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Sterling Infrastructure (STRL) investor relations material
Sterling Infrastructure Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved record Q3 2025 results with revenue of $689.0 million, up 32% year-over-year excluding RHB, driven by 58% growth in E-Infrastructure and significant contributions from the CEC acquisition.
Net income reached $92.1 million (up 50%), with adjusted net income at $107.7 million (up 57%); adjusted EPS rose 58% to $3.48.
Adjusted EBITDA increased 47% to $155.8 million, with gross margin expanding to 24.7%.
Backlog at quarter-end was $2.58 billion, with combined backlog (including unsigned awards) at $3.44 billion; CEC acquisition added $475 million to signed backlog.
Strong operating cash flow of $84 million in the quarter and $253.9 million for the nine months.
Financial highlights
Q3 2025 operating income was $125.3 million, up from $87.5 million in Q3 2024; diluted EPS was $2.97, up 51%.
Cash and cash equivalents at September 30, 2025, were $306.4 million; net cash position of $11.8–$12 million.
Share repurchases totaled $48.5 million year-to-date at an average price of $135.96 per share.
Net CapEx for nine months was $46.9 million; $484.2 million spent on acquisitions.
Book-to-burn ratios (excluding CEC): 1.23x for backlog and 1.76x for combined backlog in Q3.
Outlook and guidance
Raised 2025 guidance: revenue of $2.375–$2.39 billion, adjusted diluted EPS of $10.35–$10.52, and adjusted EBITDA of $486–$491 million.
Midpoints imply 27% revenue growth, 47% adjusted EPS growth, and 42% adjusted EBITDA growth year-over-year.
E-Infrastructure revenue growth forecasted at 30%+ organic and ~50% including CEC; adjusted operating margins expected at 25%.
Transportation Solutions revenue to grow in low teens, with margins improving to 13.5–14%.
Building Solutions revenue expected to decline mid- to high single digits, with margins in low double digits.
How will Texas heavy highway downsizing affect 2026?
Quantify CEC acquisition's project timeline acceleration.
Building Solutions: Long-term strategy for growth?
What drives E-Infrastructure margin expansion?
How is megaproject capacity and bidding prioritized?
How do permitting delays impact project starts?
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Next Sterling Infrastructure earnings date
Q4 202524 Feb, 2026
Next Sterling Infrastructure earnings date
Q4 202524 Feb, 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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