Revenue growth accelerated to 91.6% in 2026Q1, while operating margins expanded to 16.9% from 9.6% in 2024Q1, reflecting improved pricing power in the private-sector E-Infrastructure market.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Feb'01 | Feb'00 | Feb'99 | Feb'98 | Feb'97 | Feb'96 |
|---|
| Sales/Revenue | 2.88B | 2.49B | 2.12B | 1.97B | 1.77B | 1.41B | 1.23B | 1.13B | 1.04B | 957.96M | 690.12M | 623.6M | 672.23M | 556.24M | 630.51M | 501.16M | 459.89M | 390.85M | 415.07M | 306.22M | 249.35M | 219.44M | 154.18M | 170.09M | 112.07M | 21.26M | 20.14M | 31.66M | 32.31M | 41.93M | 47.34M |
| Revenue Growth % | 36.96% | 17.69% | 7.28% | 11.46% | 25.1% | 15.3% | 8.92% | 8.54% | 8.32% | 38.81% | 10.67% | -7.23% | 20.85% | -11.78% | 25.81% | 8.97% | 17.67% | -5.84% | 35.55% | 22.81% | 13.63% | 42.33% | -9.36% | 51.78% | 427.15% | 5.55% | -36.38% | -2% | -22.95% | -11.43% | - |
| Cost of Goods Sold | 2.23B | 1.94B | 1.69B | 1.63B | 1.49B | 1.21B | 1.05B | 1.02B | 927.34M | 868.87M | 646.27M | 594.64M | 639.81M | 586.18M | 583.03M | 461.32M | 397.19M | 336.48M | 373.1M | 272.53M | 220.8M | 195.68M | 137.68M | 148.65M | 117.85M | 16.39M | 16.05M | 25.85M | 26.12M | 32.46M | 37.32M |
| COGS % of Revenue | - | 77.91% | 79.86% | 82.88% | 84.48% | 85.61% | 85.36% | 90.43% | 89.37% | 90.7% | 93.65% | 95.36% | 95.18% | 105.38% | 92.47% | 92.05% | 86.37% | 86.09% | 89.89% | 89% | 88.55% | 89.17% | 89.3% | 87.39% | 105.16% | 77.09% | 79.67% | 81.65% | 80.85% | 77.42% | 78.84% |
| Gross Profit | 657.56M | 550.13M | 426.12M | 337.64M | 274.57M | 203.53M | 179.63M | 107.79M | 110.33M | 89.09M | 43.85M | 28.95M | 32.42M | -29.94M | 47.47M | 39.84M | 62.7M | 54.37M | 41.97M | 33.69M | 28.55M | 23.76M | 16.5M | 21.44M | -5.79M | 4.87M | 4.09M | 5.81M | 6.19M | 9.47M | 10.02M |
| Gross Margin % | 22.79% | 22.09% | 20.14% | 17.12% | 15.52% | 14.39% | 14.64% | 9.57% | 10.63% | 9.3% | 6.35% | 4.64% | 4.82% | -5.38% | 7.53% | 7.95% | 13.63% | 13.91% | 10.11% | 11% | 11.45% | 10.83% | 10.7% | 12.61% | -5.16% | 22.91% | 20.33% | 18.35% | 19.15% | 22.58% | 21.16% |
| Gross Profit Growth % | - | 29.1% | 26.21% | 22.97% | 34.9% | 13.31% | 66.64% | -2.3% | 23.84% | 103.16% | 51.47% | -10.7% | 208.27% | -163.08% | 19.17% | -36.47% | 15.33% | 29.54% | 24.6% | 18% | 20.17% | 43.99% | -23.05% | 470.57% | -218.78% | 18.98% | -29.55% | -6.09% | -34.65% | -5.48% | - |
| Operating Expenses | 168.07M | 135.88M | 161.5M | 131.84M | 114.7M | 96.52M | 87.02M | 70.04M | 67.72M | 62.92M | 48.58M | 43.34M | 36.65M | 39.65M | 32.29M | 24.61M | 26.8M | 16.91M | 13.84M | 12.66M | 10.55M | 9.09M | 10.11M | 10.44M | 9.8M | 4.59M | 4.48M | 6.53M | 6.9M | 11.02M | 11.39M |
| OpEx % of Revenue | - | 5.46% | 7.63% | 6.69% | 6.48% | 6.82% | 7.09% | 6.22% | 6.53% | 6.57% | 7.04% | 6.95% | 5.45% | 7.13% | 5.12% | 4.91% | 5.83% | 4.33% | 3.34% | 4.13% | 4.23% | 4.14% | 6.55% | 6.14% | 8.74% | 21.59% | 22.26% | 20.63% | 21.35% | 26.29% | 24.06% |
| Selling, General & Admin | 168.03M | 154.81M | 118.42M | 98.7M | 86.48M | 69.15M | 64.31M | 49.2M | 50.62M | 48.35M | 38.62M | 41.88M | 36.9M | 40.95M | 35.19M | 25M | 24.89M | 17.18M | 13.76M | 13.21M | 10.82M | 9.09M | 10.11M | 10.44M | 9.54M | 4.43M | 4.27M | 6.34M | 6.71M | 10.57M | 10.95M |
| SG&A % of Revenue | - | 6.22% | 5.6% | 5% | 4.89% | 4.89% | 5.24% | 4.37% | 4.88% | 5.05% | 5.6% | 6.72% | 5.49% | 7.36% | 5.58% | 4.99% | 5.41% | 4.4% | 3.32% | 4.31% | 4.34% | 4.14% | 6.55% | 6.14% | 8.51% | 20.85% | 21.2% | 20.02% | 20.75% | 25.22% | 23.14% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | -18.93M | 43.08M | 33.14M | 28.22M | 27.37M | 22.71M | 20.84M | 17.1M | 14.56M | 9.96M | 1.46M | -252K | -1.31M | -2.9M | -390K | 1.9M | -270K | 81K | -549K | -276K | 0 | 0 | 0 | 259K | 156K | 212K | 194K | 194K | 448K | 439K |
| Operating Income | 489.37M | 414.24M | 264.62M | 205.79M | 159.87M | 107.01M | 92.61M | 37.75M | 42.61M | 26.18M | -4.73M | -14.39M | -4.22M | -69.59M | 14.98M | -52.23M | 35.91M | 37.46M | 28.13M | 21.03M | 18M | 14.66M | 6.39M | 11M | 4.34M | 282K | -389K | -720K | -711K | -1.55M | -1.37M |
| Operating Margin % | 16.96% | 16.64% | 12.51% | 10.43% | 9.04% | 7.57% | 7.55% | 3.35% | 4.11% | 2.73% | -0.69% | -2.31% | -0.63% | -12.51% | 2.38% | -10.42% | 7.81% | 9.58% | 6.78% | 6.87% | 7.22% | 6.68% | 4.15% | 6.47% | 3.88% | 1.33% | -1.93% | -2.27% | -2.2% | -3.7% | -2.9% |
| Operating Income Growth % | - | 56.54% | 28.59% | 28.73% | 49.4% | 15.54% | 145.33% | -11.41% | 62.79% | 653.52% | 67.13% | -240.6% | 93.93% | -564.58% | 128.68% | -245.46% | -4.13% | 33.17% | 33.76% | 16.84% | 22.73% | 129.43% | -41.88% | 153.12% | 1440.78% | 172.49% | 45.97% | -1.27% | 54.19% | -13.04% | - |
| EBITDA | 574.67M | 491.36M | 333.03M | 263.2M | 211.94M | 141.21M | 125.4M | 58.49M | 59.21M | 43.17M | 11.32M | 2.14M | 14.12M | -50.94M | 33.98M | -34.91M | 51.68M | 51.19M | 41.3M | 30.57M | 25.01M | 19.73M | 11.02M | 15.8M | 8.2M | 432K | -177K | -183K | -50K | -345K | -500K |
| EBITDA Margin % | 19.92% | 19.73% | 15.74% | 13.35% | 11.98% | 9.98% | 10.22% | 5.19% | 5.71% | 4.51% | 1.64% | 0.34% | 2.1% | -9.16% | 5.39% | -6.97% | 11.24% | 13.1% | 9.95% | 9.98% | 10.03% | 8.99% | 7.15% | 9.29% | 7.32% | 2.03% | -0.88% | -0.58% | -0.15% | -0.82% | -1.06% |
| EBITDA Growth % | 65.27% | 47.54% | 26.53% | 24.19% | 50.08% | 12.61% | 114.39% | -1.22% | 37.16% | 281.39% | 428.43% | -84.83% | 127.73% | -249.93% | 197.32% | -167.55% | 0.96% | 23.95% | 35.07% | 22.25% | 26.76% | 79.03% | -30.28% | 92.74% | 1798.15% | 344.07% | 3.28% | -266% | 85.51% | 31% | - |
| D&A (Non-Cash Add-back) | 85.3M | 77.11M | 68.41M | 57.4M | 52.07M | 34.2M | 32.78M | 20.74M | 16.6M | 16.99M | 16.05M | 16.53M | 18.35M | 18.65M | 19M | 17.32M | 15.77M | 13.73M | 13.17M | 9.54M | 7.01M | 5.06M | 4.63M | 4.81M | 3.85M | 150K | 212K | 537K | 661K | 1.21M | 873K |
| EBIT | 504.58M | 428.26M | 383.53M | 219.94M | 160.75M | 108.12M | 92.46M | 31.16M | 43.63M | 27.88M | -4.7M | -14.17M | -3.47M | -68.19M | 18.08M | -50.48M | 37.68M | 38.03M | 29.2M | 21.03M | 18M | 14.66M | 5.57M | 10.43M | 6.99M | -1.88M | -364K | -425K | -185K | 17.88M | -1.55M |
| Net Interest Income | 590K | 2.56M | 2.37M | -15.18M | -19.71M | -19.27M | -29.18M | -15.54M | -11.33M | -9.49M | -2.6M | -2.55M | -369K | 263K | 357K | 424K | 622K | 338K | 871K | 1.39M | 1.21M | -1.34M | -1.7M | -2.07M | -2.64M | 0 | -2.69M | -1.24M | -558K | -634K | -843K |
| Interest Income | 19.16M | 22.35M | 27.62M | 14.14M | 885K | 45K | 149K | 1.14M | 1.02M | 314K | 33K | 460K | 754K | 879K | 1.3M | 1.66M | 1.81M | 572K | 1.07M | 1.67M | 1.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 18.57M | 19.79M | 25.25M | 29.32M | 20.59M | 19.31M | 29.33M | 16.69M | 12.35M | 9.8M | 2.63M | 3.01M | 1.12M | 616K | 944K | 1.23M | 1.19M | 234K | 199K | 277K | 220K | 1.34M | 1.7M | 2.07M | 2.64M | 2.69M | 1.24M | 558K | 634K | 843K | 646K |
| Other Income/Expense | -1.12M | -5.77M | 93.66M | -15.18M | -19.71M | -18.2M | -29.48M | -23.27M | -11.33M | -10.24M | -2.6M | -2.79M | -369K | 354K | 1.14M | -66.66M | 584K | 338K | 871K | 1.39M | 1.21M | -1.34M | -1.46M | -3.47M | -3.52M | -7.54M | -6.68M | -2.09M | -518K | 1.2M | -4.11M |
| Pretax Income | 488.24M | 408.48M | 358.28M | 190.62M | 140.16M | 88.81M | 63.13M | 14.48M | 31.28M | 15.94M | -7.32M | -17.18M | -4.59M | -68.8M | 17.13M | -51.72M | 36.49M | 37.8M | 29M | 22.42M | 19.2M | 13.33M | 3.73M | 7.3M | 3.47M | -7.25M | -2.99M | -892K | 608K | -5.66M | -2.16M |
| Pretax Margin % | 16.92% | 16.4% | 16.93% | 9.66% | 7.92% | 6.28% | 5.15% | 1.29% | 3.01% | 1.66% | -1.06% | -2.75% | -0.68% | -12.37% | 2.72% | -10.32% | 7.94% | 9.67% | 6.99% | 7.32% | 7.7% | 6.07% | 2.42% | 4.29% | 3.1% | -34.12% | -14.83% | -2.82% | 1.88% | -13.51% | -4.56% |
| Income Tax | 117.34M | 98.75M | 87.36M | 47.77M | 41.71M | 24.87M | 19.41M | -26.22M | 1.74M | 118K | 88K | 7K | 632K | 1.22M | -579K | -17.01M | 10.27M | 12.27M | 10.03M | 7.89M | 6.57M | 2.79M | -1.92M | 1.88M | -1.25M | 27K | 10K | 4K | 1.02M | 3.1M | 1.89M |
| Effective Tax Rate % | 24.03% | 24.18% | 24.38% | 25.06% | 29.76% | 28.01% | 30.75% | -181.06% | 5.56% | 0.74% | -1.2% | -0.04% | -13.76% | -1.78% | -3.38% | 32.9% | 28.14% | 32.46% | 34.57% | 35.19% | 34.19% | 20.92% | -51.35% | 25.74% | -36% | -0.37% | -0.33% | -0.45% | 167.11% | -54.71% | -87.35% |
| Net Income | 346.64M | 290.15M | 257.46M | 138.66M | 106.46M | 62.65M | 42.31M | 39.9M | 25.19M | 11.62M | -9.24M | -20.4M | -9.78M | -73.93M | -297K | -35.9M | 19.09M | 23.7M | 18.07M | 14.44M | 13.32M | 11.1M | 5.65M | 5.42M | 4.72M | -6.94M | -5.45M | -1.05M | -408K | -8.76M | -3.98M |
| Net Margin % | 12.02% | 11.65% | 12.17% | 7.03% | 6.02% | 4.43% | 3.45% | 3.54% | 2.43% | 1.21% | -1.34% | -3.27% | -1.46% | -13.29% | -0.05% | -7.16% | 4.15% | 6.06% | 4.35% | 4.72% | 5.34% | 5.06% | 3.67% | 3.19% | 4.21% | -32.65% | -27.07% | -3.3% | -1.26% | -20.9% | -8.4% |
| Net Income Growth % | 30.37% | 12.7% | 85.68% | 30.24% | 69.94% | 48.08% | 6.03% | 58.42% | 116.81% | 225.75% | 54.72% | -108.59% | 86.77% | -24791.92% | 99.17% | -288.09% | -19.48% | 31.21% | 25.08% | 8.44% | 20% | 96.36% | 4.32% | 14.76% | 168.03% | -27.29% | -421.32% | -156.37% | 95.34% | -120.24% | - |
| Net Income (Continuing) | 370.9M | 309.73M | 270.92M | 142.84M | 98.46M | 63.94M | 43.72M | 40.7M | 29.54M | 15.82M | -7.41M | -17.19M | -5.22M | -70.03M | 17.71M | -34.7M | 26.22M | 25.53M | 18.97M | 14.47M | 12.64M | 10.54M | 6.24M | 5.2M | 3.35M | -6.94M | -7.07M | -2.53M | -861K | -352K | -8.76M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 9.74M | 1.19M | -817K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -25K | 0 | 559K | 372K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 5.71M | -2.08M | 18.4M | 4.94M | 3.2M | 1.46M | 1.46M | 1.29M | 7.86M | 4.86M | 656K | -91K | 7.46M | 3.9M | 2.44M | 1.53M | 28.72M | -1.82M | 6.3M | 6.36M | 0 | 0 | 0 | 5.27M | 3.65M | 2.77M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 11.17 | 9.38 | 8.27 | 4.44 | 3.48 | 2.15 | 1.50 | 1.47 | 0.93 | 0.43 | -0.40 | -1.05 | -0.54 | -4.44 | -0.02 | -2.19 | 1.13 | 1.71 | 1.32 | 1.22 | 1.14 | 1.16 | 0.80 | 0.83 | 0.55 | -1.40 | -1.10 | -0.30 | -0.13 | -2.74 | -1.25 |
| EPS Growth % | 30.61% | 13.42% | 86.26% | 27.59% | 61.86% | 43.33% | 2.04% | 58.06% | 116.28% | 207.5% | 61.9% | -94.44% | 87.84% | -24430.39% | 99.17% | -293.81% | -33.92% | 29.55% | 8.2% | 7.02% | -1.72% | 45% | -3.61% | 50.91% | 139.29% | -27.27% | -266.67% | -130.77% | 95.26% | -119.2% | - |
| EPS (Basic) | - | 9.50 | 8.35 | 4.51 | 3.53 | 2.19 | 1.52 | 1.50 | 0.94 | 0.44 | -0.40 | -1.05 | -0.54 | -4.44 | -0.02 | -2.19 | 1.15 | 1.77 | 1.38 | 1.31 | 1.25 | 1.43 | 1.06 | 1.06 | 0.66 | -1.40 | -1.10 | -0.30 | -0.13 | -2.74 | -1.25 |
| Diluted Shares Outstanding | 31.04M | 30.95M | 31.15M | 31.21M | 30.56M | 29.1M | 28.2M | 27.12M | 27.19M | 26.71M | 23.14M | 19.38M | 18.06M | 16.64M | 16.42M | 16.4M | 16.56M | 13.86M | 13.7M | 11.84M | 11.71M | 9.54M | 7.03M | 6.49M | 6.1M | 4.94M | 4.94M | 3.5M | 3.19M | 3.2M | 3.19M |
| Basic Shares Outstanding | 30.65M | 30.54M | 30.83M | 30.75M | 30.2M | 28.6M | 27.86M | 26.67M | 26.9M | 26.27M | 23.09M | 19.38M | 18.06M | 16.64M | 16.42M | 16.4M | 16.19M | 13.36M | 13.12M | 11.04M | 10.58M | 7.78M | 5.34M | 5.09M | 5.06M | 4.94M | 4.94M | 3.5M | 3.19M | 3.2M | 3.19M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Project execution and labor
As reported in recent financial filings, STRL achieved a significant revenue acceleration to $825.7M in 2026Q1, representing a 91.6% year-over-year increase, which appears to validate the company's strategic pivot toward high-demand, private-sector E-Infrastructure projects over traditional, lower-margin public civil construction contracts.
The dramatic revenue expansion suggests that the company is successfully capturing a larger share of the hyperscale data center construction market. Investors should monitor whether this growth rate is sustainable or if it reflects a temporary surge in project mobilization that may normalize in subsequent quarters.
Based on the provided income statement data, Sterling has maintained gross margins above 20% for the last six quarters, peaking at 24.7% in 2025Q3, which indicates a fundamental shift in pricing power compared to the sub-10% margins typical of the broader heavy civil engineering industry.
This margin profile suggests that the company's negotiated-contract model is effectively insulating it from the commodity-like bidding wars that plague its peers. The ability to sustain these levels implies that the E-Infrastructure segment is providing a higher-value service that clients are willing to pay a premium for.
According to the latest quarterly results, operating income reached $139.2M in 2026Q1, demonstrating that operating expenses are scaling efficiently relative to the rapid top-line growth, as evidenced by an operating margin expansion to 16.9% from 9.6% in the same quarter two years prior.
The company appears to be benefiting from significant operating leverage, as SG&A costs have not risen in lockstep with the massive revenue gains. This suggests that the existing management infrastructure is capable of supporting a much larger project volume without requiring proportional increases in overhead.
Analysis of the income statement reveals that net income has consistently tracked with operating performance, with a 2026Q1 net margin of 11.6%, suggesting that the reported earnings are primarily driven by core operational execution rather than non-recurring items or significant tax anomalies.
While stock-based compensation remains a recurring expense, it appears manageable relative to the scale of net income generated. Investors should continue to scrutinize the percentage-of-completion accounting estimates, as these remain the primary area where management judgment could influence the timing of reported earnings.
Quick answers to the most common questions about buying STRL stock.
For fiscal year 2025, Sterling Infrastructure, Inc. (STRL) reported total revenue of $2.49B. This represents a 5160.0% increase compared to $47.3M in 1996.
Sterling Infrastructure, Inc. (STRL) is profitable, generating $290.2M in net income for the fiscal year ending 2025 with a net profit margin of 11.7%.
Sterling Infrastructure, Inc. (STRL) reported an operating income of $414.2M, resulting in an operating profit margin of 16.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Sterling Infrastructure, Inc. (STRL) generated $550.1M in gross profit for the year, representing a gross profit margin of 22.1%. This demonstrates the company's core pricing power and production efficiency.