Overview
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- TickerSTRL on Nasdaq1
- IndustryHeavy Construction Other Than Bldg Const - Contractors1
- HeadquartersThe Woodlands, Texas1
- Incorporated inDE2
- Business address1800 Hughes Landing Blvd., Suite 250, The Woodlands, Tx 773802
- Filer categoryLarge accelerated filer2
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Sterling Infrastructure, Inc. (“Sterling” or “the Company”) operates through a variety of subsidiaries within three segments specializing in E-Infrastructure, Transportation and Building Solutions in the United States, primarily across the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions and the Pacific Islands. E-Infrastructure Solutions provides advanced, large-scale site development services and mission-critical electrical services for data centers, semiconductor fabrication, manufacturing, distribution centers, warehousing, power generation and more. Transportation Solutions includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, rail and storm drainage systems. Building Solutions includes residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs, other concret…4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
23.0%Gross margin5
16.3%Operating margin5
11.7%Net margin5
17.7%Revenue growth, 20255
26.2%Return on equity5
0.25×Debt to equity5
$362.7MFree cash flow5
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
E-Infrastructure Solutions brought in 59% of the revenue STERLING INFRASTRUCTURE, INC. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| E-Infrastructure Solutions | $937.4M | $923.7M | $1.5B |
| Transportation Solutions | $630.9M | $783.7M | $640.7M |
| Building Solutions | $403.9M | $408.4M | $382.6M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue77¢$1.9B
- Other costs7¢$183.4M
- Income tax4¢$98.8M
- Profit12¢$290.2M
Out of $2.5B in revenue.5
Where each dollar of operating cash went, fiscal 2025
- Capital spending18¢$77.3M
- Share buybacks17¢$74.2M
- Kept or used elsewhere66¢$288.5M
Out of $440.0M of cash from operations.5
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenues | $2.5B | $2.1B | $2.0B |
| Cost of revenues | -$1.9B | -$1.7B | -$1.6B |
| Gross profit | $572.3M | $426.1M | $337.6M |
| General and administrative expense | -$154.8M | -$118.4M | -$98.7M |
| Intangible asset amortization | -$22.2M | -$17.0M | -$15.2M |
| Acquisition related costs | -$8.3M | -$421.0K | -$873.0K |
| Earn-out income (expense) | $731.0K | -$4.8M | $669.0K |
| Other operating income (expense), net | $18.2M | -$20.9M | -$17.7M |
| Operating income | $405.9M | $264.6M | $205.8M |
| Interest income | $22.3M | $27.6M | $14.1M |
| Interest expense | -$19.8M | -$25.3M | -$29.3M |
| Gain on deconsolidation of subsidiary, net | $0 | $91.3M | $0 |
| Income before income taxes | $408.5M | $358.3M | $190.6M |
| Income tax expense | -$98.8M | -$87.4M | -$47.8M |
| Net income, including noncontrolling interests | $309.7M | $270.9M | $142.8M |
| Less: Net income attributable to noncontrolling interests | -$19.6M | -$13.5M | -$4.2M |
| Net income attributable to Sterling common stockholders | $290.2M | $257.5M | $138.7M |
| Basic (in dollars per share) | $9.50 | $8.35 | $4.51 |
| Diluted (in dollars per share) | $9.38 | $8.27 | $4.44 |
| Basic (in shares) | 30.5M shares | 30.8M shares | 30.8M shares |
| Diluted (in shares) | 30.9M shares | 31.1M shares | 31.2M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents ($76,154 and $97,796 related to variable interest entities (VIEs)) | $390.7M | $664.2M | $471.6M | |
| Contract assets ($5,057 and $0 related to VIEs) | $101.2M | $55.4M | ||
| Receivables from and equity in construction joint ventures | $6.2M | $5.8M | ||
| Receivable from affiliate | $0 | $32.1M | ||
| Other current assets | $35.2M | $17.4M | ||
| Total current assets | $1.0B | $1.0B | ||
| Property and equipment, net | $278.3M | $236.8M | ||
| Investment in unconsolidated subsidiary | $105.8M | $107.4M | ||
| Operating lease right-of-use assets, net | $58.2M | $52.7M | ||
| Goodwill | $585.2M | $264.6M | $281.1M | |
| Other intangibles, net | $554.7M | $316.4M | ||
| Other non-current assets, net | $17.2M | $17.0M | ||
| Total assets | $2.6B | $2.0B | ||
| Accounts payable ($22,104 and $23,964 related to VIEs) | $226.8M | $130.4M | ||
| Contract liabilities ($89,630 and $51,660 related to VIEs) | $652.4M | $508.8M | ||
| Current maturities of long-term debt | $15.1M | $26.4M | ||
| Current portion of long-term lease obligations | $18.7M | $20.5M | ||
| Accrued compensation | $62.7M | $36.8M | ||
| Other current liabilities | $46.8M | $19.0M | ||
| Total current liabilities | $1.0B | $742.0M | ||
| Long-term debt | $275.9M | $289.9M | ||
| Long-term lease obligations | $40.2M | $32.5M | ||
| Deferred tax liability, net | $123.1M | $109.4M | ||
| Other long-term liabilities | $65.7M | $16.6M | ||
| Total liabilities | $1.5B | $1.2B | ||
| Common stock, par value $0.01 per share; 58,000 shares authorized, 31,455 and 31,170 shares issued and 30,682 and 30,669 shares outstanding | $315.0K | $312.0K | ||
| Additional paid in capital | $366.1M | $288.4M | ||
| Treasury stock, at cost: 773000 and 501 shares | -$130.5M | -$63.1M | ||
| Retained earnings | $872.6M | $582.5M | ||
| Total Sterling stockholders equity | $1.1B | $808.1M | ||
| Noncontrolling interests | -$2.1M | $18.4M | ||
| Total stockholders equity | $1.1B | $826.5M | $623.9M | $477.8M |
| Total liabilities and stockholders equity | $2.6B | $2.0B | ||
| Accounts receivable ($29,196 and $17,851 related to VIEs) | $501.2M | $247.1M | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 58.0M shares | 58.0M shares | ||
| Common stock, shares issued (in shares) | 31.5M shares | 31.2M shares | ||
| Common stock, shares outstanding (in shares) | 30.7M shares | 30.7M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents ($76,154 and $97,796 related to variable interest entities (VIEs)) | $390.7M | $664.2M | $471.6M | |
| Contract assets ($5,057 and $0 related to VIEs) | $101.2M | $55.4M | ||
| Receivables from and equity in construction joint ventures | $6.2M | $5.8M | ||
| Receivable from affiliate | $0 | $32.1M | ||
| Other current assets | $35.2M | $17.4M | ||
| Total current assets | $1.0B | $1.0B | ||
| Property and equipment, net | $278.3M | $236.8M | ||
| Investment in unconsolidated subsidiary | $105.8M | $107.4M | ||
| Operating lease right-of-use assets, net | $58.2M | $52.7M | ||
| Goodwill | $585.2M | $264.6M | $281.1M | |
| Other intangibles, net | $554.7M | $316.4M | ||
| Other non-current assets, net | $17.2M | $17.0M | ||
| Total assets | $2.6B | $2.0B | ||
| Accounts payable ($22,104 and $23,964 related to VIEs) | $226.8M | $130.4M | ||
| Contract liabilities ($89,630 and $51,660 related to VIEs) | $652.4M | $508.8M | ||
| Current maturities of long-term debt | $15.1M | $26.4M | ||
| Current portion of long-term lease obligations | $18.7M | $20.5M | ||
| Accrued compensation | $62.7M | $36.8M | ||
| Other current liabilities | $46.8M | $19.0M | ||
| Total current liabilities | $1.0B | $742.0M | ||
| Long-term debt | $275.9M | $289.9M | ||
| Long-term lease obligations | $40.2M | $32.5M | ||
| Deferred tax liability, net | $123.1M | $109.4M | ||
| Other long-term liabilities | $65.7M | $16.6M | ||
| Total liabilities | $1.5B | $1.2B | ||
| Common stock, par value $0.01 per share; 58,000 shares authorized, 31,455 and 31,170 shares issued and 30,682 and 30,669 shares outstanding | $315.0K | $312.0K | ||
| Additional paid in capital | $366.1M | $288.4M | ||
| Treasury stock, at cost: 773000 and 501 shares | -$130.5M | -$63.1M | ||
| Retained earnings | $872.6M | $582.5M | ||
| Total Sterling stockholders equity | $1.1B | $808.1M | ||
| Noncontrolling interests | -$2.1M | $18.4M | ||
| Total stockholders equity | $1.1B | $826.5M | $623.9M | $477.8M |
| Total liabilities and stockholders equity | $2.6B | $2.0B | ||
| Accounts receivable ($29,196 and $17,851 related to VIEs) | $501.2M | $247.1M | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 58.0M shares | 58.0M shares | ||
| Common stock, shares issued (in shares) | 31.5M shares | 31.2M shares | ||
| Common stock, shares outstanding (in shares) | 30.7M shares | 30.7M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $309.7M | $270.9M | $142.8M |
| Depreciation and amortization | $77.1M | $68.4M | $57.4M |
| Amortization of debt issuance costs and non-cash interest | $787.0K | $1.1M | $1.7M |
| Gain on disposal of property and equipment | -$2.8M | -$3.5M | -$5.3M |
| Gain on deconsolidation of subsidiary, net | $0 | -$91.3M | $0 |
| Distribution of earnings from unconsolidated subsidiary | $23.8M | $0 | $0 |
| Equity in earnings from unconsolidated subsidiary | -$15.9M | $0 | $0 |
| Deferred taxes | $13.8M | $32.6M | $14.7M |
| Stock-based compensation | $24.2M | $19.0M | $14.6M |
| Changes in operating assets and liabilities (Note 17) | $9.4M | $199.8M | $252.5M |
| Net cash provided by operating activities | $440.0M | $497.1M | $478.6M |
| Acquisitions, net of cash acquired | -$482.3M | -$11.2M | -$51.2M |
| Disposition proceeds | $2.0M | $0 | $14.0M |
| Deconsolidation, net of cash | $0 | -$103.8M | $0 |
| Capital expenditures | -$77.3M | -$81.0M | -$64.4M |
| Proceeds from sale of property and equipment | $5.7M | $10.2M | $13.8M |
| Net cash used in investing activities | -$551.9M | -$185.8M | -$87.8M |
| Cash received from credit facility | $0 | $0 | $2.6M |
| Repayments of debt | -$24.9M | -$26.5M | -$93.5M |
| Repurchase of common stock | -$74.2M | -$70.6M | $0 |
| Distributions to noncontrolling interest owners | -$40.1M | $0 | -$2.5M |
| Withholding taxes paid on net share settlement of equity awards | -$21.0M | -$21.5M | -$9.6M |
| Debt issuance costs | -$1.4M | $0 | -$1.6M |
| Other | $0 | -$36.0K | -$16.0K |
| Net cash used in financing activities | -$161.5M | -$118.6M | -$104.5M |
| Net change in cash, cash equivalents, and restricted cash | -$273.5M | $192.6M | $286.3M |
| Cash paid during the period for interest | $17.8M | $23.4M | $27.0M |
| Cash paid during the period for income taxes | $81.1M | $53.1M | $36.9M |
| Share consideration for acquisitions | $79.5M | $1.0M | $0 |
| Accrued capital expenditures | $5.0M | $1.9M | $12.5M |
No quarter-by-quarter statement was filed.
Corporate structure
STERLING INFRASTRUCTURE, INC. sits at the top of its group. 22 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of STERLING INFRASTRUCTURE, INC.
- BlackRock Filed SCHEDULE 13G/A on STERLING INFRASTRUCTURE, INC., latest Sep 4, 2026 (10 filings since Feb 1, 2022)
- FMR LLC Filed SCHEDULE 13G/A on STERLING INFRASTRUCTURE, INC., latest May 6, 2026 (5 filings since Apr 10, 2024)
- VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on STERLING INFRASTRUCTURE, INC., latest Apr 30, 2026
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on STERLING INFRASTRUCTURE, INC., latest Mar 27, 2026 (7 filings since Feb 10, 2022)
- RENAISSANCE TECHNOLOGIES LLC Filed SC 13G/A on STERLING INFRASTRUCTURE, INC., latest Feb 11, 2022
- Wellington Management Company Filed SC 13G/A on STERLING INFRASTRUCTURE, INC., latest Feb 4, 2022
- STERLING INFRASTRUCTURE, INC. The Woodlands, Texas
- Alpha Boring and Tunneling, LLC Subsidiary · Georgia, United States
- C.W. Site Services, LLC Subsidiary · Delaware, United States
- CEC Facilities, Inc. Subsidiary · Delaware, United States
- Dowdy Land Surveyors, LLC Subsidiary · Delaware, United States
- Drake LLC Subsidiary · Delaware, United States
- J. Banicki Construction, Inc. Subsidiary · Arizona, United States
- Kimes & Stone Construction, LLC Subsidiary · Delaware, United States
- LK Gregory Construction, Inc. Subsidiary · Tennessee, United States
- Petillo MD, LLC Subsidiary · Delaware, United States
- Petillo NY, LLC Subsidiary · Delaware, United States
- Petillo, LLC Subsidiary · Delaware, United States
- Plateau Excavation, Inc. Subsidiary · Georgia, United States
- Professional Plumbers Group, Incorporated Subsidiary · Texas, United States
- Ralph L. Wadsworth Construction Company, LLC Subsidiary · Utah, United States
- Road and Highway Builders Inc. Subsidiary · Nevada, United States
- Sterling Hawaii Asphalt, LLC Subsidiary · Hawaii, United States
- Sterling Procurement Company, LLC Subsidiary · Louisiana, United States
- Tealstone Commercial, Inc. Subsidiary · Texas, United States
- Tealstone Residential Concrete, Inc. Subsidiary · Texas, United States
- Texas Sterling Construction Co. Subsidiary · Delaware, United States
- Texas Sterling – Banicki, JV LLC Subsidiary · Texas, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What STERLING INFRASTRUCTURE, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Accumulated depreciation | $220.8M5 Dec 31, 2025 | $176.6M5 Dec 31, 2024 | +25.0% |
| Finance-lease assets | $361.0K5 Dec 31, 2025 | $566.0K5 Dec 31, 2024 | −36.2% |
| Operating-lease assets (leased space) | $58.2M5 Dec 31, 2025 | $52.7M5 Dec 31, 2024 | +10.4% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $390.7M5 Dec 31, 2025 | $664.2M5 Dec 31, 2024 | −41.2% |
| Stakes in other companies (equity method) | $105.8M5 Dec 31, 2025 | $107.4M5 Dec 31, 2024 | −1.5% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $585.2M5 Dec 31, 2025 | $264.6M5 Dec 31, 2024 | +121.2% |
| Intangible assets, net (excluding goodwill) | $554.7M5 Dec 31, 2025 | $316.4M5 Dec 31, 2024 | +75.3% |
| Finite-lived intangibles, gross | $652.6M5 Dec 31, 2025 | $392.1M5 Dec 31, 2024 | +66.4% |
| Accumulated amortization | $97.9M5 Dec 31, 2025 | $75.7M5 Dec 31, 2024 | +29.3% |
Properties, in its own words
We own or lease properties in locations throughout the U.S. to conduct our business. We believe these facilities are adequate to meet our current and near-term requirements. The following list summarizes our principal properties by segment for which they are primarily utilized and our “Corporate” headquarters:
Location · Type of Facility · Interest · Segment(s)
The rest of Item 2
The Woodlands, TX · Administrative · Leased · Corporate
Kennesaw, GA · Administrative and operations · Leased · E-Infrastructure Solutions
Austell, GA · Operations and equipment yard · Owned/Leased · E-Infrastructure Solutions
Irving, TX (1) · Administrative and operations · Leased · E-Infrastructure Solutions
Flanders, NJ (1) · Administrative, operations and equipment yard · Leased · E-Infrastructure Solutions
Denton, TX · Administrative and operations · Owned · Building Solutions
Draper, UT (1) · Administrative and operations · Leased · All Operating Segments
Phoenix, AZ · Administrative and operations · Leased · Transportation Solutions
Houston, TX · Administrative, operations and equipment yard · Owned · Transportation Solutions
Wylie, TX (1) · Administrative and operations · Leased · Building Solutions
(1) The leased space is owned by and leased from related parties. Refer to Note 19 - Related Party Transactions for additional information.
All of our wholly-owned real property is encumbered, see Note 9 - Debt for further discussion on debt and our Credit Agreement.
Item 2 of the 10-K filed Feb 26, 2026.4
Leadership
Who has led STERLING INFRASTRUCTURE, INC., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
2010201520202025
- Chief executive officerJoseph A. Cutillo May 2, 2017 to now13
- Chief executive officerPaul J. Varello May 11, 2015 to May 5, 201614
- Chief executive officerPeter E. Mackenna Sep 4, 2012 to Sep 22, 201415
- Chief executive officerPatrick T. Manning Jun 16, 2006 to Aug 15, 201116
- PresidentPeter E. Mackenna May 15, 2014 to May 15, 201417
- PresidentJoseph P. Harper Sr. Jun 16, 2006 to Jul 2, 201218
- Chief financial officerNicholas M. Grindstaff Jul 10, 2025 to now19
- Chief financial officerSharon Villaverde May 15, 2024 to Mar 5, 202520
- Chief financial officerRonald A. Ballschmiede Nov 12, 2015 to Mar 25, 202421
- Chief financial officerKevan M. Blair May 28, 2013 to Jul 7, 201522
- Chief financial officerThomas R. Wright Sep 25, 2013 to Feb 2, 201523
- Chief financial officerElizabeth D. Brumley Mar 20, 2012 to Mar 21, 201324
- Chief financial officerJames H. Allen Jr. Aug 15, 2008 to Mar 25, 201125
- Chief financial officerMaarten D. Hemsley Jun 16, 2006 to Oct 1, 200726
- Chief operating officerDan Govin Aug 8, 2024 to now27
- Chief operating officerCon L. Wadsworth Mar 16, 2016 to Mar 5, 202028
- Chief operating officerJoseph P. Harper Sr. Jun 16, 2006 to Jul 2, 201218
Board members and other officers (37)
- EVPRonald A. Ballschmiede Sep 23, 2024 to now29
- SVP & CHRO/CCOCraig B. Allen May 7, 2018 to Jan 3, 202030
- EVP & Chief Bus. Dev. OfficerJoseph A. Cutillo May 9, 2016 to Feb 14, 201731
- Senior Vice PresidentPeter J. Holland Jul 2, 2014 to Sep 19, 201432
- Senior Vice PresidentCon L. Wadsworth Jul 3, 2014 to Jul 3, 201433
- CAO & ControllerElizabeth D. Brumley Mar 25, 2011 to Mar 25, 201134
- Exec. VP OperationsAnthony F. Colombo Sep 9, 2010 to Nov 14, 201235
- Exec. VP & CDOBrian R. Manning Sep 9, 2010 to Mar 20, 201436
- Senior Vice PresidentJames H. Allen Jr. Aug 10, 2007 to Aug 10, 200737
- Sen.V.Pres & Secr. & Gen Coun.Roger M. Barzun Jun 2, 2006 to Apr 7, 201438
- Board memberB. Andrew Rose Jul 11, 2025 to now39
- Board memberDavid S. Schulz Jul 11, 2025 to now40
- Board memberWilliam T. Bosway Mar 7, 2024 to now41
- Board memberJulie Dill Sep 2, 2021 to now42
- Board memberDwayne Andree Wilson Sep 2, 2020 to now43
- Board memberDana C. O'Brien Jan 2, 2019 to now44
- Board memberRoger A. Cregg May 8, 2019 to now45
- Board memberThomas M. White Aug 1, 2018 to May 10, 202446
- Board memberRaymond F. Messer May 1, 2017 to May 6, 202147
- Board memberJoseph A. Cutillo May 2, 2017 to now13
- Board memberMarian M. Davenport Jan 21, 2014 to May 7, 202048
- Board memberPaul J. Varello Jan 23, 2014 to Jun 9, 201749
- Board memberCharles R. Patton Jul 1, 2013 to Jun 11, 202450
- Board memberPeter E. Mackenna Sep 4, 2012 to Sep 22, 201415
- Board memberKip L. Wadsworth Jan 22, 2010 to Feb 28, 201351
- Board memberRichard O. Schaum May 7, 2010 to May 9, 201852
- Board memberRobert A. Eckels May 7, 2010 to May 13, 201353
- Board memberDonald P. Fusilli Jr. Apr 10, 2007 to May 7, 201054
- Board memberJohn D. Abernathy Jan 20, 2006 to May 13, 201355
- Board memberDavid Ra Steadman May 12, 2006 to May 11, 201256
- Board memberMilton L. Scott May 12, 2006 to May 9, 201957
- Board memberRobert W. Frickel May 12, 2006 to May 7, 201058
- Board memberJoseph P. Harper Sr. Jun 16, 2006 to May 12, 201418
- Board memberMaarten D. Hemsley Jun 16, 2006 to May 9, 201826
- Board memberPatrick T. Manning Jun 16, 2006 to Apr 28, 201416
- General counselMark D. Wolf Aug 7, 2020 to now59
- General counselRichard E. Chandler Jr. Oct 30, 2017 to Mar 5, 202060
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Alpha Boring and Tunneling, LLC Georgia3
- C.W. Site Services, LLC Delaware3
- CEC Facilities, Inc. Delaware3
- Dowdy Land Surveyors, LLC Delaware3
- Drake LLC Delaware3
- J. Banicki Construction, Inc. Arizona3
- Kimes & Stone Construction, LLC Delaware3
- LK Gregory Construction, Inc. Tennessee3
- Petillo MD, LLC Delaware3
- Petillo NY, LLC Delaware3
- Petillo, LLC Delaware3
- Plateau Excavation, Inc. Georgia3
- Professional Plumbers Group, Incorporated Texas3
- Ralph L. Wadsworth Construction Company, LLC Utah3
- Road and Highway Builders Inc. Nevada3
- Road and Highway Builders, LLC Nevada3
- Sterling Hawaii Asphalt, LLC Hawaii3
- Sterling Procurement Company, LLC Louisiana3
- Tealstone Commercial, Inc. Texas3
- Tealstone Residential Concrete, Inc. Texas3
- Texas Sterling Construction Co. Delaware3
- Texas Sterling – Banicki, JV LLC Texas3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
Timeline
- Oct 5, 20268-K Regulation FD disclosure61
- Aug 3, 20268-K Results of operations; Regulation FD disclosure62
- Jul 10, 20268-K Executive or director change63
- Jul 8, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure64
- Jun 9, 20268-K Regulation FD disclosure65
- May 21, 20268-K Executive or director change66
- May 12, 20268-K Regulation FD disclosure67
- May 7, 20268-K Shareholder vote68
- May 4, 20268-K Results of operations; Regulation FD disclosure69
- Apr 8, 20268-K Regulation FD disclosure70
- Feb 25, 20268-K Results of operations; Regulation FD disclosure71
- Nov 12, 20258-K Other events72
- May 2, 2017New chief executive Joseph A. Cutillo becomes CEO13
- May 11, 2015New chief executive Paul J. Varello becomes CEO14
- Sep 4, 2012New chief executive Peter E. Mackenna becomes CEO15
- Jun 16, 2006New chief executive Patrick T. Manning becomes CEO16
Calendar
Coming up
- Oct 28, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $3.33 a share, on Nov 3, 2025.73
When it reported results
- Aug 3, 2026Reported quarterly or annual results62
- May 4, 2026Reported quarterly or annual results69
- Feb 25, 2026Reported quarterly or annual results71
- Nov 3, 2025Reported quarterly or annual results74
- Aug 4, 2025Reported quarterly or annual results75
- May 5, 2025Reported quarterly or annual results76
- Feb 25, 2025Reported quarterly or annual results77
- Nov 6, 2024Reported quarterly or annual results78
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
306 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 68 major events, 136 insider forms, 25 large holders, 56 other. The latest 20:
- Oct 7, 20264 EDGAR
- Oct 7, 20263 EDGAR
- Oct 5, 20268-K EDGAR
- Sep 23, 20264 EDGAR
- Sep 4, 2026SCHEDULE 13G/A EDGAR
- Aug 10, 20264 EDGAR
- Aug 4, 202610-Q EDGAR
- Aug 3, 20268-K EDGAR
- Jul 30, 2026SCHEDULE 13G/A EDGAR
- Jul 14, 20264 EDGAR
- Jul 10, 20268-K EDGAR
- Jul 8, 20268-K EDGAR
- Jun 29, 20264 EDGAR
- Jun 25, 2026144 EDGAR
- Jun 22, 20264 EDGAR
- Jun 9, 20268-K EDGAR
- May 21, 20264 EDGAR
- May 21, 20268-K EDGAR
- May 12, 20268-K EDGAR
- May 12, 2026S-3ASR EDGAR
The 306 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
57 open-market trades by officers, directors and large owners since October 2021: 1 buys and 56 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 25, 2026 | Wolf Mark D.General Counsel, Corporate Sec | Sale | 2,500 | $888.00 | $2.2M | Form 4 |
| Apr 23, 2026 | CUTILLO JOSEPH AChief Executive Officer | Sale | 50,000 | $497.57 | $24.9M | Form 4 |
| Mar 25, 2026 | CUTILLO JOSEPH AChief Executive Officer | Sale | 50,000 | $453.48 | $22.7M | Form 4 |
| Mar 12, 2026 | Wilson Dwayne AndreeDirector | Sale | 1,260 | $405.95 | $511.5K | Form 4 |
| Mar 10, 2026 | CUTILLO JOSEPH AChief Executive Officer | Sale | 47,592 | $416.21 | $19.8M | Form 4 |
| Mar 9, 2026 | CUTILLO JOSEPH AChief Executive Officer | Sale | 52,408 | $408.42 | $21.4M | Form 4 |
| Mar 9, 2026 | Dill JulieDirector | Sale | 4,500 | $384.28 | $1.7M | Form 4 |
| Mar 5, 2026 | Wilson Dwayne AndreeDirector | Sale | 1,200 | $412.36 | $494.8K | Form 4 |
| Feb 9, 2026 | O'Brien Dana C.Director | Sale | 2,000 | $410.00 | $820.0K | Form 4 |
| Feb 6, 2026 | O'Brien Dana C.Director | Sale | 2,000 | $395.00 | $790.0K | Form 4 |
| Jan 16, 2026 | Wilson Dwayne AndreeDirector | Sale | 2,860 | $350.00 | $1.0M | Form 4 |
| Jun 24, 2025 | Wolf Mark D.General Counsel, Corporate Sec | Sale | 3,500 | $225.87 | $790.5K | Form 4 |
| Jun 16, 2025 | O'Brien Dana C.Director | Sale | 10,154 | $206.58 | $2.1M | Form 4 |
| Feb 28, 2025 | CUTILLO JOSEPH AChief Executive Officer | Buy | 8,120 | $124.32 | $1.0M | Form 4 |
| Feb 26, 2025 | Wolf Mark D.General Counsel, Corporate Sec | Sale | 2,563 | $122.16 | $313.1K | Form 4 |
| Dec 18, 2024 | O'Brien Dana C.Director | Sale | 2,000 | $175.89 | $351.8K | Form 4 |
| Sep 19, 2024 | BALLSCHMIEDE RONALD AEVP | Sale | 18,700 | $143.59 | $2.7M | Form 4 |
| Apr 2, 2024 | CUTILLO JOSEPH AChief Executive Officer | Sale | 19,674 | $105.57 | $2.1M | Form 4 |
| Apr 1, 2024 | CUTILLO JOSEPH AChief Executive Officer | Sale | 20,000 | $109.78 | $2.2M | Form 4 |
| Mar 28, 2024 | CUTILLO JOSEPH AChief Executive Officer | Sale | 20,000 | $110.93 | $2.2M | Form 4 |
All 57 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BlackRockSCHEDULE 13G/A, 10 filings Feb 1, 2022 to Sep 4, 202679
- FMR LLCSCHEDULE 13G/A, 5 filings Apr 10, 2024 to May 6, 202680
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 30, 202681
- VANGUARD GROUP INCSCHEDULE 13G/A, 7 filings Feb 10, 2022 to Mar 27, 202682
- RENAISSANCE TECHNOLOGIES LLCSC 13G/A, 1 filing Feb 11, 202283
- Wellington Management CompanySC 13G/A, 1 filing Feb 4, 202284
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Joseph A. Cutillo | 60 | $1.1M | $8.4M85 |
| 2025 | Daniel P. Govin | $700.0K | $3.5M85 | |
| 2025 | Sharon Villaverde | $118.7K | $1.6M85 | |
| 2025 | Ronald A. Ballschmiede | $482.1K | $1.5M85 | |
| 2025 | Mark D. Wolf | $405.3K | $1.4M85 | |
| 2025 | Nicholas M. GrindstaffChief Financial Officer | $287.7K | $1.1M85 | |
| 2024 | Chief Executive Officer | $1.0M | $16.9M85 | |
| 2024 | Chief Operating Officer | $650.0K | $3.3M85 | |
| 2024 | Former Executive VicePresident | $626.8K | $2.4M85 | |
| 2024 | Former Chief Financial Officer & Chief Accounting Officer | $413.7K | $1.8M85 | |
| 2024 | General CounselChief Compliance Officer & Corporate Secretary | $386.0K | $1.3M85 | |
| 2023 | Chief Executive Officer | $1.0M | $6.1M85 | |
| 2023 | Former Executive VicePresident | $626.8K | $2.3M85 | |
| 2023 | General CounselChief Compliance Officer & Corporate Secretary | $368.5K | $1.1M85 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 3,233,353 | $2.7B | 0.0% | −750,930 |
| Vanguard Capital Management LLC | 1,332,730 | $1.1B | 0.0% | +12,978 |
| Vanguard Portfolio Management LLC | 1,308,407 | $1.1B | 0.0% | −101,141 |
| Fmr LLC | 1,175,991 | $987.1M | 0.0% | −298,570 |
| State Street Corp | 956,489 | $802.8M | 0.0% | −132,033 |
| First Trust Advisors LP | 895,943 | $752.0M | 0.4% | +17,953 |
| Geode Capital Management, LLC | 766,964 | $659.5M | 0.0% | −172,318 |
| Invesco Ltd. | 779,679 | $654.4M | 0.1% | −409,233 |
| Jane Street Group, LLC | 761,591 | $639.2M | 0.4% | +754,146 |
| Renaissance Technologies LLC | 672,194 | $564.2M | 0.8% | −94,720 |
| Lone Pine Capital LLC | 609,643 | $511.7M | 3.1% | New |
| Morgan Stanley | 514,000 | $431.4M | 0.0% | +46,251 |
| Jupiter Topco LLC | 470,643 | $395.1M | 0.2% | New |
| Jpmorgan Chase & Co | 389,576 | $318.2M | 0.0% | +121,332 |
| Jennison Associates LLC | 369,583 | $310.2M | 0.2% | +367,602 |
| Charles Schwab Investment Management Inc | 318,224 | $267.1M | 0.0% | −68,311 |
| Millennium Management LLC | 294,821 | $247.5M | 0.2% | +269,180 |
| Dimensional Fund Advisors LP | 257,325 | $215.9M | 0.0% | −311,280 |
| Northern Trust Corp | 251,505 | $211.1M | 0.0% | −112,212 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 245,213 | $205.8M | 0.2% | +5,116 |
| Clark Capital Management Group, Inc. | 238,784 | $200.4M | 1.1% | −80,823 |
| Congress Asset Management Co | 230,412 | $193.4M | 1.2% | −266,686 |
| William Blair Investment Management, LLC | 223,697 | $187.8M | 0.6% | −99,724 |
| Norges Bank | 212,189 | $178.1M | 0.0% | New |
| Vanguard Fiduciary Trust Co | 196,922 | $165.3M | 0.0% | −14,981 |
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
9 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Aug 7, 2026 | Gilbert Ray Cisneros, Jr.Democratic, House | Sale | $15,001 - $50,000 | +18.2% | Report |
| Jun 16, 2026 | Gilbert Ray Cisneros, Jr.Democratic, House | Partial sale | $15,001 - $50,000 | +50.8% | Report |
| May 18, 2026 | Gilbert Ray Cisneros, Jr.Democratic, House | Partial sale | $15,001 - $50,000 | +46.6% | Report |
| Oct 30, 2025 | Gilbert Ray Cisneros, Jr.Democratic, House | Partial sale | $1,001 - $15,000 | −4.2% | Report |
| Oct 3, 2025 | Gilbert Ray Cisneros, Jr.Democratic, House | Partial sale | $1,001 - $15,000 | −12.4% | Report |
| Aug 15, 2025 | Gilbert Ray Cisneros, Jr.Democratic, House | Partial sale | $1,001 - $15,000 | −42.1% | Report |
| Apr 9, 2025 | Josh GottheimerDemocratic, House | Partial sale | $1,001 - $15,000 | −191.0% | Report |
| Mar 3, 2025 | Gilbert Ray Cisneros, Jr.Democratic, House | Buy | $1,001 - $15,000 | +234.9% | Report |
| Jun 27, 2024 | Josh GottheimerDemocratic, House | Buy | $1,001 - $15,000 | +232.7% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How STERLING INFRASTRUCTURE, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARSTERLING INFRASTRUCTURE, INC.1
- CIK0000874238
- Employer ID (EIN)25-16553214
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Industry code (SIC)1600 Heavy Construction Other Than Bldg Const - Contractors1
- SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
- Business address1800 Hughes Landing Blvd., Suite 250, The Woodlands, TX 773801
- Phone281-214-07771
- Shares outstanding30,588,518 as of Jul 31, 202611
- Public float$6.8B as of Jun 30, 20254
- AuditorGRANT THORNTON LLP, Houston, Texas PCAOB ID 248; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceFeb 10, 19951
- Filings1,448 in all: 4 (607), 8-K (286), 10-Q (93), SC 13G/A (70), 3 (45), 4/A (38), 144 (30), SC 13G (30)1
All 46 form types
DEF 14A (28), 10-K (25), UPLOAD (20), CORRESP (16), 10-Q/A (14), DEFA14A (14), SCHEDULE 13G/A (11), 8-K/A (10), S-8 (9), EFFECT (8), 10-K/A (7), ARS (7), S-3 (7), S-8 POS (7), PRE 14A (6), 10-K405 (5), 3/A (5), NT 10-K (5), NT 10-Q (5), S-3/A (5), 424B3 (4), 424B5 (4), 5 (3), 8-A12G (3), S-1/A (3), 25 (2), 424B4 (2), S-1 (2), S-3ASR (2), SCHEDULE 13G (2), 10-K405/A (1), 10-KT (1), 8-A12B (1), 8-A12B/A (1), CERTAMX (1), FWP (1), POS AM (1), PRER14A (1)
- Latest filingsAnnual report (10-K) Feb 26, 2026
Quarterly report (10-Q) Aug 4, 2026
Proxy statement (DEF 14A) Mar 25, 2026
Latest 8-K (8-K) Oct 5, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, $0.01 par value per share | STRL | NASDAQ |
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks STERLING INFRASTRUCTURE, INC. names in Item 1A of its 10-K filed Feb 26, 2026: 45 risks under these headings, as written.4
- Risks Related to Our Business and Industry
- Demand for our services may decrease during economic recessions or volatile economic cycles, and a reduction in demand in end markets may adversely affect our business.
- Our dependence on suppliers of materials and subcontractors could increase our costs and impair our ability to complete contracts on a timely basis or at all.
- If we do not accurately estimate the overall risks, requirements or costs related to a project when we bid for a contract that is ultimately awarded to us, we may achieve a lower than anticipated profit or incur a loss on the contract.
- We may incur higher costs to lease, acquire and maintain equipment necessary for our operations, and the market value of our owned equipment may decline.
- We may not accurately assess and/or estimate the quality, quantity, availability and cost of aggregates we need to complete a project, particularly for projects in rural areas.
- Timing of the award and performance of new contracts may fluctuate.
- Adverse weather conditions may cause delays, which could slow completion of our construction activity.
- We rely on information technology systems to conduct our business, which are subject to disruption, failure or security breaches.
- Major public health crises could disrupt our operations and adversely affect our business, results of operations and financial condition.
- Risks Related to Our Segments
- E-Infrastructure Solutions
The other 36 risks
- Our E-Infrastructure Solutions business, as well as the industries of many of our customers upon whom we are dependent, are susceptible to economic downturns, including periods of slower than anticipated economic growth.
- Transportation Solutions
- The heavy highway construction industry is highly competitive, with a variety of companies competing against us, and our failure to compete effectively could reduce the number of new contracts awarded to us or adversely affect our margins on contracts awarded.
- Our Transportation Solutions business relies on highly competitive and highly regulated state or local government contracts.
- Our Transportation Solutions business depends on our ability to qualify as an eligible bidder under state or local government contract criteria and to compete successfully against other qualified bidders in order to obtain state or local government contracts.
- The design-build project delivery method subjects our Transportation Solutions business to the risk of design errors and omissions.
- An inability to obtain bonding could limit the aggregate dollar amount of contracts that we are able to pursue for our Transportation Solutions business.
- Our Transportation Solutions business is susceptible to economic downturns and reductions in state or local government funding of infrastructure projects.
- A prolonged government shutdown may adversely affect our Transportation Solutions business.
- Building Solutions
- The homebuilding industry is cyclical and susceptible to downward changes in general economic or other business conditions which could adversely affect our Building Solutions projects, including foundations and plumbing for single-family and multi-family homes.
- Risks Related to Our Construction Joint Venture Partners and Customers
- Our participation in construction joint ventures exposes us to liability and/or harm to our reputation for failures of our partners.
- We may not be able to recover on claims or change orders against clients for payment or on claims against subcontractors for performance.
- We are dependent on a limited number of significant customers.
- The early termination of contracts and uncertainty of new project awards could adversely affect our business.
- Risks Related to Our Workforce
- Our business depends on our ability to attract and retain talented employees.
- We may be subject to unionization, work stoppages, slowdowns or increased labor costs.
- If we are unable to comply with applicable immigration laws, our ability to successfully complete contracts may be negatively impacted.
- Our operations are subject to hazards that may cause personal injury or property damage, thereby subjecting us to liabilities and possible losses, which may not be covered by insurance as well as negative reputational impacts relating to health and safety matters.
- We contribute to multiemployer plans that could result in liabilities to us if those plans are terminated or if we withdraw from those plans.
- Risks Related to Legal and Regulatory Matters
- We are, and may continue to be, involved in routine litigation and government inquiries in the ordinary course of business.
- Environmental and other regulatory matters, including those relating to climate change, could adversely affect our ability to conduct our business and could require expenditures that could have a material adverse effect on our results of operations and financial condition. In addition, future regulations, or more stringent enforcement of existing regulations, could increase those costs and liabilities, which could adversely affect our financial position and results of operations.
- We are required to obtain, maintain and comply with government permits, licenses and approvals, and failure to obtain, maintain, and comply with such permits, licenses and approvals could adversely affect our or our customers’ operations.
- Recent and potential changes in U.S. trade policies and retaliatory responses from other countries may significantly increase the costs or limit supplies of materials and products used in our projects.
- Tax matters, including changes in corporate tax laws and disagreements with taxing authorities, could impact our results of operations and financial condition.
- We use artificial intelligence (“AI”) technologies in our business, and the deployment, use, and maintenance of these technologies involve significant technological and legal risks.
- Risks Related to Strategy and Acquisitions
- Our strategy, which includes expanding into adjacent markets, may not be successful.
- Risks Related to Our Financial Results, Financing and Liquidity
- Our use of over time revenue recognition (formerly known as percentage-of-completion method) accounting related to our projects could result in a reduction or elimination of previously reported revenue and profits.
- We may not be able to fully realize the revenue value reported in our Backlog.
- We may need to raise additional capital in the future for working capital, capital expenditures and/or acquisitions, and we may not be able to do so on favorable terms or at all, which would impair our ability to operate our business or achieve our growth objectives.
- Our Credit Agreement contains various covenants and other provisions that impose restrictions on our ability to operate and manage our business.
- To service our indebtedness and to fund working capital, we will require a significant amount of cash. Our ability to generate cash depends on many factors that are beyond our control, including that adverse capital and credit market conditions may affect our ability to meet liquidity needs, access to capital and cost of capital.
- We must manage our liquidity carefully to fund our working capital.
- We may be required to write down all or part of our goodwill and intangibles.
- Failure to maintain adequate financial and management processes and internal controls could lead to errors in reporting our financial results.
- Risks Related to Our Common Stock
- We cannot guarantee that our Stock Repurchase Program will be fully implemented or that it will enhance long-term stockholder value.
- Provisions in our amended and restated certificate of incorporation and in Delaware law may discourage a takeover attempt.
- The price of our common stock has experienced volatility.
Legal proceedings
The Company, including its construction joint ventures and its unconsolidated 50% owned subsidiary, is now and may in the future be involved in legal proceedings that are incidental to the ordinary course of business. The Company reviews current information about these proceedings and, as necessary, provides accruals for probable liabilities on the eventual disposition of these matters.
In the opinion of management, after consultation with legal counsel, there are currently no threatened or pending legal matters that would reasonably be expected to have a material adverse impact on the Company’s Consolidated Results of Operations, Financial Position or Cash Flows. See Note 11 - Commitments and Contingencies for additional information.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 17SEC EDGARPeter E. Mackenna, President
- 18SEC EDGARJoseph P. Harper Sr., President
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- 27SEC EDGARDan Govin, Chief operating officer
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- 29SEC EDGARRonald A. Ballschmiede, EVP
- 30SEC EDGARCraig B. Allen, SVP & CHRO/CCO
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- 36SEC EDGARBrian R. Manning, Exec. VP & CDO
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- 39SEC EDGARB. Andrew Rose, Board member
- 40SEC EDGARDavid S. Schulz, Board member
- 41SEC EDGARWilliam T. Bosway, Board member
- 42SEC EDGARJulie Dill, Board member
- 43SEC EDGARDwayne Andree Wilson, Board member
- 44SEC EDGARDana C. O'Brien, Board member
- 45SEC EDGARRoger A. Cregg, Board member
- 46SEC EDGARThomas M. White, Board member
- 47SEC EDGARRaymond F. Messer, Board member
- 48SEC EDGARMarian M. Davenport, Board member
- 49SEC EDGARPaul J. Varello, Board member
- 50SEC EDGARCharles R. Patton, Board member
- 51SEC EDGARKip L. Wadsworth, Board member
- 52SEC EDGARRichard O. Schaum, Board member
- 53SEC EDGARRobert A. Eckels, Board member
- 54SEC EDGARDonald P. Fusilli Jr., Board member
- 55SEC EDGARJohn D. Abernathy, Board member
- 56SEC EDGARDavid Ra Steadman, Board member
- 57SEC EDGARMilton L. Scott, Board member
- 58SEC EDGARRobert W. Frickel, Board member
- 59SEC EDGARMark D. Wolf, General counsel
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- 61SEC EDGARRegulation FD disclosure
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- 63SEC EDGARExecutive or director change
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- 65SEC EDGARRegulation FD disclosure
- 66SEC EDGARExecutive or director change
- 67SEC EDGARRegulation FD disclosure
- 68SEC EDGARShareholder vote
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- 70SEC EDGARRegulation FD disclosure
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- 72SEC EDGAROther events
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