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Sterling Infrastructure (STRL) investor relations material
Sterling Infrastructure Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record Q2 2025 results with revenue up 21% year-over-year to $614.5M and net income up 37% to $71.0M; adjusted EPS rose 41% to $2.69 and adjusted EBITDA up 35% to $125.6M.
Gross margin expanded to 23.3% from 19.3% year-over-year.
Backlog reached $2.01B at June 30, 2025, up 24% year-over-year, with a book-to-burn ratio of 1.4x for the first half.
Announced acquisition of CEC Facilities Group, expected to close in Q3 2025, to accelerate growth and expand services.
Deconsolidation of RHB joint venture effective December 31, 2024, impacted segment comparisons.
Financial highlights
Q2 2025 revenue was $614.5M, up 20.8% year-over-year; six-month revenue reached $1.05B.
Adjusted EBITDA for Q2 2025 was $125.6M; diluted EPS was $2.31, up from $1.67 year-over-year.
Operating income for Q2 2025 was $104.6M (17.0% margin), up from $72.7M (12.5%) in Q2 2024.
Cash and cash equivalents totaled $699.4M at June 30, 2025; net cash position at $401M.
Operating cash flow for the first six months was $170.3M; capital expenditures totaled $31.3M.
Outlook and guidance
Raised 2025 guidance: revenue $2.10B–$2.15B, net income $243M–$252M, diluted EPS $7.87–$8.13.
Adjusted diluted EPS guidance: $9.21–$9.47; adjusted EBITDA: $438M–$453M.
Effective tax rate for 2025 expected at ~26%; G&A expense to be about 6.3% of revenue.
Guidance excludes any contribution from pending CEC acquisition.
Multi-year growth expected in E-Infrastructure and Transportation; Building Solutions faces near-term softness.
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