STERLING INFRASTRUCTURE, INC. has recently released its 10-Q report. The company provides e-infrastructure, transportation, and building solutions in the United States through three segments: E-Infrastructure, Transportation, and Building Solutions. Its work ranges from site development for data centers, manufacturing, warehousing, and power generation to highways, bridges, airports, and residential and commercial concrete foundations.
In Item 2, Management’s Discussion and Analysis, Sterling said it is focused on growth in large E-Infrastructure projects, a shift in Transportation toward alternative delivery and design-build work, and expansion in Building Solutions. The company also highlighted the September 1, 2025 acquisition of CEC Facilities Group, a specialty electrical and mechanical contractor, for $561.6 million, including $442.9 million in cash, $79.5 million in common stock, and up to $80 million in earn-out payments tied to operating income targets.
Sterling’s backlog and pipeline expanded sharply. Backlog was $3.80 billion at March 31, 2026, up from $3.01 billion at December 31, 2025, while unsigned awards rose to $1.36 billion from $300.7 million. Combined backlog reached $5.15 billion, compared with $3.31 billion at year-end, and the company reported a book-to-burn ratio of 2.1x for backlog and 3.5x for combined backlog in the first quarter.
First-quarter revenue climbed to $825.7 million from $430.9 million a year earlier, an increase of $394.7 million, or 92%. Gross profit rose to $194.3 million from $94.8 million, and gross margin improved to 23.5% from 22.0%.
By segment, the revenue increase was led by E-Infrastructure Solutions, which added $379.5 million. Transportation Solutions contributed a $12.2 million increase, and Building Solutions added $3.1 million.
Operating income more than doubled to $137.8 million from $56.1 million. General and administrative expense increased to $47.9 million from $34.6 million, intangible asset amortization rose to $7.1 million from $4.5 million, acquisition-related costs increased to $1.4 million from $179,000, and earn-out expense increased to $2.5 million from $1.3 million.
Net income attributable to Sterling common stockholders was $96.0 million, up from $39.5 million in the prior-year quarter. Income tax expense increased to $33.7 million from $15.1 million, and net income attributable to noncontrolling interests rose to $7.8 million from $3.1 million. Today the company's shares have moved 38.42% to a price of $732.92. For the full picture, make sure to review STERLING INFRASTRUCTURE, INC.'s 10-Q report.
