Sterling Construction Company, Inc. Earnings Recaps
Q1 2026
May 8, 2026
Sterling Infrastructure's stock surged 67.4% on earnings, driven by significantly better-than-expected growth in revenue, backlog expansion, and margin improvement that far outpaced market expectations.
Key takeaways
- Revenue grew 92% year over year, with adjusted diluted EPS up 120%, showcasing substantial operational leverage.
- Adjusted EBITDA more than doubled while margins expanded by over 150 basis points to a first quarter record of 20%.
- Signed backlog rose 78% year over year to $3.8 billion; combined backlog increased 131% to $5.2 billion, underpinning multi-year visibility.
- E-Infrastructure segment led growth with 174% revenue increase, fueled by data center demand and high-margin mission-critical projects.
- Transportation Solutions and Building Solutions grew more modestly, by 10% and 3% respectively, with Building Solutions facing ongoing residential market headwinds.
Q3 2025
Nov 4, 2025
Sterling Infrastructure delivered robust third-quarter results, highlighted by a 32% revenue growth driven by a strong performance in E-Infrastructure Solutions, and a significant 64% year-over-year increase in backlog.
Key takeaways
- Revenue rose to $700 million, propelled by a 58% increase in E-Infrastructure Solutions, with 42% of this growth organic.
- Adjusted EPS grew 58% to $3.48, and adjusted EBITDA was up 47% at $156 million, aided by expanded gross margins of 24.7%.
- Backlog reached $2.6 billion, increasing 64% year-over-year, excluding CEC, with a strong E-Infrastructure backlog growth of 97%.
- CEC acquisition enhanced service portfolio and contributed $41.4 million in revenue for September.
- Strong operating cash flow of $84 million reflects continued financial health despite challenges in the residential market.