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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteSterling Construction Company is now Sterling Infrastructure, Inc. (NYSE: STRL). To assess its latest performance, start with the company’s Q2 2026 filing and earnings release, then check how acquisitions, backlog definitions, and execution risks affect the headline numbers. For the quarter ended June 30, 2026, Sterling reported GAAP diluted EPS of $5.00; its release separately reported adjusted diluted EPS of $5.80. Those measures are not interchangeable.
Where to find Sterling’s latest financial information
Use Sterling Infrastructure’s Investor Relations Financials archive to locate its current filings and earnings releases. The current company name is Sterling Infrastructure, Inc.; older materials and references may say Sterling Construction Company.
- Read the latest Form 10-Q. For Q2 2026, the filing covers the quarter ended June 30, 2026. Use it for GAAP results, segment information, cash flows, debt, and the current backlog table.
- Read the latest Form 10-K. Sterling’s 2025 annual filing provides the fuller business description, accounting context, annual comparisons, and risk factors.
- Check the earnings release against the filings. The release provides management’s framing, guidance, and adjusted metrics. Review its non-GAAP reconciliations and compare adjusted figures with the filed GAAP statements.
- Check what changed between periods. Acquisitions, the deconsolidation of RHB, and changes to the backlog definition can affect comparisons.
What Sterling reported in Q2 2026
For the three months ended June 30, 2026, Sterling’s Form 10-Q reported GAAP diluted EPS of $5.00, compared with $2.31 in the same quarter of 2025. For the first half of 2026, GAAP diluted EPS was $8.09, compared with $3.59 in the first half of 2025. The company’s August 3, 2026 earnings release reported adjusted diluted EPS of $5.80 for Q2. Adjusted EPS is a non-GAAP measure, so keep it distinct from the filing’s GAAP result.
The release reported Q2 revenue growth of 90% year over year, approximately 50% organic growth, and an adjusted EBITDA margin of 22%. These are company-reported figures, and adjusted EBITDA is non-GAAP. Sterling attributed growth in part to acquisitions, including CEC and Stone Ridge; the filing also describes substantial acquired electrical and mechanical business contributions to E-Infrastructure revenue. The total increase should not be attributed to a single cause.
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After the Q2 report, Sterling raised its full-year 2026 expectations. These are company guidance, not achieved results:
| 2026 guidance after Q2 | Company expectation | Measure |
|---|---|---|
| Revenue | $4.00 billion–$4.15 billion | Revenue |
| Diluted EPS | $17.25–$17.85 | GAAP |
| Diluted EPS | $19.70–$20.30 | Adjusted, non-GAAP |
How to read Sterling’s segments
Sterling reports E-Infrastructure Solutions, Transportation Solutions, and Building Solutions. Comparing them on revenue alone can obscure differences in acquisition contributions, profitability, backlog, and end-market exposure.
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| Segment | Q2 2026 reported trend | What to examine |
|---|---|---|
| E-Infrastructure Solutions | Revenue increased 192% year over year. Existing operations and acquired electrical and mechanical work contributed. | The release said mission-critical projects—including data centers, manufacturing, and semiconductor facilities—accounted for 92% of E-Infrastructure backlog at quarter end. Consider both growth potential and concentration in these end markets. |
| Transportation Solutions | Revenue declined 20% year over year; adjusted operating income increased 8%, according to the release. | Management attributed part of the revenue decline to shifting resources from transportation projects toward higher-margin E-Infrastructure opportunities. Compare income and margin as well as revenue. |
| Building Solutions | Revenue declined about 1% year over year. | Sterling cited relatively flat homebuilder activity and pressure from housing affordability. Housing conditions differ from the drivers of mission-critical and public infrastructure work. |
What Sterling’s backlog includes—and what it does not
At June 30, 2026, Sterling reported $4.23 billion of remaining performance obligations (RPOs) and $100.0 million of master service agreements (MSAs), totaling $4.33 billion in backlog. It reported another $1.28 billion in unsigned awards. Sterling’s “combined backlog” adds unsigned awards to backlog and totaled $5.62 billion. For the six months ended June 30, 2026, the company reported book-to-burn ratios of 1.7x for backlog and 2.3x for combined backlog.
Sterling defines backlog as RPOs on projects: revenue it expects to recognize in the future from contract commitments. Contracts in backlog are typically completed in six to 36 months. Apparent-low-bid contracts, which Sterling calls unsigned awards, are excluded until the customer formally executes the contract. Certain Building Solutions revenue recognized at a point in time upon completion is never included in backlog.
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Backlog is therefore a measure of contracted work and management visibility, not a guarantee of revenue, timing, or profit. Unsigned awards are less certain than executed contract commitments. Even signed work can be delayed or produce different economics than expected.
Compare backlog periods carefully
At December 31, 2025, Sterling reported $3.01 billion of backlog and $300.7 million of unsigned awards, or $3.31 billion combined. Its 2025 Form 10-K reported full-year book-to-burn ratios of 1.6x for backlog and 1.7x for combined backlog. The Q2 2026 filing says the backlog measure was expanded to include estimated MSA orders following the Stone Ridge acquisition. That basis change matters when comparing year-end 2025 with June 2026.
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RHB was deconsolidated on December 31, 2024; its revenue and backlog are excluded from Sterling’s consolidated 2025 results and later backlog figures. CEC and subsequent acquisitions also affect growth comparisons. Check the filings’ comparison basis before treating a year-over-year increase as organic.
Backlog margin is not a forecast of company-wide margin
Sterling reported that substantially all backlog at December 31, 2025 was contracted on a fixed-unit-price or lump-sum basis. Its company-defined gross margin embedded in backlog was 17.8% at that date, compared with 16.7% at December 31, 2024. This backlog-margin measure is not a forecast of Sterling’s consolidated gross margin. Estimating errors, site conditions, labor and material costs, subcontractor performance, delays, and contract modifications can change realized project economics.
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Risks that can affect earnings and execution
Sterling’s 2025 Form 10-K identifies risk factors, not predictions that any particular event will occur. When evaluating potential effects on earnings, connect each risk to the work, customers, and cash flows it could affect.
- Project execution and estimating: Bid assumptions may not match actual site conditions. Cost overruns, labor or material escalation, subcontractor problems, delays, and contract changes can erode the economics of fixed-price work.
- Customer and end-market cycles: Economic downturns or changes in customer demand can affect construction activity. Mission-critical work is a major part of E-Infrastructure backlog, while housing affordability and homebuilder activity affect Building Solutions.
- Public funding and budgets: Changes in government funding or budgets can affect transportation and other public projects.
- Input costs and trade policy: Supply-chain disruption, materials, fuel, labor, and subcontractor costs, as well as changes in trade policy and tariffs, can affect project costs.
- Weather, competition, and partners: Weather and seasonality can disrupt work; competition can affect bidding; and joint-venture partner performance can affect projects.
- Interest rates and liquidity: Interest-rate changes can affect financing costs. Sterling’s Q2 2026 filing reported $285.0 million of variable-rate debt at June 30, 2026, and stated that the term loan was repaid on July 2, 2026. Do not treat the June 30 balance as debt that remained outstanding after that repayment.
- Working-capital timing: The filing notes that receivable collections, contract assets and liabilities, and payment timing influence contract capital and operating cash flows. Cash conversion can differ from reported earnings as project billing and collections change.
- Customer concentration: Reliance on a limited number of customers or markets can make results more sensitive to changes in their spending or project schedules.
A practical way to form a view
Build the assessment from separate questions rather than treating a large backlog or a strong EPS quarter as a complete outlook:
Quick Recap
- Are reported growth and segment trends driven by existing operations, acquisitions, or both?
- How much reported backlog is executed work, how much is MSA-related, and how much remains unsigned?
- Do backlog composition and embedded margin suggest manageable project economics, given the company’s execution risks?
- Are segment trends consistent with the end markets they depend on, including mission-critical construction, public projects, and housing?
- Do guidance and cash-flow disclosures align with the reported earnings, while accounting for debt changes and working-capital timing?
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