Latest analysis
Updated Aug 4, 2026
Sterling Infrastructure Q2 2026: E-Infrastructure revenue nearly triples YoY as data center megaproject backlog surges to $5.62B combined backlog with 2.3x book-to-burn
Sterling Infrastructure's E-Infrastructure Solutions segment is reshaping the company's financial profile at speed: segment revenue of $905.0 million in Q2 2026 — 78% of total consolidated revenue versus 51% a year ago — reflects the combined effect of large mission-critical project volume and the CEC Facilities Group electrical and mechanical acquisition completed in Q3 2025. Total combined backlog reached $5.62 billion at June 30, 2026, up from $3.31 billion at year-end 2025, supported by a 2.3x book-to-burn ratio for the first half — a leading indicator of sustained revenue acceleration. Gross margin expanded to 24.8% in Q2 2026 from 23.3% in Q2 2025, driven by revenue mix shift toward E-Infrastructure and a structurally improved Transportation Solutions margin profile, even as Building Solutions continued to contract under residential affordability headwinds.
Tone: bullishRevenue
$2.5B
STRL 10-K · FY 2025
Employees
4,400
Revenue FY2024
$2.1B
Headquarters
The Woodlands, TX
Profile
STRL 10-K Item 1 · Feb 26, 2026Sterling Infrastructure is a U.S.-based specialty contractor operating through three segments: E-Infrastructure Solutions (large-scale site development and mission-critical electrical services for data centers, semiconductor fabs, and manufacturing), Transportation Solutions (highways, bridges, airports, rail), and Building Solutions (residential and commercial concrete foundations and plumbing). The company operates primarily across the Southern, Northeastern, Mid-Atlantic, and Rocky Mountain regions and the Pacific Islands.
Read filing description ↓ Collapse description ↑
Sterling Infrastructure, Inc. operates through a variety of subsidiaries within three segments specializing in E-Infrastructure, Transportation and Building Solutions in the United States, primarily across the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions and the Pacific Islands. E-Infrastructure Solutions provides advanced, large-scale site development services and mission-critical electrical services for data centers, semiconductor fabrication, manufacturing, distribution centers, warehousing, power generation and more. Transportation Solutions includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, rail and storm drainage systems. Building Solutions includes residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs, other concrete work, plumbing services, and surveys for new single-family residential builds. From strategy to operations, we are committed to sustainability by operating responsibly to safeguard and improve society's quality of life. Caring for our people and our communities, our customers and our investors - that is The Sterling Way. Since 2016, the company has executed a strategic transformation from low-bid heavy highway work toward higher-margin, mission-critical infrastructure, completing eleven acquisitions and progressively lowering low-bid heavy highway revenue from approximately 79% of total revenue in 2016 to 9% as of December 31, 2025. The company operates a decentralized, adaptive business model focused on large, time-sensitive, mission-critical projects where execution capability commands premium margins.
Primary products
- large-scale site development services
- mission-critical electrical services
- highway and road infrastructure
- bridge rehabilitation
- airport infrastructure
- rail projects
Business segments
End markets
Geographies
Named customers
In 2025, no individual customer accounted for more than 10% of our consolidated revenues; however we routinely construct projects for our largest customers mentioned above. The loss of any of these customers could have a material adverse effect on our business and financial results.
“We aim to position ourselves in the mid-level market, traditionally bidding on work too large for the small local contractors yet too small for the large national and international construction companies.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from $2.12 billion in 2024 to $2.49 billion in 2025, driven primarily by E-Infrastructure Solutions growth and the addition of CEC Facilities Group acquired in September 2025.
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