Filing Flows › Sterling Infrastructure (STRL) › Q1 2026
Sterling Infrastructure (STRL) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Sterling Infrastructure (STRL) reported revenue of $826M for the first quarter 2026 (Q1 2026), +92% from a year earlier and +9% from the quarter before. Operating margin was 16.7%, net earnings $96.0M (11.6% of revenue).
Sterling Infrastructure, Q1 2026: revenue $826M (+92% year over year), operating margin 16.7%, net earnings $96.0M, operating cash flow $166M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $826M | +9% | +92% |
| Gross profit | $194M | +18% | +105% |
| Operating profit | $138M | +15% | +146% |
| Net earnings | $96.0M | +10% | +143% |
| Operating cash flow | $166M | -11% | +95% |
| Free cash flow | $146M | -9% | +118% |
What changed
Revenue was $825.7M in Q1 2026, up 92% year over year and up 9% from the previous quarter. E-Infrastructure Solutions Revenues was the largest line at 72% of revenue. E-Infrastructure Solutions Revenues added $379.5M year over year (up 174%), 96% of the total change.
Gross margin was 23.5%, up 1.5 points from Q1 2025. Operating profit was $137.8M, a 16.7% margin (up 3.7 points year over year). Of the extra revenue versus Q1 2025, 21% reached operating profit, above the 13% margin then. Operating expenses grew 46% against revenue growth of 92%. The fastest-growing cost line was Other operating costs (+109%). Net earnings were $96.0M, up 143% year over year. The effective tax rate was 24.5%.
Operating cash flow was $165.6M (up 95% year over year), 160% of net income including minority interests. Non-cash charges added back $23.0M of depreciation and amortization and $7.5M of share-based compensation. Working capital and other items added $31.3M. Capital expenditures of $19.6M left free cash flow of $145.9M.
Questions
What was Sterling Infrastructure's revenue in the first quarter 2026?
Sterling Infrastructure (STRL) reported revenue of $826M for the first quarter 2026 (Q1 2026), +92% from a year earlier and +9% from the quarter before.
Was Sterling Infrastructure profitable in the first quarter 2026?
Operating profit was $138M (16.7% of revenue) and net earnings $96.0M.