Sterling Reports Record Third Quarter Results and Raises Full Year 2026 Guidance

Joe Cutillo, CEO of Sterling Infrastructure

“We delivered another exceptional quarter, with adjusted net income increasing 119%, adjusted diluted EPS reaching $7.58, and adjusted EBITDA more than doubling. Revenue increased 127%, including 70% organic growth.”

Joe Cutillo, CEO of Sterling Infrastructure

“These results reflect the strength of our strategy and the disciplined execution of our teams.”

Joe Cutillo, CEO of Sterling Infrastructure

“Demand remains strong, and our multi-year visibility continues to expand. Together, our signed backlog, unsigned awards, and next phases in design on our current projects represent nearly $8 billion of scoped work, up approximately 90% year-over-year.”

Joe Cutillo, CEO of Sterling Infrastructure

“Importantly, these metrics do not capture the full potential for additional phases and expanded scopes as these large, multi-year projects advance.”

Joe Cutillo, CEO of Sterling Infrastructure

“E-Infrastructure Solutions continued to deliver, with revenue increasing 212% and adjusted operating income growing 171%, driven by exceptional performance across both our site development and electrical operations.”

Joe Cutillo, CEO of Sterling Infrastructure

“Site Development generated significant growth across all regions, while maintaining strong operating margin.”

Joe Cutillo, CEO of Sterling Infrastructure

“Demand for CEC's electrical services remains extremely strong, and the business is scaling to capitalize on this opportunity.”

Joe Cutillo, CEO of Sterling Infrastructure

“CEC revenue quadrupled on a pro forma year-over-year basis((2)) and operating margin improved both year-over-year and sequentially.”

Joe Cutillo, CEO of Sterling Infrastructure

“We now believe that CEC has the potential to generate over $1 billion in revenue in 2026.”

Joe Cutillo, CEO of Sterling Infrastructure

“Within E-Infrastructure, our signed backlog, unsigned awards and next phases in design now approach $7 billion, an increase of more than 130% year-over-year.”

Joe Cutillo, CEO of Sterling Infrastructure

“Mission-critical projects, including data center campuses, manufacturing and semiconductor facilities, represent approximately 95% of this opportunity.”

Joe Cutillo, CEO of Sterling Infrastructure

“In Transportation Solutions, revenue declined 3%, as we continued to reallocate resources from transportation projects toward higher-margin E-Infrastructure opportunities.”

Joe Cutillo, CEO of Sterling Infrastructure

“Adjusted operating income increased 22%, while adjusted operating margin expanded 410 basis points year-over-year to reach 19.7%, reflecting disciplined transportation project selection.”

Joe Cutillo, CEO of Sterling Infrastructure

“In Building Solutions, revenue declined 5%, reflecting slower homebuilder activity, while adjusted operating income decreased 39%.”

Joe Cutillo, CEO of Sterling Infrastructure

“We expect market conditions to remain challenging through 2026 as housing affordability continues to weigh on demand, but remain optimistic about the long-term growth opportunities in key geographies.”

Joe Cutillo, CEO of Sterling Infrastructure

“Our third quarter performance further strengthens our confidence in the outlook.”

Joe Cutillo, CEO of Sterling Infrastructure

“Given the momentum across our business, we are raising our 2026 guidance.”

Joe Cutillo, CEO of Sterling Infrastructure

“At the midpoint, our updated guidance represents 88% year-over-year revenue growth, 101% growth in adjusted diluted earnings per share, and 94% growth in adjusted EBITDA.”

Joe Cutillo, CEO of Sterling Infrastructure

“More importantly, the strength of our backlog, expanding visibility, and deepening customer relationships reinforce our confidence in Sterling's ability to deliver significant profitable growth well beyond 2026.”

Joe Cutillo, CEO of Sterling Infrastructure

“We build and service the infrastructure that enables our economy to run, our people to move and our country to grow.”