Research · Sep 3, 2026
[STRL] Sterling Infrastructure Thesis 2026: Data Center Wave Lifts E-Infrastructure to Half the Business
Sterling Infrastructure extended its data center construction growth run in FY2025 with revenue of ~$2.35B and EPS of ~$8.00, as the E-Infrastructure segment grew to ~$1.0B and nearly 43% of revenue on hyperscaler AI campus demand. Consolidated operating margin held at ~11.7% despite mix headwinds in Transportation and Building Solutions. E-Infrastructure backlog reached ~$1.05B, providing 12-month revenue visibility. The thesis hinges on hyperscaler capital expenditure sustaining through 2026-2027.