Sterling Infrastructure Q4 Revenue Jumps 51%, Full-Year Backlog Up 78%
Sterling Infrastructure posted fourth-quarter 2025 revenues of $755.6 million, up 51% year-over-year, driven by the CEC acquisition's $129.1 million revenue contribution, and earned net income of $87.6 million ($2.81 per share). Full-year 2025 net income rose 53% to $336.7 million ($10.88 per share), EBITDA grew 47% to $503.8 million and backlog surged 78% to $3.01 billion.
1. Fourth Quarter 2025 Results
Sterling Infrastructure generated $755.6 million in fourth-quarter revenue, up 51% year-over-year, with the CEC acquisition contributing $129.1 million. Net income was $87.6 million ($2.81 per diluted share), adjusted net income reached $96.0 million ($3.08 per share), and adjusted EBITDA was $142.1 million, supported by a record 22% gross profit margin.
2. Full Year 2025 Performance
For the year ended December 31, 2025, revenue rose 18% on a GAAP basis to $2.49 billion, or 32% excluding the prior-year deconsolidation. Reported net income was $290.2 million ($9.38 per share), while adjusted net income climbed 53% to $336.7 million ($10.88 per share) and adjusted EBITDA increased 47% to $503.8 million.
3. Backlog and Cash Position
Signed backlog at year end reached $3.01 billion, up 78%, and combined backlog hit $3.31 billion, up 81%, with CEC adding $715.2 million. Operating cash flow totaled $440.0 million, cash and equivalents were $390.7 million, and share repurchases in Q4 amounted to $25.7 million at an average of $310.09 per share.
4. Outlook and Guidance
Management highlighted a pipeline of high-probability future work exceeding $1 billion and a combined pool of opportunities approaching $4.5 billion. Early 2026 bid activity remains robust, supporting full-year 2026 guidance expectations of continued top-line growth and margin expansion.