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Sterling Infrastructure cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$53.3M in Q3 2026 · $471M over twelve months

Operating cash flow$99.1M
Capital spending−$45.8M
Free cash flow+$53.3M
Cash / net income0.4×

Analysis

In Q3 2026, Sterling Infrastructure generated $99.1M of operating cash flow and spent $45.8M on capital projects, leaving free cash flow of $53.3M. That is $10.7M less than in Q3 2025 ($64.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $613M; the largest uses were other financing ($204M), acquisitions ($163M), capital spending ($142M); besides operations, cash came from asset & business sales ($5.9M), other investing ($2.0M); the cash balance fell by $89.5M.

Operating cash flow was $99.1M against net income of $230M — 0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$450M, contract assets +$105M, accrued liabilities +$79.1M.

Free cash flow

Sterling Infrastructure: free cash flow by quarterSterling Infrastructure: free cash flow by quarter$159MQ4 2024$67.0MQ1 2025$72.1MQ2 2025$64.0MQ3 2025$160MQ4 2025$146MQ1 2026$112MQ2 2026$53.3MQ3 2026
Operating cash flow less capital spending.
Sterling Infrastructure: operating cash flow against capital spendingSterling Infrastructure: operating cash flow against capital spendingOperating cash flowCapital spending$174M$15.6MQ4 2024$84.9M$17.9MQ1 2025$85.4M$13.3MQ2 2025$83.6M$19.7MQ3 2025$186M$26.4MQ4 2025$166M$19.6MQ1 2026$162M$50.0MQ2 2026$99.1M$45.8MQ3 2026
Latest (Q3 2026): Operating cash flow $99.1M, Capital spending $45.8M.

Capital allocation, year by year

Sterling Infrastructure: where the cash came from (up) and went (down), by fiscal yearSterling Infrastructure: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $159MFY2021: Net borrowing $91.5MFY2021: Asset sales $4.1MFY2021: Capital spending −$46.7MFY2021: Acquisitions −$181M$255MFY2021FY2022: Operating cash flow $219MFY2022: Net borrowing −$23.5MFY2022: Asset sales −$10.8MFY2022: Capital spending −$60.9MFY2022: Acquisitions −$18.0M$219MFY2022FY2023: Operating cash flow $479MFY2023: Net borrowing −$93.5MFY2023: Asset sales $27.8MFY2023: Capital spending −$64.4MFY2023: Acquisitions −$51.2M$506MFY2023FY2024: Operating cash flow $497MFY2024: Net borrowing −$26.7MFY2024: Asset sales $10.2MFY2024: Capital spending −$81.0MFY2024: Acquisitions −$11.2MFY2024: Buybacks −$70.6M$507MFY2024FY2025: Operating cash flow $440MFY2025: Net borrowing −$25.0MFY2025: Asset sales $7.7MFY2025: Capital spending −$77.3MFY2025: Acquisitions −$482MFY2025: Buybacks −$74.2M$448MFY2025
Over these 5 years operating cash flow totalled $1.8B; the largest uses were acquisitions ($744M) and capital spending ($330M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$217M
Debt$95.3M
Net cash$122M
Due within a year$143K

Sterling Infrastructure funds itself: free cash flow was $471M over the last twelve months, and $217M of cash and investments stands against $95.3M of debt ($143K due within a year, 1517.0× covered by cash).

Where the cash came from and went

Sterling Infrastructure: sources (+) and uses (−) of cash, Q3 2026Sterling Infrastructure: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$248MOther financing−$201MOperating cash flow$99.1MBuybacks−$72.0MCapital spending−$45.8MAcquisitions−$25.0MTaxes on employees’ shares−$4.1MAsset & business sales$1.1MNet borrowing (+) / repaid (−)−$34K
Sterling Infrastructure: sources (+) and uses (−) of cash, TTM to Q3 2026Sterling Infrastructure: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$613MOther financing−$204MAcquisitions−$163MCapital spending−$142MBuybacks−$133MCash drawn (+) / kept (−)$89.5MPartners−$41.0MTaxes on employees’ shares−$27.4MAsset & business sales$5.9MOther investing$2.0MNet borrowing (+) / repaid (−)−$134K

From profit to cash

Sterling Infrastructure: net income to operating cash flow, Q3 2026Sterling Infrastructure: net income to operating cash flow, Q3 2026Net income$230MDepreciation & amortization$27.8MStock-based pay$11.2MDeferred taxes$4.8MGains on disposals−$552KReceivables−$450MPayables$64.5MAccrued liabilities$79.1MContract assets$105MPrepaid and other assets$22.6MOperating cash flow$99.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$99.1M−$45.8M−$25.0M−$72.0M−$34K$248M$53.3M
Q2 2026$162M−$50.0M−$140M−$23.0M−$3.8M$47.4M$112M
Q1 2026$166M−$19.6M—−$12.3M−$3.8M−$121M$146M
Q4 2025$186M−$26.4M$1.8M−$25.7M−$3.8M−$84.3M$160M
Q3 2025$83.6M−$19.7M−$446M−$4.7M−$3.8M$393M$64.0M
Q2 2025$85.4M−$13.3M——−$10.7M−$60.7M$72.1M
Q1 2025$84.9M−$17.9M−$37.9M−$43.8M−$6.6M$25.5M$67.0M
Q4 2024$174M−$15.6M−$6.4M−$20.0M−$6.6M−$16.1M$159M

Sterling Infrastructure: income statement and cash flow

Sterling Infrastructure, Q3 2026: revenue $1.6B (+127% year over year), operating margin 19.6%. The chart follows the revenue to costs, profit and cash.

Sterling Infrastructure: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.