Jun 2026 (Q2 FY26) — Aug 4, 2026
Sterling Infrastructure Q2 FY26 — Record Backlog and Strong E-Infrastructure Growth
Read the full callSterling Infrastructure (STRL) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Sterling Infrastructure earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,168 | +90.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 18.8 | +1.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 156 | +119.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
11 of 14 judged targets kept · 29 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year adjusted diluted EPS | $13.45 to $14.05 | Dec 2025 | adjusted diluted EPS of $19.70 to $20.30 | Revised Up |
| Building Solutions full-year revenue | decline in the high single to low double digits | Dec 2025 | we anticipate that revenue will decline modestly in 2026 | On Track |
3 of STERLING INFRASTRUCTURE, INC.'s 43 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 41 more targets are in the full ledger.
Claimed
- Revenue grew 90% year-over-year to $1.05B (estimated from guidance midpoint)
- Adjusted diluted EPS grew 116% to $5.80 from $2.69
- Adjusted EBITDA more than doubled with margins expanding 150 basis points year-over-year to 22%
- Combined backlog increased 150% to $5.6 billion
- E-Infrastructure revenue grew 192% driven by mission-critical data centers and semiconductor campuses
Qualified
- Residential market expected to face strong headwinds throughout 2026, with Building Solutions revenue declining 1%
- Transportation Solutions revenue declined 20% due to resource reallocation to higher-margin infrastructure projects
- Potential for softer third quarter awards due to timing, not a change in demand
- Skilled labor, particularly electricians, remains the tightest capacity constraint, limiting faster growth
- CEC's lower margin profile, despite strong growth, dilutes overall E-Infrastructure segment margins
Price
$423.48 −0.21% · −$0.88
Performance +19.1% 1Y
1Y: $355.58 on 17 Oct 2025 → $423.48. High $993.74 (4 Jun 2026), low $283.57 (17 Dec 2025).
- Previous close
- $424.36
- 52-week range
- $283.57 – $993.74
- One year
- +14.76%
Overview
- Symbol
- STRL
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 14 judged targets kept · 29 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year adjusted diluted EPS | $13.45 to $14.05 | Dec 2025 | adjusted diluted EPS of $19.70 to $20.30 | Revised Up |
| Building Solutions full-year revenue | decline in the high single to low double digits | Dec 2025 | we anticipate that revenue will decline modestly in 2026 | On Track |
Claimed
- Revenue grew 90% year-over-year to $1.05B (estimated from guidance midpoint)
- Adjusted diluted EPS grew 116% to $5.80 from $2.69
- Adjusted EBITDA more than doubled with margins expanding 150 basis points year-over-year to 22%
- Combined backlog increased 150% to $5.6 billion
- E-Infrastructure revenue grew 192% driven by mission-critical data centers and semiconductor campuses
Qualified
- Residential market expected to face strong headwinds throughout 2026, with Building Solutions revenue declining 1%
- Transportation Solutions revenue declined 20% due to resource reallocation to higher-margin infrastructure projects
- Potential for softer third quarter awards due to timing, not a change in demand
- Skilled labor, particularly electricians, remains the tightest capacity constraint, limiting faster growth
- CEC's lower margin profile, despite strong growth, dilutes overall E-Infrastructure segment margins
The full ledger
Open STERLING INFRASTRUCTURE, INC.’s full ledger
A free account opens 5 company ledgers a month. All 43 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Sterling Infrastructure Q1 FY26 — Record E-Infrastructure Growth and Strong Backlog
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
Sterling Infrastructure Q4 FY25 — Strong E-Infrastructure Growth and Record Backlog
Read the full callEvery analysed call
Sterling Infrastructure earnings calls (STRL)
Financials
What the filings say
Net profit, year on year: +120% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 594 | 499 | 431 | 614 | 689 | 756 | 826 | 1,168 |
| Operating profit | 87 | 62 | 56 | 105 | 125 | 120 | 138 | 219 |
| Operating margin | 14.7% | 12.5% | 13.0% | 17.0% | 18.2% | 15.9% | 16.7% | 18.8% |
| Net profit | 61 | 113 | 39 | 71 | 92 | 88 | 96 | 156 |
| EPS ($ per share) | 2 | — | 1.29 | 2.33 | 3.02 | — | 3.13 | 5.08 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | -65 | -25 | 17 | 80 | 186 | 325 | 582 | 873 |
| Total liabilities | 310 | 713 | 684 | 875 | 964 | 1,153 | 1,190 | 1,527 |
| Fixed assets | 52 | 116 | 127 | 194 | 215 | 244 | 237 | 278 |
| Total assets | 483 | 935 | 953 | 1,235 | 1,442 | 1,777 | 2,017 | 2,634 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 39 | 42 | 123 | 159 | 219 | 479 | 497 | 440 |
| Cash from investing | -11 | -410 | -30 | -223 | -90 | -88 | -186 | -552 |
| Cash from financing | -18 | 321 | -70 | 81 | -33 | -105 | -119 | -162 |
| Net cash flow | 10 | -47 | 22 | 16 | 97 | 286 | 193 | -273 |
| Capital expenditure | -13 | -15 | -33 | -47 | -61 | -64 | -81 | -77 |
| Free cash flow | 26 | 27 | 90 | 112 | 158 | 414 | 416 | 363 |
STRL revenue by segment
E Infrastructure Solutions grew from 44% to 77% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| E Infrastructure Solutions | 44% | 47% | 51% | 51% | 61% | 69% | 72% | 77% | +191.6% |
| Transportation Solutions | 38% | 35% | 28% | 32% | 25% | 20% | 16% | 13% | -20.4% |
| Building Solutions | 17% | 18% | 21% | 17% | 15% | 11% | 12% | 9% | -0.7% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
STRL operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | 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.
Insider filings
40 filings between Nov 12, 2025 and Oct 5, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$96.33M
12 sales by 5 insiders
83% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 16
- Award — granted as compensation
- 8
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| CUTILLO JOSEPH A | — | $88.77M | Apr 23, 2026 |
| Wolf Mark D. | — | $2.22M | Jun 25, 2026 |
| Wilson Dwayne Andree | — | $2.01M | Mar 12, 2026 |
| Dill Julie | — | $1.73M | Mar 9, 2026 |
| O'Brien Dana C. | — | $1.61M | Feb 9, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 5, 2026 | Hargis Katherine General Counsel & CCO | Award | 87 | $0 |
| Oct 5, 2026 | Hargis Katherine General Counsel & CCO | Award | 1,000 | $0 |
| Sep 21, 2026 | CUTILLO JOSEPH A Chief Executive Officer | Gift | 40,000 | $0 |
| Aug 6, 2026 | Govin Daniel P. Chief Operating Officer (COO) | Tax withheld | 6,559 | $3.52M |
| Jul 10, 2026 | GRINDSTAFF NICHOLAS M Chief Financial Officer (CFO) | Tax withheld | 556 | $379.4K |
| Jun 25, 2026 | Wolf Mark D. General Counsel, Corporate Sec | Sale | 2,500 | $2.22M |
| Jun 18, 2026 | Dill Julie Director | Gift | 325 | $0 |
| May 20, 2026 | CUTILLO JOSEPH A Chief Executive Officer | Award | 40,000 | $0 |
| May 7, 2026 | O'Brien Dana C. Director | Award | 181 | $0 |
| May 7, 2026 | Dill Julie Director | Award | 181 | $0 |
| May 7, 2026 | Bosway William T Director | Award | 181 | $0 |
| May 7, 2026 | CREGG ROGER A Director | Award | 181 | $0 |
| May 7, 2026 | ROSE B ANDREW Director | Award | 181 | $0 |
| May 7, 2026 | Schulz David S. Director | Award | 181 | $0 |
| May 7, 2026 | Wilson Dwayne Andree Director | Award | 181 | $0 |
| Apr 23, 2026 | CUTILLO JOSEPH A Chief Executive Officer | Sale 10b5-1 plan | 50,000 | $24.88M |
| Mar 25, 2026 | CUTILLO JOSEPH A Chief Executive Officer | Sale 10b5-1 plan | 50,000 | $22.67M |
| Mar 12, 2026 | Wilson Dwayne Andree Director | Sale 10b5-1 plan | 1,260 | $511.5K |
| Mar 10, 2026 | CUTILLO JOSEPH A Chief Executive Officer | Sale 10b5-1 plan | 47,592 | $19.81M |
| Mar 9, 2026 | CUTILLO JOSEPH A Chief Executive Officer | Sale 10b5-1 plan | 52,408 | $21.40M |
| Mar 9, 2026 | Dill Julie Director | Sale 10b5-1 plan | 4,500 | $1.73M |
| Mar 5, 2026 | Wilson Dwayne Andree Director | Sale 10b5-1 plan | 1,200 | $494.8K |
| Feb 25, 2026 | CUTILLO JOSEPH A Chief Executive Officer | Tax withheld | 11,668 | $5.31M |
| Feb 25, 2026 | CUTILLO JOSEPH A Chief Executive Officer | Award | 30,488 | $0 |
| Feb 25, 2026 | Wolf Mark D. General Counsel, Corporate Sec | Tax withheld | 1,193 | $543.1K |
| Feb 25, 2026 | Wolf Mark D. General Counsel, Corporate Sec | Award | 2,996 | $0 |
| Feb 9, 2026 | O'Brien Dana C. Director | Sale 10b5-1 plan | 2,000 | $820.0K |
| Feb 6, 2026 | O'Brien Dana C. Director | Sale 10b5-1 plan | 1,000 | $390.0K |
| Feb 6, 2026 | O'Brien Dana C. Director | Sale 10b5-1 plan | 1,000 | $400.0K |
| Jan 16, 2026 | Wilson Dwayne Andree Director | Sale | 2,860 | $1.00M |
| Jan 1, 2026 | CUTILLO JOSEPH A Chief Executive Officer | Award | 8,046 | $0 |
| Jan 1, 2026 | Wolf Mark D. General Counsel, Corporate Sec | Award | 463 | $0 |
| Jan 1, 2026 | Govin Daniel P. Chief Operating Officer (COO) | Award | 1,807 | $0 |
| Jan 1, 2026 | GRINDSTAFF NICHOLAS M Chief Financial Officer (CFO) | Award | 1,029 | $0 |
| Dec 31, 2025 | CUTILLO JOSEPH A Chief Executive Officer | Tax withheld | 9,545 | $2.92M |
| Dec 31, 2025 | GRINDSTAFF NICHOLAS M Chief Financial Officer (CFO) | Tax withheld | 61 | $18.7K |
| Dec 31, 2025 | Wolf Mark D. General Counsel, Corporate Sec | Tax withheld | 894 | $273.8K |
| Dec 31, 2025 | Govin Daniel P. Chief Operating Officer (COO) | Tax withheld | 755 | $231.2K |
| Dec 15, 2025 | Wolf Mark D. General Counsel, Corporate Sec | Gift | 50 | $0 |
| Nov 12, 2025 | O'Brien Dana C. Director | Gift | 1,000 | $0 |
| Sep 2, 2025 | BALLSCHMIEDE RONALD A EVP | Award | 1,674 | $0 |
| Aug 6, 2025 | Govin Daniel P. Chief Operating Officer (COO) | Tax withheld | 6,559 | $1.96M |
| Jul 10, 2025 | Schulz David S. Director | Award | 473 | $0 |
| Jul 10, 2025 | ROSE B ANDREW Director | Award | 473 | $0 |
| Jul 10, 2025 | GRINDSTAFF NICHOLAS M Chief Financial Officer (CFO) | Award | 5,000 | $0 |
| Jul 10, 2025 | GRINDSTAFF NICHOLAS M Chief Financial Officer (CFO) | Award | 560 | $0 |
| Jun 24, 2025 | Wolf Mark D. General Counsel, Corporate Sec | Sale | 3,500 | $790.5K |
| Jun 16, 2025 | O'Brien Dana C. Director | Sale 10b5-1 plan | 10,154 | $2.10M |
| May 8, 2025 | CREGG ROGER A Director | Award | 751 | $0 |
| May 8, 2025 | O'Brien Dana C. Director | Award | 751 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for STERLING INFRASTRUCTURE, INC.
Free account. Everything above stays public.
Write why you follow STERLING INFRASTRUCTURE, INC. and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading