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Sterling Infrastructure
Sterling Infrastructure (STRL) investor relations material
Sterling Infrastructure Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved record revenue and profitability in 2025, with over 32% revenue growth and 53% adjusted diluted EPS growth, driven by E-Infrastructure and Transportation Solutions, and margin expansion across core segments.
Adjusted EPS and adjusted EBITDA reached all-time highs, with adjusted EBITDA up 47% to $504M and adjusted EPS up 53% to $10.88.
Backlog at year-end totaled $3.01B, up 78% year-over-year, providing strong visibility into $4.5B in future work.
CEC acquisition contributed significantly to revenue and backlog growth, with expansion of modular build facility to over 300,000 sq ft.
Deconsolidation of RHB JV impacted reported results and comparability to prior periods, resulting in a one-time pre-tax gain of $91M.
Financial highlights
Full-year 2025 revenue was $2.49B, up 18% GAAP and 32% adjusted for RHB; Q4 revenue was $756M, up 51% GAAP and 69% adjusted.
Adjusted EBITDA grew 47% to $504M, with margins expanding to 20.2%; Q4 adjusted EBITDA up 70% to $142M.
Adjusted EPS increased 53% to $10.88; Q4 adjusted EPS up 78% to $3.08.
Operating cash flow for 2025 was $440M; year-end cash and equivalents were $390.7M.
Share repurchases totaled $74M in 2025, with $26M in Q4.
Outlook and guidance
2026 guidance: revenue of $3.05B–$3.2B, adjusted EPS of $13.45–$14.05, adjusted EBITDA of $626M–$659M.
Guidance midpoints imply 25% revenue, 26% adjusted EPS, and 28% adjusted EBITDA growth year-over-year.
E-Infrastructure revenue expected to grow 40%+ in 2026, with adjusted operating margins of 23–24%.
Transportation Solutions revenue to grow low to mid-single digits, with continued margin expansion.
Building Solutions revenue expected to decline high single to low double digits in 2026; margins to remain in low double digits.
What's the strategy for sustained margin growth?
What is the E-Infra mission-critical backlog conversion?
How will Building Solutions address market softness?
Texas market expansion: site prep and CEC synergy?
M&A strategy: E-Infrastructure vs. new 'leg'?
AI's impact on project execution and capacity?
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Next Sterling Infrastructure earnings date
Q1 20265 May, 2026
Sterling Infrastructure
Next Sterling Infrastructure earnings date
Q1 20265 May, 2026
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Frequently asked questions
Sterling Infrastructure, Inc. is a construction and infrastructure services company specializing in complex projects across multiple sectors. The company provides services in transportation, e-infrastructure, building, and industrial projects, including the construction of highways, bridges, data centers, and water infrastructure. The company is headquartered in The Woodlands, Texas, and its shares are listed on the NASDAQ.
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