v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents ($200,130 and $76,154 related to variable interest entities (“VIEs”)) $ 216,937 $ 390,721
Accounts receivable ($269,800 and $29,196 related to VIEs) 1,226,060 501,163
Contract assets ($656 and $5,057 related to VIEs) 168,095 101,154
Receivables from and equity in construction joint ventures 9,422 6,179
Other current assets 30,173 35,245
Total current assets 1,650,687 1,034,462
Property and equipment, net 357,743 278,269
Investment in unconsolidated subsidiaries 99,017 105,813
Operating lease right-of-use assets, net 68,446 58,167
Goodwill 628,053 585,221
Other intangibles, net 659,335 554,702
Other non-current assets, net 18,699 17,197
Total assets 3,481,980 2,633,831
Current liabilities:    
Accounts payable ($118,509 and $22,104 related to VIEs) 387,993 226,810
Contract liabilities ($248,619 and $89,630 related to VIEs) 917,425 652,357
Current maturities of long-term debt 143 15,146
Current portion of long-term lease obligations 14,743 18,679
Accrued compensation ($1,336 and $0 related to VIEs) 108,046 62,657
Other current liabilities ($12 and $0 related to VIEs) 163,879 46,805
Total current liabilities 1,592,229 1,022,454
Long-term debt 95,127 275,903
Long-term lease obligations 55,793 40,186
Deferred tax liability, net 134,911 123,145
Other long-term liabilities 48,976 65,708
Total liabilities 1,927,036 1,527,396
Commitments and contingencies (Note 11)
Stockholders’ equity:    
Common stock, par value $0.01 per share; 58,000 shares authorized, 31,487 and 31,455 shares issued and 30,600 and 30,682 shares outstanding 315 315
Additional paid in capital 410,738 366,101
Treasury stock, at cost: 887 and 773 shares (242,485) (130,547)
Retained earnings 1,339,376 872,648
Total Sterling stockholders’ equity 1,507,944 1,108,517
Noncontrolling interests 47,000 (2,082)
Total stockholders’ equity 1,554,944 1,106,435
Total liabilities and stockholders’ equity $ 3,481,980 $ 2,633,831