STERLING INFRASTRUCTURE, INC.
For the period ended Sep 30, 2026. Filed Oct 29, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 29, 2026
STRL$290.67+15.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income | $502,090 | $218,028 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 75,830 | 54,526 |
| Amortization of debt issuance costs and non-cash interest | 618 | 633 |
| Gain on disposal of property and equipment | (1,795) | (2,500) |
| Changes in the fair value of earn-outs | 7,463 | 4,029 |
| Loss on extinguishment of debt | 1,265 | — |
| Distribution of earnings from unconsolidated subsidiaries | 17,332 | 16,252 |
| Equity in earnings from unconsolidated subsidiaries | (10,536) | (11,082) |
| Deferred taxes | 11,766 | 9,256 |
| Stock-based compensation | 26,796 | 18,241 |
| Changes in operating assets and liabilities (Note 15) | (203,734) | (53,446) |
| Net cash provided by operating activities | 427,095 | 253,937 |
| Cash flows from investing activities: | ||
| Acquisitions, net of cash acquired | (164,995) | (484,156) |
| Capital expenditures | (115,458) | (50,923) |
| Proceeds from sale of property and equipment | 4,202 | 4,014 |
| Net cash used in investing activities | (276,251) | (531,065) |
| Cash flows from financing activities: | ||
| Borrowings under the revolving credit facility | 160,000 | — |
| Repayments of the revolving credit facility | (65,000) | — |
| Repayments of term loan and other financing agreements | (296,444) | (21,067) |
| Distributions to noncontrolling interest owners | (980) | — |
| Capital contributions from noncontrolling interest owners | 14,700 | — |
| Repurchase of common stock | (107,262) | (48,546) |
| Withholding taxes paid on net share settlement of equity awards | (15,991) | (9,650) |
| Payments of earn-outs | (7,767) | — |
| Debt issuance costs | (5,884) | (1,409) |
| Net cash used in financing activities | (324,628) | (80,672) |
| Net change in cash, cash equivalents, and restricted cash | (173,784) | (357,800) |
| Cash, cash equivalents and restricted cash at beginning of period | 390,721 | 664,195 |
| Cash, cash equivalents and restricted cash at end of period | 216,937 | 306,395 |
| Less: restricted cash | — | — |
| Cash and cash equivalents at end of period | $216,937 | $306,395 |
| Non-cash items: | ||
| Accrued capital expenditures | $5,718 | $4,297 |
| Share consideration for acquisitions | $27,406 | $79,458 |
| Insurance premiums financed through short-term financing agreement | $10,646 | $— |
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