Cardinal Infrastructure Group Inc (CDNL) financial statements: income statement, balance sheet and cash flow
Cardinal Infrastructure Group Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Cardinal Infrastructure Group Inc reported revenue of $456.0M and net income of $33.1M.
Income statement
Cardinal Infrastructure Group Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Revenues
$456.0M
Cost of revenues, excluding depreciation and amortization
$359.9M
General and administrative
$23.5M
Depreciation expense
$25.2M
Amortization expense
$7.1M
(Gain) loss on disposal of property and equipment
($157.4K)
Income from operations
$40.4M
Interest expense, net
($6.8M)
Other expense, net
($518.7K)
Total other expense, net
($7.3M)
Net income before taxes
$33.1M
Income tax expense
($2.0M)
Net income
$31.1M
Less: Net income attributable to noncontrolling interests
$8.4M
Net income attributable to Cardinal Infrastructure Group Inc.
$22.7M
Cardinal Infrastructure Group Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Revenues
$226.9M
$167.5M
Cost of revenues, excluding depreciation and amortization
$190.9M
$133.3M
General and administrative
$9.0M
$10.1M
Depreciation expense
$6.8M
$5.7M
Amortization expense
$4.8M
$3.6M
Gain on disposal of property and equipment
($49.0K)
($2.4K)
Income from operations
$15.5M
$14.8M
Interest expense, net
($3.5M)
($2.2M)
Other expense, net
($1.9M)
$0
Total other expense, net
($5.3M)
($2.2M)
Net income before taxes
$10.1M
$12.5M
Income tax benefit (provision)
$1.0M
($1.1M)
Net income
$11.1M
$11.5M
Less: Net income attributable to noncontrolling interests
$6.5M
$8.1M
Net income attributable to Cardinal Infrastructure Group Inc.
$4.7M
$3.4M
Basic earnings per share
$0.30
$0.23
Diluted earnings per share
$0.26
$0.23
Weighted average shares of common stock outstanding, Basic
15.6M
15.1M
Weighted average shares of common stock outstanding, Diluted
43.1M
15.1M
Balance sheet
Cardinal Infrastructure Group Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Cash
$97.1M
Accounts receivable, net
$61.3M
Contract assets
$54.9M
Prepaid expenses
$1.9M
Other assets
$432.6K
Total current assets
$215.7M
Property and equipment, net
$84.9M
Operating lease right-of-use assets
$8.9M
Investments in unconsolidated affiliates
$0
Goodwill
$23.5M
Intangible assets, net
$15.5M
Deferred tax assets
$46.1M
Total assets
$394.6M
Current portion of notes payable
$6.1M
Current portion of finance lease liabilities
$3.3M
Current portion of operating lease liabilities
$3.8M
Accounts payable
$60.6M
Accrued distributions
$0
Accrued expenses
$3.0M
Deferred consideration payable
$4.0M
Contract liabilities
$10.8M
Total current liabilities
$91.6M
Notes payable, less current portion, net of unamortized debt issuance costs
$113.2M
Finance lease liabilities, less current portion
$5.0M
Operating lease liabilities, less current portion
$5.9M
Tax receivable agreement liability
$39.4M
Total liabilities
$255.0M
Members' interest
$0
Common stock, value
$3.8K
Additional paid-in capital
$57.6M
Retained earnings
$863.6K
Noncontrolling interests
$81.1M
Total stockholders' / members' equity
$139.5M
Total liabilities and stockholders' / members' equity
$394.6M
Cardinal Infrastructure Group Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Cash
$339.1M
$44.0M
Accounts receivable, net
$114.4M
$96.6M
Contract assets
$98.2M
$85.2M
Prepaid expenses
$2.1M
$1.7M
Other assets
$1.3M
$540.0K
Total current assets
$555.1M
$228.1M
Property and equipment, net
$150.2M
$125.5M
Operating lease right-of-use assets
$20.7M
$20.4M
Goodwill
$133.2M
$128.6M
Intangible assets, net
$101.9M
$109.0M
Deferred tax assets
$52.9M
$45.1M
Other non-current assets
$554.7K
$430.4K
Total assets
$1.0B
$657.3M
Current portion of notes payable
$11.0M
$10.1M
Current portion of finance lease liabilities
$3.4M
$3.5M
Current portion of operating lease liabilities
$6.2M
$5.5M
Accounts payable
$112.0M
$94.7M
Accrued expenses
$11.5M
$8.2M
Deferred consideration payable
$1.2M
$200.0K
Contract liabilities
$9.2M
$9.7M
Total current liabilities
$154.5M
$131.9M
Notes payable, less current portion, net of unamortized debt issuance costs
$186.1M
$185.9M
Finance lease liabilities, less current portion
$4.1M
$5.0M
Operating lease liabilities, less current portion
$16.9M
$17.3M
Tax receivable agreement liability
$47.2M
$39.4M
Contingent consideration
$12.3M
$15.3M
Total liabilities
$421.0M
$395.3M
Common stock, value
$4.7K
$4.3K
Additional paid-in capital
$236.1M
$66.3M
Retained earnings
$9.0M
$4.3M
Accumulated other comprehensive income
$33.6K
($151.9K)
Total Cardinal Infrastructure Group Inc. stockholders' equity
$245.1M
—
Noncontrolling interests
$348.4M
$191.6M
Total equity
$593.5M
$262.0M
Total liabilities and stockholders' equity
$1.0B
$657.3M
Cash flow statement
Cardinal Infrastructure Group Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Net income
$31.1M
Depreciation expense
$25.2M
Amortization of debt issuance costs
$98.9K
Amortization of other intangible assets
$7.1M
(Gain) loss on disposal of property and equipment
($157.4K)
Noncash stock compensation
$5.9M
(Earnings) losses from investments in unconsolidated affiliates
($94.4K)
Provision for deferred income taxes
$275.5K
Accounts receivable, net
($12.8M)
Contract assets
($34.2M)
Prepaid expenses
($1.5M)
Other assets
($463.4K)
Accounts payable
$21.1M
Accrued expenses
$1.8M
Contract liabilities
($5.5M)
Net cash provided by operating activities
$37.9M
Proceeds from the sale of property and equipment
$453.9K
Purchases of property and equipment
($43.8M)
Acquisitions, net of cash acquired
($59.4M)
Investment in unconsolidated affiliate
$0
Proceeds from repayment of related party receivable
$1.3M
Decrease in cash due to deconsolidation of variable interest entity
($4.4K)
Net cash used in investing activities
($101.5M)
Proceeds from notes payable
$166.5M
Principal payments on notes payable
($91.9M)
Payment of debt issuance costs
($2.0M)
Proceeds from credit facility line of credit
$26.7M
Repayment of credit facility line of credit
($26.7M)
Principal payments on finance lease obligations
($3.3M)
Payments of deferred consideration
($1.2M)
Member distributions
($23.4M)
Proceeds from stock subscription
$3.8K
Proceeds from equity offering, net of underwriting discounts
$258.3M
Repurchase of outstanding equity / Cardinal's OpCo units
($157.5M)
Payment of initial public offering issuance costs
($5.6M)
Net cash provided by/(used in) financing activities
$139.8M
Net change in cash
$76.2M
Beginning of period
$20.9M
End of period
$97.1M
Cash paid for interest
$6.5M
Cash paid for taxes - federal
$0
Cash paid for taxes - state
$1.7M
Purchases of property and equipment acquired through acquisitions
$20.9M
Notes payable recognized on acquisitions
$0
Purchases of property and equipment financed with finance leases
$1.4M
Cardinal Infrastructure Group Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Net income
$22.6M
$11.5M
Depreciation expense
$12.5M
$5.7M
Amortization of debt issuance costs
$275.8K
$130.3K
Amortization of other intangible assets
$8.4M
$3.6M
Gain on disposal of property and equipment
($51.4K)
($2.4K)
Noncash stock compensation
$461.5K
$191.9K
Change in fair value of tax receivable agreement liability
$2.0M
—
Earnings from investments in unconsolidated affiliates
$0
$0
Provision for deferred income taxes
($43.4K)
$1.0M
Accounts receivable, net
($34.4M)
($18.4M)
Contract assets
($32.7M)
($19.7M)
Prepaid expenses
$230.0K
$642.3K
Other assets
$308.8K
$249.4K
Accounts payable
$39.6M
$22.6M
Accrued expenses
$7.2M
$3.9M
Contract liabilities
($4.4M)
($2.1M)
Net cash provided by operating activities
$22.0M
$9.3M
Proceeds from the sale of property and equipment
$334.3K
$56.2K
Purchases of property and equipment
($34.0M)
($9.3M)
Acquisitions, net of cash acquired
($133.4M)
($125.5M)
Net cash used in investing activities
($167.1M)
($134.8M)
Proceeds from notes payable
$113.0M
$80.0M
Principal payments on notes payable
($38.1M)
($2.5M)
Payment of debt issuance costs
($838.5K)
($838.5K)
Principal payments on finance lease obligations
($1.5M)
($538.5K)
Payments of deferred consideration
($4.0M)
($3.8M)
Member distributions
$0
$0
Proceeds from equity offering, net of underwriting discounts
$319.0M
—
Payment of issuance costs
($568.9K)
—
Net cash provided by financing activities
$387.0M
$72.3M
Net change in cash
$241.9M
($53.2M)
Beginning of period
$97.1M
$97.1M
End of period
$339.1M
$44.0M
Purchases of property and equipment acquired through acquisitions
$39.9M
$36.4M
Purchases of property and equipment financed with finance leases
$695.9K
$548.0K
Purchases of property and equipment financed wth notes payable
$3.4M
—
Purchases of property and equipment in accounts payable and accrued expenses
$73.7K
—
Right-of-use assets recognized with operating leases
$13.3M
$11.8M
Unfavorable lease fair value adjustment recognized on acquisition
$1.4M
$1.4M
Decrease in accrued and unpaid member distributions
$0
$0
Increase in deferred acquisition consideration payable
$0
$0
Unrealized cash flow hedge losses
$63.4K
($526.2K)
Stock issued as consideration for acquisition
$111.3M
$111.3M
Fair value of contingent consideration liabilities - Tax Benefit Agreement and Tax Receivable Agreement
$12.3M
$15.3M
Rollover equity issued as consideration for acquisitions