Sterling Infrastructure (STRL) Cash Flow: Operating & Free Cash Flow

Sterling Infrastructure Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Sterling Infrastructure, Inc. (STRL) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	309.73	270.92	142.85	108.20	65.12	42.31	39.90	29.54	15.82
Depreciation & Amortization	77.11	68.41	57.40	52.07	34.20	32.79	20.70	16.77	16.99
Deferred Income Tax	13.79	32.57	14.75	36.49	21.43	19.44	-27.40	1.45	-3.27
Stock Based Compensation	24.18	19.00	14.62	12.73	11.77	11.64	0.00	3.06	2.84
Change in Working Capital	9.36	199.82	252.53	29.45	27.63	13.86	-3.90	-14.02	-13.57
Change in Accounts Receivable	-61.57	187.42	238.87	14.41	4.36	57.41	-13.75	-11.09	-29.92
Change in Inventory	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.58	0.31
Change in Accounts Payable	33.11	-9.34	10.31	11.89	26.61	-42.39	10.99	1.97	13.58
Change in Other Working Capital	37.82	1.15	252.53	2.14	-3.34	-1.16	-1.14	-6.48	2.47
Other Operating Activities	5.82	1.15	11.19	2.14	-1.22	20.34	11.80	2.67	4.20
Net Cash from Operating Activities	439.99	497.10	478.58	219.12	158.93	122.90	41.09	39.47	23.01
Investing Activities
Capital Expenditures	-77.31	-80.95	-64.38	-60.91	-46.65	-32.86	-15.40	-13.17	-9.42
Acquisitions	-482.33	-115.05	-51.18	-33.79	-180.91	0.00	-394.99	1.79	-54.86
Other Investing Activities	7.72	-103.83	13.80	4.95	4.11	2.37	0.00	1.79	8.38
Net Cash from Investing Activities	-551.92	-185.85	-87.75	-89.76	-223.45	-30.49	-410.39	-11.38	-55.90
Financing Activities
Debt Repayment	-24.86	-26.54	-93.49	-23.37	91.73	-77.75	331.69	-11.56	80.29
Common Stock Repurchased	-74.20	-70.60	-9.57	-9.42	0.00	-1.99	-3.20	-4.73	0.00
Other Financing Activities	-62.48	-21.49	-4.04	-9.42	-11.16	9.41	-7.56	-1.66	-6.23
Net Cash from Financing Activities	-161.54	-118.62	-104.53	-32.79	80.57	-70.33	320.93	-17.95	74.06
Summary
Effect of Forex Changes on Cash	0.00	0.00	0.00	0.00	0.00	0.00	0.90	0.00	0.00
Net Change in Cash	-273.47	192.63	286.30	96.57	16.05	22.08	-47.46	10.14	41.17
Cash at Beginning of Period	664.20	471.56	185.27	88.69	72.64	50.56	98.00	83.95	42.79
Cash at End of Period	390.72	664.20	471.56	185.27	88.69	72.64	50.53	94.10	83.95
Free Cash Flow	362.68	416.15	414.21	158.21	112.28	90.03	25.70	26.30	13.59
Supplemental Disclosures
Interest Paid	-	23.38	27.01	19.32	17.24	26.94	-	-	-
Income Taxes Paid	-	53.07	36.91	5.60	3.06	4.75	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Sterling Infrastructure Cash Flow

What is Sterling Infrastructure's free cash flow?

Sterling Infrastructure generated free cash flow of $362.68M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $439.99M minus $77.31M of capital expenditures. That was down 12.8% from $416.15M a year earlier. Free cash flow equaled 14.6% of revenue.

How much does Sterling Infrastructure spend on capital expenditures?

Sterling Infrastructure spent $77.31M on capital expenditures in fiscal 2025, compared with $80.95M a year earlier. That equals 17.6% of operating cash flow.

Does Sterling Infrastructure pay dividends or buy back shares?

Yes. In fiscal 2025 Sterling Infrastructure returned $74.20M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition