CDNL on Nasdaq
Cardinal Infrastructure Group Inc.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
8.9%Operating margin2
5.0%Net margin2
44.7%Revenue growth, 20252
16.3%Return on equity2
-$5.9MFree cash flow2
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs95¢$431.4M
- Income tax0¢$2.0M
- Profit5¢$22.7M
Out of $456.0M in revenue.2
Where each dollar of operating cash went, fiscal 2025
- Capital spending100¢$43.8M
Out of $37.9M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.2
Financial statements
Every line of the income statement in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenues | $456.0M | $315.2M | $247.9M |
| Cost of revenues, excluding depreciation and amortization | $359.9M | $249.9M | $199.1M |
| General and administrative | $23.5M | $10.7M | $6.5M |
| Depreciation expense | $25.2M | $18.7M | $13.2M |
| Amortization expense | $7.1M | $0 | $0 |
| (Gain) loss on disposal of property and equipment | -$157.4K | $13.5K | -$365.9K |
| Income from operations | $40.4M | $35.9M | $29.5M |
| Interest expense, net | -$6.8M | -$4.8M | -$4.0M |
| Other expense, net | -$518.7K | -$1.5M | -$1.2M |
| Total other expense, net | -$7.3M | -$6.3M | -$5.2M |
| Net income before taxes | $33.1M | $29.6M | $24.3M |
| Income tax expense | -$2.0M | -$1.4M | $0 |
| Net income | $31.1M | $28.3M | $24.3M |
| Less: Net income attributable to noncontrolling interests | $8.4M | $6.9M | $3.7M |
| Net income attributable to Cardinal Infrastructure Group Inc. | $22.7M | $21.4M | $20.6M |
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash | $97.1M | $20.9M | |
| Accounts receivable, net | $61.3M | $38.3M | $34.1M |
| Contract assets | $54.9M | $17.7M | |
| Prepaid expenses | $1.9M | $373.4K | |
| Other assets | $432.6K | $89.3K | |
| Total current assets | $215.7M | $77.4M | |
| Property and equipment, net | $84.9M | $49.8M | |
| Operating lease right-of-use assets | $8.9M | $5.1M | |
| Investments in unconsolidated affiliates | $0 | $984.0K | |
| Goodwill | $23.5M | $7.1M | $7.1M |
| Intangible assets, net | $15.5M | $0 | |
| Deferred tax assets | $46.1M | $0 | |
| Total assets | $394.6M | $140.3M | |
| Current portion of notes payable | $6.1M | $11.1M | |
| Current portion of finance lease liabilities | $3.3M | $3.1M | |
| Current portion of operating lease liabilities | $3.8M | $2.8M | |
| Accounts payable | $60.6M | $38.3M | |
| Accrued distributions | $0 | $341.7K | |
| Accrued expenses | $3.0M | $792.4K | |
| Deferred consideration payable | $4.0M | $0 | |
| Contract liabilities | $10.8M | $14.1M | |
| Total current liabilities | $91.6M | $70.5M | |
| Notes payable, less current portion, net of unamortized debt issuance costs | $113.2M | $36.8M | |
| Finance lease liabilities, less current portion | $5.0M | $7.2M | |
| Operating lease liabilities, less current portion | $5.9M | $2.4M | |
| Tax receivable agreement liability | $39.4M | $0 | |
| Total liabilities | $255.0M | $117.0M | |
| Members' interest | $0 | $11.8M | |
| Additional paid-in capital | $57.6M | $0 | |
| Retained earnings | $863.6K | $0 | |
| Noncontrolling interests | $81.1M | $11.6M | |
| Total stockholders' / members' equity | $139.5M | $23.4M | $7.5M |
| Total liabilities and stockholders' / members' equity | $394.6M | $140.3M | |
| Preferred stock, par value | $0.00 | ||
| Preferred stock, shares authorized | 10.0M shares | ||
| Preferred stock, shares issued | 0 shares | ||
| Preferred stock, shares outstanding | 0 shares |
Every line of the cash flow in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $31.1M | $28.3M | $24.3M |
| Depreciation expense | $25.2M | $18.7M | $13.2M |
| Amortization of debt issuance costs | $98.9K | $0 | $0 |
| Amortization of other intangible assets | $7.1M | $85.8K | $3.2K |
| (Gain) loss on disposal of property and equipment | -$157.4K | $13.5K | -$365.9K |
| Noncash stock compensation | $5.9M | $0 | $0 |
| (Earnings) losses from investments in unconsolidated affiliates | -$94.4K | -$99.6K | $53.9K |
| Provision for deferred income taxes | $275.5K | $0 | $0 |
| Accounts receivable, net | -$12.8M | -$4.2M | -$6.4M |
| Contract assets | -$34.2M | $426.4K | -$4.6M |
| Prepaid expenses | -$1.5M | -$33.3K | $785.8K |
| Other assets | -$463.4K | $1.4M | $971.6K |
| Accounts payable | $21.1M | -$3.0M | $2.4M |
| Accrued expenses | $1.8M | -$650.9K | -$679.7K |
| Contract liabilities | -$5.5M | $1.7M | $1.2M |
| Net cash provided by operating activities | $37.9M | $42.6M | $30.9M |
| Proceeds from the sale of property and equipment | $453.9K | $297.5K | $804.1K |
| Purchases of property and equipment | -$43.8M | -$20.8M | -$12.3M |
| Acquisitions, net of cash acquired | -$59.4M | $0 | -$10.9M |
| Investment in unconsolidated affiliate | $0 | -$515.0K | $0 |
| Proceeds from repayment of related party receivable | $1.3M | $0 | $0 |
| Decrease in cash due to deconsolidation of variable interest entity | -$4.4K | $0 | $0 |
| Net cash used in investing activities | -$101.5M | -$21.0M | -$22.4M |
| Proceeds from notes payable | $166.5M | $63.9M | $17.5M |
| Principal payments on notes payable | -$91.9M | -$56.3M | -$9.4M |
| Payment of debt issuance costs | -$2.0M | $0 | $0 |
| Proceeds from credit facility line of credit | $26.7M | $0 | $0 |
| Repayment of credit facility line of credit | -$26.7M | $0 | $0 |
| Principal payments on finance lease obligations | -$3.3M | -$2.6M | -$1.7M |
| Payments of deferred consideration | -$1.2M | $0 | $0 |
| Member distributions | -$23.4M | -$13.0M | -$9.2M |
| Proceeds from stock subscription | $3.8K | $0 | $0 |
| Proceeds from equity offering, net of underwriting discounts | $258.3M | $0 | $0 |
| Repurchase of outstanding equity / Cardinal's OpCo units | -$157.5M | $0 | $0 |
| Payment of initial public offering issuance costs | -$5.6M | $0 | $0 |
| Net cash provided by/(used in) financing activities | $139.8M | -$8.0M | -$2.7M |
| Net change in cash | $76.2M | $13.7M | $5.8M |
| Cash paid for interest | $6.5M | $4.6M | $4.0M |
| Cash paid for taxes - federal | $0 | $0 | $0 |
| Cash paid for taxes - state | $1.7M | $1.4M | $0 |
| Purchases of property and equipment acquired through acquisitions | $20.9M | $0 | $10.0M |
| Notes payable recognized on acquisitions | $0 | $0 | $1.0M |
| Purchases of property and equipment financed with finance leases | $1.4M | $4.2M | $9.0M |
| Right of use assets recognized with operating leases | $6.9M | $2.6M | $2.8M |
| (Decrease) increase in accrued and unpaid member distributions | $0 | -$577.1K | $279.1K |
| Increase in deferred acquisition consideration payable | $5.2M | $0 | $0 |
| Derecognition of investments in unconsolidated affiliates upon deconsolidation of variable interest entity | $1.1M | $0 | $0 |
| Derecognition of notes payable upon deconsolidation of variable interest entity | $1.3M | $0 | $0 |
| Derecognition of property and equipment upon deconsolidation of variable interest entity | $5.4M | $0 | $0 |
| Derecognition of other assets, net upon deconsolidation of variable interest entity | -$9.2K | $0 | $0 |
| Derecognition of non-controlling interest upon deconsolidation of variable interest entity | $53.2K | $0 | $0 |
| Recognition of operating lease liability upon deconsolidation of variable interest entity | $513.3K | $0 | $0 |
| Recognition of operating lease right-of-use assets upon deconsolidation of variable interest entity | $468.9K | $0 | $0 |
| Recognition of equitized loan distribution upon deconsolidation of variable interest entity | $3.9M | $0 | $0 |
| Increase in related party loan receivable | $1.3M | $0 | $0 |
| Rollover equity issued as consideration for acquisitions | $4.5M | $0 | $2.1M |
| Deferred offering costs accrued | -$389.1K | $0 | $0 |
| Establishment of deferred tax asset related to the Tax Receivable Agreement | $46.4M | ||
| Establishment of liabilities under the Tax Receivable Agreement | $39.4M | $0 | $0 |
| Net effect of the Tax Receivable Agreement within additional paid in capital | $6.9M | $0 | $0 |
Compare Cardinal Infrastructure Group Inc. with another company
Former names
- Civil Infrastructure Group Inc.Aug 8, 2025 to Aug 11, 20253
Recent filings
- Oct 1, 20268-K
- Sep 11, 20268-K
- Aug 18, 20264
- Aug 17, 20264
- Aug 17, 20264
- Aug 17, 20264
- Aug 17, 20264
- Aug 17, 20264
- Aug 17, 20264
- Aug 14, 2026SCHEDULE 13G
- Aug 14, 2026SCHEDULE 13G/A
- Aug 12, 202610-Q
- Aug 11, 20268-K
- Aug 6, 2026SCHEDULE 13G/A
- Jun 25, 2026424B4 PROSPECTUS
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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