STERLING INFRASTRUCTURE (STRL) Company Report

Sterling Infrastructure reported strong Q3 2025 results, with revenue growing 32%, adjusted earnings per share increasing 58% to $3.48, and adjusted EBITDA up 47% to $156 million.
The company raised its full-year 2025 guidance, now expecting revenue between $2.375 billion and $2.39 billion, adjusted diluted EPS of $10.35 to $10.52, and adjusted EBITDA of $486 million to $491 million.
Total backlog reached $2.6 billion, a 64% year-over-year increase, with e-infrastructure solutions backlog growing 97% to $1.8 billion. The combined backlog, including unsigned awards and future phase opportunities, exceeds $4 billion.
The e-infrastructure solutions segment was a primary growth driver, with revenue increasing 58% (including 42% organic growth) and data center market revenue growing over 125% year-over-year. The recent CEC acquisition contributed $41.4 million in revenue in September.

Nov 4, 2025, 2:00 PM

Transcript

Sterling Infrastructure Reports Strong Q3 2025 Results and Raises Full-Year Guidance

STRL

Earnings

Guidance Update

M&A

Sterling Infrastructure delivered strong Q3 2025 results, with revenue growth of 32%, adjusted earnings per share increasing 58% to $3.48, and adjusted EBITDA up 47% to $156 million.
The company's backlog totaled $2.6 billion at the end of the quarter, representing a 64% year-over-year increase, significantly driven by a 97% increase in the e-infrastructure solutions backlog to $1.8 billion.
Full-year 2025 guidance was increased, with projected revenue between $2.375 billion and $2.39 billion, adjusted diluted EPS between $10.35 and $10.52, and adjusted EBITDA between $486 million and $491 million.
The e-infrastructure solutions segment was a primary growth driver, with revenue increasing 58% (including 42% organic growth) and data center market revenue growing over 125% year-over-year.
Operating cash flow from activities for the first nine months of 2025 was $253.9 million, and the company maintained a strong balance sheet with $306.4 million in cash and an undrawn $150 million revolving credit facility at quarter-end.

Nov 4, 2025, 2:00 PM

Transcript

Sterling Infrastructure Reports Strong Q3 2025 Results and Raises Full-Year Guidance

STRL

Earnings

Guidance Update

M&A

Sterling Infrastructure reported a strong third quarter 2025, with revenue growing 32%, adjusted earnings per share increasing 58% to $3.48, and adjusted EBITDA rising 47% to $156 million.
The company's backlog totaled $2.6 billion at the end of the quarter, marking a 64% year-over-year increase, with the e-infrastructure solutions backlog growing 97%.
The e-infrastructure solutions segment was a primary growth driver, with revenue increasing 58% (or 42% organically), fueled by over 125% growth in the data center market. The recent CEC acquisition contributed $41.4 million in revenue during September.
Sterling Infrastructure raised its full-year 2025 guidance, now expecting revenue between $2.375 billion and $2.39 billion, adjusted diluted EPS of $10.35 to $10.52, and adjusted EBITDA of $486 million to $491 million.
The company maintains a strong financial position, ending Q3 2025 with $306.4 million in cash and a cash net of debt balance of $11.8 million.

Nov 4, 2025, 2:00 PM

Transcript

Sterling Infrastructure Reports Strong Q3 2025 Results and Raises Full-Year Guidance

STRL

Earnings

Guidance Update

Revenue Acceleration/Inflection

Sterling Infrastructure reported robust Q3 2025 results, with revenue growing 32% and adjusted earnings per share increasing 58% to $3.48.
The company raised its full-year 2025 guidance, projecting revenue between $2.375 billion and $2.390 billion and adjusted diluted EPS between $10.35 and $10.52, representing a 9% increase at the midpoint over previous guidance for adjusted EPS.
Backlog reached $2.6 billion, a 64% year-over-year increase, significantly driven by the e-Infrastructure Solutions segment's 97% growth in backlog, fueled by strong data center demand and the CEC acquisition.
While the e-Infrastructure Solutions segment saw 58% revenue growth (42% organic), the Building Solutions segment faced challenges, with revenue declining 1% in the quarter and a forecast of a mid to high single-digit decline for the full year due to affordability issues.

Nov 4, 2025, 2:00 PM

Transcript

Sterling Infrastructure, Inc. Reports Record Q3 2025 Results and Raises Full-Year Guidance

STRL

Earnings

Guidance Update

Share Buyback

Sterling Infrastructure, Inc. reported record financial results for the third quarter of 2025, with revenues of $689.0 million, an increase of 32% excluding RHB from the prior year quarter, and net income of $92.1 million, a 50% increase.
Diluted earnings per share (EPS) for Q3 2025 was $2.97, a 51% increase, while adjusted diluted EPS reached $3.48, up 58%.
The company's gross margin improved to 24.7% from 21.9% in the prior year quarter, and adjusted EBITDA increased 47% to $155.8 million.
Sterling's backlog at September 30, 2025, was $2.58 billion, and combined backlog reached $3.44 billion. The CEC acquisition contributed $41.4 million to revenue and $475.3 million to backlog in the quarter.
The company increased its full-year 2025 guidance, projecting adjusted diluted EPS between $10.35 and $10.52 and adjusted EBITDA between $486 million and $491 million.

Nov 3, 2025, 9:08 PM

8-K

Sterling Infrastructure Reports Record Q3 2025 Results and Raises Full-Year Guidance

STRL

Earnings

Guidance Update

Revenue Acceleration/Inflection

Sterling Infrastructure reported record financial results for the third quarter of 2025, with revenues of $689.0 million and net income of $92.1 million, or $2.97 per diluted share.
Adjusted diluted earnings per share for Q3 2025 reached $3.48, an increase of 58%, and adjusted EBITDA grew 47% to $155.8 million.
The company ended the quarter with a signed backlog of $2.58 billion and a combined backlog of $3.44 billion as of September 30, 2025.
Sterling Infrastructure raised its full-year 2025 guidance, projecting revenue between $2.375 billion and $2.390 billion and adjusted diluted EPS between $10.35 and $10.52.

Nov 3, 2025, 9:05 PM

Press Release

STERLING INFRASTRUCTURE, INC. reports strong Q2 2025 results and raises full-year 2025 guidance

STRL

Earnings

Guidance Update

Revenue Acceleration/Inflection

STERLING INFRASTRUCTURE, INC. reported Q2 2025 revenue growth of 21% (adjusted for RHB deconsolidation) and achieved a new high in gross profit margins at 23%.
The company raised its full-year 2025 guidance, now expecting revenue between $2.23 billion and $2.29 billion, and adjusted diluted EPS between $9.43 and $9.71.
As of June 30, 2025, STERLING INFRASTRUCTURE, INC. maintained a strong financial position with $699.4 million in cash and cash equivalents and a backlog of $2.01 billion at a 17.8% margin.
The company's strategy focuses on high-margin growth, strategic market expansion, and operational excellence, leveraging its strong balance sheet for future growth initiatives, including acquisitions and stock repurchases.

Sep 17, 2025, 9:57 PM

8-K

Sterling Infrastructure Reports Strong Q2 2025 Results and Raises Full-Year Guidance

STRL

Earnings

Guidance Update

M&A

Sterling Infrastructure reported strong Q2 2025 results, with revenue growing 21%, adjusted EPS increasing 41% to $2.69, and adjusted EBITDA up 35% to $126 million. The gross profit margin expanded 400 basis points to 23.3%.
The company raised its full-year 2025 guidance, now expecting adjusted diluted EPS of $9.21 to $9.47 (an 8% increase at the midpoint) and adjusted EBITDA of $438 million to $453 million (a 6% increase at the midpoint). This guidance does not include contributions from the planned acquisition of CEC Facilities Group.
Total backlog at the end of Q2 2025 reached $2.01 billion, a 23.8% increase year-over-year, with e-infrastructure solutions backlog growing 44% to $1.2 billion. The company is strategically expanding into new geographies like Texas and the Northwest for data center projects.
Operating cash flow for the first six months of 2025 was $170.3 million. The company ended the quarter with a strong liquidity position, including $699.4 million in cash and a cash net of debt balance of $401.2 million.

Aug 6, 2025, 1:15 AM

Sterling Infrastructure to Acquire CEC Facilities Group – Q3 2025 Closing

STRL

M&A

Guidance Update

Sterling Infrastructure will acquire substantially all assets of CEC Facilities Group for $505 million (comprising $450 million cash and $55 million stock) at a 9.6× midpoint 2025 EBITDA multiple, immediately accretive with an EPS boost of $0.63–$0.70 in 2025 .
The agreement features an earn‐out of up to $80 million based on achieving operating income targets from early 2026 through December 2029 .
Closing is anticipated in Q3 2025 pending board approvals, Hart-Scott-Rodino clearance, and customary closing conditions .
At closing, 285,275 shares will be issued subject to lock-up restrictions (25% locked for 12 months and the remainder for 18 months) alongside five-year employment agreements with key seller employees .
CEC, a non–union electrical contractor headquartered in Irving, Texas, serves mission-critical markets including data centers, semiconductors, and manufacturing, with >80% of sales and a backlog of ~1.9× its 2025 revenue outlook .
CEC forecasts 2025 revenues of $390–$415 million and EBITDA of $51–$54 million (≈13% margin) with a 2-year revenue CAGR of ~20% from 2023–2025E .
The deal unlocks cross-sell and bolt-on M&A opportunities for Sterling’s e-infrastructure platform, supporting geographic growth in Texas and the Southeast while enhancing recurring service revenues .

Jun 18, 2025, 12:00 AM

8-K Press Release 8-K

Sterling Infrastructure Expands Credit Facility

STRL

Debt Issuance

New Projects/Investments

Extended credit maturity to June 2028 with a combined facility comprised of a $300 million term loan and a $150 million revolving credit facility, enhancing liquidity and flexibility.
The new amendment reduces the quarterly principal repayment to $3.75 million starting September 30, 2025, down from the previous requirement of $6.56 million.
Enhanced terms include the ability to increase credit facilities based on EBITDA and Total Net Leverage metrics, further improving financial flexibility.

Jun 9, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for STERLING INFRASTRUCTURE.

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