FORM | ||
![]() | ||||||||||||||
(Exact name of registrant as specified in its charter) | ||||||||||||||
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: ( | ||||||||||||||
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| (Title of Class) | (Trading Symbol) | (Name of each exchange on which registered) | ||||||
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||||||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||||||||
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR § 240.12b-2 of this chapter). | |||||
| Emerging growth company | |||||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | ||||||||||
On The information provided in this Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act, nor shall it be incorporated by reference in any filing made by the Company pursuant to the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto. | |||||
On May 5, 2026, the Company will host a conference call to discuss the first quarter 2026 results as well as corporate developments. The slides to be used during the conference call are being furnished with this Current Report on Form 8-K as Exhibit 99.2 and are incorporated herein by reference. The information provided in this Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act, nor shall it be incorporated by reference in any filing made by the Company pursuant to the Exchange Act or the Securities Act, other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto. | |||||
| Exhibit Number | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
| SIGNATURES | ||
| Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | ||
| STERLING INFRASTRUCTURE, INC. | |||||||||||
| Date: | By: | /s/ Nicholas Grindstaff | |||||||||
| Nicholas Grindstaff | |||||||||||
| Chief Financial Officer | |||||||||||

Company Contact: Sterling Infrastructure, Inc. Noelle Dilts, VP Investor Relations and Corporate Strategy 281-214-0795 | |||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenues | $ | 825,675 | $ | 430,949 | |||||||
| Cost of revenues | (631,379) | (336,109) | |||||||||
| Gross profit | 194,296 | 94,840 | |||||||||
| General and administrative expense | (47,850) | (34,631) | |||||||||
| Intangible asset amortization | (7,093) | (4,503) | |||||||||
| Acquisition related costs | (1,407) | (179) | |||||||||
| Earn-out expense | (2,488) | (1,343) | |||||||||
| Other operating income, net | 2,356 | 1,892 | |||||||||
| Operating income | 137,814 | 56,076 | |||||||||
| Interest income | 3,638 | 6,827 | |||||||||
| Interest expense | (4,014) | (5,232) | |||||||||
| Income before income taxes | 137,438 | 57,671 | |||||||||
| Income tax expense | (33,673) | (15,080) | |||||||||
| Net income, including noncontrolling interests | 103,765 | 42,591 | |||||||||
| Less: Net income attributable to noncontrolling interests | (7,796) | (3,114) | |||||||||
| Net income attributable to Sterling common stockholders | $ | 95,969 | $ | 39,477 | |||||||
| Net income per share attributable to Sterling common stockholders: | |||||||||||
| Basic | $ | 3.13 | $ | 1.29 | |||||||
| Diluted | $ | 3.09 | $ | 1.28 | |||||||
| Weighted average common shares outstanding: | |||||||||||
| Basic | 30,652 | 30,547 | |||||||||
| Diluted | 31,038 | 30,881 | |||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||
| Revenues | 2026 | % of Revenue | 2025 | % of Revenue | |||||||||||||||||||
| E-Infrastructure Solutions | $ | 597,732 | 72% | $ | 218,263 | 51% | |||||||||||||||||
| Transportation Solutions | 132,863 | 16% | 120,661 | 28% | |||||||||||||||||||
| Building Solutions | 95,080 | 12% | 92,025 | 21% | |||||||||||||||||||
| Total Revenues | $ | 825,675 | $ | 430,949 | |||||||||||||||||||
| Operating Income | |||||||||||||||||||||||
| E-Infrastructure Solutions | $ | 133,764 | 22.4% | $ | 46,642 | 21.4% | |||||||||||||||||
| Transportation Solutions | 14,754 | 11.1% | 11,253 | 9.3% | |||||||||||||||||||
| Building Solutions | 6,215 | 6.5% | 12,352 | 13.4% | |||||||||||||||||||
| Segment Operating Income | 154,733 | 18.7% | 70,247 | 16.3% | |||||||||||||||||||
Corporate G&A Expense | (13,024) | (12,649) | |||||||||||||||||||||
| Acquisition Related Costs | (1,407) | (179) | |||||||||||||||||||||
| Earn-out Expense | (2,488) | (1,343) | |||||||||||||||||||||
| Total Operating Income | $ | 137,814 | 16.7% | $ | 56,076 | 13.0% | |||||||||||||||||
| March 31, | December 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 511,858 | $ | 390,721 | |||||||
| Accounts receivable | 513,903 | 501,163 | |||||||||
| Contract assets | 131,724 | 101,154 | |||||||||
| Receivables from and equity in construction joint ventures | 7,229 | 6,179 | |||||||||
| Other current assets | 29,977 | 35,245 | |||||||||
| Total current assets | 1,194,691 | 1,034,462 | |||||||||
| Property and equipment, net | 284,303 | 278,269 | |||||||||
| Investment in unconsolidated subsidiary | 100,482 | 105,813 | |||||||||
| Operating lease right-of-use assets, net | 53,941 | 58,167 | |||||||||
| Goodwill | 584,821 | 585,221 | |||||||||
| Other intangibles, net | 548,009 | 554,702 | |||||||||
| Other non-current assets, net | 17,425 | 17,197 | |||||||||
| Total assets | $ | 2,783,672 | $ | 2,633,831 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 234,475 | $ | 226,810 | |||||||
| Contract liabilities | 695,617 | 652,357 | |||||||||
| Current maturities of long-term debt | 15,138 | 15,146 | |||||||||
| Current portion of long-term lease obligations | 16,200 | 18,679 | |||||||||
| Accrued compensation | 51,218 | 62,657 | |||||||||
| Other current liabilities | 71,102 | 46,805 | |||||||||
| Total current liabilities | 1,083,750 | 1,022,454 | |||||||||
| Long-term debt | 272,321 | 275,903 | |||||||||
| Long-term lease obligations | 38,527 | 40,186 | |||||||||
| Deferred tax liability, net | 125,055 | 123,145 | |||||||||
| Other long-term liabilities | 68,750 | 65,708 | |||||||||
| Total liabilities | 1,588,403 | 1,527,396 | |||||||||
| Stockholders’ equity: | |||||||||||
| Common stock | 315 | 315 | |||||||||
| Additional paid in capital | 367,469 | 366,101 | |||||||||
| Treasury stock, at cost | (146,846) | (130,547) | |||||||||
| Retained earnings | 968,617 | 872,648 | |||||||||
| Total Sterling stockholders’ equity | 1,189,555 | 1,108,517 | |||||||||
| Noncontrolling interests | 5,714 | (2,082) | |||||||||
| Total stockholders’ equity | 1,195,269 | 1,106,435 | |||||||||
| Total liabilities and stockholders’ equity | $ | 2,783,672 | $ | 2,633,831 | |||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 103,765 | $ | 42,591 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 23,034 | 16,991 | |||||||||
| Amortization of debt issuance costs and non-cash interest | 169 | 256 | |||||||||
| Gain on disposal of property and equipment | (739) | (782) | |||||||||
| Distribution of earnings from unconsolidated subsidiary | 6,999 | — | |||||||||
| Equity in earnings from unconsolidated subsidiary | (1,668) | (1,892) | |||||||||
| Deferred taxes | 1,909 | 650 | |||||||||
| Stock-based compensation | 7,497 | 6,683 | |||||||||
| Changes in operating assets and liabilities | 24,602 | 20,386 | |||||||||
| Net cash provided by operating activities | 165,568 | 84,883 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Acquisitions, net of cash acquired | — | (37,860) | |||||||||
| Capital expenditures | (19,629) | (17,924) | |||||||||
| Proceeds from sale of property and equipment | 1,945 | 1,573 | |||||||||
| Net cash used in investing activities | (17,684) | (54,211) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Repayments of debt | (3,793) | (6,606) | |||||||||
| Repurchase of common stock | (12,275) | (43,846) | |||||||||
| Withholding taxes paid on net share settlement of equity awards | (10,679) | (5,768) | |||||||||
| Net cash used in financing activities | (26,747) | (56,220) | |||||||||
| Net change in cash, cash equivalents, and restricted cash | 121,137 | (25,548) | |||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 390,721 | 664,195 | |||||||||
| Cash, cash equivalents and restricted cash at end of period | 511,858 | 638,647 | |||||||||
| Less: restricted cash | — | — | |||||||||
| Cash and cash equivalents at end of period | $ | 511,858 | $ | 638,647 | |||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income attributable to Sterling common stockholders | $ | 95,969 | $ | 39,477 | |||||||
| Non-cash stock-based compensation | 7,497 | 6,683 | |||||||||
Intangible asset amortization (1) | 8,964 | 6,374 | |||||||||
| Acquisition related costs | 1,407 | 179 | |||||||||
| Earn-out expense | 2,488 | 1,343 | |||||||||
| Tax impact of adjustments | (4,987) | (3,812) | |||||||||
Adjusted net income attributable to Sterling common stockholders (2) | $ | 111,338 | $ | 50,244 | |||||||
| Net income per share attributable to Sterling common stockholders: | |||||||||||
| Basic | $ | 3.13 | $ | 1.29 | |||||||
| Diluted | $ | 3.09 | $ | 1.28 | |||||||
| Adjusted net income per share attributable to Sterling common stockholders: | |||||||||||
| Basic | $ | 3.63 | $ | 1.64 | |||||||
| Diluted | $ | 3.59 | $ | 1.63 | |||||||
| Weighted average common shares outstanding: | |||||||||||
| Basic | 30,652 | 30,547 | |||||||||
| Diluted | 31,038 | 30,881 | |||||||||
(1) For the three months ended March 31, 2026 and 2025, intangible asset amortization includes $1,871 in both periods, related to the basis difference recognized in the deconsolidation of RHB on December 31, 2024. | |||||||||||
(2) The Company defines adjusted net income attributable to Sterling common stockholders as GAAP net income attributable to Sterling common stockholders excluding non-cash stock-based compensation, intangible asset amortization, acquisition related costs, earn-out (income) expense, and the income tax impact of these adjustments. The tax impact of adjustments is determined by using the Company's annual effective tax rate, unless the nature of the item requires application of a specific tax rate. | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income attributable to Sterling common stockholders | $ | 95,969 | $ | 39,477 | |||||||
Depreciation and amortization (1) | 25,180 | 19,137 | |||||||||
| Interest expense (income), net | 376 | (1,595) | |||||||||
| Income tax expense | 33,673 | 15,080 | |||||||||
EBITDA (2) | 155,198 | 72,099 | |||||||||
| Non-cash stock-based compensation | 7,497 | 6,683 | |||||||||
| Acquisition related costs | 1,407 | 179 | |||||||||
| Earn-out expense | 2,488 | 1,343 | |||||||||
Adjusted EBITDA (3) | $ | 166,590 | $ | 80,304 | |||||||
(1) For the three months ended March 31, 2026 and 2025, depreciation and amortization includes $1,871, in each period, of intangible asset amortization and $275, in each period, of depreciation expense related to the basis difference recognized in the deconsolidation of RHB. | |||||||||||
(2) The Company defines EBITDA as GAAP net income attributable to Sterling common stockholders adjusted for depreciation and amortization, net interest income/expense and income tax expense. | |||||||||||
(3) The Company defines adjusted EBITDA as EBITDA excluding the impact of non-cash stock-based compensation, acquisition related costs, and earn-out (income) expense. | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||
| Adjusted Operating Income | 2026 | % of Revenue | 2025 | % of Revenue | |||||||||||||||||||
| E-Infrastructure Solutions | $ | 140,330 | 23.5% | $ | 50,583 | 23.2% | |||||||||||||||||
| Transportation Solutions | 17,078 | 12.9% | 13,577 | 11.3% | |||||||||||||||||||
| Building Solutions | 8,266 | 8.7% | 14,234 | 15.5% | |||||||||||||||||||
| Adjusted Segment Operating Income | 165,674 | 20.1% | 78,394 | 18.2% | |||||||||||||||||||
| Corporate G&A Expense | (7,504) | (7,739) | |||||||||||||||||||||
Total Adjusted Operating Income (1) | $ | 158,170 | 19.2% | $ | 70,655 | 16.4% | |||||||||||||||||
(1) The Company defines adjusted operating income as GAAP operating income excluding the impact of non-cash stock-based compensation, intangible asset amortization, acquisition related costs, and earn-out expense. For the three months ended March 31, 2026, GAAP operating income of $137,814 is adjusted to exclude $7,497 of non-cash stock-based compensation, $8,964 of intangible asset amortization (including $1,871 related to the basis difference of RHB), $1,407 of acquisition related costs, and $2,488 of earn-out expense. | |||||||||||||||||||||||
For the three months ended March 31, 2025, GAAP operating income of $56,076 is adjusted to exclude $6,683 of non-cash stock-based compensation, $6,374 of intangible asset amortization (including $1,871 related to the basis difference of RHB), $179 of acquisition related costs, and $1,343 of earn-out expense. | |||||
| Full Year 2026 Guidance | Full Year | ||||||||||||||||
| Low | High | 2025 Actual | |||||||||||||||
| Net income attributable to Sterling common stockholders | $ | 513 | $ | 533 | $ | 290 | |||||||||||
| Non-cash stock-based compensation | 32 | 32 | 24 | ||||||||||||||
Intangible asset amortization (1) | 36 | 36 | 30 | ||||||||||||||
| Acquisition related costs | 1 | 1 | 8 | ||||||||||||||
| Earn-out expense (income) | 9 | 9 | (1) | ||||||||||||||
| Income tax impact of adjustments | (19) | (19) | (15) | ||||||||||||||
Adjusted net income attributable to Sterling common stockholders (2) | $ | 572 | $ | 592 | $ | 337 | |||||||||||
| Net income per share attributable to Sterling common stockholders: | |||||||||||||||||
| Diluted | $ | 16.50 | $ | 17.15 | $ | 9.38 | |||||||||||
| Adjusted net income per share attributable to Sterling common stockholders: | |||||||||||||||||
| Diluted | $ | 18.40 | $ | 19.05 | $ | 10.88 | |||||||||||
| Weighted average common shares outstanding: | |||||||||||||||||
| Diluted (2026 is approximate) | 31.0 | 31.0 | 30.9 | ||||||||||||||
(1) Full year 2026 guidance and full year 2025 actual include intangible asset amortization of approximately $7.5 million related to the basis difference recognized in the deconsolidation of RHB. | |||||||||||||||||
(2) The Company defines adjusted net income attributable to Sterling common stockholders as GAAP net income attributable to Sterling common stockholders excluding the impact of non-cash stock-based compensation, intangible asset amortization, acquisition related costs, earn-out expense, and the income tax impact of these adjustments. The tax impact of adjustments is determined by using the Company's annual effective tax rate, unless the nature of the item requires application of a specific tax rate. | |||||||||||||||||
| Full Year 2026 Guidance | Full Year 2025 | ||||||||||||||||
| Low | High | Actual | |||||||||||||||
| Net income attributable to Sterling common stockholders | $ | 513 | $ | 533 | $ | 290 | |||||||||||
Depreciation and amortization (1) | 104 | 107 | 86 | ||||||||||||||
| Interest expense (income), net | 5 | 7 | (3) | ||||||||||||||
| Income tax expense | 179 | 184 | 99 | ||||||||||||||
EBITDA (2) | 801 | 831 | 472 | ||||||||||||||
| Non-cash stock-based compensation | 32 | 32 | 24 | ||||||||||||||
| Acquisition related costs | 1 | 1 | 8 | ||||||||||||||
| Earn-out expense (income) | 9 | 9 | (1) | ||||||||||||||
Adjusted EBITDA(3) | $ | 843 | $ | 873 | $ | 504 | |||||||||||
(1) Full year 2026 guidance and full year 2025 actual include depreciation and intangible asset amortization of approximately $1.1 million and $7.5 million, respectively, related to the basis difference recognized in the deconsolidation of RHB. | |||||||||||||||||
(2) The Company defines EBITDA as GAAP net income attributable to Sterling common stockholders, adjusted for depreciation and amortization, net interest income/expense, and income tax expense. | |||||||||||||||||
(3) The Company defines adjusted EBITDA as EBITDA excluding the impact of non-cash stock-based compensation, acquisition related costs, and earn-out expense. | |||||||||||||||||