Every 10-Q that Sterling Infrastructure, Inc. (STRL) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, 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. delivered strong second‑quarter 2026 results, with revenues of $1.17 billion, up 90% year over year, and gross margin expanding to 24.8%. Net income attributable to common stockholders was $155.8 million and diluted EPS was $5.00; six‑month EPS reached $8.09 on $1.99 billion of revenue.
E‑Infrastructure Solutions drove growth, with revenues rising 192% to $905.0 million, including contributions from the 2025 CEC acquisition, while Transportation margins improved despite lower volume. Combined Backlog rose to $5.62 billion, including $4.23 billion of remaining performance obligations, supporting multi‑year visibility.
Operating cash flow was $328.0 million for the first half, funding $140.0 million for the Stone Ridge acquisition, $69.6 million of capital expenditures, and $35.3 million of share repurchases. After quarter‑end, Sterling replaced its term loan with a $1.5 billion revolving credit facility maturing in July 2031.
Sterling Infrastructure reported strong first-quarter 2026 growth. Revenue rose to $825.7 million from $430.9 million, driven mainly by E‑Infrastructure projects and the CEC electrical and mechanical acquisition. Gross profit increased to $194.3 million, lifting gross margin to 23.5%.
Net income attributable to common stockholders grew to $96.0 million, or $3.13 basic and $3.09 diluted earnings per share, compared with $1.29 diluted a year earlier. E‑Infrastructure operating income more than doubled, while Transportation improved modestly and Building Solutions margins fell on softer residential markets.
Backlog reached $3.80 billion with a 2.1x book‑to‑burn ratio, and Combined Backlog, including Unsigned Awards, climbed to $5.15 billion with a 3.5x book‑to‑burn. Sterling ended the quarter with $511.9 million in cash and $289.1 million of total debt, remaining in compliance with credit covenants.
Sterling Infrastructure (STRL) reported strong Q3 2025 results with revenue of $689.0 million, up from $593.7 million a year ago. Operating income rose to $125.3 million from $87.5 million, and net income attributable to common stockholders increased to $92.1 million from $61.3 million. Diluted EPS was $2.97 versus $1.97. For the first nine months, revenue reached $1.73 billion and net income was $202.6 million.
Growth was led by E‑Infrastructure Solutions, which delivered $417.1 million of Q3 revenue, while Transportation Solutions declined year over year and Building Solutions was roughly flat. Remaining performance obligations were $2.58 billion as of September 30, 2025, with about 70% expected to convert within twelve months.
Strategic moves reshaped the portfolio: on September 1, Sterling acquired CEC for $560.8 million (cash $444.8 million and equity $79.5 million, plus an earn‑out up to $80.0 million). From close through quarter‑end, CEC contributed about $41.4 million of revenue and $4.1 million of pre‑tax income. Sterling amended its credit facility on June 5, 2025, ending Q3 with $296.7 million of total debt and no borrowings on the $150.0 million revolver. Cash from operations was $253.9 million year‑to‑date, while investing cash outflows reflected acquisitions.
Sterling Infrastructure (STRL) posted strong Q2 2025 results. Revenue rose 5.4% YoY to $614.5 million, but gross profit jumped 27.0% to $143.1 million as gross margin expanded 400 bps to 23.3% due to mix shift toward higher-margin E-Infrastructure work and the de-consolidation of lower-margin RHB. Net income attributable to common shareholders climbed 36.7% to $71.0 million; diluted EPS increased 38.3% to $2.31.
For 1H 2025, revenue increased 2.2% to $1.05 billion while net income rose 33.2% to $110.5 million (EPS $3.59, +35%). Operating cash flow was stable at $170 million, enabling debt pay-down of $17 million and $43.8 million in share repurchases. Cash grew to $699 million versus $664 million at year-end, with long-term debt trimmed to $283 million. A June refinancing set a new $300 million term loan (SOFR +1.25%) and a $150 million revolver maturing 2028.
Backlog strength continues. Reported RPO/backlog rose 19% since year-end to $2.01 billion; combined backlog (incl. unsigned awards) reached $2.25 billion, equal to a 1.5× book-to-burn for 1H. Segment mix: E-Infrastructure revenue +29% YoY to $310 million; Transportation $197 million (-16% YoY, but comparable growth excluding RHB); Building Solutions roughly flat at $107 million.
Strategic moves. Q1 purchase of Drake Concrete ($25 million cash + earn-out) expands Dallas-Fort Worth residential footing. A definitive agreement to acquire CEC Facilities Group for $505 million (closing expected Q3) will add specialty electrical/mechanical capabilities to the E-Infrastructure segment and materially deploy cash.