STERLING INFRASTRUCTURE, INC. (STRL) FY2025 10-K Annual Report
STERLING INFRASTRUCTURE, INC. (STRL) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
STERLING INFRASTRUCTURE, INC. FY2025 10-K Analysis
Business Overview
- • Core business: Infrastructure construction and development focused on E-Infrastructure, Transportation, and Building Solutions segments
- • New emphasis on multi-year capital deployment in data centers driven by cloud, AI, and semiconductor manufacturing expansion in E-Infrastructure
- • Strategic acquisition of electrical and mechanical business in 3Q 2025 adding $489 million to backlog and $226 million to unsigned awards
- • Backlog growth to $3.01 billion at 12/31/2025 from $1.69 billion at 12/31/2024, book-to-burn ratio steady at ~1.6-1.7X
- • Backlog gross margin improved to 17.8% in 2025 vs 16.7% in 2024 due to higher E-Infrastructure and improved Transportation mix
Management Discussion & Analysis
- • Revenue $2.49B in 2025, up $374.3M YoY, excluding $235.9M RHB revenue from 2024 revenue increased $610.2M
- • Gross margin 23.0% in 2025 vs 20.1% in 2024; Operating margin 16.3% vs 12.5%, driven by higher volume and improved project mix
- • Best segment: E-Infrastructure Solutions revenue $1.47B (+58.8%), operating margin 23.6% vs 22.0%; Worst: Building Solutions revenue $382.6M (-6.3%), margin 10.2% vs 13.2%
- • Cash flow from operations $440.0M (-$57.1M); Capex $77.3M; Acquisitions $482.3M; Repurchased stock $74.2M; Ending cash $390.7M vs $664.2M
- • 2026 Capex guidance $100-$110M; Management notes liquidity sufficient for next year; Key risks include project mix, contract capital fluctuations, and surety bond market conditions
Risk Factors
- • Contract mix risk with majority Backlog in fixed-unit price or lump sum contracts exposing profits to labor cost variances
- • Termination for convenience clauses in most contracts risking cancellation despite compensation for work performed
- • Joint venture reliance for project execution increasing operational complexity and dependency on partner performance
STERLING INFRASTRUCTURE, INC. FY2025 Key Financial MetricsXBRL
Revenue
$2.5B
▲ +17.7% YoY
Net Income
$290M
▲ +12.7% YoY
Gross Margin
23.0%
▲ +284bp YoY
Operating Margin
16.3%
▲ +379bp YoY
Net Margin
11.7%
▼ -52bp YoY
ROE
26.2%
▼ -569bp YoY
Total Assets
$2.6B
▲ +30.6% YoY
EPS (Diluted)
$9.38
▲ +13.4% YoY
Operating Cash Flow
$440M
▼ -11.5% YoY
Source: XBRL data from STERLING INFRASTRUCTURE, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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