STRL
Sterling Infrastructure, Inc.319.13
+0.01+0%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Texas momentum accelerates ahead of schedule
Q&A largely reaffirmed prepared remarks but added color on Texas acceleration, with site development and CEC integration ahead of schedule for major H1 awards. Bigger data campuses and modular expansion to over 300,000 sq ft promise margin gains from mix shifts and prefab efficiencies. Legacy E-Infrastructure margins aren't peaked, thanks to equipment investments, Northeast jobs, and vertical tuck-ins over 12-18 months. AI pilots already lifted project manager capacity 15-20%. Texas is on fire. Management stayed bullish on hyperscaler phases and funding extensions; investors will eye H1 Texas wins and FCF conversion above 80%.
Key Stats
Market Cap
9.80BP/E (TTM)
31.26Basic EPS (TTM)
10.21Dividend Yield
0%Recent Filings
10-K
FY2025 results
Sterling Infrastructure crushed FY2025 with $2.49B revenue, up 18% y/y excluding prior-year RHB deconsolidation, fueled by E-Infrastructure's 59% surge to $1.47B on data centers while Transportation grew 17% organically to $641M. Gross margins leaped to 23.0% from 20.1%, driving operating income to $406M; backlog doubled to $3.01B with 17.8% margins. Q4 backlog hit $3.01B versus Q3's $2.58B, signaling momentum despite Building's residential slowdown. Cash swelled to $391M after $74M buybacks; debt dipped to $293M. Yet cost escalations from materials and labor threaten quarterly margins.
8-K
Sterling crushes earnings, guides higher
Sterling Infrastructure crushed Q4 and full-year 2025 with revenue up 51% to $755.6M and 18% to $2.49B, fueled by CEC acquisition and E-Infrastructure surge to 69% of sales. Backlog hit $3.01B, up 78%, while Building Solutions softened on housing woes. Guidance calls for 2026 revenue $3.05B-$3.20B. Cash flow roared.
8-K
New $400M buyback authorized
Sterling Infrastructure authorized a new $400 million stock repurchase program on November 12, 2025, effective immediately and running 24 months, replacing the prior program with $81 million left that expired December 5. Management holds $81 million remaining. This signals confidence in the balance sheet amid organic growth and acquisitions. Repurchases remain opportunistic.
10-Q
Q3 FY2025 results
Sterling Infrastructure crushed Q3 with revenues up 16% y/y to $689M and gross margins expanding to 24.7% from 21.9%, fueled by E-Infrastructure surging 58% y/y to $417M on data center strength. Operating income jumped 43% y/y to $125M, diluted EPS climbed to $2.97 from $1.97 on 30,960 diluted shares. Closed CEC acquisition in Sep 2025 for $560.8M (cash/equity/earn-out), recognizing $304.2M goodwill and $227.7M finite-lived intangibles (25-year lives). Cash sits at $306M, term debt $296M with $150M revolver available, no covenants breached; FCF not disclosed in the 10-Q. Backlog hit $2.58B. Joint venture partners pose completion risks.
8-K
Record Q3, raised guidance
Sterling Infrastructure crushed Q3 with $689M revenue, up 32% excluding RHB, fueled by 58% E-Infrastructure growth and CEC acquisition adding $41.4M. Gross margins hit record 24.7%; adjusted EBITDA soared 47% to $155.8M. Backlog swelled to $2.58B. Raised 2025 guidance: revenue $2.375-2.390B, adjusted EPS $10.35-10.52. Building softness drags, yet cash flows strong.
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