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REVENUE FROM CUSTOMERS | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
REVENUE FROM CUSTOMERS |
4. | 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. Excluded from RPOs are potential orders under master service agreements and expected revenues under certain non-fixed price contracts. The following table presents the Company’s RPOs, by segment:
| September 30, 2025 |  | December 31, 2024
E-Infrastructure Solutions RPOs | $ | 1,808,220 |  |  | $ | 1,032,109 |
Transportation Solutions RPOs | 733,432 |  |  | 622,085 |
Building Solutions RPOs - Commercial | 33,718 |  |  | 39,029 |
Total RPOs | $ | 2,575,370 |  |  | $ | 1,693,223 |
At September 30, 2025, the Company expects to recognize approximately 70% 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 September 30, |  | Nine Months Ended September 30, |  |
Revenues by major end market | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |  |  |
E-Infrastructure Solutions Revenues | $ | 417,106 |  |  | $ | 263,899 |  |  | $ | 945,775 |  |  | $ | 689,687 |  |  |  |  |  |  |
Heavy Highway | 105,710 |  |  | 169,388 |  |  | 326,017 |  |  | 424,628 |  |  |  |  |  |  |
Aviation | 18,855 |  |  | 22,964 |  |  | 46,163 |  |  | 63,738 |  |  |  |  |  |  |
Other Services | 45,925 |  |  | 34,899 |  |  | 115,768 |  |  | 120,629 |  |  |  |  |  |  |
Transportation Solutions Revenues (1) | 170,490 |  |  | 227,251 |  |  | 487,948 |  |  | 608,995 |  |  |  |  |  |  |
Residential | 80,529 |  |  | 70,374 |  |  | 249,107 |  |  | 238,825 |  |  |  |  |  |  |
Commercial | 20,894 |  |  | 32,217 |  |  | 51,606 |  |  | 79,416 |  |  |  |  |  |  |
Building Solutions Revenues | 101,423 |  |  | 102,591 |  |  | 300,713 |  |  | 318,241 |  |  |  |  |  |  |
Total Revenues (1) | $ | 689,019 |  |  | $ | 593,741 |  |  | $ | 1,734,436 |  |  | $ | 1,616,923 |  |  |  |  |  |  |
Revenues by contract type |  |  |  |  |  |  |  |  |  |  |  |  |
Lump-Sum | $ | 418,815 |  |  | $ | 292,365 |  |  | $ | 966,189 |  |  | $ | 791,227 |  |  |  |  |  |  |
Fixed-Unit Price | 188,904 |  |  | 226,969 |  |  | 515,500 |  |  | 579,127 |  |  |  |  |  |  |
Residential and Other | 81,300 |  |  | 74,407 |  |  | 252,747 |  |  | 246,569 |  |  |  |  |  |  |
Total Revenues (1) | $ | 689,019 |  |  | $ | 593,741 |  |  | $ | 1,734,436 |  |  | $ | 1,616,923 |  |  |  |  |  |  |
(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 nine months ended September 30, 2024, RHB had revenue of $72,188 and $184,599, 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 September 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 $51,851 and $124,333 for the three and nine months ended September 30, 2025, respectively, and net revenue increases of $46,890 and $99,241 for the three and nine months ended September 30, 2024, respectively.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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