Sterling Infrastructure reported $4.05B of remaining performance obligations at 30 Sep 2026, up 57% from a year earlier and down 4% from the previous quarter. That is 0.9 years of trailing revenue already under contract. Book-to-bill last quarter: 0.88.
Net new backlog added in the latest quarter: -$185M.
Over the last twelve months it turned about 124% of its opening backlog into revenue (12-month conversion).
72% of the backlog is due within the next twelve months.
Customer prepayments (contract liabilities) cover 22.7% of the backlog.
Twelve-month book-to-bill: 1.34, i.e. 1.34 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: -36 points — revenue is catching up with orders.
By backlog size it ranks 130th among US filers the cockpit tracks.
Sterling Infrastructure backlog history
Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).
Amounts in USD. Source: SEC XBRL filings.
Quarter end
Backlog (RPO)
TTM revenue
Coverage
Customer prepayments
30 Sep 2026
$4.05B
$4.31B
0.9 yrs
$917M
30 Jun 2026
$4.23B
$3.44B
1.2 yrs
$803M
31 Mar 2026
$3.80B
$2.88B
1.3 yrs
$696M
31 Dec 2025
$3.01B
$2.49B
1.2 yrs
$652M
30 Sep 2025
$2.58B
$2.23B
1.2 yrs
$616M
30 Jun 2025
$2.01B
$2.14B
0.9 yrs
$553M
31 Mar 2025
$2.13B
$2.11B
1.0 yrs
$534M
31 Dec 2024
$1.69B
$2.12B
0.8 yrs
$509M
30 Sep 2024
$2.06B
$2.10B
1.0 yrs
$564M
30 Jun 2024
$2.10B
$2.07B
1.0 yrs
$556M
31 Mar 2024
$2.35B
$2.01B
1.2 yrs
$485M
31 Dec 2023
$2.07B
$1.97B
1.0 yrs
$444M
Questions
What is Sterling Infrastructure's backlog?
Sterling Infrastructure reported $4.05B of remaining performance obligations at 30 Sep 2026, up 57% from a year earlier and down 4% from the previous quarter. That is 0.9 years of trailing revenue already under contract. Book-to-bill last quarter: 0.88.
How fast does Sterling Infrastructure's backlog turn into revenue?
Over the last twelve months Sterling Infrastructure recognised revenue equal to about 124% of the backlog it started each quarter with.
About these numbers
Remaining performance obligations (RPO) are revenue a company has contracted but not yet recognised, as reported in its SEC filings (XBRL tag RevenueRemainingPerformanceObligation). Coverage = backlog ÷ trailing twelve-month revenue. Book-to-bill = (change in backlog + revenue) ÷ revenue. Conversion = revenue recognised ÷ the backlog at the start of each quarter, summed over four quarters. Counterparty values come from company filings and releases.