STRL Sterling Infrastructure (STRL) Q1 FY26 earnings call
Sterling Infrastructure delivered a robust Q1 FY26, driven by exceptional growth in E-Infrastructure, particularly from data center demand and a significant semiconductor fab award. The company is strategically prioritizing high-return projects and expanding its capabilities, including modular construction, while navigating residential market headwinds and managing resource allocation across segments. Management is confident in its multi-year outlook, supported by strong backlog and customer pull into new geographies.
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STRL operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Backlog | $3BSigned backlog at the end of the quarter totaled $3 billion, a 78% increase from year-end 2024.Source: earnings call transcript | $3.8BSigned backlog at the end of the quarter totaled $3.8 billion, a 78% year-over-year increase and combined backlog grew 131% to reach $5.2 billion.Source: earnings call transcript | $4.3BSigned backlog at quarter end totaled $4.3 billion, up 116% year-over-year and combined backlog increased 150% to reach $5.6 billion.Source: earnings call transcript | +13.2% |
| Backlog Transportation Solutions | $1.1BWe ended the quarter with Transportation Solutions backlog at $1.1 billion, and 81% year-over-year increase, driven by strong award activity and the conversion of unsigned backlog to sign backlog.Source: earnings call transcript | $1.04BWe ended the quarter with Transportation Solutions backlog at $1.04 billion, a 20% year-over-year increase.Source: earnings call transcript | $969MWe ended the quarter with Transportation Solutions backlog at $969 million, a 35% year-over-year increase.Source: earnings call transcript | -6.8% |
| Combined backlog | $3.3BCombined backlog of $3.3 billion increased 81% from prior year-end or 42%, excluding CEC.Source: earnings call transcript | $5.2BSigned backlog at the end of the quarter totaled $3.8 billion, a 78% year-over-year increase and combined backlog grew 131% to reach $5.2 billion.Source: earnings call transcript | $5.6BSigned backlog at quarter end totaled $4.3 billion, up 116% year-over-year and combined backlog increased 150% to reach $5.6 billion.Source: earnings call transcript | +7.7% |
| Book-to-bill ratio | 1.64 ratioFourth quarter 2025 book-to-burn ratios were 1.64x for backlog and 0.81x for combined backlog.Source: earnings call transcript | 2.1 ratioFirst quarter 2026 book-to-burn ratios were 2.1x for backlog and 3.5x for combined backlog.Source: earnings call transcript | 1.4 ratioSecond 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.Source: earnings call transcript | -33.3% |
| Book-to-bill ratio Combined backlog | 0.81 ratioFourth quarter 2025 book-to-burn ratios were 1.64x for backlog and 0.81x for combined backlog.Source: earnings call transcript | 3.5 ratioFirst quarter 2026 book-to-burn ratios were 2.1x for backlog and 3.5x for combined backlog.Source: earnings call transcript | 1.3 ratioSecond 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.Source: earnings call transcript | -62.9% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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