Sterling Infrastructure reported record third-quarter 2026 results, with revenue, net income and EBITDA more than doubling from a year earlier. The company also raised its full-year 2026 guidance and reported substantial growth in its backlog, while returning capital through share repurchases.
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Record quarterly results: Revenue rose 127% to $1.56 billion. Net income increased 133% to $214.9 million, or $6.92 per diluted share, and EBITDA climbed 124% to $320.8 million. Sterling said all four measures reached new quarterly records.
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Adjusted results were also higher: Adjusted net income rose 119% to $235.4 million, or $7.58 per diluted share, up 118%. Adjusted EBITDA increased 117% to $337.8 million.
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Full-year outlook raised: Sterling lifted its 2026 guidance. The announcement provided here does not include the revised guidance figures.
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Backlog expanded: Signed backlog stood at $4.14 billion at Sept. 30, up 61% from a year earlier. Combined backlog was $6.14 billion, up 78%. Third-quarter book-to-burn was 0.9 times for signed backlog and 1.4 times for combined backlog.
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E-Infrastructure Solutions drove much of the revenue growth: The segment generated $1.30 billion in revenue, up 212%. Revenue from Site Development operations increased 133%. CEC, the electrical business Sterling acquired on Sept. 1, 2025, contributed $425.6 million in the quarter, compared with $41.4 million during the comparable quarter’s partial ownership period. On a pro forma basis assuming a full quarter of ownership a year earlier, CEC revenue grew 305%.
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Cash generation and capital returns: Cash from operations totaled $427.1 million for the first nine months of 2026. Sterling had $216.9 million in cash and cash equivalents at quarter-end and repurchased $107.3 million of its shares during the nine-month period.
Sterling also scheduled a conference call for Oct. 29 to discuss the quarterly results and corporate developments. The reported figures show rapid growth alongside a larger backlog; the disclosed growth rates for CEC reflect both its acquisition and strong year-over-year performance on a comparable ownership basis.