Here are 1-2 brief analogies to describe Sterling Infrastructure (STRL):

1. They're like Vulcan Materials (VMC), a major aggregates producer, but they also build the actual large-scale infrastructure projects that use those materials, such as data centers for tech giants, e-commerce warehouses, and highways.

2. Imagine them as the TSMC (Taiwan Semiconductor Manufacturing Company) for physical infrastructure, building the specialized facilities (like data centers and e-commerce warehouses) and public works (like roads and bridges) that underpin the modern economy.

• Transportation Infrastructure Construction: Building and rehabilitating highways, roads, bridges, and airport runways.
• Site Development: Providing comprehensive site preparation services for commercial, residential, and industrial projects, including earthwork, paving, and underground utilities.
• Energy Infrastructure Services: Developing critical infrastructure for data centers, battery storage, and other related energy facilities.

• National and Regional Homebuilders

  In its Building Solutions segment, Sterling Infrastructure provides concrete foundations for single-family and multi-family homes. Its customers are primarily large national and regional homebuilders.

  Examples of companies in this customer category include (these are representative examples of the types of companies served, not specific disclosed customers):

  • D.R. Horton (NYSE: DHI)
  • Lennar Corporation (NYSE: LEN)
  • PulteGroup, Inc. (NYSE: PHM)
  • Toll Brothers, Inc. (NYSE: TOL)

• Hyperscale Data Center Developers, Large Technology, and Logistics Companies

  The E-Infrastructure Solutions segment focuses on site development for data centers, e-commerce distribution centers, and warehousing sites. Customers include hyperscale data center developers, Fortune 500 companies, commercial general contractors, and large e-commerce/logistics firms.

  Examples of companies or types of companies in this category include (these are representative examples of the types of companies served, not specific disclosed customers):

  • Amazon (NASDAQ: AMZN)
  • Microsoft (NASDAQ: MSFT)
  • Alphabet (NASDAQ: GOOGL) (often through general contractors)
  • Various specialized data center developers and commercial general contractors.

• State & Local Government Agencies and Private Developers

  The Transportation Solutions segment involves heavy civil construction services, including roads, bridges, airports, and rail. Their primary customers are state departments of transportation, local municipalities, federal agencies, Class I Railroads, and large private developers.

  Examples of entities in this customer category include:

  • Various State Departments of Transportation (e.g., Texas DOT, Arizona DOT)
  • Local Municipalities (cities, counties)
  • Federal Agencies (e.g., Federal Aviation Administration for airport projects)
  • Large corporate clients and private developers for infrastructure projects.

Joseph A. Cutillo, Chief Executive Officer

Joseph A. Cutillo has served as the Chief Executive Officer of Sterling Infrastructure, Inc. since 2017. He brings 30 years of experience leading complex, transformational change to the role. Prior to joining Sterling in 2015, Mr. Cutillo served as President and Chief Executive Officer of Inland Pipe Rehabilitation LLC, a private equity-backed trenchless pipe rehabilitation company, from 2008 to 2015. Before that, he held leadership roles at Contech Construction Products, Ingersoll-Rand Corp, and General Electric. Mr. Cutillo also serves on the Board of Directors for Sterling Infrastructure, Inc., on the board of NPK International, Inc., and on the Board and Executive Committee of the American Road & Transportation Builders Association (ARTBA).

Nicholas Grindstaff, Chief Financial Officer

Nicholas Grindstaff was appointed Chief Financial Officer of Sterling Infrastructure in July 2025. He brings over 30 years of finance and leadership experience with a proven track record across the infrastructure and energy industries. Most recently, he served as CFO of Cinterra, a turnkey, utility-scale solar and renewable energy contractor, since late 2024. Prior to that, he served as CFO of Orbital Infrastructure Group, Inc., a diversified infrastructure services company, from 2021 to 2024.

Dan Govin, Chief Operating Officer

Dan Govin was appointed Chief Operating Officer of Sterling Infrastructure in August 2024. He brings 30 years of experience in operations and leadership to Sterling. Since 1994, Mr. Govin held multiple commercial and operations management roles within the energy infrastructure industry. He joined Quanta Services in 2007, where he most recently held the position of Regional President, and previously served as President of Par Electrical Contractors and Senior Vice President of Operations.

Mark D. Wolf, General Counsel, Chief Compliance Officer & Corporate Secretary

Mark D. Wolf has served as Senior Management since 2020. He holds the titles of General Counsel, Chief Compliance Officer & Corporate Secretary for Sterling Infrastructure.

Sterling Infrastructure (STRL) operates primarily within the United States, focusing on three main business segments: E-Infrastructure Solutions, Transportation Solutions, and Building Solutions. The addressable markets for these services in the U.S. are substantial.

E-Infrastructure Solutions

Sterling Infrastructure's E-Infrastructure Solutions segment focuses on large-scale site development for critical facilities such as data centers, e-commerce distribution centers, manufacturing plants, and warehousing. The U.S. data center market size was valued at approximately USD 50.76 billion in 2022 and is projected to reach USD 158.55 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.73% from 2025 to 2030. Another report estimates the U.S. data center infrastructure market size at USD 52.7 billion in 2024, projected to reach USD 170 billion by 2035. The U.S. data center infrastructure market size was estimated at USD 1.05 billion in 2024 and is projected to reach approximately USD 4.84 billion by 2034.

Transportation Solutions

The Transportation Solutions segment undertakes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, light rail, and storm drainage systems. The United States Transportation Infrastructure Construction Market size is estimated at USD 233.03 billion in 2025 and is expected to reach USD 286.86 billion by 2030, at a CAGR of 4.24% during that period.

Building Solutions

Sterling's Building Solutions segment provides residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs, and other concrete work. The U.S. concrete market size was estimated at USD 351.37 billion in 2024 and is anticipated to reach USD 541.38 billion by 2035, growing at a CAGR of around 4.01% from 2025 to 2035. Another source indicates the U.S. concrete market generated a revenue of USD 351.38 billion in 2024 and is expected to reach USD 442.15 billion by 2030, with a CAGR of 3.9% from 2025 to 2030. The ready-mix concrete market in the U.S. is projected to reach an estimated value of USD 475.30 billion by 2032.

Sterling Infrastructure (STRL) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

1. Expansion in E-Infrastructure Solutions, particularly Data Centers: Sterling Infrastructure anticipates significant revenue growth from its E-Infrastructure Solutions segment, primarily fueled by the robust demand for data centers. The company reported a 90% increase in data center revenue in Q3 2024 and an exceptional 125% year-over-year increase in Q3 2025. Management expects organic E-Infrastructure revenue growth of 30% or higher, driven by large, mission-critical projects and the ongoing trend in technology advancements, including AI.
2. Strategic Acquisitions: Acquisitions are a key component of Sterling's growth strategy, particularly within the e-infrastructure market. The recent acquisition of CEC Facility Services, for instance, is expected to contribute approximately $390 million to $415 million in revenues for 2025 and expand service offerings and geographic reach, notably in mission-critical markets like data centers, semiconductors, and advanced manufacturing.
3. Growth in Transportation Solutions Segment: The Transportation Solutions segment is projected to contribute to revenue growth. In Q3 2024, this segment saw an 18% increase in revenue. For 2025, the company forecasts revenue growth in the low teens on an adjusted basis for Transportation Solutions, along with an expansion of adjusted operating profit margins.
4. Expanding Backlog and Multi-Year Project Visibility: A strong and growing backlog provides excellent visibility for future revenue. Sterling's total backlog reached $2.1 billion by the end of Q3 2024, increasing 2% over the prior year. By Q3 2025, the backlog had grown to $2.6 billion, a 64% increase year-over-year, with the E-Infrastructure Solutions segment driving much of this expansion. The company has a pipeline of opportunities, including signed and unsigned awards, that exceeds $4 billion.
5. Focus on Higher-Margin Services and Large Projects: Sterling Infrastructure is strategically shifting its business mix towards higher-margin services and larger, more complex projects. This focus on mission-critical infrastructure projects, such as large-scale data centers and e-commerce distribution centers, contributes to increased revenue per project and improved profitability, thereby driving overall revenue growth.