable to Continuing Equity Owners		—		72,718,537
Restricted Stock Units		45,814		45,814