Overview Conclusion: This quarter’s results significantly exceeded expectations, primarily driven by the surge in data center demand and outstanding project execution capabilities.

Key Data: Quarterly EPS was $9.37, up 129% year-over-year; full-year EPS was $28.88, up 98% year-over-year; quarterly gross margin exceeded 25% for the first time.

Business Progress: Backlog reached a record high of $12.0 billion, with strong orders from technology customers; modular capacity is planned to expand from 3 million square feet to 4 million square feet; services revenue hit a record $1.2 billion.

Guidance and Outlook: Management remains optimistic about 2026 performance, expecting same-store revenue growth in the mid-to-high teens percentage range, and gross margin to remain strong.

Risk/Highlight Signals: Management’s tone was very positive, emphasizing labor scarcity but noting the company effectively addresses it through internal training and contract staffing strategies; it also pointed out that data center demand will continue to drive growth.