Sterling Infrastructure Inc

Record growth & profitability (1Q 2026): Revenue grew 92% YoY and adjusted diluted EPS grew 120%. Adjusted EBITDA more than doubled and margins expanded 150 bps YoY to 20% (record first quarter)—a standout because Q1 is typically the company’s slowest quarter. Key drivers cited were weather-driven earlier starts in Transportation and better execution/productivity as E-Infrastructure projects get larger/more complex and leverage the company’s vertical integration.

Backlog strength + long visibility (surprise scale): Signed backlog ended the quarter at $3.8B (+78% YoY) and combined backlog at $5.2B (+131% YoY). Visibility is unusually strong with future phase opportunities > $1.3B; total addressable work visibility is approaching ~$6.5B (up ~$2.0B since year-end). Book-to-burn was 2.1x (backlog) and 3.5x (combined backlog)—suggesting strong conversion/working capital discipline.

Major new award/opportunity: semiconductor campus (big upside narrative): Awarded the first phase of a multi-phase semiconductor fabrication campus (executed via a joint venture) totaling >$500M, expected completion late 2027/early 2028. Management frames this as a potential multi-decade build and a platform to win more semiconductor scopes, with expectations that semiconductor fab acceleration becomes more notable end of decade (2029–2030; “positioned” now).