Here are the 10-K annual reports from Sterling Infrastructure, Inc. (STRL) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow STRL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full STRL filings page.
Sterling Infrastructure, Inc. outlines a diversified construction and infrastructure business across three segments: E‑Infrastructure, Transportation and Building Solutions, operating mainly in the southern and western U.S.
Backlog was $3.01 billion at December 31, 2025, up from $1.69 billion a year earlier, reflecting strong contracted work, though not all backlog is guaranteed to convert to revenue. The company had approximately 4,400 employees and aggregate market value of non‑affiliate equity of about $6.83 billion based on the June 30, 2025 NASDAQ price.
Sterling completed a major strategic move with the $562 million acquisition of CEC Facilities Group, adding electrical and mechanical capabilities to its E‑Infrastructure segment, and deconsolidated its 50% stake in Road and Highway Builders, which is now accounted for under the equity method. At December 31, 2025, debt under its credit agreement totaled $292.5 million, secured by substantially all assets and subject to financial covenants. The report also details extensive risk factors, including cyclicality in construction markets, reliance on government funding, backlog realization risk, regulatory and environmental exposure, labor availability, and sensitivity to interest rates and material cost inflation.