Sterling Infrastructure reports Q1 EPS $3.59, consensus $2.19

Reports Q1 revenue $825.7M, consensus $591.97M. Reports backlog at March 31 was $3.80B, up 78% from the prior year period. CEC contributed $592.0M to backlog; excluding this contribution, backlog increased 51%. “We are off to an exceptional start in 2026, with Q1 adjusted net income increasing 122% to deliver adjusted diluted EPS of $3.59. Revenue grew 92%, including organic growth of over 55%, and adjusted EBITDA margins remained strong at over 20%. We also generated robust operating cash flow of $166M,” stated Joe Cutillo, Sterling’s CEO. “We are incredibly proud of our teams for delivering another outstanding quarter.” “Looking ahead, our confidence in our ability to continue generating exceptional results has only strengthened. Bid and award activity in early 2026 was strong, reinforcing our visibility into future growth. Notably, during the quarter, we were awarded the initial phase of site development work for a large, multi-year semiconductor fabrication campus. Additionally, CEC was awarded several large projects that contributed to a $1.2B increase in its combined backlog during the quarter.