Sterling is playing a critical role in building the manufacturing production coming back to the U.S., the data infrastructure that enables artificial intelligence (AI) and other emerging technologies, critical transportation infrastructure, and the homes we live in. This infrastructure is the foundation of the America of tomorrow.
Excellent Performance and Strong Returns
Our strong financial performance in 2024 helped to drive a 94% increase in Sterling’s share price versus a 23% increase in the S&P 500.
2025 Financial Highlights1
Total Revenue
YOY Growth
18%
2024 Revenue
2025 Revenue Growth
Operating Income
YOY Growth
53%
2024 Op. Inc.
2025 Op. Inc. Growth
Diluted EPS
YOY Growth
13%
2024 Diluted EPS
2025 Diluted EPS Growth
Proven strategy delivering bottom-line growth
Focused on pursuing high-return opportunities to deliver bottom-line growth and consistently outpace top-line growth
Revenue CAGR
2019-2025
+18%
E-Infrastructure
Transportation
Building
EPS CAGR
2019-2025
+44%
GAAP Diluted EPS
Adjusted Diluted EPS
Strong balance sheet and cash flow provide significant firepower to support inorganic growth
TOTAL DEBT AND CASH POSITIONS3
Cash and cash equivalents
Total debt
Operating Cash Flow
Operating Cash Flow
(1) From Continuing Operations unless otherwise noted.
(2) Adjusted Net Income Reconciliation
| Full Year | |||
|---|---|---|---|
| ($ in thousands, Unaudited) | 2025 Actual | 2024 Actual | 2023 Actual |
| Net income attributable to Sterling common stockholders | $290,153 | $257,461 | $138,655 |
| Gain on deconsolidation of subsidiary, net | - | (91,289) | - |
| Non-cash stock-based compensation | 24,181 | 19,003 | 14,622 |
| Intangible asset amortization* | 29,673 | 17,037 | 15,226 |
| Acquisition related costs | 8,327 | 421 | 873 |
| Earn-out expense (income) | (731) | 4,756 | (669) |
| Income tax impact of adjustments | (14,856) | 13,356 | (7,531) |
| Adjusted net income attributable to Sterling common stockholders** | 336,747 | 220,745 | 161,176 |
| Net income per share attributable to Sterling common stockholders: | |||
| Diluted | 9.38 | 8.27 | 4.44 |
| Adjusted net income per share attributable to Sterling common stockholders: | |||
| Diluted | 10.88 | 7.09 | 5.16 |
| Weighted average common shares outstanding: | |||
| Diluted | 30,947 | 31,146 | 31,208 |
* Full year 2025 includes intangible asset amortization of approximately $7,500 related to the basis difference recognized in the deconsolidation of RHB on December 31, 2024.
** The Company defines adjusted net income attributable to Sterling common stockholders as GAAP net income attributable to Sterling common stockholders excluding the impact of the net gain on deconsolidation of subsidiary, 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 quarterly and annual effective tax rate, as applicable, unless the nature of the item requires application of a specific tax rate.
(3) 2018-2020 includes cash and debt from discontinued operations, 2021-2025 is continuing operations only.
Latest Financial Results
Dedicated Strategic Vision
At Sterling, we believe that the strength in our end markets and continued opportunity for margin expansion position us well to deliver strong bottom-line growth in the years ahead and create continued success for our shareholders
“We remain dedicated to our strategic vision of expanding service offerings and investing in new technologies and are steadfast in our commitment to our people, customers, investors and communities.”
— Joe Cutillo, CEO
Focused on Value Creation
Sterling’s transformation into a high-performing platform is delivering real results. With a disciplined strategy, targeted growth, and a strong balance sheet, we’re not just building infrastructure—we’re creating shareholder value.
Strategic
Growth
Focused on high-margin,
high-growth markets
Selective
Projects
Disciplined resource
allocation prioritizing ROI
Operational
Excellence
Optimizing margins +
maximizing returns
Backlog
Visibility
Future phases in backlog
offer clear revenue growth
End Market
Diversity
Serving infrastructure needs across
E-Infrastructure, Transportation + Building
Financial
Strength
Strong cash flow + balance sheet
firepower for expansion
Positioned for continued growth through our diversified platform of services in key end markets
Data Centers
Onshoring
Transportation
Residential in Growing Markets
The Sterling Segments
Sterling’s E-Infrastructure, Transportation, and Building Solutions teams unite respected names in site development and infrastructure construction.
With a growing footprint across the Southern, Northeastern, Mid-Atlantic, Rocky Mountain regions, and the Pacific Islands, our family of companies brings unmatched regional expertise to every project.
Together, we offer a one-stop solution for complex site development, allowing customers to stay focused on their core business while Sterling handles the heavy lifting.
Explore our segments: Click the images to learn more, or visit each company’s site using the logos at the bottom of the page.
The Sterling Way (ESG)
OUR PEOPLE
Our dedication to sustainability is stronger than ever.
We adopt responsible practices and incorporate new and innovative sustainable solutions across Sterling.
We remain steadfast in caring for our people, our customers, our investors, our communities and the environment. That is The Sterling Way.
Discover more. To read more about our impact and sustainability efforts click here.