Risk Sleuth
STRL · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

Sterling Infrastructure

26 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Data centers

earns from · 27% of the segment’s revenue in 2025named as a risk
The top four customers in each year, accounted for 27% of the segment’s revenue in 2025, 31% in 2024 and 40% in 2023.Business (Item 1)

Also named by AESI, AGX, BKR, BSM, CBRE, CEG, CMI, CNP and 26 more

State Departments of Transportation

earns from · 58% of the segment’s revenue in 2025named as a risk
The top four state DOTs in each year, accounted for 58% of the segment’s revenue in 2025, 47% in 2024 and 50% in 2023.Business (Item 1)

Also named by ROAD

Home builders

earns from · 45% of the segment’s revenue in 2025named as a risk
The top four customers in each year, including their respective affiliates, accounted for 45% of the segment’s revenue in 2025, 36% in 2024 and 42% in 2023.Business (Item 1)

Partners and platforms

Construction joint ventures

depends on · $148.8 million represented our proportionate sharenamed as a risk
At December 31, 2025, there was approximately $371.9 million of construction work to be completed on unconsolidated construction joint venture contracts, of which $148.8 million represented our proportionate share.Risk factors (Item 1A)

Road and Highway Builders, LLC (RHB)

50% ownership interest
Since 2012, the Company has held a 50% ownership interest in Road and Highway Builders, LLC (“RHB”), with Rich Buenting holding the remaining 50% ownership interest.Business (Item 1)

Surety bonding market

depends onnamed as a risk
Our inability to obtain adequate bonding would limit the amount that we can bid on new contracts for our Transportation Solutions business and could have a material adverse effect on our future revenues and business prospects.Risk factors (Item 1A)

Also named by ROAD

Other companies

Credit Agreement (BMO Bank N.A.)

depends on · $292.5 millionnamed as a risk
As of December 31, 2025, our aggregate principal amount outstanding under the Credit Agreement was $292.5 million.Risk factors (Item 1A)

Also named by CELH, COHR, EXE, GTX, IRM, MP, RBA, RRGB and 1 more

CEC Facilities Group, LLC

$562 million
The purchase price was $562 million, consisting primarily of $443 million in cash and $79 million in common stock.Business (Item 1)

Aggregate quarry leases

named as a risk
Our aggregate quarry leases could subject us to costs and liabilities.Risk factors (Item 1A)

Places

U.S. housing market

earns fromnamed as a risk
We cannot predict with certainty whether the decline in the U.S. housing market will continue or worsen due to changes in conditions that are beyond our control, which may include the following:Risk factors (Item 1A)

Also named by BAC, FND, HD, POOL, SHW, WY

Texas

concentrated in
The principal geographic market for our residential business is Texas, specifically Dallas-Fort Worth, Houston and the surrounding communities.Business (Item 1)

Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more

Arizona

concentrated in
In 2021, we expanded our residential business into the greater Phoenix area and continued this expansion in 2022 with the acquisition of the CCS business.Business (Item 1)

Also named by ABR, AMKR, AXON, BBSI, BRK/B, DJCO, ELS, ENSG and 5 more

Utah

concentrated in
The principal geographic markets of this segment are Utah, Arizona, Colorado, Nevada, Texas and the Pacific Islands.Business (Item 1)

Also named by CRC, CRGY, MTRN, NWPX, SLM

Pacific Islands

concentrated in
The principal geographic markets of this segment are Utah, Arizona, Colorado, Nevada, Texas and the Pacific Islands.Business (Item 1)

Hazards

Rocky Mountain region winter weather

operates innamed as a risk
For example, during the late fall to the early spring months of each year, our work on construction projects in the Rocky Mountain States has been curtailed at times due to snow and other work-limiting weather.Risk factors (Item 1A)

Texas freeze

operates innamed as a risk
For example, in 2021 there was a Texas-wide freezing weather event that caused delays for some of our Transportation Solutions and Building Solutions operations.Risk factors (Item 1A)

Commodities and inputs

Steel

exposed to its pricenamed as a risk
Inflation—While inflation did not have a material impact on our financial results for many years, since 2021, supply chain volatility and inflation has resulted in price increases in oil, fuel, lumber, concrete, steel and labor which have increased our cost of operations, and inflation has increased our general and administrative expense.Market risk (Item 7A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Fuel

exposed to its pricenamed as a risk
For the past several years, our operating margins have been adversely impacted, and may continue to be impacted, by price increases for certain construction materials, as well as fuel for our equipment.Risk factors (Item 1A)

Also named by ASO, CARR, COR, CPNG, CPRT, DDS, DKS, DY and 16 more

Lumber

exposed to its pricenamed as a risk
Inflation—While inflation did not have a material impact on our financial results for many years, since 2021, supply chain volatility and inflation has resulted in price increases in oil, fuel, lumber, concrete, steel and labor which have increased our cost of operations, and inflation has increased our general and administrative expense.Market risk (Item 7A)

Also named by BLDR, DHI, GHC, HD, HHH, KIM, LEN, LOW and 11 more

Concrete

exposed to its pricenamed as a risk
Inflation—While inflation did not have a material impact on our financial results for many years, since 2021, supply chain volatility and inflation has resulted in price increases in oil, fuel, lumber, concrete, steel and labor which have increased our cost of operations, and inflation has increased our general and administrative expense.Market risk (Item 7A)

Also named by AGX, HHH, PHM

Aggregates

exposed to its pricenamed as a risk
Inaccuracies in our estimates regarding aggregates could result in significantly higher costs to supply aggregates needed for our projects, as well as potential delays and other inefficiencies.Risk factors (Item 1A)

Also named by ROAD

Laws and programs

U.S. tariffs

subject tonamed as a risk
In the recent past, the federal government imposed new or increased tariffs or duties on an array of imported materials and goods used in connection with our projects, which raised our costs for these items (or products made with them).Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

CERCLA

subject tonamed as a risk
Certain environmental laws impose substantial penalties for non-compliance and others, such as the federal Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) impose strict and retroactive joint and several liability upon persons responsible for releases of hazardous substances.Business (Item 1)

Also named by AA, AAOI, ALB, AN, APD, APLD, ATI, AWK and 27 more

Multiemployer pension plans

subject tonamed as a risk
In addition, if the funding level of any of these multiemployer plans becomes classified as “critical status” under the Pension Protection Act of 2006, we could be required to make significant additional contributions to those plans.Risk factors (Item 1A)

Also named by ECG, IBP, LYV, MDLZ, NYT, PWR, RSG, TJX and 3 more

U.S. immigration laws

subject tonamed as a risk
We rely heavily on immigrant labor.Risk factors (Item 1A)

Also named by CSL, DRI, QXO

Federal highway funding

earns fromnamed as a risk
For example, state spending on highway and other projects can be adversely affected by decreases or delays in, or uncertainties regarding, federal highway funding, which could adversely affect us since we are reliant upon contracts with state transportation departments for a significant portion of our revenues.Risk factors (Item 1A)