XML 25 R9.htm IDEA: XBRL DOCUMENT v3.25.2
REVENUE FROM CUSTOMERS
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CUSTOMERS
3.REVENUE FROM CUSTOMERS
Remaining Performance Obligations (“RPOs”)—RPOs represent the aggregate amount of our contract transaction price related to performance obligations that are unsatisfied or partially satisfied at the end of the period. RPOs include the entire expected revenue values for joint ventures we consolidate and our proportionate value for those we proportionately consolidate. RPOs may not be indicative of future operating results. Projects included in RPOs may be canceled or modified by customers; however, the customer would be obligated to compensate the Company for additional contractual costs for cancellation or modifications. The following table presents the Company’s RPOs, by segment:
June 30, 2025December 31, 2024
E-Infrastructure Solutions RPOs$1,249,711 $1,032,109 
Transportation Solutions RPOs714,983 622,085 
Building Solutions RPOs - Commercial44,001 39,029 
Total RPOs$2,008,695 $1,693,223 
At June 30, 2025, the Company expects to recognize approximately 78% of its RPOs as revenue during the next twelve months, and the balance thereafter.
Revenue Disaggregation—The following tables present the Company’s revenue disaggregated by major end market and contract type:
Three Months Ended June 30,Six Months Ended June 30,
Revenues by major end market2025202420252024
E-Infrastructure Solutions Revenues$310,406 $241,312 $528,669 $425,788 
Heavy Highway133,109 161,863 220,307 255,240 
Aviation15,797 22,634 27,308 40,774 
Other Services
47,891 48,278 69,843 85,730 
Transportation Solutions Revenues (1)
196,797 232,775 317,458 381,744 
Residential91,812 84,682 168,578 168,451 
Commercial15,453 24,053 30,712 47,199 
Building Solutions Revenues107,265 108,735 199,290 215,650 
Total Revenues (1)
$614,468 $582,822 $1,045,417 $1,023,182 
Revenues by contract type
Lump-Sum$323,186 $274,701 $547,374 $498,862 
Fixed-Unit Price200,034 221,297 326,596 352,158 
Residential and Other91,248 86,824 171,447 172,162 
Total Revenues (1)
$614,468 $582,822 $1,045,417 $1,023,182 
(1) Due to the deconsolidation of RHB on December 31, 2024, RHB’s revenue is no longer included in Sterling’s consolidated revenue in 2025. For the three and six months ended June 30, 2024, RHB had revenue of $73,947 and $112,411, respectively, included within Transportation Solutions and Total Revenues.
Variable Consideration
The Company has projects that it is in the process of negotiating, or awaiting final approval of, unapproved change orders and claims with its customers. The Company is proceeding with its contractual rights to recoup additional costs incurred from its customers based on completing work associated with change orders, including change orders with pending change order pricing, or claims related to significant changes in scope which resulted in substantial delays and additional costs in completing the work. Unapproved change order and claim information has been provided to the Company’s customers and negotiations with the customers are ongoing. If additional progress with an acceptable resolution is not reached, legal action will be taken. Based upon the Company’s review of the provisions of its contracts, specific costs incurred and other related evidence supporting the unapproved change orders and claims, together in some cases as necessary with the views of the Company’s outside claim consultants, the Company concluded it was appropriate to include in project price amounts of $2,900 and $4,000, at June 30, 2025 and December 31, 2024, respectively, relating to unapproved change orders and claims. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined.
Contract Estimates
Accounting for long-term contracts and programs involves the use of various techniques to estimate total contract revenue and costs. For long-term contracts, the Company estimates the profit on a contract as the difference between the total estimated revenue and expected costs to complete a contract and recognizes such profit over the life of the contract. Contract estimates are based on various assumptions to project the outcome of future events that often span several years. These assumptions include labor productivity and availability, the complexity of the work to be performed, the cost and availability of materials and the performance of subcontractors. Changes in job performance, job conditions and estimated profitability, including those changes arising from contract penalty provisions and final contract settlements, may result in changes in revenue and are recognized in the period in which the changes are determined. Changes in contract estimates on performance obligations satisfied or partially satisfied in previous periods resulted in net revenue increases of $42,011 and $72,482 for the three and six months ended June 30, 2025, respectively, and net revenue increases of $30,823 and $52,351 for the three and six months ended June 30, 2024, respectively.