Filing Flows › Sterling Infrastructure (STRL) › Q3 2025
Sterling Infrastructure (STRL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Sterling Infrastructure (STRL) reported revenue of $689M for the third quarter 2025 (Q3 2025), +16% from a year earlier and +12% from the quarter before. Operating margin was 18.2%, net earnings $92.1M (13.4% of revenue).
Sterling Infrastructure, Q3 2025: revenue $689M (+16% year over year), operating margin 18.2%, net earnings $92.1M, operating cash flow $83.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $689M | +12% | +16% |
| Gross profit | $170M | +19% | +31% |
| Operating profit | $125M | +20% | +43% |
| Net earnings | $92.1M | +30% | +50% |
| Operating cash flow | $83.6M | -2% | -45% |
| Free cash flow | $64.0M | -11% | -54% |
What changed
Revenue was $689.0M in Q3 2025, up 16% year over year and up 12% from the previous quarter.
Gross margin was 24.7%, up 2.8 points from a year earlier. Operating profit was $125.3M, a 18.2% margin (up 3.5 points year over year). Of the extra revenue versus a year earlier, 40% reached operating profit, above the 15% margin then. Operating expenses grew 6% against revenue growth of 16%. The fastest-growing cost line was General & admin (+23%). Net earnings were $92.1M, up 50% year over year. The effective tax rate was 24.1%.
Operating cash flow was $83.6M (down 45% year over year), 87% of net income including minority interests. Non-cash charges added back $19.9M of depreciation and amortization and $6.0M of share-based compensation. Working capital and other items used $38.6M. Capital expenditures of $19.7M left free cash flow of $64.0M.
Questions
What was Sterling Infrastructure's revenue in the third quarter 2025?
Sterling Infrastructure (STRL) reported revenue of $689M for the third quarter 2025 (Q3 2025), +16% from a year earlier and +12% from the quarter before.
Was Sterling Infrastructure profitable in the third quarter 2025?
Operating profit was $125M (18.2% of revenue) and net earnings $92.1M.