Sterling Infrastructure, Inc. · STRL · FY2026 Q3 · Calendar Q4 2026
Sterling raises 2026 outlook as E-Infrastructure demand accelerates
Sterling's Q3 analysis supports a constructive growth case: mission-critical infrastructure demand, CEC expansion and permitted land underpin the outlook, but execution and capacity risks remain material.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Q3 analysis showed adjusted diluted EPS up 118% year over year and revenue up 127%. Sterling raised full-year 2026 revenue, diluted EPS and adjusted EBITDA guidance, while total scoped work reached nearly $8 billion. CEC margins improved, but non-core lines and seasonal Q4 factors remain constraints.
Guidance delta
Management raised full-year 2026 guidance to revenue of $4.63-$4.73 billion, diluted EPS of $19.16-$19.42 and adjusted EBITDA of $970-$981 million.
Key takeaways
- E-Infrastructure Solutions, led by data-center and semiconductor-campus work, drove the quarter's growth.
- CEC revenue quadrupled year over year; management cited a 300-500 basis-point margin-lift target over 18-24 months.
- The company is adding capacity through hiring, equipment leasing, acquisitions and prefabrication, particularly in Texas and other growth regions.
Management priorities
- Add people, equipment and leasing capacity in Texas and other high-growth regions.
- Pursue small- and mid-size acquisitions and expand the IMS prefabrication facility.
- Build vertical integration in ancillary services over the next 24-36 months.
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Try FN2 freeCompany context
Snapshot as of publicationSterling Infrastructure, Inc. operates across three distinct business segments: transportation, e-infrastructure, and building solutions. The company's operations span a significant portion of the United States, including the Southern, Northeastern, and Mid-Atlantic regions, as well as the Rocky Mountain states, California, and Hawaii. Within its transportation division, Sterling specializes in developing and rehabilitating critical infrastructure. This includes projects such as highways, roads, bridges, airports, ports, and light rail systems, alongside essential water, wastewater, and storm drainage solutions. Their clients in this sector range from state departments of transportation and regional transit authorities to airport, port, and water authorities, as well as railway companies.…
Industrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| XPO XPO Logistics, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -3.6% | XPO pairs strong Q3 growth with AI-led efficiency gains |
| APG APi Group Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +6.5% | APi Group posts 23% growth, raises 2026 guidance |
| TXT Textron Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +14.2% | Textron raises outlook as Aviation and Systems deliver double-digit growth |
| CP Canadian Pacific Kansas City Ltd. | FY2026 Q3 · Calendar Q4 2026 | -3.2% | -1.9% | CPKC posts record Q3 as land bridge and freight volumes expand |
| LII Lennox International Inc. | FY2026 Q3 · Calendar Q4 2026 | -7.1% | -10.6% | Lennox grows revenue but cuts outlook as margins face pressure |
| IEX IDEX Corporation | FY2026 Q3 · Calendar Q4 2026 | +4.0% | +2.3% | IDEX raises 2026 outlook as advantage-market demand stays strong |
Latest beats and misses
Who reports nextBeat on EPS
- KGCFY2026 Q3 · October 28, 2026+8.7% EPS-6.1% move
- GENFY2027 Q2 · October 28, 2026+2.9% EPS+11.2% move
- KLACFY2027 Q1 · October 28, 2026+2.5% EPS+7.3% move
- SANFY2026 Q3 · October 28, 20260.0% EPS-6.3% move
- FFY2026 Q3 · October 28, 2026+19.5% EPS+1.4% move
- EQIXFY2026 Q3 · October 28, 2026+20.0% EPS+5.4% move
Missed on EPS
- AWKFY2026 Q3 · October 28, 2026-2.0% EPS+1.1% move
- CPFY2026 Q3 · October 28, 2026-3.2% EPS-1.9% move
- LIIFY2026 Q3 · October 28, 2026-7.1% EPS-10.6% move
- EXRFY2026 Q3 · October 27, 2026-1.7% EPS+0.1% move
- NOWFY2026 Q3 · October 28, 2026-2.0% EPS-3.0% move
- CMGFY2026 Q3 · October 28, 2026-7.1% EPS+2.7% move
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Sources
- Earnings call transcript and parsed analysis · 2026-10-29T18:08:40.499075+00:00
- FN2 earnings calendar · 2026-10-29T01:23:20.584741+00:00
- Polygon adjusted daily market bars · 2026-10-29T18:20:42.170800+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-29T18:20:42.168115+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-29. For educational purposes only; not investment advice.