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Sterling Infrastructure (STRL) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Sterling Infrastructure (STRL) Q3 2026 earnings results →

Q3 2026 Revenue up 127% year over year to $1.6B · 14¢ of every $1 of revenue kept as net profit · operating margin 19.6%

Sterling Infrastructure made $1.6B in Q3 2026 (+127% Y/Y): E-Infrastructure Solutions Revenues $1.3B, Transportation Solutions Revenues $165M, Building Solutions Revenues $96.0M. Operating margin 19.6%, net earnings $215M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$1.6B
Year over year+127%
Operating margin19.6%
Net earnings$215M
Operating cash flow$99.1M

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Sterling Infrastructure Q3 2026 revenue breakdown: Sankey diagram of revenue (E-Infrastructure Solutions Revenues, Transportation Solutions Revenues, Building Solutions Revenues), costs, profit and cash flow
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What changed this quarter

Revenue was $1.6B in Q3 2026, up 127% year over year and up 34% from the previous quarter. E-Infrastructure Solutions Revenues was the largest line at 83% of revenue. E-Infrastructure Solutions Revenues added $0.89B year over year (up 212%), 101% of the total change. Building Solutions Revenues declined 5%.

Gross margin was 24.1%, down 0.6 points from Q3 2025. Operating profit was $0.31B, a 19.6% margin (up 1.4 points year over year). Of the extra revenue versus Q3 2025, 21% reached operating profit, above the 18% margin then. Operating expenses grew 57% against revenue growth of 127%. The fastest-growing cost line was General & admin (+63%). Net earnings were $0.21B, up 133% year over year. The effective tax rate was 24.9%.

Operating cash flow was $0.10B (up 18% year over year), 43% of net income including minority interests. Non-cash charges added back $0.03B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.17B. Capital expenditures of $0.05B left free cash flow of $0.05B.

Quarterly history

Sterling Infrastructure revenue by quarterSterling Infrastructure revenue by quarter$431MQ1 2025$614MQ2 2025$689MQ3 2025$756MQ4 2025$826MQ1 2026$1.2BQ2 2026$1.6BQ3 2026
Sterling Infrastructure net earnings by quarterSterling Infrastructure net earnings by quarter$39.5MQ1 2025$71.0MQ2 2025$92.1MQ3 2025$87.6MQ4 2025$96.0MQ1 2026$156MQ2 2026$215MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 29, 2026$1.6B+127%19.6%$215M$99.1M
Q2 202610-QAug 4, 2026$1.2B+90%18.8%$156M$162M
Q1 202610-QMay 5, 2026$826M+92%16.7%$96.0M$166M
Q4 202510-KFeb 26, 2026$756M+52%15.9%$87.6M$186M
Q3 202510-QNov 4, 2025$689M+16%18.2%$92.1M$83.6M
Q2 202510-QAug 5, 2025$614M+5%17.0%$71.0M$85.4M
Q1 202510-QMay 6, 2025$431M-2%13.0%$39.5M$84.9M

Charts

Sterling Infrastructure: revenue growth, year over year and quarter over quarterSterling Infrastructure: revenue growth, year over year and quarter over quarterY/YQ/Q-2%Q1 2025+5%+43%Q2 2025+16%+12%Q3 2025+52%+10%Q4 2025+92%+9%Q1 2026+90%+41%Q2 2026+127%+34%Q3 2026
Latest (Q3 2026): Y/Y +127%, Q/Q +34%.
Sterling Infrastructure: where the cash came from (+) and went (−), TTM to Q3 2026Sterling Infrastructure: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$613MOther financing−$204MAcquisitions−$163MCapital spending−$142MBuybacks−$133MCash drawn (+) / kept (−)$89.5MPartners−$41.0MTaxes on employees’ shares−$27.4MAsset & business sales$5.9MOther investing$2.0MNet borrowing (+) / repaid (−)−$134K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Sterling Infrastructure: profit against cash, quarter by quarterSterling Infrastructure: profit against cash, quarter by quarterNet incomeOperating cash flow$117M$174MQ4 2024$42.6M$84.9MQ1 2025$79.1M$85.4MQ2 2025$96.3M$83.6MQ3 2025$91.7M$186MQ4 2025$104M$166MQ1 2026$169M$162MQ2 2026$230M$99.1MQ3 2026
Latest (Q3 2026): Net income $230M, Operating cash flow $99.1M.
Sterling Infrastructure: diluted shares by fiscal yearSterling Infrastructure: diluted shares by fiscal year28MFY202029MFY202131MFY202231MFY202331MFY202431MFY2025
+9.8% since FY2020: more shares outstanding (issuance, stock pay).
Sterling Infrastructure in its industry: growth against margin (12 companies, SIC 1600)Sterling Infrastructure in its industry: growth against margin (12 companies, SIC 1600)revenue growth, year over year →↑ operating marginmedian +28%median 7%JFLRKBRGVAROADMWHORNCDNLSLNDSHIMRNGESTRL (+127%, 20%)
Heavy Construction Other Than Bldg Const - Contractors; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI data-center capex money flowAI data-center capex · Construction & electrical contractors

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About Sterling Infrastructure

Sterling Infrastructure, Inc. (“Sterling” or “the Company”) 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.

In its own words, from its 10-K, filed Feb 26, 2026.

Sterling Infrastructure against its Heavy Construction Other Than Bldg Const - Contractors peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +127% against the peers' median +28%. Operating margin: 19.6% against the peers' median 7.3%.

CompanyQuarterRevenueY/YOp. margin
STRL Sterling InfrastructureQ3 2026$1.6B+127%19.6%
J Jacobs SolutionsQ3 FY26$4.1B+34%7.0%
FLR FluorQ3 2026$3.7B+10%6.0%
KBR KBRQ3 2026$2.0B+5%9.2%
GVA Granite ConstructionQ3 2026$1.8B+23%12.7%
ROAD Construction PartnersQ3 FY26$999M+28%10.9%
MWH Solv EnergyQ2 2026$951M+78%7.3%
BYOP KiNRGQ2 2026$369M—4.6%
ORN Orion Group HoldingsQ3 2026$256M+14%3.3%

Source: Sterling Infrastructure 10-Q on SEC EDGAR · CIK 874238 · Heavy Construction Other Than Bldg Const - Contractors

Guidance and outlook

Sterling Infrastructure Revenue: guidance against what was reportedSterling Infrastructure Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2024$2.1BFY2025$2.5BFY2026
Met or beat 1 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns STRL and who is buying

Largest holders of STRL (13F)Largest holders of STRL (13F)BlackRock$2.7BVanguard Capital Management LLC$1.1BVanguard Portfolio Management LLC$1.1BFMR LLC$987MVanguard Group$908MState Street$803MFirst Trust Advisors LP$752MGeode Capital Management, LLC$660MInvesco$654MJane Street Group, LLC$639M
Funds' net buying of STRL by quarter (13F)Funds' net buying of STRL by quarter (13F)−$198M2024-09−$78.2M2024-12$23.4M2025-03$933M2025-06−$71.8M2025-09−$727M2025-12−$184M2026-03−$1.4B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on STRL

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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