$STRL · STERLING INFRASTRUCTURE, INC.
Sterling Infrastructure reported Q3 2026 results with revenue of $1.56B (+127% YoY), GAAP diluted EPS of $6.92 (+133%), and adjusted diluted EPS of $7.58 (+118%). The company raised full-year 2026 guidance: revenue of $4.63B–$4.73B, adjusted diluted EPS of $21.70–$21.96, and adjusted EBITDA of $970M–$981M. Combined backlog grew 78% YoY to $6.14B, with E-Infrastructure Solutions driving the surge via data center and semiconductor projects.
- Q3 revenue of $1.56B, up 127% YoY, driven by E-Infrastructure Solutions segment growth of 212%.
- GAAP diluted EPS of $6.92, up 133% YoY; adjusted diluted EPS of $7.58, up 118% YoY.
- Combined backlog reached $6.14B, up 78% YoY, including $2.0B in unsigned awards.
- Full-year 2026 adjusted diluted EPS guidance raised to $21.70–$21.96, implying ~101% YoY growth at midpoint.
- CEC electrical business contributed $425.6M in Q3 revenue; management now sees potential for over $1B in 2026.
Extended-hours trading shows STRL at $371.00, down 4.60% from the regular-session close of $388.87, despite record results and raised guidance — suggesting a "sell the news" reaction or profit-taking after the +5.81% regular-session gain.
Sterling delivered triple-digit revenue and earnings growth while raising full-year guidance, cementing its position as a prime beneficiary of the data center and semiconductor infrastructure buildout.
Sterling's E-Infrastructure segment is riding the data center and semiconductor construction boom, with mission-critical projects representing ~95% of the nearly $7B E-Infrastructure opportunity pipeline. The CEC acquisition continues to scale dramatically, with pro forma revenue up 305% YoY.
Building Solutions revenue declined 5.4% with adjusted operating income down 38.7%, and management expects challenging conditions through 2026 due to housing affordability pressures. Transportation Solutions revenue also declined 3.1% as resources shift toward E-Infrastructure.