The raised guidance midpoint implies 88% YoY revenue growth and 101% adjusted EPS growth for FY2026, with E-Infrastructure Solutions backlog approaching $7B including unsigned awards and next phases. Monitor the Q4 2026 earnings call for updates on CEC revenue trajectory (management now sees potential for over $1B in 2026) and the conversion of the $2.0B in unsigned awards to signed backlog.
Price Chart
Executive Summary
Sterling Infrastructure reported record Q3 2026 results with revenue of $1.56B (+127% YoY) and GAAP diluted EPS of $6.92 (+133% YoY), both well above consensus estimates of $1.19B and $6.17. The company raised full-year 2026 guidance for the second time this year, now expecting revenue of $4.63B-$4.73B and adjusted diluted EPS of $21.70-$21.96, driven by 70% organic growth and strong demand in E-Infrastructure Solutions.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $1.56B, up 127% YoY, vs consensus $1.19B
- GAAP diluted EPS of $6.92, up 133% YoY, vs consensus $6.17
- Adjusted diluted EPS of $7.58, up 118% YoY
- Adjusted EBITDA of $337.8M, up 117% YoY
- E-Infrastructure Solutions revenue of $1.30B, up 212% YoY
- Signed backlog of $4.14B, up 61% YoY; combined backlog of $6.14B, up 78% YoY
- Full-year 2026 guidance raised: revenue $4.63B-$4.73B, adjusted diluted EPS $21.70-$21.96
- Operating cash flow of $427.1M for nine months ended September 30, 2026
- Share repurchases of $107.3M year-to-date
- Net cash position of $122M at September 30, 2026
Financial Impact
Revenue beat consensus by ~31% ($1.56B vs $1.19B); EPS beat consensus by ~12% ($6.92 vs $6.17); guidance raised to $4.63B-$4.73B revenue and $21.70-$21.96 adjusted diluted EPS for FY2026
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| E-Infrastructure Solutions | $1.3B | +212.0% |
| Transportation Solutions | $165.2M | -3.1% |
| Building Solutions | $96.0M | -5.4% |
Risk Factors
- Building Solutions segment revenue declined 5.4% YoY with operating income down 47%, and management expects challenging conditions through 2026
- Cash and cash equivalents declined from $511.9M at March 31, 2026 to $216.9M at September 30, 2026, driven by capital expenditures, acquisitions, and share repurchases
- Transportation Solutions revenue declined 3.1% YoY due to resource reallocation, though margins improved
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000874238-26-000122 |
| Document: q32026earningsrelease_ir.htm | 0000874238-26-000122 |
| Document: strl-20261028.htm | 0000874238-26-000122 |
| Document: 0000874238-26-000122-index-headers.html | 0000874238-26-000122 |
| Document: 0000874238-26-000122-index.html | 0000874238-26-000122 |
| Document: 0000874238-26-000122.txt | 0000874238-26-000122 |
| 8-K Data (Synthetic) | 0000874238-26-000122 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 2d ago | 8-K | $373.66 | awaiting T+60 | awaiting T+60 | $345.91 (−7.43%) |
Oct 21, 2026 9d ago | Institutional Cluster | $372.83 | awaiting T+60 | awaiting T+60 | $345.91 (+7.22%) |
Oct 7, 2026 23d ago | 3 | $518.41 | awaiting T+60 | awaiting T+60 | $345.91 (−33.27%) |
Oct 5, 2026 25d ago | 8-K | $523.33 | awaiting T+60 | awaiting T+60 | $345.91 (−33.90%) |
Jul 10, 2026 16w ago | 8-K | $660.04 $563.69 | ▼ −14.60% | ▼ −18.59% | $345.91 (−47.59%) |
Jun 9, 2026 20w ago | 8-K | $842.01 $457.60 | ▼ −45.65% | ▼ −49.47% | $345.91 (−58.92%) |
May 21, 2026 23w ago | 8-K | $732.94 $554.76 | ▼ −24.31% | ▼ −27.50% | $345.91 (−52.81%) |
Apr 8, 2026 29w ago | 8-K | $435.65 $717.11 | ▲ +64.61% | ▲ +53.83% | $345.91 (−20.60%) |
Mar 25, 2026 31w ago | DEFA14A | $415.93 $841.01 | ▲ +102.20% | ▲ +88.25% | $345.91 (−16.83%) |
Mar 9, 2026 33w ago | Insider Cluster | $411.53 $993.74 | ▲ +141.47% | ▲ +129.67% | $345.91 (−15.95%) |
US Market Status
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