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Get filing alertsSterling Infrastructure reports record Q2 2026: revenue up 90% to $1.17B, raises FY guidance
Filed August 3, 2026 · Period ending August 3, 2026 · ~1 min read
Key Changes
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Q2 2026 revenue reached $1.17 billion, up 90% year-over-year (50% organic growth). Adjusted EPS of $5.80 increased 116%, and adjusted EBITDA of $256.7 million grew 104% with margins expanding over 150 basis points to 22.0%.
Item 2.02 verify on EDGAR → -
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E-Infrastructure Solutions segment revenue surged 192% with adjusted operating income up 148%. Mission-critical projects (data centers, manufacturing, semiconductors) represented 92% of segment backlog.
Exhibit 99.1 view on EDGAR → -
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Backlog reached $4.33 billion (up 116%, 50% organic) and Combined Backlog hit $5.62 billion (up 150%, 36% organic). Book-to-burn ratios were 1.4x and 1.3x respectively, excluding Stone Ridge acquisition.
Exhibit 99.1 view on EDGAR → -
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Full-year 2026 guidance raised: revenue $4.00B–$4.15B, adjusted diluted EPS $19.70–$20.30, and adjusted EBITDA $891M–$916M. Midpoint implies 64% revenue growth, 84% adjusted EPS growth, and 79% adjusted EBITDA growth.
Exhibit 99.1 view on EDGAR → -
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Operating cash flow totaled $357,075 for the six months ended June 30, 2026. Cash and equivalents stood at $464.5 million at quarter end.
Exhibit 99.1 view on EDGAR →
Summary
Sterling Infrastructure delivered exceptional second-quarter 2026 results, with revenue climbing 90% to $1.17 billion and adjusted earnings per share jumping 116% to $5.80. Organic growth of approximately 50% demonstrates strong underlying momentum beyond the company's recent acquisitions.
The E-Infrastructure Solutions segment drove the outperformance, with revenue surging 192% as demand for data center and mission-critical infrastructure remained robust. Adjusted EBITDA margins expanded over 150 basis points to 22.0%, reflecting operational leverage and favorable business mix.
The company's backlog position strengthened significantly, reaching $4.33 billion (up 116% year-over-year, 50% organically) with book-to-burn ratios of 1.4x. Combined backlog, which includes unsigned awards, hit $5.62 billion. Mission-critical projects now represent 92% of E-Infrastructure backlog, positioning Sterling to capitalize on secular tailwinds in data center construction and advanced manufacturing. Strong cash generation of $328 million in the first half and $464.5 million in cash provide financial flexibility to support growth.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Sterling Infrastructure announced Q2 2026 financial results and updated full-year 2026 guidance via press release.
Added in current filing · verify on EDGAR →
On August 3, 2026, Sterling Infrastructure, Inc. (the “Company”) issued a press release announcing financial results for the three and six months ended June 30, 2026 and providing updated full year 2026 guidance.
The company disclosed second-quarter 2026 financial results and updated its full-year 2026 guidance. The specific financial metrics and guidance figures are contained in the press release attached as Exhibit 99.1, which is not included in this 8-K body text.
Event · Item 7.01 — Regulation FD Disclosure
Sterling Infrastructure furnished conference call slides for Q2 2026 earnings discussion scheduled August 4, 2026.
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Added in current filing · verify on EDGAR →
On August 4, 2026, the Company will host a conference call to discuss the second quarter 2026 results as well as corporate developments. The slides to be used during the conference call are being furnished with this Current Report on Form 8-K as Exhibit 99.2 and are incorporated herein by reference.
Sterling Infrastructure disclosed it will host a conference call on August 4, 2026 to discuss Q2 2026 results and corporate developments. The company furnished presentation slides as Exhibit 99.2. This is a routine procedural disclosure ahead of an earnings call; the actual financial results and material developments will be disclosed during the call or in accompanying exhibits.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Revenues of $1.17 billion increased by 90%. Acquisitions(1) contributed $250.8 million of revenue in the quarter.
•Net income of $155.8 million, or $5.00 per diluted share, increases of 120% and 116% respectively.
•EBITDA(2) of $233.6 million, an increase of 101%.
Adjusted Results:
•Adjusted net income(2) of $180.8 million, or $5.80 per diluted share, increases of 118% and 116%, respectively.
•Adjusted EBITDA(2) of $256.7 million, an increase of 104%.
Sterling Infrastructure reported record second quarter 2026 results. Revenues reached $1.17 billion, up 90% year-over-year, with acquisitions contributing $250.8 million. Net income was $155.8 million ($5.00 per diluted share), up 120% and 116% respectively. Adjusted net income was $180.8 million ($5.80 per diluted share), up 118% and 116% respectively. Adjusted EBITDA reached $256.7 million, up 104%.
Added in current filing · view on EDGAR →
Backlog at June 30, 2026 was $4.33 billion, up 116% from the prior year period. Backlog increased 50% year-over-year on an organic basis.
•Combined Backlog(3) at June 30, 2026 was $5.62 billion, up 150% from the prior year period. Combined backlog increased 36% year-over-year on an organic basis.
•Second quarter 2026 book-to-burn ratios were 1.4x for Backlog and 1.3x for Combined Backlog, exclusive of the impact of the Stone Ridge acquisition.
Sterling's backlog at June 30, 2026 was $4.33 billion, up 116% year-over-year (50% organic growth). Combined Backlog reached $5.62 billion, up 150% (36% organic). Book-to-burn ratios were 1.4x for Backlog and 1.3x for Combined Backlog, excluding Stone Ridge acquisition impact. The CEO noted that signed backlog, unsigned awards, and future phase opportunities provide visibility into a total addressable pool of work exceeding $7.0 billion, an increase of more than $2.5 billion since year-end 2025.
Added in current filing · view on EDGAR →
E-Infrastructure Solutions delivered another outstanding quarter, with revenue increasing 192% and adjusted operating income growing 148%. These results were driven by strong performance across both organic and acquired operations. The legacy site development business generated 111% revenue growth, reflecting significant growth across all regions, and operating margins expanded both year-over-year and sequentially. Demand for CEC’s electrical services also remained exceptionally strong, with revenue increasing 140% compared to the pre-acquisition second quarter and margins improving on both a year-over-year and sequential basis.
E-Infrastructure signed backlog increased 165% over the prior year quarter. Mission-critical projects—including data centers, manufacturing, and semiconductor facilities—represented 92% of E-Infrastructure backlog at quarter end.
The E-Infrastructure Solutions segment delivered exceptional results with revenue up 192% and adjusted operating income up 148%. The legacy site development business grew revenue 111% with margin expansion, while CEC's electrical services revenue increased 140% versus the pre-acquisition second quarter with improving margins. E-Infrastructure signed backlog increased 165%, with mission-critical projects (data centers, manufacturing, semiconductor facilities) representing 92% of segment backlog.
Added in current filing · view on EDGAR →
Full Year 2026 Guidance
•Revenue of $4.00 billion to $4.15 billion
•Net Income of $536 million to $555 million
•Diluted EPS of $17.25 to $17.85
•EBITDA(1) of $829 million to $854 million
Full Year 2026 Adjusted Guidance
Please see the “Adjusted Net Income Guidance Reconciliation” and “EBITDA Guidance Reconciliation” sections below for reconciliations of GAAP to non-GAAP measures and comparable 2025 results.
•Adjusted Net Income(1) of $612 million to $631 million
•Adjusted Diluted EPS(1) of $19.70 to $20.30
•Adjusted EBITDA(1) of $891 million to $916 million
Sterling raised its full-year 2026 guidance. Revenue guidance is $4.00 billion to $4.15 billion. Net income guidance is $536 million to $555 million, with diluted EPS of $17.25 to $17.85. Adjusted net income guidance is $612 million to $631 million, with adjusted diluted EPS of $19.70 to $20.30. Adjusted EBITDA guidance is $891 million to $916 million. At the midpoint, this represents 64% year-over-year revenue growth, 84% growth in adjusted diluted EPS, and 79% growth in adjusted EBITDA.
Event · Exhibit 99.2
Added in current filing · view on EDGAR →
Revenue increased 90% YoY. Organic growth was approximately 50%.
Sterling Infrastructure reported second quarter 2026 revenue of $1,168.2 million, a 90% increase over the prior year quarter. Organic growth (excluding acquisitions) was approximately 50%, indicating strong underlying business momentum. The E-Infrastructure Solutions segment drove the majority of the growth, increasing 192% year-over-year to $905.0 million.
Added in current filing · view on EDGAR →
Adjusted EPS of $5.80 increased 116% YoY and reached a new record.
The company reported adjusted diluted earnings per share of $5.80 for the second quarter of 2026, up 116% from $2.69 in the prior year quarter. This represents a new record for quarterly adjusted EPS. GAAP diluted EPS was $5.00, compared to $2.31 in the prior year quarter.
Added in current filing · view on EDGAR →
Adjusted EBITDA grew 104% YoY and adjusted EBITDA margins expanded over 150 basis points to reach 22.0%.
Adjusted EBITDA for the second quarter of 2026 was $256.7 million, a 104% increase from $125.6 million in the prior year quarter. Adjusted EBITDA margin expanded by over 150 basis points to 22.0%, reflecting strong operational execution and favorable business mix. GAAP EBITDA was $233.6 million, up 101% year-over-year.
Added in current filing · view on EDGAR → · paraphrased
Revenue $4,000 to $4,150 ... Adjusted Diluted EPS $19.70 to $20.30 ... Adjusted EBITDA $891 to $916
Sterling Infrastructure provided full year 2026 guidance with revenue expected between $4,000 million and $4,150 million, adjusted diluted EPS between $19.70 and $20.30, and adjusted EBITDA between $891 million and $916 million. This compares to 2025 actual results of $2,490 million revenue, $10.88 adjusted diluted EPS, and $504 million adjusted EBITDA, implying substantial growth expectations.
Added in current filing · view on EDGAR →
Backlog increased + 116% year-over-year and + 50% year-over-year excluding contributions from CEC and Stone Ridge ... Backlog Committed work with executed contracts and MSAs $4.3 billion Combined Backlog Includes addition of: • Transportation Solutions work that has been awarded via Award Letter pending final contract execution • CEC LOI awards pending final contract execution $5.6 billion
Total contractual backlog as of June 30, 2026 was $4.3 billion, up 116% year-over-year (50% excluding the CEC and Stone Ridge acquisitions). Combined backlog, which includes unsigned awards, reached $5.6 billion. The E-Infrastructure Solutions segment accounted for $3.3 billion of the total backlog, reflecting strong demand for data center and mission-critical infrastructure projects.
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