Sterling Infrastructure Inc
strlco.comWhat Do They Do?
Builds large-scale sites and provides electrical services for data center and manufacturing operators; constructs transportation infrastructure for public authorities and concrete foundations for home builders and commercial developers.
10-K for FY2025, filed Feb 26, 2026Sterling Infrastructure, Inc. (“Sterling” or “the Company”) operates through a variety of subsidiaries within three segments specializing…View ↗
E-Infrastructure Solutions—Our E-Infrastructure Solutions segment serves large, blue-chip end users in the data center, manufacturing…View ↗
Transportation Solutions—Our Transportation Solutions segment is comprised of heavy highway, aviation and rail projects, and it relies…View ↗
Building Solutions—Our Building Solutions segment is comprised of our residential and commercial businesses. The principal geographic…View ↗
How Do They Make Money?
Customers pay for site development, electrical and transportation work under long-term project contracts, with payments earned as construction progresses. Building Solutions also does shorter projects, and some of that work is paid when completed.
10-K for FY2025, filed Feb 26, 2026Revenue Recognition—Our revenue is derived primarily from long-term contracts for customers in our E-Infrastructure Solutions and…View ↗
Revenues are recognized as our obligations are satisfied over time, using the ratio of project costs incurred to estimated total costs for…View ↗
Our remaining performance obligations on our projects, as defined in Accounting Standards Codification (“ASC”) Topic 606, Revenue from…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by reportable segment ↗
$2.5B
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10-K for FY2025, filed Feb 26, 2026
$2.5B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
E-Infrastructure Solutions
Recurring
10-K for FY2025, filed Feb 26, 2026 |
59%
FY2022: 51%
|
E-Infrastructure Solutions, FY2025
$1.5B Sources
|
Recurring |
|
Transportation Solutions
Recurring
10-K for FY2025, filed Feb 26, 2026 |
26%
FY2022: 31%
|
Transportation Solutions, FY2025
$640.7M Sources
|
Recurring |
|
Building Solutions
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
15%
FY2022: 18%
|
Building Solutions, FY2025
$382.6M Sources
|
Sold outright |
Who Are Their Customers?
Customers include data center and manufacturing operators, state transportation agencies and regional transit, airport, port, water and railroad authorities, and home builders, developers and general contractors.
10-K for FY2025, filed Feb 26, 2026E-Infrastructure Solutions—Our E-Infrastructure Solutions segment serves large, blue-chip end users in the data center, manufacturing…View ↗
Transportation Solutions—Our Transportation Solutions segment is comprised of heavy highway, aviation and rail projects, and it relies…View ↗
Building Solutions—Our Building Solutions segment is comprised of our residential and commercial businesses. The principal geographic…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 12 cents of every revenue dollar as net income in FY2025 and turned 15 cents into free cash flow.
10-K for FY2025, filed Feb 26, 2026
$405.9MView ↗
10-K for FY2025, filed Feb 26, 2026
$290.2MView ↗
10-K for FY2025, filed Feb 26, 2026
$362.7MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Aug 3, 2026
Sterling raised its 2026 full-year guidance
The updated outlook includes revenue of $4.00 billion to $4.15 billion and net income of $536 million to $555 million.
Sources
8-K, filed Aug 3, 2026
Revenue of $4.00 billion to $4.15 billion Net Income of $536 million to $555 million Diluted EPS of $17.25 to $17.85 EBITDA(1) of $829…View ↗
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Jun 9, 2026
Sterling acquired Stone Ridge Contracting
The site development contractor joins E-Infrastructure Solutions and expands Sterling's geographic footprint across the Pacific Northwest and Texas.
Sources
8-K, filed Jun 9, 2026
Sterling Infrastructure, Inc. (NasdaqGS: STRL) ("Sterling" or "the Company") today announced that it has closed on the acquisition of Stone…View ↗
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May 4, 2026
Sterling raised its 2026 guidance after first-quarter results
The updated outlook includes revenue of $3.70 billion to $3.80 billion and net income of $513 million to $533 million.
Sources
8-K, filed May 4, 2026
Revenue of $3.70 billion to $3.80 billion Net Income of $513 million to $533 million Diluted EPS of $16.50 to $17.15 EBITDA(1) of $801…View ↗
Growing. Revenue grew 76% in 4 years, from $1.4B in FY2021 to $2.5B in FY2025, about 15% a year.
Electrical services
The latest report describes E-Infrastructure as providing mission-critical electrical services alongside large-scale site development services; the older report describes site-development systems and services.
10-K for FY2022, filed Feb 28, 2023 10-K for FY2025, filed Feb 26, 2026Sterling Infrastructure, Inc. (“Sterling” or “the Company”) operates through a variety of subsidiaries within three segments specializing…View ↗
Sterling Infrastructure, Inc. (“Sterling” or “the Company”) operates through a variety of subsidiaries within three segments specializing…View ↗
Transportation project mix
The reports describe a move away from low-bid heavy highway work toward alternative-delivery highway projects and other work such as airports, commercial construction, piling and shoring.
10-K for FY2022, filed Feb 28, 2023 10-K for FY2025, filed Feb 26, 2026Growing high margin products and services—While solidifying the base is important to the profitability of the Company, the improvement of…View ↗
In 2016, we implemented a strategy to shift our Transportation Solutions project mix from low-bid heavy highway projects to alternative…View ↗
Building services
Building Solutions adds plumbing services and surveys for new single-family home builds alongside its residential and commercial concrete work.
10-K for FY2022, filed Feb 28, 2023 10-K for FY2025, filed Feb 26, 2026Sterling Infrastructure, Inc. (“Sterling” or “the Company”) operates through a variety of subsidiaries within three segments specializing…View ↗
Sterling Infrastructure, Inc. (“Sterling” or “the Company”) operates through a variety of subsidiaries within three segments specializing…View ↗
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