Sterling Reports Record Second Quarter Results and Raises Full Year 2026 Guidance
THE WOODLANDS, TX, Aug. 3, 2026 /PRNewswire/ -- Sterling Infrastructure, Inc. (NasdaqGS: STRL) ("Sterling" or the "Company") today announced strong financial results for the second quarter of 2026.
The financial comparisons herein are to the prior year quarter, unless otherwise noted.
Second Quarter 2026
Results:
Adjusted Results:
Additional Financial Metrics:
(1)
Acquisitions includes CEC and Stone Ridge.
(2)
See "Non-GAAP Measures", "Adjusted Net Income Reconciliation", and "EBITDA Reconciliation" sections below for more information.
(3)
Combined Backlog includes Unsigned Awards of $1.28 billion at June 30, 2026, with $1.24 billion of Unsigned Awards contributed from CEC and Stone Ridge.
CEO Remarks and Outlook
"We delivered an outstanding second quarter, with adjusted net income increasing 118% to deliver adjusted diluted EPS of $5.80. Revenue grew 90%, including organic growth of approximately 50%, and strong adjusted EBITDA margins of 22%. Year-to-date operating cash flow generation totaled $328 million," stated Joe Cutillo, Sterling's Chief Executive Officer. "These results are a testament to the outstanding execution of our teams across the organization, and we are incredibly proud of their continued performance."
"Demand across our end markets remains strong, as reflected in robust bidding and award activity during the quarter and continued expansion of our multi-year visibility. We ended the quarter with signed backlog of $4.3 billion, up 116%, and combined backlog of $5.6 billion, up 150%. In addition, our pipeline of high-probability future phase work continues to expand and now exceeds $1.4 billion. Collectively, our signed backlog, unsigned awards, and future phase opportunities provide visibility into a total addressable pool of work of more than $7.0 billion, an increase of more than $2.5 billion since year-end 2025."
Mr. Cutillo continued, "Looking more closely at our segment performance, E-Infrastructure Solutions delivered another outstanding quarter, with revenue increasing 192% and adjusted operating income growing 148%. These results were driven by strong performance across both organic and acquired operations. The legacy site development business generated 111% revenue growth, reflecting significant growth across all regions, and operating margins expanded both year-over-year and sequentially. Demand for CEC's electrical services also remained exceptionally strong, with revenue increasing 140% compared to the pre-acquisition second quarter and margins improving on both a year-over-year and sequential basis.
E-Infrastructure signed backlog increased 165% over the prior year quarter. Mission-critical projects—including data centers, manufacturing, and semiconductor facilities—represented 92% of E-Infrastructure backlog at quarter end. We continue to see significant opportunities for both Sterling's best-in-class site development services and CEC's mission-critical electrical services, reinforcing our confidence in the multi-year growth trajectory of this business.
In Transportation Solutions, revenue declined 20% compared to the prior year period, while adjusted operating income increased 8%. The revenue decline reflects our ongoing reallocation of resources from transportation projects to higher-margin E-Infrastructure opportunities; this shift is now taking place at an accelerated pace.
In Building Solutions, revenue declined 1%, reflecting relatively flat levels of homebuilder activity, while adjusted operating income decreased 11%. We expect market conditions to remain challenging through 2026 as housing affordability pressures continue to affect prospective homebuyers, but remain optimistic on the long-term growth opportunities in our key geographies."
"Our strong second quarter results strengthen our conviction that 2026 will be another exceptional year for Sterling. As a result, we are raising our 2026 guidance to reflect the momentum across our businesses, the continued expansion of our backlog and future phase opportunities, our increasing visibility into future growth, and the contribution from the Stone Ridge acquisition. At the midpoint, our 2026 guidance would represent 64% year-over-year revenue growth, 84% growth in adjusted diluted earnings per share, and 79% growth in adjusted EBITDA—positioning Sterling for another year of exceptional execution, profitable growth, and long-term value creation," Mr. Cutillo concluded.
Full Year 2026 Guidance
Full Year 2026 Adjusted Guidance
Please see the "Adjusted Net Income Guidance Reconciliation" and "EBITDA Guidance Reconciliation" sections below for reconciliations of GAAP to non-GAAP measures and comparable 2025 results.
(1)
See "Non-GAAP Measures", "Adjusted Net Income Guidance Reconciliation" and "EBITDA Guidance Reconciliation" sections below for more information.
Conference Call
Sterling's management will hold a conference call to discuss these results and recent corporate developments on Tuesday, August 4, 2026 at 9:00 a.m. ET/8:00 a.m. CT. Interested parties may participate in the call by dialing (800) 836-8184. Please call in 10 minutes before the conference call is scheduled to begin and ask for the Sterling Infrastructure call. To coincide with the conference call, Sterling will post a slide presentation at www.strlco.com on the Events & Presentations section of the Investor Relations tab. Following management's opening remarks, there will be a question and answer session.
To listen to a simultaneous webcast of the call, please go to the Company's website at www.strlco.com at least 15 minutes early to download and install any necessary audio software. If you are unable to listen live, the conference call webcast will be archived on the Company's website for 30 days.
About Sterling
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.
Joe Cutillo, CEO, "We build and service the infrastructure that enables our economy to run,
our people to move and our country to grow."
Important Information for Investors and Stockholders
Non-GAAP Measures
This press release contains "Non-GAAP" financial measures as defined under Regulation G of the amended U.S. Securities Exchange Act of 1934. The Company reports financial results in accordance with U.S. generally accepted accounting principles ("GAAP"), but the Company believes that certain Non-GAAP financial measures provide useful supplemental information to investors regarding the underlying business trends and performance of the Company's ongoing operations and are useful for period-over-period comparisons of those operations.
Non-GAAP measures may include adjusted net income, adjusted operating income, adjusted EPS, EBITDA and adjusted EBITDA, in each case excluding the impacts of certain identified items. The excluded items represent items that the Company does not consider to be representative of its normal operations. The Company believes that these measures are useful for investors to review, because they provide a consistent measure of the underlying financial results of the Company's ongoing business and, in the Company's view, allow for a supplemental comparison against historical results and expectations for future performance. Furthermore, the Company uses each of these to measure the performance of the Company's operations for budgeting and forecasting, as well as for determining employee incentive compensation. However, Non-GAAP measures should not be considered as substitutes for net income, EPS, or other data prepared and reported in accordance with GAAP and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Reconciliations of Non-GAAP financial measures to the most comparable GAAP measures are provided in the tables included within this press release.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements that are considered forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which may include statements about: the anticipated benefits of the CEC and Stone Ridge acquisitions; our business strategy; our financial strategy; our industry outlook; our guidance; our expected earnings and margin growth; our pool of future work; and our plans, objectives, expectations, forecasts, outlook and intentions. All of these types of statements, other than statements of historical fact included in this press release, are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursue," "target," "guidance," "continue," the negative of such terms or other comparable terminology. The forward-looking statements contained in this press release are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management's assumptions about future events may prove to be inaccurate. Management cautions all readers that the forward-looking statements contained in this press release are not guarantees of future performance, and we cannot assure any reader that such statements will be realized or the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to factors listed in the "Risk Factors" section in our filings with the U.S. Securities and Exchange Commission and elsewhere in those filings. 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. 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, notwithstanding any changes in our assumptions, changes in business plans, actual experience or other changes. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.
Company Contact:
Sterling Infrastructure, Inc.
Noelle Dilts, VP Investor Relations and Corporate Strategy
281-214-0795
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Revenues
$ 1,168,179
$ 614,468
$ 1,993,854
$ 1,045,417
Cost of revenues
(878,222)
(471,328)
(1,509,601)
(807,437)
Gross profit
289,957
143,140
484,253
237,980
General and administrative expense
(53,130)
(33,987)
(100,980)
(68,618)
Intangible asset amortization
(7,492)
(4,536)
(14,585)
(9,039)
Acquisition related costs
(12,528)
(2,495)
(13,935)
(2,674)
Earn-out expense
(2,488)
(1,343)
(4,976)
(2,686)
Other operating income, net
4,942
3,785
7,298
5,677
Operating income
219,261
104,564
357,075
160,640
Interest income
3,803
6,901
7,441
13,728
Interest expense
(3,094)
(4,995)
(7,108)
(10,227)
Income before income taxes
219,970
106,470
357,408
164,141
Income tax expense
(51,324)
(27,362)
(84,997)
(42,442)
Net income, including noncontrolling interests
168,646
79,108
272,411
121,699
Less: Net income attributable to noncontrolling interests
(12,820)
(8,117)
(20,616)
(11,231)
Net income attributable to Sterling common
stockholders
$ 155,826
$ 70,991
$ 251,795
$ 110,468
Net income per share attributable to Sterling common
stockholders:
Basic
$ 5.08
$ 2.33
$ 8.21
$ 3.62
Diluted
$ 5.00
$ 2.31
$ 8.09
$ 3.59
Weighted average common shares outstanding:
Basic
30,689
30,408
30,670
30,477
Diluted
31,143
30,762
31,110
30,804
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
SEGMENT INFORMATION
(In thousands)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
Revenues
2026
% of
Revenue
2025
% of
Revenue
2026
% of
Revenue
2025
% of
Revenue
E-Infrastructure Solutions
$ 905,001
78 %
$ 310,406
51 %
$ 1,502,733
75 %
$ 528,669
51 %
Transportation Solutions
156,692
13 %
196,797
32 %
289,555
15 %
317,458
30 %
Building Solutions
106,486
9 %
107,265
17 %
201,566
10 %
199,290
19 %
Total Revenues
$ 1,168,179
$ 614,468
$ 1,993,854
$ 1,045,417
Operating Income
E-Infrastructure Solutions
$ 210,849
23.3 %
$ 83,767
27.0 %
$ 344,613
22.9 %
$ 130,409
24.7 %
Transportation Solutions
28,176
18.0 %
25,975
13.2 %
42,930
14.8 %
37,228
11.7 %
Building Solutions
8,490
8.0 %
9,855
9.2 %
14,705
7.3 %
22,207
11.1 %
Segment Operating Income
247,515
21.2 %
119,597
19.5 %
402,248
20.2 %
189,844
18.2 %
Corporate G&A Expense
(13,238)
(11,195)
(26,262)
(23,844)
Acquisition Related Costs
(12,528)
(2,495)
(13,935)
(2,674)
Earn-out Expense
(2,488)
(1,343)
(4,976)
(2,686)
Total Operating Income
$ 219,261
18.8 %
$ 104,564
17.0 %
$ 357,075
17.9 %
$ 160,640
15.4 %
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)
June 30,
December 31,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$ 464,451
$ 390,721
Accounts receivable
770,671
501,163
Contract assets
156,295
101,154
Receivables from and equity in construction joint ventures
6,980
6,179
Other current assets
30,341
35,245
Total current assets
1,428,738
1,034,462
Property and equipment, net
322,888
278,269
Investment in unconsolidated subsidiaries
101,572
105,813
Operating lease right-of-use assets, net
51,922
58,167
Goodwill
616,232
585,221
Other intangibles, net
660,017
554,702
Other non-current assets, net
12,871
17,197
Total assets
$ 3,194,240
$ 2,633,831
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$ 316,019
$ 226,810
Contract liabilities
802,601
652,357
Current maturities of long-term debt
15,141
15,146
Current portion of long-term lease obligations
14,613
18,679
Accrued compensation
71,975
62,657
Other current liabilities
70,733
46,805
Total current liabilities
1,291,082
1,022,454
Long-term debt
268,734
275,903
Long-term lease obligations
38,327
40,186
Deferred tax liability, net
129,410
123,145
Other long-term liabilities
76,138
65,708
Total liabilities
1,803,691
1,527,396
Stockholders' equity:
Common stock
315
315
Additional paid in capital
402,458
366,101
Treasury stock, at cost
(169,901)
(130,547)
Retained earnings
1,124,443
872,648
Total Sterling stockholders' equity
1,357,315
1,108,517
Noncontrolling interests
33,234
(2,082)
Total stockholders' equity
1,390,549
1,106,435
Total liabilities and stockholders' equity
$ 3,194,240
$ 2,633,831
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended June 30,
2026
2025
Cash flows from operating activities:
Net income
$ 272,411
$ 121,699
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
48,011
34,613
Amortization of debt issuance costs and non-cash interest
342
472
Gain on disposal of property and equipment
(1,243)
(1,340)
Changes in the fair value of earn-outs
4,976
2,686
Distribution of earnings from unconsolidated subsidiaries
10,813
10,319
Equity in earnings from unconsolidated subsidiaries
(6,573)
(5,677)
Deferred taxes
6,265
5,414
Stock-based compensation
15,639
12,278
Changes in operating assets and liabilities
(22,620)
(10,153)
Net cash provided by operating activities
328,021
170,311
Cash flows from investing activities:
Acquisitions, net of cash acquired
(139,985)
(37,860)
Capital expenditures
(69,646)
(31,262)
Proceeds from sale of property and equipment
3,132
2,645
Net cash used in investing activities
(206,499)
(66,477)
Cash flows from financing activities:
Repayments of debt
(7,577)
(17,275)
Capital contributions from noncontrolling interest owners
14,700
—
Repurchase of common stock
(35,256)
(43,846)
Withholding taxes paid on net share settlement of equity awards
(11,892)
(6,126)
Payments of earn-outs
(7,767)
—
Debt issuance costs
—
(1,409)
Net cash used in financing activities
(47,792)
(68,656)
Net change in cash, cash equivalents, and restricted cash
73,730
35,178
Cash, cash equivalents and restricted cash at beginning of period
390,721
664,195
Cash, cash equivalents and restricted cash at end of period
464,451
699,373
Less: restricted cash
—
—
Cash and cash equivalents at end of period
$ 464,451
$ 699,373
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
ADJUSTED NET INCOME RECONCILIATION
(In thousands, except per share data)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net income attributable to Sterling common stockholders
$ 155,826
$ 70,991
$ 251,795
$ 110,468
Non-cash stock-based compensation
8,142
5,595
15,639
12,278
Intangible asset amortization (1)
9,364
6,408
18,328
12,782
Acquisition related costs
12,528
2,495
13,935
2,674
Earn-out expense
2,488
1,343
4,976
2,686
Tax impact of adjustments
(7,588)
(4,071)
(12,575)
(7,866)
Adjusted net income attributable to Sterling common
stockholders (2)
$ 180,760
$ 82,761
$ 292,098
$ 133,022
Net income per share attributable to Sterling common
stockholders:
Basic
$ 5.08
$ 2.33
$ 8.21
$ 3.62
Diluted
$ 5.00
$ 2.31
$ 8.09
$ 3.59
Adjusted net income per share attributable to Sterling
common stockholders:
Basic
$ 5.89
$ 2.72
$ 9.52
$ 4.36
Diluted
$ 5.80
$ 2.69
$ 9.39
$ 4.32
Weighted average common shares outstanding:
Basic
30,689
30,408
30,670
30,477
Diluted
31,143
30,762
31,110
30,804
(1)
For each of the three and six months ended June 30, 2026 and 2025, intangible asset amortization includes $1,872 and $3,743, respectively, related to the basis difference recognized upon the deconsolidation of RHB on December 31, 2024.
(2)
The Company defines adjusted net income attributable to Sterling common stockholders as GAAP net income attributable to Sterling common stockholders excluding non-cash stock-based compensation, intangible asset amortization, acquisition related costs, earn-out (income) expense, and the income tax impact of these adjustments. The tax impact of adjustments is determined by using the Company's annual effective tax rate, unless the nature of the item requires application of a specific tax rate.
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
EBITDA RECONCILIATION
(In thousands)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net income attributable to Sterling common stockholders
$ 155,826
$ 70,991
$ 251,795
$ 110,468
Depreciation and amortization (1)
27,124
19,769
52,304
38,906
Interest income, net
(709)
(1,906)
(333)
(3,501)
Income tax expense
51,324
27,362
84,997
42,442
EBITDA (2)
233,565
116,216
388,763
188,315
Non-cash stock-based compensation
8,142
5,595
15,639
12,278
Acquisition related costs
12,528
2,495
13,935
2,674
Earn-out expense
2,488
1,343
4,976
2,686
Adjusted EBITDA (3)
$ 256,723
$ 125,649
$ 423,313
$ 205,953
(1)
For each of the three and six months ended June 30, 2026 and 2025, depreciation and amortization includes $1,872 and $3,743, respectively, of intangible asset amortization and $275 and $550, respectively, of depreciation expense related to the basis difference recognized upon the deconsolidation of RHB.
(2)
The Company defines EBITDA as GAAP net income attributable to Sterling common stockholders adjusted for depreciation and amortization, net interest income/expense and income tax expense.
(3)
The Company defines adjusted EBITDA as EBITDA excluding the impact of non-cash stock-based compensation, acquisition related costs, and earn-out expense.
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
NON-GAAP SEGMENT INFORMATION
(In thousands)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
Adjusted Operating Income
2026
% of
Revenue
2025
% of
Revenue
2026
% of
Revenue
2025
% of
Revenue
E-Infrastructure Solutions
$ 217,833
24.1 %
$ 87,718
28.3 %
$ 358,163
23.8 %
$ 138,301
26.2 %
Transportation Solutions
30,495
19.5 %
28,271
14.4 %
47,573
16.4 %
41,848
13.2 %
Building Solutions
10,537
9.9 %
11,797
11.0 %
18,803
9.3 %
26,031
13.1 %
Adjusted Segment Operating
Income
258,865
22.2 %
127,786
20.8 %
424,539
21.3 %
206,180
19.7 %
Corporate G&A Expense
(7,082)
(7,381)
(14,586)
(15,120)
Total Adjusted Operating
Income (1)
$ 251,783
21.6 %
$ 120,405
19.6 %
$ 409,953
20.6 %
$ 191,060
18.3 %
(1)
The Company defines adjusted operating income as GAAP operating income excluding the impact of non-cash stock-based compensation, intangible asset amortization, acquisition related costs, and earn-out expense. For the three months ended June 30, 2026, GAAP operating income of $219,261 is adjusted to exclude $8,142 of non-cash stock-based compensation, $9,364 of intangible asset amortization (including $1,872 related to the basis difference of RHB), $12,528 of acquisition related costs, and $2,488 of earn-out expense.
For the six months ended June 30, 2026, GAAP operating income of $357,075 is adjusted to exclude $15,639 of non-cash stock-based compensation, $18,328 of intangible asset amortization (including $3,743 related to the basis difference of RHB), $13,935 of acquisition related costs, and $4,976 of earn-out expense.
For the three months ended June 30, 2025, GAAP operating income of $104,564 is adjusted to exclude $5,595 of non-cash stock-based compensation, $6,408 of intangible asset amortization (including $1,872 related to the basis difference of RHB), $2,495 of acquisition related costs, and $1,343 of earn-out expense.
For the six months ended June 30, 2025, GAAP operating income of $160,640 is adjusted to exclude $12,278 of non-cash stock-based compensation, $12,782 of intangible asset amortization (including $3,743 related to the basis difference of RHB), $2,674 of acquisition related costs, and $2,686 of earn-out expense.
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
ADJUSTED NET INCOME GUIDANCE RECONCILIATION
(In millions, except per share data)
(Unaudited)
Full Year 2026 Guidance
Full Year
Low
High
2025 Actual
Net income attributable to Sterling common stockholders
$ 536
$ 555
$ 290
Non-cash stock-based compensation
38
38
24
Intangible asset amortization (1)
39
39
30
Acquisition related costs
14
14
8
Earn-out expense (income)
10
10
(1)
Income tax impact of adjustments
(25)
(25)
(15)
Adjusted net income attributable to Sterling common stockholders (2)
$ 612
$ 631
$ 337
Net income per share attributable to Sterling common stockholders:
Diluted
$ 17.25
$ 17.85
$ 9.38
Adjusted net income per share attributable to Sterling common stockholders:
Diluted
$ 19.70
$ 20.30
$ 10.88
Weighted average common shares outstanding:
Diluted (2026 is approximate)
31.1
31.1
30.9
(1)
Full year 2026 guidance and full year 2025 actual include intangible asset amortization of approximately $7.5 million related to the basis difference recognized in the deconsolidation of RHB.
(2)
The Company defines adjusted net income attributable to Sterling common stockholders as GAAP net income attributable to Sterling common stockholders excluding the impact of non-cash stock-based compensation, intangible asset amortization, acquisition related costs, earn-out expense (income), and the income tax impact of these adjustments. The tax impact of adjustments is determined by using the Company's annual effective tax rate, unless the nature of the item requires application of a specific tax rate.
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
EBITDA GUIDANCE RECONCILIATION
(In millions)
(Unaudited)
Full Year 2026 Guidance
Full Year 2025
Low
High
Actual
Net income attributable to Sterling common stockholders
$ 536
$ 555
$ 290
Depreciation and amortization (1)
111
114
86
Interest expense (income), net
(1)
(4)
(3)
Income tax expense
183
189
99
EBITDA (2)
829
854
472
Non-cash stock-based compensation
38
38
24
Acquisition related costs
14
14
8
Earn-out expense (income)
10
10
(1)
Adjusted EBITDA (3)
$ 891
$ 916
$ 504
(1)
Full year 2026 guidance and full year 2025 actual include depreciation and intangible asset amortization of approximately $1.1 million and $7.5 million, respectively, related to the basis difference recognized in the deconsolidation of RHB.
(2)
The Company defines EBITDA as GAAP net income attributable to Sterling common stockholders, adjusted for depreciation and amortization, net interest income/expense, and income tax expense.
(3)
The Company defines adjusted EBITDA as EBITDA excluding the impact of non-cash stock-based compensation, acquisition related costs, and earn-out expense (income).
SOURCE Sterling Infrastructure, Inc.