[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","xtcy20ocvaokhe76otlj9ivnp","revision",3,"title","Sterling Infrastructure公布截至2026年9月30日季度及前九个月未经审计业绩：收入分别为15.639亿美元和35.578亿美元","originalTitle","STERLING INFRASTRUCTURE, INC. (0000874238) (Filer)","summary","Sterling Infrastructure截至2026年9月30日的第三季度收入为15.639亿美元，归属于普通股股东的净利润为2.149亿美元，摊薄每股收益6.92美元；前九个月收入为35.578亿美元，净利润4.667亿美元，摊薄每股收益15.01美元，均高于上年同期。","reason","该10-Q节选呈现收入、利润和在手订单增长，同时披露现金流、分部利润率及项目估计等信息。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_78":91},"publishedAt","2026-10-29T13:14:11.000Z","discoveredAt","2026-10-29T13:29:41.666Z","timelineAt","category","ai-products","tags",[84,85,86,87,88],"stockSymbols",[83],"score",74,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fzSTskBlKgh8",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","ea16f327-9553-4d3f-adb8-7b6c4988b106","Sterling Infrastructure公布强劲业绩并上调年度展望",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549


10-Q 表


☑		根据《1934 年证券交易法》第 13 或 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日的季度期间

或


☐		根据《1934 年证券交易法》第 13 或 15(d) 条提交的过渡报告

过渡期间：从 ___ 至 ___


委员会档案编号	1-31993


$\"Sterling$
STERLING INFRASTRUCTURE, INC.
（注册人章程中列明的准确名称）

特拉华州	25-1655321
（注册成立所在州或其他司法管辖区或组织所在地）	（美国国税局雇主识别号）

1800 Hughes Landing Blvd. 得克萨斯州伍德兰兹	77380
（主要行政办公室地址）	（邮政编码）

注册人电话号码（含区号）： (281) 214-0777


根据该法第 12(b) 条登记的证券：
普通股，每股面值 $0.01	STRL	NASDAQ
（各类别名称）	（交易代码）	（登记所在交易所名称）


请勾选以表明注册人是否 (1) 已在此前 12 个月内（或注册人须提交此类报告的较短期间内）提交《1934 年证券交易法》第 13 或 15(d) 条要求提交的所有报告，且 (2) 在过去 90 天内一直受此类提交要求约束。 þ是 ¨ 否


请勾选以表明注册人是否已在此前 12 个月内（或注册人须提交此类文件的较短期间内）以电子方式提交根据 S-T 法规第 405 条（本章第 232.405 条）要求提交的每个交互式数据文件。 þ 是 ¨ 否


请勾选以表明注册人是大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。参见《交易法》规则 12b-2 中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”的定义。
大型加速申报公司	☑	加速申报公司	☐
非加速申报公司	¨	较小申报公司	☐
		新兴成长型公司	☐

如果是新兴成长型公司，请勾选表明注册人是否选择不采用《交易法》第 13(a) 条规定的、遵守任何新的或修订后的财务会计准则的延长过渡期。	¨


请勾选以表明注册人是否为壳公司（定义见《交易法》规则 12b-2）。 ☐ 是 þ 否

截至 2026 年 10 月 27 日，注册人已发行普通股数量为 30,502,537 股

STERLING INFRASTRUCTURE, INC.

10-Q 表季度报告


	页码
第一部分—财务信息

第 1 项. 简明合并财务报表	3

经营报表	3



资产负债表	4

现金流量表	5

股东权益变动表	6

简明合并财务报表附注	8

第2项. 财务状况和经营成果的管理层讨论与分析	23

第3项. 关于市场风险的定量和定性披露	29

第4项. 控制和程序	30

第二部分—其他信息

第1项. 法律诉讼	31

第1A项. 风险因素	31

第2项. 未注册股权证券的销售及所得款项用途	31





第5项. 其他信息	31

第6项. 展品	32

签名	33

第一部分—财务信息

第1项. 简明合并财务报表

STERLING INFRASTRUCTURE, INC. & 子公司

简明合并经营报表

（单位：千美元，每股数据除外）

（未经审计）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
收入	$	1,563,927			$	689,019		$	3,557,781	$	1,734,436
收入成本	(1,186,648)			(518,803)			(2,696,249)		(1,326,240)
毛利	377,279			170,216			861,532		408,196
一般及行政费用	(61,363)			(37,585)			(162,343)		(106,203)
无形资产摊销	(8,382)			(6,035)			(22,967)		(15,074)
收购相关成本	(2,136)			(5,349)			(16,071)		(8,023)
业绩对赌费用	(2,487)			(1,343)			(7,463)		(4,029)
其他营业收入，净额	3,931			5,405			11,229		11,082
营业收入	306,842			125,309			663,917		285,949
利息收入	2,035			5,677			9,476		19,405
利息费用	(1,874)			(4,140)			(8,982)		(14,367)
债务清偿损失	(1,265)			—			(1,265)		—
所得税前收入	305,738			126,846			663,146		290,987
所得税费用	(76,059)			(30,517)			(161,056)		(72,959)
净收入（包括非控股权益）	229,679			96,329			502,090		218,028
减：归属于非控股权益的净收入	(14,746)			(4,241)			(35,362)		(15,472)
归属于Sterling普通股股东的净收入	$	214,933			$	92,088		$	466,728	$	202,556

归属于Sterling普通股股东的每股净收入：
基本	$	7.02			$	3.02		$	15.23	$	6.64
摊薄	$	6.92			$	2.97		$	15.01	$	6.56

加权平均已发行普通股数：
基本	30,609		30,519		30,650		30,491
摊薄	31,071		30,960		31,102		30,875

随附附注是本简明合并财务报表不可分割的一部分。

STERLING INFRASTRUCTURE, INC. & 子公司

简明合并资产负债表

（单位：千美元，每股数据除外）

（未经审计）


	9月30日		12月31日
	2026		2025
资产
流动资产：
现金及现金等价物（其中200,130和76,154与可变利益实体（“VIE”）相关）	$	216,937			$	390,721
应收账款（其中269,800和29,196与VIE相关）	1,226,060			501,163
合同资产（其中656和5,057与VIE相关）	168,095			101,154
应收建筑合资企业款项及在建筑合资企业中的权益	9,422			6,179

其他流动资产	30,173			35,245
流动资产总额	1,650,687			1,034,462
不动产及设备，净额	357,743			278,269
对未合并子公司的投资	99,017			105,813
经营租赁使用权资产，净额	68,446			58,167
商誉	628,053			585,221
其他无形资产，净额	659,335			554,702

其他非流动资产，净额	18,699			17,197
资产总额	$	3,481,980			$	2,633,831

负债和股东权益
流动负债：
应付账款（其中118,509和22,104与VIE相关）	$	387,993			$	226,810
合同负债（其中248,619和89,630与VIE相关）	917,425			652,357
长期债务的流动部分	143			15,146
长期租赁义务的流动部分	14,743			18,679
应计薪酬（其中1,336和0与VIE相关）	108,046			62,657
其他流动负债（其中12和0与VIE相关）	163,879			46,805
流动负债合计	1,592,229			1,022,454
长期债务	95,127			275,903
长期租赁义务	55,793			40,186
递延所得税负债，净额	134,911			123,145
其他长期负债	48,976			65,708
负债合计	1,927,036			1,527,396
承诺和或有事项（附注11）
股东权益：
普通股，每股面值$0.01；授权发行58,000股，已发行31,487股和31,455股，流通在外30,600股和30,682股	315			315
资本公积	410,738			366,101
库存股，按成本计：887股和773股	(242,485)			(130,547)
留存收益	1,339,376			872,648

Sterling股东权益合计	1,507,944			1,108,517
非控股权益	47,000			(2,082)
股东权益合计	1,554,944			1,106,435
负债和股东权益合计	$	3,481,980			$	2,633,831

随附附注是这些简明合并财务报表的组成部分。

STERLING INFRASTRUCTURE, INC.及子公司

简明合并现金流量表

（单位：千）

（未经审计）


	截至9月30日的九个月
	2026		2025
经营活动产生的现金流量：
净利润	$	502,090			$	218,028
将净利润调节为经营活动提供的现金净额的调整项目：
折旧和摊销	75,830			54,526
债务发行成本摊销及非现金利息	618			633
处置财产和设备的收益	(1,795)			(2,500)
或有对价公允价值变动	7,463			4,029
债务清偿损失	1,265			—
未合并子公司收益分配	17,332			16,252
未合并子公司权益收益	(10,536)			(11,082)
递延所得税	11,766			9,256
基于股票的薪酬	26,796			18,241
经营性资产和负债变动（附注15）	(203,734)			(53,446)
经营活动提供的现金净额	427,095			253,937
投资活动产生的现金流量：
收购，扣除取得的现金	(164,995)			(484,156)

资本支出	(115,458)			(50,923)
出售财产和设备所得款项	4,202			4,014
投资活动使用的现金净额	(276,251)			(531,065)
融资活动产生的现金流量：
循环信贷额度借款	160,000			—
偿还循环信贷额度借款	(65,000)			—
偿还定期贷款及其他融资协议款项	(296,444)			(21,067)

向非控股权益持有人分配	(980)			—
非控股权益持有人出资	14,700			—
回购普通股	(107,262)			(48,546)
以净额结算股权奖励所支付的预扣税	(15,991)			(9,650)
支付或有对价	(7,767)			—
债务发行成本	(5,884)			(1,409)

融资活动使用的现金净额	(324,628)			(80,672)
现金、现金等价物和受限现金净变动	(173,784)			(357,800)
期初现金、现金等价物和受限现金	390,721			664,195
期末现金、现金等价物和受限现金	216,937			306,395
减：受限现金	—			—
期末现金和现金等价物	$	216,937			$	306,395

非现金项目：
应计资本支出	$	5,718			$	4,297
收购的股份对价	$	27,406			$	79,458
通过短期融资协议融资的保险费	$	10,646			$	—

随附附注是这些简明合并财务报表不可分割的组成部分。

STERLING INFRASTRUCTURE, INC. & 子公司

简明合并股东权益变动表

（单位：千）

（未经审计）


	截至2026年9月30日的九个月
	普通股	额外实收资本		库存股		留存收益				Sterling 股东权益合计		非控股权益	股东权益合计
	股数	金额			股数		金额
2025年12月31日余额	30,682		$	315			$	366,101			773		$	(130,547)	$	872,648			$	1,108,517		$	(2,082)	$	1,106,435
净利润	—		—			—			—			—		95,969			95,969	7,796			103,765
基于股票的薪酬	—		—			8,023			—			—		—			8,023	—			8,023
回购普通股	(40)		—			—			40			(12,275)		—			(12,275)	—			(12,275)
发行股票	63		—			(6,655)			(63)			6,655		—			—	—			—
代扣税款的股份	(24)		—			—			24			(10,679)		—			(10,679)	—			(10,679)

2026年3月31日余额	30,681		$	315			$	367,469			774		$	(146,846)	$	968,617			$	1,189,555		$	5,714	$	1,195,269
净利润	—		—			—			—			—		155,826			155,826	12,820			168,646
基于股票的薪酬	—		—			7,935			—			—		—			7,935	—			7,935
非控股权益所有者出资	—		—			—			—			—		—			—	14,700			14,700

回购普通股	(29)		—			—			29			(22,981)		—			(22,981)	—			(22,981)
发行股票	10		—			(352)			(10)			1,139		—			787	—			787
代扣税款的股份	(2)		—			—			2			(1,213)		—			(1,213)	—			(1,213)
为收购而发行的股票	32		—			27,406			—			—		—			27,406	—			27,406

2026年6月30日余额	30,692		$	315			$	402,458			795		$	(169,901)	$	1,124,443			$	1,357,315		$	33,234	$	1,390,549
净利润	—		—			—			—			—		214,933			214,933	14,746			229,679
基于股票的薪酬	—		—			10,951			—			—		—			10,951	—			10,951
向非控股权益所有者分配	—		—			—			—			—		—			—	(980)			(980)

回购普通股	(106)		—			—			106			(72,006)		—			(72,006)	—			(72,006)
发行股票	21		—			(2,671)			(21)			3,521		—			850	—			850
代扣税款的股份	(7)		—			—			7			(4,099)		—			(4,099)	—			(4,099)


2026年9月30日余额	30,600		$	315			$	410,738			887		$	(242,485)	$	1,339,376			$	1,507,944		$	47,000	$	1,554,944


	截至2025年9月30日的九个月
	普通股	额外实收资本		库存股		留存收益				Sterling 股东权益合计		非控股权益	股东权益合计
	股数	金额			股数		金额
2024年12月31日余额	30,669		$	312			$	288,395			501		$	(63,121)	$	582,495			$	808,081		$	18,397	$	826,478
净利润	—		—			—			—			—		39,477			39,477	3,114			42,591
基于股票的薪酬	—		—			6,976			—			—		—			6,976	—			6,976
回购普通股	(340)		—			—			340			(43,846)		—			(43,846)	—			(43,846)
发行股票	129		—			(12,321)			(129)			12,817		—			496	—			496
代扣税款的股份	(47)		—			—			47			(5,768)		—			(5,768)	—			(5,768)
2025年3月31日余额	30,411		$	312			$	283,050			759		$	(99,918)	$	621,972			$	805,416		$	21,511	$	826,927
净利润	—		—			—			—			—		70,991			70,991	8,117			79,108
基于股票的薪酬	—		—			5,247			—			—		—			5,247	—			5,247
发行股票	11		—			(701)			(11)			1,150		—			449	—			449
代扣税款的股份	(3)		—			—			3			(358)		—			(358)	—			(358)
2025年6月30日余额	30,419		$	312			$	287,596			751		$	(99,126)	$	692,963			$	881,745		$	29,628	$	911,373
净利润	—		—			—			—			—		92,088			92,088	4,241			96,329
基于股票的薪酬	—		—			5,599			—			—		—			5,599	—			5,599
回购普通股	(17)		—			—			17			(4,700)		—			(4,700)	—			(4,700)
发行股票	32		—			(3,145)			(32)			3,605		—			460	—			460
代扣税款的股份	(11)		—			—			11			(3,524)		—			(3,524)	—			(3,524)
为收购而发行的股票	285		3			79,455			—			—		—			79,458	—			79,458
2025年9月30日余额	30,708		$	315			$	369,505			747		$	(103,745)	$	785,051			$	1,051,126		$	33,869	$	1,084,995

随附附注是这些简明合并财务报表不可分割的组成部分。

STERLING INFRASTRUCTURE, INC. & 子公司

简明合并财务报表附注

2026年9月30日

（未经审计）


1.	经营性质

业务概要

Sterling Infrastructure, Inc.（“Sterling”、“本公司”、“我们”或“我们的”）是一家特拉华州公司，通过旗下多家子公司在三个业务板块开展运营，专注于美国的电子基础设施、交通运输和建筑解决方案，业务主要分布于南部、东北部、中大西洋地区、落基山地区及太平洋岛屿。电子基础设施解决方案提供先进的大规模场地开发服务以及关键任务电气服务，适用于数据中心、半导体制造、制造业、配送中心、仓储、发电等领域。交通运输解决方案包括高速公路、道路、桥梁、机场、港口、铁路和雨水排水系统的基础设施及修复项目。建筑解决方案包括独栋和多户住宅的住宅及商业混凝土地基、停车结构、架空楼板、其他混凝土工程、管道服务，以及新建独栋住宅的测量服务。从战略到运营，我们致力于通过负责任地运营来保护和提升社会生活质量。关爱员工和社区、客户及投资者——这就是 Sterling 之道。


2.	列报基础及重要会计政策

列报基础

列报基础——随附的简明合并财务报表按照美国公认会计原则（“GAAP”）编制，反映了所有全资子公司以及本公司须予合并的实体。有关本公司对非全资实体的合并政策，详见附注5——持股50%的子公司和附注6——建筑合资企业。管理层认为，已纳入其认为为公允列报所必需的所有调整，且这些调整仅包括正常经常性调整。所有重大公司间账户和交易均已在合并时抵销。已对简明合并财务报表中的历史财务数据进行重分类，以符合本年度的列报方式。

估计和判断——按照GAAP编制随附的简明合并财务报表，要求管理层作出估计和判断，这些估计和判断会影响资产和负债的报告金额、财务报表日或有资产和负债的披露，以及报告期内收入和费用的报告金额。本公司某些会计估计在应用时比其他估计需要更高程度的判断，其中包括随时间确认建筑合同收入和收益、长期资产估值、商誉及收购会计估计。管理层根据可获得的信息和经验持续评估所有估计和判断；然而，实际结果可能与这些估计不同。

重要会计政策

根据《S-X 条例》第 10-01(a) 条，公司在本季度报告中省略了重要会计政策，这些政策与公司截至 2025 年 12 月 31 日止年度的 10-K 年度报告“第二部分，第 8 项：财务报表和补充数据——合并财务报表附注”中的披露重复。本季度报告应与公司最近一期 10-K 年度报告一并阅读。

应收账款—应收账款通常依据合同条款向客户开具账单。若经个别信用评估并结合客户具体情况后认为适当，公司将核销应收账款。公司会审查未结应收账款、历史收款信息和现有经济状况，以确定是否存在可能无法收回的应收账款。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，公司对预期信用损失的估计计提的准备均为零。

在建合同—对于随时间履行的履约义务，公司根据约定的合同条款，随着工作进展开具账单，账单周期可以是定期（例如每两周或每月）或在达到合同里程碑时。公司在收入确认前向客户开具账单时，会形成合同负债。相反，客户账单在收入确认后开具时，会形成合同资产。

公司履行的许多合同还包含保留款条款。保留款是指客户暂扣部分账单款项，待项目圆满完成后支付。除非已计提准备，公司假定客户根据此类条款保留的所有款项均可全额收回。截至 2026 年 9 月 30 日和 December 31, 2025，合同资产分别包括 88.0 亿美元和 40.7 亿美元的保留款，合同负债分别包括 242.9 亿美元和 147.6 亿美元的保留款。有效合同的保留款无论合同期限长短均归类为流动资产，通常在合同完成后一年内收回。公司预计将在未来十二个月内收回截至 2026 年 9 月 30 日保留款的约 50%，其余部分此后收回。每个报告期末，保留款按合同逐项列示于简明合并资产负债表中的“合同资产”和“合同负债”。

合同资产较 December 31, 2025 增加 66.9 亿美元，主要由于未开票收入增加及保留款增加。合同负债较 December 31, 2025 增加 265.1 亿美元，主要由于账单开具时间和工程进度的影响，部分被保留款增加所抵销。截至 2025 年 12 月 31 日的合同负债余额中所包含的收入，在截至 2026 年 9 月 30 日的三个月和九个月内确认的金额分别为 1.775 亿美元和 6.659 亿美元。截至 2024 年 12 月 31 日的合同负债余额中所包含的收入，在截至 2025 年 9 月 30 日的三个月和九个月内确认的金额分别为 7280 万美元和 3.539 亿美元。

现金、现金等价物及受限现金—我们的现金和现金等价物由原始到期日为三个月或以内的高流动性投资组成。公司将现金和现金等价物存放于大型金融机构。我们在一家或多家此类金融机构的现金和现金等价物余额超过联邦存款保险公司（“FDIC”）的保险承保额度。公司定期评估与这些金融机构相关的信用风险，并认为损失风险极低。2026年9月30日或2025年12月 31日的简明合并资产负债表中均未包含受限现金。

新会计公告

2024年11月，FASB发布了ASU第2024-03号《损益表费用分类披露》，要求公司对相关损益表费用项目中的规定费用类别披露分类信息。该指引适用于2026年12月15日之后开始的年度期间，以及2027年12月15日之后开始的中期期间。允许提前采用。公司目前正在评估采用该准则的影响，并计划于2027财年采用ASU 2024-03的规定。该ASU仅影响财务报表披露，采用后不会影响我们的经营业绩或财务状况。


3.	收购

2026年6月 1日，Sterling收购了位于爱达荷州波卡特洛的Stone Ridge Contracting, LLC（“Stone Ridge”）几乎全部资产（“Stone Ridge收购”）。Stone Ridge是一家领先的场地开发承包商；将其整合后，将加强Sterling在太平洋西北地区和德克萨斯州的E-Infrastructure地域布局，这些地区一直是战略性地域扩张的重点。

2025年9月 1日，Sterling收购了位于德克萨斯州欧文的CEC Facilities Group, LLC等实体（“CEC”）几乎全部资产（“CEC收购”）。CEC是一家领先的专业电气和机械承包商；将其整合后，将拓展Sterling有价值的E-Infrastructure服务范围，使该业务部门延伸至项目生命周期中后续的关键阶段，并创造重要的交叉销售机会。

两项收购均按照ASC主题805《企业合并》采用收购法进行会计处理。Stone Ridge和CEC自收购日起的经营业绩均计入我们的E-Infrastructure Solutions业务部门。

购买对价

下表列出了各项收购的购买对价构成。


（千元）	Stone Ridge		CEC
现金对价	$	139,985			$	442,937
股权对价	27,406			79,458
盈利或有对价 (1)	9,800			39,194
营运资本调整	941			—
转让对价的公允价值总额	$	178,132			$	561,589

(1) Stone Ridge盈利或有对价安排规定，公司须根据Stone Ridge达到特定EBITDA目标的情况支付最高$15 million。CEC盈利或有对价安排规定，公司须根据CEC达到特定营业收入目标的情况支付最高$80 million。

购买价格分摊—上述合计购买对价根据各项资产和承担的负债在相应收购交割日的估计公允价值进行分摊，该估值部分依据外部评估以及对某些资产（包括明确识别的无形资产）的估值。对价公允价值超过所收购净有形资产和可识别无形资产估计公允价值的部分确认为商誉。该商誉代表预期未来收益和现金流的价值，以及将新业务整合进本组织所产生的协同效应，包括交叉销售机会，有助于加强我们现有的服务范围并扩大我们的市场地位。与这些收购相关的商誉和无形资产预计可在税务上抵扣。

下表汇总了截至收购交割日的购买价格分摊情况，已扣除取得的现金：


（千美元）	Stone Ridge		CEC

应收账款	$	27,148			$	73,549
合同资产	5,376			40,632
其他流动资产	819			20,117
固定资产和设备，净额	8,288			15,363
其他非流动资产，净额	1,496			25,820
应付账款	(7,188)			(45,460)
合同负债	(4,979)			(53,555)
长期租赁义务的流动部分	(228)			(3,860)
其他流动及非流动负债	(3,611)			(47,673)
净有形资产总额	27,121			24,933
可识别无形资产	120,700			227,800
商誉	30,311			308,856
所收购净资产的公允价值总额	$	178,132			$	561,589

CEC 收购的购买价格分摊于 2026 年第三季度最终确定。Stone Ridge 收购的购买价格分摊仍为初步估算。分配至营运资本、可识别无形资产以及某些其他资产和负债的暂定金额可能会随着我们完成估值程序而发生变化。我们预计将在计量期内尽可能尽快完成分摊，计量期不超过收购日后一年。如有计量期调整，将在发现调整的期间入账，并可能影响经营业绩中确认的所收购资产、承担的负债、商誉及无形资产摊销金额。

可识别无形资产—Stone Ridge 收购中识别的无形资产列于下表，并按估计公允价值入账。该公允价值由公司管理层根据可获得的信息确定，其中包括外部专家提供的初步估值。无形资产的估计使用年限根据预计将直接或间接贡献未来现金流的无形资产剩余经济使用年限确定。


（千美元，使用年限数据除外）	加权平均年限（年）	2026 年 6 月 1 日公允价值
客户关系 (1)	25	$	110,000
商品名称 (2)	25	10,700

合计		$	120,700

(1) 客户关系无形资产采用多期超额收益法（“MPEEM”）进行估值，这是一种收益法。该方法通过考虑估计的客户流失率，估算归属于现有客户的未来现金流的现值。估值中使用的重要假设包括预测收入、营业利润率、5%的客户流失率，以及反映预测现金流固有风险的22%折现率。

(2) 商标名称无形资产采用特许权使用费节省法进行估值。估值中使用的重要假设包括预测收入、1%的估计特许权使用费率，以及22%的折现率。

作为CEC收购的一部分确认的无形资产列示于下表，并按其估计公允价值入账。该公允价值由公司管理层根据可获得的信息（包括外部专家的估值）确定。无形资产的估计使用寿命依据其剩余经济使用寿命确定，预计这些资产将直接或间接为未来现金流作出贡献。


（单位：千，寿命数据除外）	加权平均寿命（年）	2025年9月1日公允价值
客户关系 (1)	25	$	156,300
商标名称 (2)	25	71,500
总计		$	227,800

(1) 客户关系无形资产采用MPEEM进行估值，这是一种收益法。该方法通过考虑估计的客户流失率，估算归属于现有客户的未来现金流的现值。估值中使用的重要假设包括预测收入、营业利润率、10%的客户流失率，以及反映预测现金流固有风险的13.5%折现率。

(2) 商标名称无形资产采用特许权使用费节省法进行估值。估值中使用的重要假设包括预测收入、1.5%的估计特许权使用费率，以及12.5%的折现率。

补充备考信息（未经审计）—以下未经审计的备考合并财务信息（“备考财务信息”）反映了Stone Ridge和CEC收购及相关事项的影响，假设这些事项发生于最早适用比较期间的期初，并主要包括以下调整：(1) 纳入与收购相关的额外无形资产摊销；(2) 纳入税务和利息影响；(3) 纳入Stone Ridge和CEC截至2025年9月30日止三个月及九个月的备考业绩；以及(4) 纳入Stone Ridge截至2026年9月30日止九个月的备考业绩。该备考财务信息仅用于说明目的，并不一定代表备考事项在所示日期发生时本可实现的经营业绩。此外，该备考财务信息并不旨在预测收购后合并公司的未来经营业绩。


	截至9月30日止三个月		截至9月30日止九个月
（单位：千）	2026		2025	2026		2025
备考收入	$	1,563,927		$	804,368		$	3,625,913	$	2,116,557
归属于 Sterling 普通股股东的备考净利润	$	214,933		$	90,766		$	480,052	$	208,691

自 2026 年 6 月 1 日收购日起至 2026 年 9 月 30 日，Stone Ridge 收购相关收入和净利润对我们的经营业绩没有重大影响。


4.	客户收入

剩余履约义务（“RPO”）—RPO 指截至期末与未履行或部分履行的履约义务相关的合同交易价格总额。RPO 包括我们合并的合资企业的全部预期收入价值，以及我们按比例合并的合资企业中按比例计算的价值。RPO 未必能代表未来经营业绩。RPO 中的项目可能被客户取消或修改；但客户有义务就截至终止日已完成的工作以及任何适用的合同取消或修改成本向公司作出补偿。下表列示了公司按业务分部划分的 RPO：


（单位：千）	2026 年 9 月 30 日		2025 年 12 月 31 日
E-Infrastructure Solutions RPO	$	3,050,076			$	1,843,536
Transportation Solutions RPO	963,725			1,124,429
Building Solutions - Commercial RPO	35,015			42,977
RPO 总额	$	4,048,816			$	3,010,942

截至 2026 年 9 月 30 日，公司预计将在未来 12 个月内将约 72% 的 RPO 确认为收入，其余余额的绝大部分将在此后 12 至 24 个月内确认。

收入细分—下表按主要终端市场和合同类型列示公司的收入细分情况：


（单位：千）	截至 9 月 30 日止三个月		截至 9 月 30 日止九个月
按主要终端市场划分的收入	2026		2025		2026		2025
E-Infrastructure Solutions 收入	$	1,302,739			$	417,106		$	2,805,472	$	945,775

重型公路	115,634			105,710			318,587		326,017
航空	24,506			18,855			68,458		46,163
其他服务	25,084			45,925			67,734		115,768
Transportation Solutions 收入	165,224			170,490			454,779		487,948

住宅	74,364			80,529			242,889		249,107
商业	21,600			20,894			54,641		51,606
Building Solutions 收入	95,964			101,423			297,530		300,713
收入总额	$	1,563,927			$	689,019		$	3,557,781	$	1,734,436

按合同类型划分的收入
总价合同	$	976,016			$	418,815		$	2,251,376	$	966,189
固定单位价格	295,351			188,904			752,467		515,500
住宅及其他	292,560			81,300			553,938		252,747
收入总额	$	1,563,927			$	689,019		$	3,557,781	$	1,734,436

可变对价

公司有一些项目正在与客户协商，或等待客户最终批准尚未获批的变更单和索赔。公司正在依据合同权利，向客户追回因完成与变更单相关的工作（包括变更单定价尚待确定的情况），或因范围发生重大变化而导致工期大幅延误、完工成本增加的索赔所产生的额外成本。公司已向客户提供尚未获批的变更单和索赔信息，并正与客户持续协商。如果未能取得进一步进展并达成可接受的解决方案，公司将采取法律行动。根据公司对合同条款、已发生的具体成本以及支持尚未获批变更单和索赔的其他相关证据的审查，并在某些情况下酌情考虑公司外部索赔顾问的意见，公司认为适宜将与尚未获批变更单和索赔相关的金额计入项目价格；截至2026年9月30日和2025年12月31日，该金额分别为2,940万美元和290万美元。未完工合同的预计损失准备在确定损失的期间计提。

合同估计

长期合同和项目的会计处理涉及运用各种技术估计合同总收入和成本。对于长期合同，公司将合同预计总收入与预计完工成本之间的差额作为合同利润，并在合同存续期内确认。合同估计基于多项假设，用于预测通常跨越数年的未来事件结果。这些假设包括劳动生产率和可用性、待执行工作的复杂程度、材料成本及可用性，以及分包商的履约情况。工作执行情况、工作条件和预计盈利能力的变化（包括合同罚款条款和最终合同结算所引起的变化）可能导致收入发生变化，并在确定变化的期间予以确认。对前期已履行或部分履行的履约义务所作的合同估计变更，导致截至2026年9月30日的三个月和九个月净收入分别增加1.062亿美元和2.451亿美元；截至2025年9月30日的三个月和九个月净收入分别增加5,190万美元和1.243亿美元。


5.	持股50%的子公司

公司持有Road and Highway Builders, LLC（“RHB”）50%的所有权权益。公司对该所有权权益采用权益法核算，将其应占RHB收益作为单独项目列示于简明合并经营报表的“其他经营收入，净额”中，并将其在RHB的权益作为单独项目（“对未合并子公司的投资”）列示于简明合并资产负债表中。

以下列示RHB的财务金额及公司应占份额：


（单位：千）	2026年9月30日		2025年12月31日
流动资产——RHB资产负债表	$	124,718		$	118,101
流动负债——RHB 资产负债表	$	132,321		$	123,940
对未合并 RHB 子公司的投资——Sterling 资产负债表 (1)	$	98,485		$	105,813

(1) 分别包括截至 2026 年 9 月 30 日和 2025 年 12 月 31 日的 8550 万美元和 9190 万美元基础差额。


	截至 9 月 30 日止三个月		截至 9 月 30 日止九个月
（单位：千）	2026		2025	2026		2025
RHB 损益表
收入	$	57,632		$	63,560		$	164,956	$	168,327
税前收入	$	12,219		$	15,102		$	32,885	$	35,042
Sterling 损益表
收入	$	—		$	—		$	—	$	—
税前收入 (1)	$	3,963		$	5,405		$	10,003	$	11,082

(1)截至 2026 年和 2025 年 9 月 30 日止的三个月和九个月期间，Sterling 所占税前收入分别包括约 190 万美元和 560 万美元的无形资产摊销，以及约 27.5 万美元和 82.5 万美元的折旧费用，这些费用与 2024 年 12 月 31 日 RHB 解除合并时确认的基础差额有关。


6.	建筑合资企业

拥有控制性权益的合资企业——对于被认定为可变利益实体且我们是其主要受益人的合资企业，或我们以其他方式实际控制的合资企业，我们将其纳入合并报表。其他所有者持有的权益及其应占净收益（亏损）分别反映在简明合并资产负债表“非控股权益”项目和简明合并损益表“归属于非控股权益的净收益”项目中。

拥有非控股权益的合资企业——公司在简明合并损益表中按比例核算未合并合资企业，并在简明合并资产负债表中以单一项目（“建筑合资企业应收款及权益”）列示。这种方法是权益法核算的一种允许变通做法，在建筑行业较为常见。下文列示了公司拥有非控股权益的合资企业的合并财务金额，以及纳入公司简明合并财务报表的公司应占金额：


（单位：千）	2026 年 9 月 30 日		2025 年 12 月 31 日
流动资产——合资企业资产负债表	$	68,539		$	33,326
流动负债——合资企业资产负债表	$	44,983		$	17,877
建筑合资企业应收款及权益——Sterling 资产负债表	$	9,422		$	6,179


	截至 9 月 30 日止三个月		截至 9 月 30 日止九个月
（单位：千）	2026		2025	2026		2025
合资企业损益表：
收入	$	31,790		$	13,595		$	76,423	$	48,479
税前收入	$	6,103		$	(410)		$	8,107	$	2,394
Sterling 的非控股权益：
收入	$	12,716		$	5,438		$	30,569	$	19,392
税前收入	$	2,441		$	(164)		$	3,242	$	958

“建筑合资企业应收款及权益”项目包括未分配收益以及应付公司的应收款。通常，在客户验收项目竣工且保修期（如有）结束后，未分配收益会支付给合资企业合作伙伴。


7.	房产及设备

房产及设备汇总如下：


（单位：千）	2026 年 9 月 30 日		2025 年 12 月 31 日
建筑和运输设备	$	581,065			$	460,223
建筑物及改良设施	30,194			30,224
土地	2,277			2,168
办公设备	9,257			6,418
物业和设备总额	622,793			499,033
减：累计折旧	(265,050)			(220,764)
物业和设备净额	$	357,743			$	278,269

折旧费用—折旧费用主要计入收入成本，2026年截至9月30日的三个月和九个月分别为19.4 million美元和52.9 million美元；2025年截至9月30日的三个月和九个月分别为13.9 million美元和39.5 million美元。


8.	其他无形资产

下表列示了我们收购的有限寿命无形资产，包括各主要无形资产类别及合计的加权平均使用年限：


		2026年9月30日		2025年12月31日
（千元）	加权平均年限（年）	账面原值		累计摊销		账面原值		累计摊销
客户关系	24	$	634,238			$	(101,029)		$	519,483	$	(82,344)
商品名称	24	145,922			(19,796)			133,077		(15,514)

合计	24	$	780,160			$	(120,825)		$	652,560	$	(97,858)

公司无形资产摊销费用在2026年截至9月30日的三个月和九个月分别为8.4 million美元和23.0 million美元；在2025年截至9月30日的三个月和九个月分别为6.0 million美元和15.1 million美元。


9.	债务

2026年7月2日，公司作为借款人，其若干子公司作为担保人（“子公司担保人”），与BMO Bank N.A.（作为行政代理人）及其贷款方签订了第二份经修订及重述的信贷协议（“经修订信贷协议”）。经修订信贷协议对公司日期为2025年6月5日的经修订及重述信贷协议（“原信贷协议”）进行了整体修订和重述，将到期日延长至2031年7月2日，并提供15亿美元的优先担保循环信贷额度，其中信用证子额度为6亿美元，摆动额度子额度为5000万美元（“循环信贷额度”）。经修订信贷协议还允许公司设立增量融资，可用于（a）提供一笔或多笔定期贷款，（b）增加循环贷款，或（c）产生同等顺位担保债务，总额不超过500 million美元与公司最近结束的连续四个财政季度期间按备考基准计算的EBITDA（定义见经修订信贷协议）100%两者中的较大者；此外，只要公司的备考总净杠杆率（定义见经修订信贷协议）不超过2.00比1.00，还可无限额增加，但须满足若干条件并取得贷款方承诺。经修订信贷协议取消了原信贷协议所含的10个基点SOFR信用利差调整，并修订了适用定价利差，该利差基于公司的总净杠杆率。

在签订经修订的信贷协议时，公司使用循环信贷额度下的借款和手头现金，全额偿还了先前信贷协议项下定期贷款额度当时未偿还的2.85亿美元本金和利息。公司根据 ASC 470-50 评估了先前信贷协议的修订及重述以及定期贷款额度的偿还。公司分别确定了先前信贷协议项下定期贷款额度和循环信贷额度的会计处理，其中包括评估参与贷款机构的变化，以及对于循环信贷额度，评估借款能力的变化。定期贷款额度的偿还按债务清偿入账。因此，在截至2026年9月30日的三个月和九个月内，公司确认了130万美元的债务清偿损失，涉及冲销未摊销的债务发行成本。支付给新贷款机构或继续参与的贷款机构的费用，以及与循环信贷额度相关的第三方成本，均根据安排性质及适用的债务修改指引进行会计处理。

公司可选择以基准利率或有担保隔夜融资利率（“SOFR”）加适用利差的方式，对循环信贷额度下的借款计息；适用利差根据公司的总净杠杆率确定。根据经修订的信贷协议的条款和条件，借款可偿还并再次借入。公司还须根据其总净杠杆率，就循环信贷额度未使用部分支付承诺费，并就未偿信用证支付信用证费用和垫付费用。

经修订的信贷协议包含陈述与保证、肯定性和否定性契约、违约事件以及财务契约，要求公司在每个财政季度最后一天维持：(i)最高总净杠杆率为3.50比1.00；以及(ii)最低利息覆盖率为3.00比1.00，具体定义见经修订的信贷协议。经修订的信贷协议项下义务由子公司担保人提供担保，并以公司及子公司担保人的几乎全部资产作抵押，但允许的留置权及其他惯常例外情况除外。

截至2026年9月30日，公司在循环信贷额度下有9,500万美元借款，且无未偿信用证，剩余可用借款额度约为14亿美元；公司遵守经修订的信贷协议项下所有财务及其他契约。截至2026年9月30日，循环信贷额度下两笔未偿借款的利息分别按3.74%和3.79%的SOFR利率加每年1.25%的适用利差计算。在截至2026年9月30日的九个月内，公司根据先前信贷协议和经修订的信贷协议所借款项的加权平均年利率约为 5.00% per annum 。

债务发行成本—截至2026年9月30日，公司有与循环信贷额度相关的570万美元未摊销债务发行成本。由于这些成本与循环信贷额度安排有关，公司将其列入其他非流动资产，并在修订后的信贷协议期限内按直线法摊销，该方法与实际利率法近似。截至2026年9月30日止三个月和九个月，债务发行成本摊销额分别为303,000美元和706,000美元；截至2025年9月30日止三个月和九个月，分别为214,000美元和789,000美元，均计入利息费用。


10.	租赁义务

公司的经营租赁和融资租赁主要涉及建筑和运输设备以及办公空间。公司租赁的剩余租期为一个月至十年，部分租赁包含最长可延长十年的续租选择权。

租赁费用构成如下：


	截至9月30日止三个月		截至9月30日止九个月
（单位：千）	2026		2025		2026		2025
经营租赁成本	$	6,375			$	5,406		$	17,717	$	16,935
短期租赁成本	$	23,044			$	7,902		$	54,025	$	20,694

融资租赁成本：
使用权资产摊销	$	34			$	32		$	101	$	94
租赁负债利息	5			8			17		24
融资租赁成本总额	$	39			$	40		$	118	$	118

与租赁相关的补充现金流信息如下：


（单位：千）	截至9月30日止九个月
计入租赁负债计量金额的现金支付：	2026		2025

经营租赁经营现金流出	$	18,562		$	17,158
融资租赁经营现金流出	$	17		$	24
融资租赁融资现金流出	$	101		$	94

通过承担租赁义务取得的使用权资产（非现金）：
经营租赁	$	22,891		$	3,500
融资租赁	$	—		$	—

与租赁相关的补充资产负债表信息如下：



（单位：千）
经营租赁	2026年9月30日		2025年12月31日
经营租赁使用权资产	$	68,446			$	58,167

长期租赁义务的流动部分	$	14,743			$	18,679
长期租赁义务	55,793			40,186
经营租赁负债总额	$	70,536			$	58,865
融资租赁
物业和设备，按成本计	$	1,428			$	1,428
累计折旧	(1,143)			(1,067)
物业和设备，净额	$	285			$	361

长期债务的流动部分	$	143			$	136
长期债务	127			236
融资租赁负债总额	$	270			$	372
加权平均剩余租期
经营租赁	4.0		5.0
融资租赁	1.8		2.6
加权平均折现率
经营租赁	5.7	%		5.9	%
融资租赁	6.9	%		6.9	%

租赁负债到期情况如下：


（单位：千）	经营租赁		融资租赁
截至12月31日的年度
2026年（不包括截至2026年9月30日止九个月）	$	5,529			$	39
2027	16,940			157
2028	13,838			92
2029	12,293			—
2030	11,803			—
2031	11,108			—
此后	11,488			—
租赁付款总额	$	82,999			$	288
减：推算利息	(12,463)			(18)
总计	$	70,536			$	270


11.	承诺和或有事项

保险

公司根据保险提供商的要求，必须取得并持有备用信用证。这些信用证由开证方担保：如果公司未支付相关索赔，则开证方将向公司的保险提供商支付可归因于公司一般责任、工伤赔偿和汽车责任索赔的已发生索赔费用，最高不超过备用信用证载明的金额。

财产与意外伤害—公司设有一项为期三年的工伤赔偿、一般责任和汽车责任结构性再保险计划，每次事故设有 $1 million 的免赔额；此外，公司还设有一项伞式计划（工伤赔偿、一般责任和汽车责任），其累计免赔额为 $9 million。我们根据历史趋势，采用精算方法计提已报告和未报告的可合理估计的可能损失；必要时会结合近期事件调整。实际经验变化导致公司损失假设发生变化，可能影响我们对最终负债的评估，并可能影响经营业绩和财务状况。公司还为主要商业汽车责任、一般责任和雇主责任保单及伞式商业保单的承保限额之外，维持 $90 million 的商业保险保障。

医疗—公司设有全额投保和自保医疗福利计划，为选择参加计划的员工提供医疗福利。在自保计划下，公司为每项索赔购买止损保障，以限制此类索赔带来的风险。自保计划已提出的索赔以及已发生但尚未报告的索赔，均根据管理层对已发生索赔最终成本的估计计提；该估计采用保险行业通行的精算假设和历史经验。

担保

公司主要通过 Travelers Casualty and Surety Company of America（“Travelers”）为建筑合同取得保证担保。按照建筑行业惯例，公司就 Travelers 因所出具的担保而蒙受的任何损失向其作出赔偿。公司已就该义务授予 Travelers 对应收账款和合同权利的担保权益。

对于某些项目，公司会就尚待完成的工程成本出具履约保证。对于总价合同，履约保证金额为完成合同工程的成本，减去合同项下尚待向客户开票的金额。剩余可开票金额可能高于或低于完工成本。如果成本超过合同项下剩余可开票金额，我们可能向业主、合作伙伴、分包商或供应商等第三方追索索赔。

公司通常会就施工过程中产生的索赔向合同业主作出赔偿，并为此类索赔投保；过去此类索赔并不重大。

公司的公司注册证书规定对其高级管理人员和董事作出赔偿。公司为董事和高级管理人员购买了责任保险，以限制他们以该等身份遭受诉讼时所承担的风险。

诉讼

本公司（包括其建筑合资企业及其持有50%股权的子公司）目前及未来可能会作为当事方参与各种与日常业务经营相关的法律诉讼。管理层在咨询法律顾问后认为，这些诉讼的结果不会对本公司的简明合并财务报表产生重大影响。截至2026年9月30日，本公司未发现任何预计会导致重大损失的未决法律诉讼。


12.	所得税

本公司及其子公司位于美国，并提交联邦及各州所得税申报表。所得税费用的组成如下：


	截至9月30日止三个月		截至9月30日止九个月
（千美元）	2026		2025		2026		2025
当期联邦所得税费用	$	54,671			$	19,618		$	114,500	$	47,397
当期州所得税费用	15,887			7,057			34,790		16,306
递延联邦所得税费用	4,790			5,343			10,804		10,039
递延州所得税（收益）费用	711			(1,501)			962		(783)
所得税费用	$	76,059			$	30,517		$	161,056	$	72,959

已付所得税现金	$	51,043			$	22,734		$	119,814	$	56,300

截至2026年9月30日止三个月和九个月的有效所得税率分别为24.9%和24.3%。税率与法定税率存在差异，主要是由于不可抵扣的薪酬、州所得税及其他永久性差异。截至2026年9月30日止三个月和九个月，本公司因股票薪酬相关的税收抵扣增加，分别确认了10万美元和230万美元的税收优惠。

本公司的2023年及以后年度美国联邦和州所得税申报表尚未结案，可能接受税务审查。此外，税务机关可能调整2014年及以后纳税年度的联邦和州净经营亏损（“NOL”）。

不确定税务事项（“UTP”）—截至2026年9月30日，本公司有250万美元的UTP负债，以及与UTP相关的额外负债，包括罚款50.4万美元和利息62.5万美元。本公司将与UTP相关的利息和罚款分别确认为利息费用和一般及行政费用。截至2026年9月30日，UTP（包括罚款和利息）均由赔偿应收款项全额抵销。截至2026年9月30日止九个月，本公司转回了已记录的270万美元UTP；由于相关赔偿应收款项，对简明合并经营报表无重大影响。


13.	股票激励计划及其他权益活动

一般情况—本公司设有股票激励计划（“股票激励计划”）和员工股票购买计划（“ESPP”），由董事会薪酬与人才发展委员会管理。根据股票激励计划，本公司可向员工和董事发行限制性股票奖励（“RSAs”）、限制性股票单位（“RSUs”）和业绩股票单位（“PSUs”）。截至2026年9月30日止九个月，普通股和额外实收资本的变动主要与股票激励计划、ESPP、为缴税而扣留的股份以及回购本公司普通股相关活动有关。

股份授予—截至2026年9月30日的九个月内，公司根据股票激励计划授予了以下奖励：


（千股，股份数据除外）	股份	每股授予日公允价值加权平均值
限制性股票奖励（RSA）	1		$	886.22
限制性股票单位（RSU）	60		$	600.71
基于每股收益的绩效股票单位（PSU）（目标值）	17		$	306.23
基于市场表现的绩效股票单位（PSU）	5		$	428.56

授予股份总数	83

股份发行—截至2026年9月30日的九个月内，公司根据股票激励计划和员工股票购买计划（ESPP）发行了以下股份：


（千股）		股份
限制性股票奖励（RSA）（授予时发行）		1
限制性股票单位（RSU）（归属时发行）		33
基于每股收益的绩效股票单位（PSU）（归属时发行）		56

员工股票购买计划（ESPP）（出售时发行）		4
发行股份总数		94

Stock-Based Compensation—The Company recognized $11.0 million and $26.2 million of stock-based compensation expense during the three and nine months ended September 30, 2026, respectively. The Company recognized $5.6 million and $17.2 million of stock-based compensation expense during the three and nine months ended September 30, 2025, respectively. ESPP expense, which is included in the total stock-based compensation expense, was $207 thousand and $496 thousand for the three and nine months ended September 30, 2026, respectively, and $81 thousand and $248 thousand for the three and nine months ended September 30, 2025, respectively. Additionally, the Company has liability-based PSUs for which the number of shares awarded is not determined until the vesting date. During the three months ended September 30, 2026 and 2025, the Company recognized $206 thousand and $364 thousand, respectively, as a liability and compensation expense. During the nine months ended September 30, 2026 and 2025, the Company recognized $619 thousand and $1,051 thousand, respectively, as a liability and compensation expense, and upon vesting, reclassified the grant date fair value of $732 thousand and $632 thousand, respectively, from a liability to additional paid in capital. Stock-based compensation expense is primarily recognized within general and administrative expenses. The Company recognizes forfeitures as they occur, rather than estimating expected forfeitures.

Shares Withheld for Taxes—The Company withheld seven thousand and 33 thousand shares for taxes on the vesting of employee stock-based compensation for $4.1 million and $16.0 million during the three and nine months ended September 30, 2026, respectively.

Treasury Stock—Effective November 12, 2025, the Board of Directors authorized a stock repurchase program, permitting the repurchase of up to $400 million of the Company’s outstanding common stock. The stock repurchase program expires on November 12, 2027 and may be modified, extended or terminated by the Board of Directors at any time. Under the program, the Company may repurchase its common stock in the open market or through privately negotiated transactions at such times and at such prices as determined to be in the Company’s best interest. The Company accounts for the repurchase of treasury shares under the cost method and during the three and nine months ended September 30, 2026, the Company repurchased 106 thousand and 175 thousand shares, respectively, of its common stock for $72.0 million and $107.3 million, respectively.


14.	EARNINGS PER SHARE

The following table reconciles the numerators and denominators of the basic and diluted earnings per share computations for the three and nine months ended September 30, 2026 and 2025:


(In thousands, except per share data)	Three Months Ended September 30,		Nine Months Ended September 30,
Numerator:	2026		2025		2026		2025
Net income attributable to Sterling common stockholders	$	214,933			$	92,088		$	466,728	$	202,556

Denominator:
Weighted average common shares outstanding — basic	30,609			30,519			30,650		30,491
Shares for dilutive unvested stock	462			441			452		384
Weighted average common shares outstanding — diluted	31,071			30,960			31,102		30,875

Net income per share attributable to Sterling common stockholders:
Basic	$	7.02			$	3.02		$	15.23	$	6.64
Diluted	$	6.92			$	2.97		$	15.01	$	6.56

There were two thousand and 20 thousand weighted average unvested shares that were excluded from the calculation of diluted EPS under the treasury stock method, as they were anti-dilutive, for the three and nine months ended September 30, 2026, respectively. There were two thousand and four thousand weighted average unvested shares that were excluded from the calculation of diluted EPS under the treasury stock method, as they were anti-dilutive, for the three and nine months ended September 30, 2025, respectively.


15.	SUPPLEMENTAL CASH FLOW INFORMATION

The following table summarizes the changes in the components of operating assets and liabilities:


	Nine Months Ended September 30,
(In thousands)	2026		2025
Accounts receivable	$	(692,062)			$	(165,891)
Contracts in progress, net	200,090			46,358
Receivables from and equity in construction joint ventures	(3,243)			607
Receivable from affiliate	—			25,772
Other current and non-current assets	19,833			(6,452)
Accounts payable	144,381			5,316
Accrued compensation and other liabilities	127,267			40,844
Changes in operating assets and liabilities	$	(203,734)			$	(53,446)


16.	RELATED PARTY TRANSACTIONS

The Company has a limited number of related party transactions. The most significant transactions relate to property leases with the management of certain subsidiaries who own or have an ownership interest in real estate and other companies. The leases are for office space, equipment yards or maintenance shops and have an annual cost of approximately $6 million. The leases expire at various points over the next one to six years. During the nine months ended September 30, 2026, the Company performed work for and received services from entities owned or partially owned by the management of certain subsidiaries. For the three and nine months ended September 30, 2026, the Company recognized approximately $40 thousand and $1.9 million, respectively, of revenue from work performed for related parties. For the same periods, the Company recognized approximately $132 thousand and $402 thousand, respectively, of expense for services received from related parties.

In connection with the CEC Acquisition, the Company recorded a payable to the sellers, some of whom are now related parties, that is directly linked to a project‑specific receivable of approximately $15 million owed to CEC as of the acquisition date. Consistent with the closing settlement mechanics, amounts received from the customer on this receivable will be remitted to the sellers and, accordingly, the Company recognized a liability for the expected remittance. The arrangement does not impact gross profit, as the payable represents a pass‑through of cash collected on a pre‑close balance rather than consideration for post‑close performance. The asset and liability are presented within other current assets and liabilities, respectively, given the expected collection and remittance timeframe of less than 12 months.


17.	SEGMENT INFORMATION

The Company’s internal and public segment reporting is aligned based on the services offered by its operating segments. The Company’s operations consist of three reportable segments: E-Infrastructure Solutions, Transportation Solutions and Building Solutions. The Company’s CODM, the Company’s Chief Executive Officer, uses both segment gross profit and operating income for each segment predominantly in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances of both profit measures when making decisions about allocating capital and personnel to the segments. We incur certain expenses at the corporate level that relate to our business as a whole. Our business segments receive a portion of these expenses through various allocation methods, predominantly determined by usage and volume. The balance of the corporate-level expenses is reported in the “Corporate G&A Expenses” line, which is primarily comprised of corporate headquarters facility costs, the cost of the executive management team, and other expenses pertaining to certain centralized functions that benefit the entire Company but are not directly attributable to any specific business segment, such as corporate human resources, legal, governance, compliance and finance functions. Total assets held at Corporate primarily include cash, PP&E, and prepaid and leased assets.

The following tables present segment revenues, significant segment expenses, and measures of segment profit or loss for the three and nine months ended September 30, 2026 and 2025:


(In thousands)	Three Months Ended September 30,		Nine Months Ended September 30,
Revenues	2026		2025		2026		2025
E-Infrastructure Solutions	$	1,302,739			$	417,106		$	2,805,472	$	945,775
Transportation Solutions	165,224			170,490			454,779		487,948
Building Solutions	95,964			101,423			297,530		300,713
Total Revenues	$	1,563,927			$	689,019		$	3,557,781	$	1,734,436

Cost of Revenues
E-Infrastructure Solutions	$	(970,586)			$	(288,757)		$	(2,064,601)	$	(656,459)
Transportation Solutions	(130,135)			(144,134)			(368,455)		(416,133)
Building Solutions	(85,927)			(85,912)			(263,193)		(253,648)
Total Cost of Revenues	$	(1,186,648)			$	(518,803)		$	(2,696,249)	$	(1,326,240)

Gross Profit
E-Infrastructure Solutions	$	332,153			$	128,349		$	740,871	$	289,316
Transportation Solutions	35,089			26,356			86,324		71,815
Building Solutions	10,037			15,511			34,337		47,065
Total Gross Profit	$	377,279			$	170,216		$	861,532	$	408,196


(In thousands)	Three Months Ended September 30,		Nine Months Ended September 30,
General and Administrative Expenses	2026		2025		2026		2025


















E-Infrastructure Solutions	$	(30,948)			$	(17,656)		$	(85,174)	$	(42,280)
Transportation Solutions	(8,820)			(7,384)			(23,165)		(21,292)
Building Solutions	(2,647)			(2,803)			(8,794)		(9,045)
Segment General and Administrative Expenses	(42,415)			(27,843)			(117,133)		(72,617)
Corporate	(18,948)			(9,742)			(45,210)		(33,586)
Total General and Administrative Expenses	$	(61,363)			$	(37,585)		$	(162,343)	$	(106,203)

Intangible Amortization
E-Infrastructure Solutions	$	(6,658)			$	(4,079)		$	(17,795)	$	(10,013)
Transportation Solutions	—			—			—		—
Building Solutions	(1,724)			(1,956)			(5,172)		(5,061)
Total Intangible Amortization	$	(8,382)			$	(6,035)		$	(22,967)	$	(15,074)

Other Operating Income, Net
E-Infrastructure Solutions	$	(32)			$	—		$	1,226	$	—
Transportation Solutions	3,963			5,405			10,003		11,082
Building Solutions	—			—			—		—
Total Other Operating Income, Net	$	3,931			$	5,405		$	11,229	$	11,082

Operating Income
E-Infrastructure Solutions	$	294,515			$	106,614		$	639,128	$	237,023
Transportation Solutions	30,232			24,377			73,162		61,605
Building Solutions	5,666			10,752			20,371		32,959
Segment Operating Income	330,413			141,743			732,661		331,587
Corporate G&A Expenses	(18,948)			(9,742)			(45,210)		(33,586)
Acquisition Related Costs	(2,136)			(5,349)			(16,071)		(8,023)
Earn-out Expense	(2,487)			(1,343)			(7,463)		(4,029)
Total Operating Income	$	306,842			$	125,309		$	663,917	$	285,949

The following table presents depreciation by reportable segment:


(In thousands)	Three Months Ended September 30,		Nine Months Ended September 30,
Depreciation	2026		2025		2026		2025
E-Infrastructure Solutions	$	(14,545)			$	(10,569)		$	(39,253)	$	(30,340)
Transportation Solutions	(4,070)			(2,589)			(11,323)		(7,015)
Building Solutions	(370)			(394)			(1,101)		(1,129)
Corporate	(452)			(326)			(1,186)		(968)
Total Depreciation	$	(19,437)			$	(13,878)		$	(52,863)	$	(39,452)

The following table presents assets by reportable segment:


(In thousands)	September 30,		December 31,
Assets	2026		2025
E-Infrastructure Solutions	$	3,100,823			$	1,870,246
Transportation Solutions	85,501			181,867
Building Solutions	235,845			240,174
Corporate	59,811			341,544
Total Assets	$	3,481,980			$	2,633,831

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Statement Regarding Forward-Looking Statements

This quarterly report on Form 10-Q (“Report”), including the documents incorporated herein by reference, contains statements that are, or may be considered to be, “forward-looking statements” regarding the Company which represent our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for certain forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements included or incorporated by reference herein relate to matters that are not based on historical facts and reflect our current expectations as of the date of this Report, regarding items such as: our industry and business outlook, including relating to federal, state and municipal funding for projects, the residential home building market and demand from our customers; business strategy, including the integration of recent acquisitions and the potential for additional future acquisitions; expectations and estimates relating to our backlog; expectations concerning our market position; future operations; margins; profitability; capital expenditures; liquidity and capital resources; and other financial and operating information. Forward-looking statements may use or contain words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “strategy,” “will,” “would” and similar terms and phrases.

Actual events, results and outcomes may differ materially from those anticipated, projected or assumed in the forward-looking statements due to a variety of factors. Although it is not possible to identify all of these factors, they include, among others, the following:

•factors that affect demand for our services or demand in end markets, including economic recessions or volatile economic cycles;

•cost escalations associated with our contracts, due to changes in availability, proximity and cost of construction materials and fuel for our equipment, geopolitical conflicts (such as the conflicts in Eastern Europe and the Middle East) and related disruptions to the global energy markets, changes in U.S. trade policies and retaliatory responses from other countries, and cost escalations associated with subcontractors and labor;

•any action or inaction of suppliers, subcontractors, design engineers, joint venture partners, customers, competitors, banks, surety companies and others which is beyond our control, including the failure of suppliers, subcontractors and joint venture partners to perform their obligations;

•factors that affect the accuracy of estimates inherent in the bidding for contracts, estimates of backlog, and “over time” revenue recognition accounting policies, including onsite conditions that differ materially from those assumed in the original bid, contract modifications, mechanical problems with machinery or equipment and effects of other risks referenced below;

•changes in costs to lease, acquire or maintain our equipment;

•changes in general economic conditions, including reductions in federal, state and local government funding for projects, changes in those governments’ budgets, practices, laws and regulations and interest rate fluctuations and other adverse economic factors beyond our control in our geographic markets;

•the presence of competitors with greater financial resources or lower margin requirements than ours, and the impact of competitive bidders on our ability to obtain new backlog at reasonable margins acceptable to us;

•design/build contracts which subject us to the risk of design errors and omissions;

•our ability to obtain bonding or post letters of credit;

•adverse weather conditions;

•potential disruptions, failures or security breaches of the information technology systems on which we rely to conduct our business or failure to comply with laws and regulations regarding data privacy and cybersecurity;

•potential risks and uncertainties relating to major public health crises;

•our dependence on a limited number of significant customers;

•our ability to attract and retain key personnel;

•increased unionization of our workforce or labor costs and any work stoppages or slowdowns;

•federal, state and local environmental laws and regulations where non-compliance can result in penalties and/or termination of contracts as well as civil and criminal liability;

•our ability to obtain, maintain, and comply with governmental permits, licenses, and approvals;

•citations issued by any governmental authority, including the Occupational Safety and Health Administration;

•our ability to qualify as an eligible bidder under government contract criteria;

•delays or difficulties related to the completion of our projects, including additional costs, reductions in revenues or the payment of liquidated damages, or delays or difficulties related to obtaining required governmental permits and approvals;

•any prolonged shutdown of the government;

•our ability to successfully identify, finance, complete and integrate recent and potential acquisitions or our ability to identify all liabilities associated with an acquired business or asset prior to our acquisition;

•our ability to raise additional capital in the future on favorable terms or at all;

•our ability to generate cash flows sufficient to fund our financial commitments and objectives;

•our ability to meet the terms and conditions of our debt obligations and covenants; and

•the other risks discussed in more detail in the Company’s annual report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”) under “Part I, Item 1A. Risk Factors,” other portions of this Report, or our other filings with the Securities and Exchange Commission (the “SEC”).

In reading this Report, you should consider these factors carefully in evaluating any forward-looking statements and you are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements reflect our current expectations as of the date of this Report regarding future events, results or outcomes. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. Additional factors or risks that we currently deem immaterial, that are not presently known to us or that arise in the future could also cause our actual results to differ materially from our expected results. Given these uncertainties, investors are cautioned that many of the assumptions upon which our forward-looking statements are based are likely to change after the date the forward-looking statements are made. Further, we may make changes to our business plans that could affect our results. Although we believe that our plans, intentions and expectations reflected in, or suggested by, the forward-looking statements that we make in this Report are reasonable, we can provide no assurance that they will be achieved.

The forward-looking statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise, and notwithstanding any changes in our assumptions, changes in business plans, actual experience or other changes.

OVERVIEW

General—Sterling 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 concrete work, plumbing services, and surveys for new single-family residential builds. From strategy to operations, we are committed to sustainability by operating responsibly to safeguard and improve society’s quality of life. Caring for our people and our communities, our customers and our investors – that is The Sterling Way.

SIGNIFICANT TRANSACTIONS

Stone Ridge Acquisition—On June 1, 2026, Sterling acquired substantially all of the assets of Pocatello, Idaho-based Stone Ridge Contracting, LLC (“Stone Ridge”), a leading site development contractor. The purchase price was $178.1 million, consisting primarily of $140.0 million in cash and $27.4 million in common stock. Additionally, Stone Ridge has an earn-out opportunity of up to $15 million, contingent upon achievement of a certain EBITDA target. Stone Ridge is included in the Company’s E-Infrastructure Solutions segment.

CEC Acquisition—On September 1, 2025, the Company acquired substantially all of the assets of Irving, Texas-based CEC Facilities Group, LLC (“CEC”), a leading specialty electrical and mechanical contractor. The purchase price was $561.6 million, consisting primarily of $442.9 million in cash and $79.5 million in common stock. Additionally, CEC has an earn-out opportunity of up to an aggregate of $80 million, contingent upon achieving certain operating income targets. CEC is included in the Company’s E-Infrastructure Solutions segment.

MARKET OUTLOOK AND TRENDS

We see favorable opportunities for long-term growth across each of our business segments. We remain focused on our strategic objectives, which include: 1) growth in our E-Infrastructure Solutions segment, with particular focus on large, high-value projects; 2) risk reduction through a continued shift in our Transportation Solutions business away from low-bid heavy highway work, and toward alternative delivery and design-build projects; 3) continuing to grow market share and geographic presence in Building Solutions; and 4) improving our margins and returns in each of our segments.

E-Infrastructure Solutions—Our E-Infrastructure Solutions business is driven by our customers’ investments in the development of data centers, semiconductor fabrication, advanced manufacturing facilities, e-commerce distribution centers and warehouses. We foresee significant growth opportunities tied to the implementation of multi-year capital deployment plans by data center customers, including hyperscalers, colocation providers and others. These investments are driven by the need to support the increasing use of cloud computing applications, increasing adoption and complexity of artificial intelligence applications and digital transformation across industries. Additionally, we continue to see significant opportunity related to the construction of manufacturing capacity in the U.S., including semiconductor fabrication. Following a decline that began in 2023, the e-commerce distribution sector began to strengthen in 2025 and we expect this momentum to continue through 2026 and beyond.

Transportation Solutions—Our Transportation Solutions business is primarily driven by federal, state and municipal funding. Federal funds, on average, provide 50% of annual State Department of Transportation capital outlays for highway and bridge projects. We benefit from a number of federal, state and local infrastructure investment programs. At the Federal level, the Infrastructure Investment and Jobs Act (“IIJA”), which established funding for the fiscal 2022 through 2026 time period, drove significant increases in transportation funding relative to the previous five-year law. As a result of the IIJA, we saw an increase in bid activity and project awards which began in the third quarter of 2022. According to the U.S. Department of Transportation, as of July 31, 2026, approximately $413 billion, or 76%, of the $546 billion in available IIJA transportation funding had been obligated, while approximately $254 billion, or 47%, had been expended. Although the IIJA's original authorization period ended September 30, 2026, Congress enacted a temporary extension of federal surface transportation programs through December 11, 2026, generally maintaining existing program funding levels. Congress is also considering a new five-year surface transportation reauthorization for fiscal years 2027 through 2031, with legislation having advanced through the House Transportation and Infrastructure Committee. While the timing and final funding levels of the next authorization remain uncertain, continued federal investment, together with existing state and local funding programs, is expected to support transportation infrastructure investment opportunities.

Building Solutions—Our Building Solutions segment is comprised of our residential and commercial businesses. The segment is driven by new home starts in Dallas-Fort Worth, the segment’s largest market, Houston, and Phoenix. Building Solutions' core customer base includes top national, regional and custom home builders in our areas. Beginning in the second half of 2024, demand from residential home builder customers began to decline, as prospective homebuyers struggled with affordability challenges. We anticipate that demand will remain muted in the near-term, but believe the dynamics in our markets, including population growth and structural housing shortages, support a return to growth over a multi-year time period.

BACKLOG

A performance obligation is a promise in a contract with a customer to transfer a distinct good or service. Our remaining performance obligations (“RPOs”) represent the amount of revenues we expect to recognize in the future from our contract commitments on projects. For purposes of calculating RPOs, we include all estimated revenues attributable to consolidated joint ventures and variable interest entities.

We disclose backlog (“Backlog”), a measure commonly used in our industry but not recognized under GAAP. Our methodology for determining Backlog may not be comparable to the methodologies used by other companies. Our Backlog, which previously consisted solely of RPOs, has expanded to include estimated orders under master service agreements (“MSAs”) due to the acquisition of Stone Ridge in the second quarter of 2026. We determine the estimated Backlog for these MSAs using recurring historical trends, factoring in seasonal demand and projected customer needs based upon ongoing communications.

Generally, our customers are not contractually committed to specific volumes of services under our MSAs, and most of our contracts can be terminated on short notice even if we are not in default. As a result, estimates for Backlog are subject to change based on, among other things, project accelerations; project cancellations or delays, including but not limited to those caused by commercial issues, regulatory requirements, natural disasters, emergencies and adverse weather conditions; and final acceptance of change orders by customers. These factors can cause revenues to be realized in periods and at levels that are different than originally projected. The contracts in Backlog are typically completed in 6 to 36 months.

Our unsigned awards (“Unsigned Awards”) are excluded from Backlog until the contract is executed by our customer. We refer to the combination of our Backlog and Unsigned Awards as “Combined Backlog.” Our book-to-burn ratio is determined by taking our additions to Backlog and dividing them by revenue for the applicable period. This metric allows management to monitor the Company’s business development efforts to ensure we grow our Backlog and our business over time, and management believes that this measure is useful to investors for the same reason.

At September 30, 2026, our RPOs were $4.05 billion and our estimated orders under MSAs were $94.1 million, resulting in a total Backlog of $4.14 billion. This compares to December 31, 2025, when RPOs were $3.01 billion and estimated MSAs orders were zero, resulting in a total Backlog of $3.01 billion. For the nine months ended September 30, 2026, the Backlog book-to-burn ratio was 1.3X. Unsigned Awards were $2.00 billion at September 30, 2026 and $300.7 million at December 31, 2025, resulting in Combined Backlog of $6.14 billion and $3.31 billion at September 30, 2026 and December 31, 2025, respectively, with a book-to-burn ratio of 1.9X for the nine months ended September 30, 2026.

RESULTS OF OPERATIONS

Consolidated Results


	Three Months Ended September 30,		Nine Months Ended September 30,
(In thousands)	2026		2025		2026		2025
Revenues	$	1,563,927			$	689,019		$	3,557,781	$	1,734,436
Gross profit	377,279			170,216			861,532		408,196
General and administrative expenses	(61,363)			(37,585)			(162,343)		(106,203)
Intangible asset amortization	(8,382)			(6,035)			(22,967)		(15,074)
Acquisition related costs	(2,136)			(5,349)			(16,071)		(8,023)
Earn-out expense	(2,487)			(1,343)			(7,463)		(4,029)
Other operating income, net	3,931			5,405			11,229		11,082
Operating income	306,842			125,309			663,917		285,949
Interest income, net	161			1,537			494		5,038
Loss on extinguishment of debt	(1,265)			—			(1,265)		—
Income before income taxes and noncontrolling interests	305,738			126,846			663,146		290,987
Income tax expense	(76,059)			(30,517)			(161,056)		(72,959)
Less: Net income attributable to noncontrolling interests	(14,746)			(4,241)			(35,362)		(15,472)
Net income attributable to Sterling common stockholders	$	214,933			$	92,088		$	466,728	$	202,556


Gross margin	24.1	%		24.7	%		24.2	%		23.5	%

Revenues—Revenues were $1.56 billion for the third quarter of 2026, an increase of $874.9 million, or 127%, compared to the third quarter of 2025. The increase was driven by a $885.6 million increase in E-Infrastructure Solutions, partly offset by a $5.5 million decrease in Building Solutions and a $5.3 million decrease in Transportation Solutions.

Revenues were $3.56 billion for the nine months ended September 30, 2026, an increase of $1.82 billion, or 105%, compared to the nine months ended September 30, 2025. The increase was driven by a $1.86 billion increase in E-Infrastructure Solutions, partly offset by a $33.2 million decrease in Transportation Solutions and a $3.2 million decrease in Building Solutions.

Gross profit and margin—Gross profit was $377.3 million for the third quarter of 2026, an increase of $207.1 million, or 122%, compared to the third quarter of 2025. The Company’s gross margin as a percentage of revenue decreased to 24.1% in the third quarter of 2026, as compared to 24.7% in the third quarter of 2025.

Gross profit was $861.5 million for the nine months ended September 30, 2026, an increase of $453.3 million, or 111%, compared to the nine months ended September 30, 2025. The Company’s gross margin as a percentage of revenue increased to 24.2% for the nine months ended September 30, 2026, as compared to 23.5% for the nine months ended September 30, 2025. The increases were driven by the aforementioned higher revenue volume and an improved project margin mix in our Transportation Solutions segment.

Our contracts are of various sizes, of different expected profitability and in various stages of completion. The nearer a contract progresses toward completion, the more visibility the Company has in refining its estimate of total revenues (including incentives, delay penalties and change orders), costs and gross profit. Thus, gross profit as a percentage of revenues can increase or decrease from comparable and subsequent quarters due to variations among contracts and the stage of completion of contracts.

General and administrative expenses—General and administrative expenses were $61.4 million, or 3.9% of revenue, for the third quarter of 2026, compared to $37.6 million, or 5.5% of revenue, for the third quarter of 2025. General and administrative expenses were $162.3 million, or 4.6% of revenue, for the nine months ended September 30, 2026, compared to $106.2 million, or 6.1% of revenue, for the nine months ended September 30, 2025. The increases in expense primarily reflect higher performance based compensation and an increased headcount to support growth.

Income taxes—The effective income tax rate was 24.9% for the third quarter of 2026 and 24.3% for the nine months ended September 30, 2026. The rates varied from the statutory rate primarily as a result of non-deductible compensation, state income taxes and other permanent differences. See Note 12 - Income Taxes for more information.

Segment Results

The Company’s operations consist of three reportable segments: E-Infrastructure Solutions, Transportation Solutions and Building Solutions. We incur certain expenses at the corporate level that relate to our business as a whole. A portion of these expenses are allocated to our business segments by various methods, but primarily on the basis of usage. The balance of the corporate level expenses are reported in the “Corporate G&A Expense” line, which is primarily comprised of corporate headquarters facility expense, the cost of the executive management team and other expenses pertaining to certain centralized functions that benefit the entire Company, but are not directly attributable to any specific business segment, such as corporate human resources, legal, governance, compliance and finance functions.


(In thousands)	Three Months Ended September 30,		Nine Months Ended September 30,
Revenues	2026		% of Revenue		2025		% of Revenue		2026	% of Revenue	2025		% of Revenue
E-Infrastructure Solutions	$	1,302,739			83%		$	417,106		60%	$	2,805,472			79%	$	945,775	55%
Transportation Solutions	165,224			11%		170,490			25%	454,779		13%		487,948		28%
Building Solutions	95,964			6%		101,423			15%	297,530		8%		300,713		17%
Total Revenues	$	1,563,927					$	689,019			$	3,557,781				$	1,734,436

Operating Income
E-Infrastructure Solutions	$	294,515			22.6%		$	106,614		25.6%	$	639,128			22.8%	$	237,023	25.1%
Transportation Solutions	30,232			18.3%		24,377			14.3%	73,162		16.1%		61,605		12.6%
Building Solutions	5,666			5.9%		10,752			10.6%	20,371		6.8%		32,959		11.0%
Segment Operating Income	330,413			21.1%		141,743			20.6%	732,661		20.6%		331,587		19.1%
Corporate G&A Expenses	(18,948)					(9,742)				(45,210)				(33,586)
Acquisition Related Costs	(2,136)					(5,349)				(16,071)				(8,023)
Earn-out Expense	(2,487)					(1,343)				(7,463)				(4,029)
Total Operating Income	$	306,842			19.6%		$	125,309		18.2%	$	663,917			18.7%	$	285,949	16.5%

E-Infrastructure Solutions

Revenues—Revenues were $1.30 billion for the third quarter of 2026, an increase of $885.6 million, or 212%, compared to the third quarter of 2025. Revenues were $2.81 billion for the nine months ended September 30, 2026, an increase of $1.86 billion, or 197%, compared to the nine months ended September 30, 2025. The increases were primarily driven by higher volume from large mission-critical projects, with a continued reallocation of resources from transportation projects toward these higher-margin E-Infrastructure opportunities, and the inclusion of revenue from recent acquisitions.

Operating Income—Operating income was $294.5 million, or 22.6% of revenue, for the third quarter of 2026, an increase of $187.9 million, compared to $106.6 million, or 25.6% of revenue, for the third quarter of 2025. Operating income was $639.1 million, or 22.8% of revenue, for the nine months ended September 30, 2026, an increase of $402.1 million, compared to $237.0 million, or 25.1% of revenue, for the nine months ended September 30, 2025. The increases in operating income were primarily driven by the aforementioned higher revenue volume.

Transportation Solutions

Revenues—Revenues were $165.2 million for the third quarter of 2026, a decrease of $5.3 million, or 3%, compared to the third quarter of 2025. The decrease was driven by lower other services revenue, partly offset by higher heavy highway and aviation revenue. Revenues were $454.8 million for the nine months ended September 30, 2026, a decrease of $33.2 million, or 7%, compared to the nine months ended September 30, 2025. The decrease was driven by lower heavy highway and other services revenue, partly offset by higher aviation revenue. As mentioned above, decreases were also driven by the continued reallocation of resources from transportation projects towards higher-margin E-Infrastructure opportunities.

Operating Income—Operating income was $30.2 million, or 18.3% of revenue, for the third quarter of 2026, an increase of $5.9 million, compared to $24.4 million, or 14.3% of revenue, for the third quarter of 2025. Operating income was $73.2 million, or 16.1% of revenue, for the nine months ended September 30, 2026, an increase of $11.6 million, compared to $61.6 million, or 12.6% of revenue, for the nine months ended September 30, 2025. The increases in operating income and margin were driven by an improved project margin mix.

Building Solutions

Revenues—Revenues were $96.0 million for the third quarter of 2026, a decrease of $5.5 million, or 5%, compared to the third quarter of 2025. Revenues were $297.5 million for the nine months ended September 30, 2026, a decrease of $3.2 million, or 1%, compared to the nine months ended September 30, 2025. Current year revenues remained relatively flat compared to prior year periods as our businesses specializing in residential concrete slabs and plumbing are still being affected by a market downturn, as affordability issues continue to impact potential homebuyers.

Operating Income—Operating income was $5.7 million, or 5.9% of revenue, for the third quarter of 2026, a decrease of $5.1 million, compared to $10.8 million, or 10.6% of revenue, for the third quarter of 2025. Operating income was $20.4 million, or 6.8% of revenue, for the nine months ended September 30, 2026, a decrease of $12.6 million, compared to $33.0 million, or 11.0% of revenue, for the nine months ended September 30, 2025. The decreases in operating income and margin were driven by a continued downturn in residential markets compared to the three and nine months ended September 30, 2025.

LIQUIDITY AND SOURCES OF CAPITAL

Cash and Cash Equivalents—Total cash and cash equivalents at September 30, 2026 and December 31, 2025 includes the following components:


(In thousands)	September 30, 2026		December 31, 2025
Generally Available	$	16,807			$	314,567
Construction Joint Ventures	200,130			76,154
Cash and cash equivalents	$	216,937			$	390,721

The following table presents consolidated information about our cash flows:


(In thousands)	Nine Months Ended September 30,
Net cash provided by (used in):	2026		2025

Operating activities	$	427,095			$	253,937
Investing activities	(276,251)			(531,065)
Financing activities	(324,628)			(80,672)
Net change in cash and cash equivalents	$	(173,784)			$	(357,800)

Operating Activities—During the nine months ended September 30, 2026, net cash provided by operating activities was $427.1 million, compared to net cash provided by operating activities of $253.9 million for the nine months ended September 30, 2025. Cash flows provided by operating activities were primarily driven by higher operating income, distributions of earnings from our unconsolidated subsidiary, and changes primarily in accounts receivable, contracts in progress, net, and accounts payable (collectively, “Contract Capital”), as discussed below.

Changes in Contract Capital—The change in operating assets and liabilities varies due to fluctuations in operating activities and investments in Contract Capital. The changes in components of Contract Capital during the nine months ended September 30, 2026 and 2025 were as follows:


	Nine Months Ended September 30,
(In thousands)	2026		2025


Contracts in progress, net	$	200,090			$	46,358
Accounts receivable	(692,062)			(165,891)
Receivables from and equity in construction joint ventures	(3,243)			607
Accounts payable	144,381			5,316
Change in Contract Capital, net	$	(350,834)			$	(113,610)

During the nine months ended September 30, 2026, the change in Contract Capital was $350.8 million. The Company’s Contract Capital fluctuations are impacted by the mix of projects in Backlog, seasonality, the timing of new awards and related payments for work performed and the contract billings to the customer as projects are completed. Contract Capital is also impacted at period-end by the timing of accounts receivable collections and accounts payable payments for projects.

Investing Activities—During the nine months ended September 30, 2026, net cash used in investing activities was $276.3 million, compared to net cash used of $531.1 million in the nine months ended September 30, 2025. The net cash used during the current period was driven by $165.0 million for acquisitions and $115.5 million for purchases of capital equipment, partly

offset by $4.2 million of cash proceeds from the sale of property and equipment. Capital equipment is acquired as needed to support changing levels of production activities and to replace retiring equipment.

Financing Activities—During the nine months ended September 30, 2026, net cash used in financing activities was $324.6 million, compared to net cash used of $80.7 million for the nine months ended September 30, 2025. The financing cash outflow during the period was primarily driven by $292.5 million in repayments on our prior term loan facility, $107.3 million for the repurchase of common stock, $16.0 million for withholding taxes paid on the net share settlement of vested equity awards, and $7.8 million of earn-out payments, partly offset by $95.0 million in net Revolving Credit Facility borrowings and $14.7 million of capital contributions from noncontrolling interest owners.

Capital Strategy—The Company will continue to explore additional revenue growth and capital alternatives to strengthen its financial position in order to take advantage of trends in the markets in which we operate. The Company also expects to continue to pursue strategic uses of its cash, such as investing in projects or businesses that meet its gross margin and overall profitability targets, managing its debt balances and repurchasing shares of its common stock.

JOINT VENTURES

We participate in various construction joint venture partnerships in order to share expertise, risk and resources for certain highly complex projects. The joint venture’s contract with the project owner typically requires joint and several liability among the joint venture partners. Although our agreements with our joint venture partners provide that each party will assume and fund its share of any losses resulting from a project, if one of our partners is unable to pay its share, we would be fully liable for such share under our contract with the project owner. Circumstances that could lead to a loss under these guarantee arrangements include a partner’s inability to contribute additional funds to the venture in the event that the project incurred a loss or additional costs that we could incur should the partner fail to provide the services and resources toward project completion to which it committed in the joint venture agreement. See the 2025 Form 10-K under “Part I, Item 1A. Risk Factors.”

At September 30, 2026, there was approximately $393 million of construction work to be completed on unconsolidated construction joint venture contracts, of which approximately $157 million represented our proportionate share. Due to the joint and several liability under our joint venture arrangements, if one of our joint venture partners fails to perform, we and the remaining joint venture partners would be responsible for completion of the outstanding work. As of September 30, 2026, we are not aware of any situation that would require us to fulfill responsibilities of our joint venture partners pursuant to the joint and several liability under our contracts.

NEW ACCOUNTING STANDARDS

See the applicable section of Note 2 - Basis of Presentation and Significant Accounting Policies for a discussion of new accounting standards.

CRITICAL ACCOUNTING ESTIMATES

There have been no material changes to the Company’s discussion of critical accounting estimates from those described in Item 7 of our 2025 Form 10-K.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

Our interest rate risk relates primarily to fluctuations in variable interest rates on borrowings under our Revolving Credit Facility and our cash and cash equivalents balance. Until its repayment on July 2, 2026, we were also exposed to variable interest rates under our former term loan facility. Our indebtedness as of September 30, 2026 included $95 million of variable rate debt under our Revolving Credit Facility. At September 30, 2026, a 100-basis point (or 1%) increase or decrease in the interest rate would increase or decrease interest expense by approximately $1.0 million per year. As of September 30, 2026, we held cash and cash equivalents of $216.9 million. At September 30, 2026, a 100-basis point (or 1%) increase or decrease in the interest rate would increase or decrease interest income by approximately $2.2 million per year.

Other

Fair Value—The carrying values of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their respective fair values because of the short-term nature of these instruments. Based upon the current market rates for debt with similar credit risk and maturities, at September 30, 2026, the fair value of the Company’s debt outstanding approximated its carrying value, as interest was based on SOFR plus an applicable margin.

Inflation—Since 2021, supply chain volatility and inflation have resulted in price increases in oil, fuel, lumber, concrete, steel and labor which have increased our cost of operations, and inflation has increased our general and administrative expenses. Anticipated cost increases are considered in our bids to customers; however, inflation has had, and may continue to have, a negative impact on the Company’s financial results.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures include, but are not limited to, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Securities Exchange Act of 1934 is accumulated and communicated to the issuer’s management, including the principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

The Company’s principal executive officer and principal financial officer reviewed and evaluated the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of September 30, 2026. The Company acquired Stone Ridge in the second quarter of 2026 and, as permitted by SEC guidance for newly acquired businesses, the scope of management’s assessment of our disclosure controls and procedures as of September 30, 2026 did not include the disclosure controls and procedures, to the extent that they are subsumed by internal control over financial reporting, of Stone Ridge, whose financial statements reflect total assets and revenues constituting 5.8% and 2.3%, respectively, of the related Condensed Consolidated Financial Statements of the Company as of, and for the quarter ended, September 30, 2026. Based on that evaluation, the Company’s principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures were effective at September 30, 2026 to ensure that the information required to be disclosed by the Company in this Report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and is accumulated and communicated to the Company’s management including the principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Inherent Limitations on Effectiveness of Controls

Internal control over financial reporting may not prevent or detect all errors and all fraud. Also, projections of any evaluation of effectiveness of internal control to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

The Company, including its construction joint ventures and its 50% owned subsidiary, is now and may in the future be involved as a party to various 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. See Note 11 - “Commitments and Contingencies”, included in the unaudited Notes to our Condensed Consolidated Financial Statements included in Part I, Item 1. Condensed Consolidated Financial Statements of this Report for additional information.

Item 1A. Risk Factors

There have not been any material changes from the risk factors previously disclosed in “Part I, Item 1A. Risk Factors” of the 2025 Form 10-K. These risk factors should be carefully considered, as they could materially affect the Company’s business, financial condition, or future results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table sets forth certain information with respect to repurchases of our common stock in the open market during the quarter ended September 30, 2026 (in thousands, except per share data):


Period	Total number of shares (or units) purchased (1)	Average price paid per share (or unit)		Total number of shares (or units) purchased as part of publicly announced plans or programs (1)	Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs (1)
July 1 – July 31, 2026	106		$	681.20		106	$	267,084
August 1 – August 31, 2026	0		$	0.00		0	$	267,084
September 1 – September 30, 2026	0		$	0.00		0	$	267,084
Total	106		$	681.20		106

(1) Effective November 12, 2025, the Board of Directors authorized a stock repurchase program, permitting the repurchase of up to $400 million of the Company’s common stock. Under the program, the Company may repurchase its common stock in the open market or through privately negotiated transactions at such times and at such prices as determined to be in the Company’s best interest. The program expires on November 12, 2027 and may be modified, extended or terminated by the Board of Directors at any time.

Items 3 and 4 are not applicable and have been omitted.

Item 5. Other Information

On September 23, 2026, Joseph A. Cutillo, the Company’s Chief Executive Officer and a director of the Company, entered into a “Rule 10b5-1 trading arrangement”, as defined in Item 408(a) of Regulation S-K (“the Plan”), for the sale of 190 thousand shares of the Company’s common stock. The Plan is scheduled to begin on December 23, 2026 and terminates upon the sale of all the shares subject to the Plan or December 31, 2027, whichever occurs first.

Other than as set forth above, during the quarter ended September 30, 2026, no other director or officer (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K. Actual sale transactions for pre-existing “Rule 10b5-1 trading arrangements” or “non-Rule 10b5-1 trading arrangements” have been disclosed publicly in filings with the SEC in accordance with applicable securities laws, rules and regulations.

As previously disclosed on July 10, 2026, on July 6, 2026, Mark D. Wolf, former General Counsel, Chief Compliance Officer and Corporate Secretary of the Company, notified the Company of his intention to retire before the end of 2026. On October 29, 2026, Mr. Wolf notified the Company that his last day with the Company will be November 9, 2026.

Item 6. Exhibits

The following exhibits are filed with this Report:


Exhibit No.	Exhibit Title
2.1 (1)	Asset Purchase Agreement, dated as of June 16, 2025, by and among CEC Facilities, LLC, Sterling Infrastructure, Inc., CEC Facilities Group, LLC, MCEC, LLC, CEC Electrical, Inc., Brad Smith, in his capacity as a member of CEC Facilities Group, Daniel Williams, in his capacity as a member of CEC Facilities Group, LLC and as the sellers’ representative, and Ray Waddell, in his capacity as beneficial owner (incorporated by reference to Exhibit 2.1 to Sterling Infrastructure, Inc.’s Current Report on Form 8-K filed on June 18, 2025 (SEC File No. 1-31993)).
3.1 (1)	Composite Certificate of Incorporation of Sterling Infrastructure, Inc. as amended through May 3, 2023 (incorporated by reference to Exhibit 3.1 to Sterling Infrastructure, Inc.’s Registration Statement on Form 8-A, filed on May 12, 2023 (SEC File No. 1-31993)).
3.2 (1)	Amended and Restated Bylaws of Sterling Infrastructure, Inc. (incorporated by reference to Exhibit 3.2 to Sterling Infrastructure, Inc.’s Quarterly Report on Form 10-Q, filed on November 7, 2024 (SEC File No. 1-31993)).
4.1 (1)	Form of Common Stock Certificate of Sterling Infrastructure, Inc. (incorporated by reference to Exhibit 4.1 to Sterling Infrastructure, Inc.'s Registration Statement on Form 8-A, filed on May 12, 2023 (SEC File No. 1-31993)).

10.1 (1)	Second Amended and Restated Credit Agreement, dated July 2, 2026, by and among Sterling Infrastructure, Inc., the subsidiaries of the Company party thereto as Guarantors, the Lenders party thereto and BMO Bank, N.A. as Administrative Agent (incorporated by reference to Exhibit 10.1 to Sterling Infrastructure, Inc.’s Current Report on Form 8-K, filed on July 8, 2026 (SEC File No. 1-31993)).

31.1 (2)	Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a).
31.2 (2)	Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a).
32.1 (3)	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350.
32.2 (3)	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350.
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(1) Incorporated by reference to the filing indicated

(2) Filed herewith

(3) Furnished herewith

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, thereunto duly authorized.


	STERLING INFRASTRUCTURE, INC.

Date: October 29, 2026	By:	/s/ Nicholas Grindstaff
		Nicholas Grindstaff
		Chief Financial Officer and Duly Authorized Officer

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