Sterling Infrastructure Q1 Revenue Soars 92% to $825.7M, Backlog Jumps 131%
Sterling Infrastructure posted Q1 revenue of $825.7 million, up 92%, with net income of $96.0 million (EPS $3.09; adjusted EPS $3.59 vs. $2.29 consensus). Signed backlog climbed 78% to $3.8 billion and combined backlog reached $5.15 billion, leading to a 2026 revenue guidance increase to $3.7–3.8 billion.
1. First Quarter 2026 Results
Sterling Infrastructure reported Q1 2026 revenue of $825.7 million, up 92% year-over-year, including $156.1 million from the CEC acquisition. Net income was $96.0 million ($3.09 per diluted share) and adjusted net income was $111.3 million ($3.59 per share), with EBITDA rising 115% to $155.2 million and operating cash flow at $165.6 million.
2. Backlog Expansion through CEC Acquisition
The company ended the quarter with signed backlog of $3.8 billion, up 78%, and combined backlog of $5.15 billion, up 131%, with CEC contributing $592 million to signed and $1.88 billion to combined backlog. Excluding CEC, organic growth in signed backlog was 51% and 46% for combined backlog.
3. Segment Performance Highlights
E-Infrastructure Solutions delivered 174% revenue growth and 177% adjusted operating income growth, driven by organic expansion and CEC projects, with mission-critical work representing over 90% of its backlog. Transportation Solutions revenue rose 10% with operating income up 26%, while Building Solutions saw a 3% revenue increase but a 42% decline in adjusted operating income.
4. Updated Full-Year 2026 Guidance
In light of strong Q1 results and expanded backlog, the company raised full-year 2026 revenue guidance to $3.70–3.80 billion, net income to $513–533 million, diluted EPS to $16.50–17.15 and EBITDA to $801–831 million. Adjusted net income is guided at $572–592 million with adjusted EPS of $18.40–19.05.