Sterling Infrastructure Inc (STRL) financial statements: income statement, balance sheet and cash flow

Sterling Infrastructure Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Sterling Infrastructure Inc reported revenue of $2.5B (+17.7% year on year) and net income of $290.2M (+12.7% year on year).

Income statement

Sterling Infrastructure Inc income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Revenues	$2.5B	$2.1B	$2.0B	$1.8B
Cost of revenues	($1.9B)	($1.7B)	($1.6B)	($1.5B)
Gross profit	$572.3M	$426.1M	$337.6M	$274.6M
General and administrative expense	($154.8M)	($118.4M)	($98.7M)	($86.5M)
Intangible asset amortization	($22.2M)	($17.0M)	($15.2M)	($14.1M)
Acquisition related costs	($8.3M)	($421.0K)	($873.0K)	($827.0K)
Earn-out income (expense)	$731.0K	—	—	—
Other operating income (expense), net	$18.2M	($25.6M)	($17.0M)	($13.3M)
Operating income	$405.9M	$264.6M	$205.8M	$159.9M
Interest income	$22.3M	$27.6M	$14.1M	$885.0K
Interest expense	($19.8M)	($25.3M)	($29.3M)	($20.6M)
Gain on deconsolidation of subsidiary, net	$0	$91.3M	—	—
Income before income taxes	$408.5M	$358.3M	$190.6M	$140.2M
Income tax expense	($98.8M)	($87.4M)	($47.8M)	($41.7M)
Net income, including noncontrolling interests	$309.7M	$270.9M	$142.8M	$98.5M
Less: Net income attributable to noncontrolling interests	($19.6M)	($13.5M)	($4.2M)	($1.7M)
Net income attributable to Sterling common stockholders	$290.2M	$257.5M	$138.7M	$106.5M
Basic (in dollars per share)	$9.50	$8.35	$4.51	$3.53
Diluted (in dollars per share)	$9.38	$8.27	$4.44	$3.48
Basic (in shares)	30.5M	30.8M	30.8M	30.2M
Diluted (in shares)	30.9M	31.1M	31.2M	30.6M

Sterling Infrastructure Inc income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Revenues	$1.2B	$825.7M	$689.0M	$614.5M
Cost of revenues	($878.2M)	($631.4M)	($518.8M)	($471.3M)
Gross profit	$290.0M	$194.3M	$170.2M	$143.1M
General and administrative expense	($53.1M)	($47.9M)	($37.6M)	($34.0M)
Intangible asset amortization	($7.5M)	($7.1M)	($6.0M)	($4.5M)
Acquisition related costs	($12.5M)	($1.4M)	($5.3M)	($2.5M)
Earn-out expense	($2.5M)	($2.5M)	($1.3M)	($1.3M)
Other operating income, net	$4.9M	$2.4M	$5.4M	$3.8M
Operating income	$219.3M	$137.8M	$125.3M	$104.6M
Interest income	$3.8M	$3.6M	$5.7M	$6.9M
Interest expense	($3.1M)	($4.0M)	($4.1M)	($5.0M)
Income before income taxes	$220.0M	$137.4M	$126.8M	$106.5M
Income tax expense	($51.3M)	($33.7M)	($30.5M)	($27.4M)
Net income, including noncontrolling interests	$168.6M	$103.8M	$96.3M	$79.1M
Less: Net income attributable to noncontrolling interests	($12.8M)	($7.8M)	($4.2M)	($8.1M)
Net income attributable to Sterling common stockholders	$155.8M	$96.0M	$92.1M	$71.0M
Basic (in dollars per share)	$5.08	$3.13	$3.02	$2.33
Diluted (in dollars per share)	$5.00	$3.09	$2.97	$2.31
Basic (in shares)	30.7M	30.7M	30.5M	30.4M
Diluted (in shares)	31.1M	31.0M	31.0M	30.8M

Balance sheet

Sterling Infrastructure Inc balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents ($76,154 and $97,796 related to variable interest entities (“VIEs”))	$390.7M	$664.2M	$471.6M	$181.5M
Accounts receivable ($29,196 and $17,851 related to VIEs)	$501.2M	$247.1M	$252.4M	$262.6M
Contract assets ($5,057 and $0 related to VIEs)	$101.2M	$55.4M	$88.6M	$109.8M
Receivables from and equity in construction joint ventures	$6.2M	$5.8M	$17.5M	$14.1M
Receivable from affiliate	$0	$32.1M	—	—
Other current assets	$35.2M	$17.4M	$17.9M	$29.1M
Total current assets	$1.0B	$1.0B	$848.0M	$597.3M
Property and equipment, net	$278.3M	$236.8M	$243.6M	$215.5M
Investment in unconsolidated subsidiary	$105.8M	$107.4M	—	—
Operating lease right-of-use assets, net	$58.2M	$52.7M	$57.2M	$59.4M
Goodwill	$585.2M	$264.6M	$281.1M	$262.7M
Other intangibles, net	$554.7M	$316.4M	$328.4M	$299.1M
Other non-current assets, net	$17.2M	$17.0M	$18.8M	$7.7M
Total assets	$2.6B	$2.0B	$1.8B	$1.4B
Accounts payable ($22,104 and $23,964 related to VIEs)	$226.8M	$130.4M	$146.0M	$121.9M
Contract liabilities ($89,630 and $51,660 related to VIEs)	$652.4M	$508.8M	$444.2M	$239.3M
Current maturities of long-term debt	$15.1M	$26.4M	$26.5M	$32.6M
Current portion of long-term lease obligations	$18.7M	$20.5M	$19.6M	$19.7M
Accrued compensation	$62.7M	$36.8M	$27.8M	$24.1M
Other current liabilities	$46.8M	$19.0M	$14.1M	$9.0M
Total current liabilities	$1.0B	$742.0M	$678.2M	$446.6M
Long-term debt	$275.9M	$289.9M	$315.0M	$398.7M
Long-term lease obligations	$40.2M	$32.5M	$37.7M	$40.1M
Deferred tax liability, net	$123.1M	$109.4M	$76.8M	$51.7M
Other long-term liabilities	$65.7M	$16.6M	$16.6M	$5.1M
Total liabilities	$1.5B	$1.2B	$1.2B	$963.8M
Common stock, par value $0.01 per share; 58,000 shares authorized, 31,455 and 31,170 shares issued and 30,682 and 30,669 shares outstanding	$315000.00	$312000.00	$309000.00	$306000.00
Additional paid in capital	$366.1M	$288.4M	$293.6M	$287.9M
Treasury stock, at cost: 773000 and 501 shares	-130.5M	-63.1M	—	—
Retained earnings	$872.6M	$582.5M	$325.0M	$186.4M
Total Sterling stockholders’ equity	$1.1B	$808.1M	$618.9M	$474.6M
Noncontrolling interests	($2.1M)	$18.4M	$4.9M	$3.2M
Total stockholders’ equity	$1.1B	$826.5M	$623.9M	$477.8M
Total liabilities and stockholders’ equity	$2.6B	$2.0B	$1.8B	$1.4B

Sterling Infrastructure Inc balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents ($157,595 and $76,154 related to variable interest entities (“VIEs”))	$464.5M	$511.9M	$306.4M	$699.4M
Accounts receivable ($157,820 and $29,196 related to VIEs)	$770.7M	$513.9M	$496.1M	$347.7M
Contract assets ($157 and $5,057 related to VIEs)	$156.3M	$131.7M	$102.7M	$51.8M
Receivables from and equity in construction joint ventures	$7.0M	$7.2M	$5.2M	$8.0M
Other current assets	$30.3M	$30.0M	$52.8M	$23.0M
Total current assets	$1.4B	$1.2B	$963.1M	$1.1B
Property and equipment, net	$322.9M	$284.3M	$268.0M	$244.8M
Investment in unconsolidated subsidiaries	$101.6M	$100.5M	$108.5M	$109.0M
Operating lease right-of-use assets, net	$51.9M	$53.9M	$64.2M	$44.5M
Goodwill	$616.2M	$584.8M	$580.6M	$283.7M
Other intangibles, net	$660.0M	$548.0M	$561.7M	$329.2M
Other non-current assets, net	$12.9M	$17.4M	$16.1M	$17.4M
Total assets	$3.2B	$2.8B	$2.6B	$2.2B
Accounts payable ($75,071 and $22,104 related to VIEs)	$316.0M	$234.5M	$198.3M	$159.3M
Contract liabilities ($166,783 and $89,630 related to VIEs)	$802.6M	$695.6M	$616.3M	$553.2M
Current maturities of long-term debt	$15.1M	$15.1M	$15.2M	$15.2M
Current portion of long-term lease obligations	$14.6M	$16.2M	$21.0M	$18.2M
Accrued compensation ($879 and $0 related to VIEs)	$72.0M	$51.2M	$62.0M	$36.6M
Other current liabilities ($12 and $0 related to VIEs)	$70.7M	$71.1M	$54.0M	$13.8M
Total current liabilities	$1.3B	$1.1B	$966.8M	$796.2M
Long-term debt	$268.7M	$272.3M	$279.5M	$283.1M
Long-term lease obligations	$38.3M	$38.5M	$43.6M	$26.7M
Deferred tax liability, net	$129.4M	$125.1M	$118.6M	$114.8M
Other long-term liabilities	$76.1M	$68.8M	$68.8M	$28.7M
Total liabilities	$1.8B	$1.6B	$1.5B	$1.2B
Common stock, par value $0.01 per share; 58,000 shares authorized, 31,487 and 31,455 shares issued and 30,692 and 30,682 shares outstanding	$315000.00	$315000.00	$315000.00	$312000.00
Additional paid in capital	$402.5M	$367.5M	$369.5M	$287.6M
Treasury stock, at cost: 795 and 773 shares	-169.9M	-146.8M	-103.7M	-99.1M
Retained earnings	$1.1B	$968.6M	$785.1M	$693.0M
Total Sterling stockholders’ equity	$1.4B	$1.2B	$1.1B	$881.7M
Noncontrolling interests	$33.2M	$5.7M	$33.9M	$29.6M
Total stockholders’ equity	$1.4B	$1.2B	$1.1B	$911.4M
Total liabilities and stockholders’ equity	$3.2B	$2.8B	$2.6B	$2.2B

Cash flow statement

Sterling Infrastructure Inc cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$309.7M	$270.9M	$142.8M	$108.2M
Depreciation and amortization	$77.1M	$68.4M	$57.4M	$52.1M
Amortization of debt issuance costs and non-cash interest	$787.0K	$1.1M	$1.7M	$2.1M
Gain on disposal of property and equipment	($2.8M)	($3.5M)	($5.3M)	($2.6M)
Gain on deconsolidation of subsidiary, net	$0	($91.3M)	—	—
Distribution of earnings from unconsolidated subsidiary	$23.8M	—	—	—
Equity in earnings from unconsolidated subsidiary	($15.9M)	$0	$0	($16.7M)
Deferred taxes	$13.8M	$32.6M	$14.7M	$36.5M
Stock-based compensation	$24.2M	$19.0M	$14.6M	$12.7M
Changes in operating assets and liabilities (Note 17)	$9.4M	$199.8M	$252.5M	$29.4M
Net cash provided by operating activities	$440.0M	$497.1M	$478.6M	$219.1M
Acquisitions, net of cash acquired	($482.3M)	($11.2M)	($51.2M)	($18.0M)
Disposition proceeds	$2.0M	$0	$14.0M	($15.8M)
Deconsolidation, net of cash	$0	($103.8M)	—	—
Capital expenditures	($77.3M)	($81.0M)	($64.4M)	($60.9M)
Proceeds from sale of property and equipment	$5.7M	$10.2M	$13.8M	$4.9M
Net cash used in investing activities	($551.9M)	($185.8M)	($87.8M)	($89.8M)
Cash received from credit facility	$0	$0	$2.6M	$0
Repayments of debt	($24.9M)	($26.5M)	($93.5M)	($23.4M)
Repurchase of common stock	($74.2M)	($70.6M)	—	—
Distributions to noncontrolling interest owners	($40.1M)	$0	($2.5M)	$0
Withholding taxes paid on net share settlement of equity awards	($21.0M)	($21.5M)	($9.6M)	($9.4M)
Debt issuance costs	($1.4M)	$0	($1.6M)	$0
Other	$0	($36.0K)	($16.0K)	$0
Net cash used in financing activities	($161.5M)	($118.6M)	($104.5M)	($32.8M)
Net change in cash, cash equivalents, and restricted cash	($273.5M)	$192.6M	$286.3M	$96.6M
Cash, cash equivalents and restricted cash at beginning of period	$664.2M	$471.6M	$185.3M	$88.7M
Cash, cash equivalents and restricted cash at end of period	$390.7M	$664.2M	$471.6M	$185.3M
Less: restricted cash	$0	$0	$0	($3.7M)
Cash and cash equivalents at end of period	$390.7M	$664.2M	$471.6M	$181.5M
Cash paid during the period for interest	$17.8M	$23.4M	$27.0M	$19.3M
Cash paid during the period for income taxes	$81.1M	$53.1M	$36.9M	$5.6M
Share consideration for acquisitions	$79.5M	$1.0M	$0	$4.9M
Accrued capital expenditures	$5.0M	$1.9M	$12.5M	$1.9M

Sterling Infrastructure Inc cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$272.4M	$103.8M	$218.0M	$121.7M
Depreciation and amortization	$48.0M	$23.0M	$54.5M	$34.6M
Amortization of debt issuance costs and non-cash interest	$342.0K	$169.0K	$633.0K	$472.0K
Gain on disposal of property and equipment	($1.2M)	($739.0K)	($2.5M)	($1.3M)
Changes in the fair value of earn-outs	$5.0M	—	—	—
Distribution of earnings from unconsolidated subsidiaries	$10.8M	$7.0M	$16.3M	$10.3M
Equity in earnings from unconsolidated subsidiaries	($6.6M)	($1.7M)	($11.1M)	($5.7M)
Deferred taxes	$6.3M	$1.9M	$9.3M	$5.4M
Stock-based compensation	$15.6M	$7.5M	$18.2M	$12.3M
Changes in operating assets and liabilities (Note 15)	($22.6M)	$24.6M	($49.4M)	($7.5M)
Net cash provided by operating activities	$328.0M	$165.6M	$253.9M	$170.3M
Acquisitions, net of cash acquired	($140.0M)	$0	($484.2M)	($37.9M)
Capital expenditures	($69.6M)	($19.6M)	($50.9M)	($31.3M)
Proceeds from sale of property and equipment	$3.1M	$1.9M	$4.0M	$2.6M
Net cash used in investing activities	($206.5M)	($17.7M)	($531.1M)	($66.5M)
Repayments of debt	($7.6M)	($3.8M)	($21.1M)	($17.3M)
Capital contributions from noncontrolling interest owners	$14.7M	—	—	—
Repurchase of common stock	($35.3M)	($12.3M)	($48.5M)	($43.8M)
Withholding taxes paid on net share settlement of equity awards	($11.9M)	($10.7M)	($9.7M)	($6.1M)
Payments of earn-outs	($7.8M)	—	—	—
Debt issuance costs	$0	—	($1.4M)	$1.4M
Net cash used in financing activities	($47.8M)	($26.7M)	($80.7M)	($68.7M)
Net change in cash, cash equivalents, and restricted cash	$73.7M	$121.1M	($357.8M)	$35.2M
Cash, cash equivalents and restricted cash at beginning of period	$390.7M	$390.7M	$664.2M	$664.2M
Cash, cash equivalents and restricted cash at end of period	$464.5M	$511.9M	$306.4M	$699.4M
Less: restricted cash	$0	$0	$0	$0
Cash and cash equivalents at end of period	$464.5M	$511.9M	$306.4M	$699.4M
Accrued capital expenditures	$2.1M	$3.6M	$4.3M	$1.9M
Share consideration for acquisitions	$27.4M	—	$79.5M	—
Insurance premiums financed through short-term financing agreement	$10.6M	—	—	—

Sterling Infrastructure Inc score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.