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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents ($139,357 and $97,796 related to variable interest entities (“VIEs”)) $ 306,395 $ 664,195
Accounts receivable ($46,966 and $17,851 related to VIEs) 496,058 247,050
Contract assets ($35 and $0 related to VIEs) 102,736 55,387
Receivables from and equity in construction joint ventures 5,204 5,811
Receivable from affiliate (Note 16) 0 32,054
Other current assets 52,755 17,383
Total current assets 963,148 1,021,880
Property and equipment, net 268,033 236,795
Investment in unconsolidated subsidiary 108,512 107,400
Operating lease right-of-use assets, net 64,232 52,668
Goodwill 580,564 264,597
Other intangibles, net 561,716 316,390
Other non-current assets, net 16,062 17,044
Total assets 2,562,267 2,016,774
Current liabilities:    
Accounts payable ($21,118 and $23,964 related to VIEs) 198,323 130,420
Contract liabilities ($90,958 and $51,660 related to VIEs) 616,273 508,846
Current maturities of long-term debt ($4 and $0 related to VIEs) 15,154 26,423
Current portion of long-term lease obligations 20,980 20,498
Accrued compensation 62,033 36,774
Other current liabilities 54,030 18,997
Total current liabilities 966,793 741,958
Long-term debt 279,479 289,898
Long-term lease obligations 43,588 32,455
Deferred tax liability, net 118,616 109,360
Other long-term liabilities 68,796 16,625
Total liabilities 1,477,272 1,190,296
Commitments and contingencies (Note 11)
Stockholders’ equity:    
Common stock, par value $0.01 per share; 58,000 shares authorized, 31,455 and 31,170 shares issued and 30,708 and 30,669 shares outstanding 315 312
Additional paid in capital 369,505 288,395
Treasury stock, at cost: 747 and 501 shares (103,745) (63,121)
Retained earnings 785,051 582,495
Total Sterling stockholders’ equity 1,051,126 808,081
Noncontrolling interests 33,869 18,397
Total stockholders’ equity 1,084,995 826,478
Total liabilities and stockholders’ equity $ 2,562,267 $ 2,016,774