STERLING INFRASTRUCTURE, INC.STRL
STERLING INFRASTRUCTURE, INC. Segments Disclosure
| 20. | SEGMENT INFORMATION | ||||
The Company’s internal and public segment reporting are aligned based upon 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 segment information for the prior periods presented has been recast to conform to the current presentation. The Company’s CODM, which is the Company’s Chief Executive Officer, uses both segment gross profit and operating income for each segment predominantly in the annual budget 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. 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. Total assets held at Corporate primarily include cash and prepaid assets.
The following table presents segment revenues, significant segment expenses, and measures of segment profit or loss for the years ended December 31, 2025, 2024 and 2023:
| Years Ended December 31, | ||||||||||||||||||||
| Revenues | 2025 | 2024 | 2023 | |||||||||||||||||
E-Infrastructure Solutions | $ | 1,466,777 | $ | 923,728 | $ | 937,408 | ||||||||||||||
Transportation Solutions | 640,674 | 783,659 | 630,908 | |||||||||||||||||
Building Solutions | 382,598 | 408,369 | 403,913 | |||||||||||||||||
| Total Revenues | $ | 2,490,049 | $ | 2,115,756 | $ | 1,972,229 | ||||||||||||||
| Cost of Revenues | ||||||||||||||||||||
| E-Infrastructure Solutions | $ | (1,042,227) | $ | (668,956) | $ | (746,608) | ||||||||||||||
| Transportation Solutions | (550,374) | (682,706) | (542,033) | |||||||||||||||||
| Building Solutions | (325,134) | (337,971) | (345,950) | |||||||||||||||||
| Total Cost of Revenues | $ | (1,917,735) | $ | (1,689,633) | $ | (1,634,591) | ||||||||||||||
| Gross Profit | ||||||||||||||||||||
| E-Infrastructure Solutions | $ | 424,550 | $ | 254,772 | $ | 190,800 | ||||||||||||||
| Transportation Solutions | 90,300 | 100,953 | 88,875 | |||||||||||||||||
| Building Solutions | 57,464 | 70,398 | 57,963 | |||||||||||||||||
| Total Gross Profit | $ | 572,314 | $ | 426,123 | $ | 337,638 | ||||||||||||||
| General and Administrative Expense | ||||||||||||||||||||
| E-Infrastructure Solutions | $ | (65,371) | $ | (39,621) | $ | (37,911) | ||||||||||||||
| Transportation Solutions | (28,425) | (29,221) | (29,254) | |||||||||||||||||
| Building Solutions | (11,612) | (11,314) | (9,105) | |||||||||||||||||
| Segment General and Administrative Expense | (105,408) | (80,156) | (76,270) | |||||||||||||||||
| Corporate | (49,406) | (38,268) | (22,433) | |||||||||||||||||
| Total General and Administrative Expense | $ | (154,814) | $ | (118,424) | $ | (98,703) | ||||||||||||||
| Intangible Amortization | ||||||||||||||||||||
| E-Infrastructure Solutions | $ | (15,403) | $ | (11,792) | $ | (11,892) | ||||||||||||||
| Transportation Solutions | — | — | — | |||||||||||||||||
| Building Solutions | (6,785) | (5,245) | (3,334) | |||||||||||||||||
| Total Intangible Amortization | $ | (22,188) | $ | (17,037) | $ | (15,226) | ||||||||||||||
Other Operating Income (Expense), Net | ||||||||||||||||||||
| E-Infrastructure Solutions | $ | 2,265 | $ | — | $ | — | ||||||||||||||
| Transportation Solutions | 15,935 | (20,863) | (17,710) | |||||||||||||||||
| Building Solutions | — | — | — | |||||||||||||||||
Total Other Operating Income (Expense), Net | $ | 18,200 | $ | (20,863) | $ | (17,710) | ||||||||||||||
| Operating Income | ||||||||||||||||||||
E-Infrastructure Solutions | $ | 346,041 | $ | 203,359 | $ | 140,997 | ||||||||||||||
Transportation Solutions | 77,810 | 50,869 | 41,911 | |||||||||||||||||
Building Solutions | 39,067 | 53,839 | 45,524 | |||||||||||||||||
| Segment Operating Income | 462,918 | 308,067 | 228,432 | |||||||||||||||||
Corporate G&A Expense | (49,406) | (38,268) | (22,433) | |||||||||||||||||
| Acquisition Related Costs | (8,327) | (421) | (873) | |||||||||||||||||
| Earn-out Income (Expense) | 731 | (4,756) | 669 | |||||||||||||||||
| Total Operating Income | $ | 405,916 | $ | 264,622 | $ | 205,795 | ||||||||||||||
The following table presents depreciation by reportable segment for the years ended December 31, 2025, 2024 and 2023:
| Years Ended December 31, | ||||||||||||||||||||
| Depreciation | 2025 | 2024 | 2023 | |||||||||||||||||
| E-Infrastructure Solutions | $ | (42,063) | $ | (34,858) | $ | (30,997) | ||||||||||||||
| Transportation Solutions | (10,046) | (14,551) | (10,195) | |||||||||||||||||
| Building Solutions | (1,518) | (1,049) | (807) | |||||||||||||||||
| Corporate | (1,299) | (915) | (178) | |||||||||||||||||
| Total Depreciation | $ | (54,926) | $ | (51,373) | $ | (42,177) | ||||||||||||||
The following table presents total assets by reportable segment at December 31, 2025 and 2024:
| Assets | December 31, 2025 | December 31, 2024 | ||||||||||||
E-Infrastructure Solutions | $ | 1,870,246 | $ | 958,107 | ||||||||||
Transportation Solutions | 181,867 | 178,143 | ||||||||||||
Building Solutions | 240,174 | 238,776 | ||||||||||||
Corporate | 341,544 | 641,748 | ||||||||||||
| Total Assets | $ | 2,633,831 | $ | 2,016,774 | ||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 3, 2021 | |
| 2019 | Mar 3, 2020 | |
| 2018 | Mar 5, 2019 | |
| 2017 | Mar 6, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.