Cardinal Infrastructure Group (CDNL) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of $456 million for 2025, up 45% year-over-year, with 33% organic growth and strong performance across residential, commercial, DOT, and paving markets.

• Integrated three acquisitions in 2025, expanding service lines and reducing subcontractor dependency; ALGC acquisition in early 2026 extended reach into Georgia and enhanced vertical integration.

• Ended 2025 with a record $682 million backlog, up 33% year-over-year, providing strong visibility into 2026.

• Successfully completed IPO in December 2025, raising $139.8 million and strengthening capital position.

Financial highlights

• Gross profit for 2025 was $64 million (14% margin); adjusted gross profit was $96 million (21.1% margin), up 40 bps year-over-year.

• Adjusted EBITDA reached $81.5 million (17.9% margin), a 44% increase year-over-year, with a 38% CAGR from FY2023 to FY2025.

• Net income was $31.1 million, up 10% year-over-year, with a net income margin of 6.8%.

• Cash flow from operations was $38 million; capital expenditures totaled $44 million, driven by fleet expansion and asphalt plant construction.

• Backlog/revenue ratio at year-end was 1.5x; backlog CAGR from 2021–2025 was 44%.

Outlook and guidance

• 2026 revenue guidance: $664.9 million–$678.3 million; adjusted EBITDA margin expected above 20%.

• Guidance includes ALGC acquisition, with margin expansion driven by integration and operating leverage.

• 2026 capital expenditures projected at $58 million, with seasonality expected to result in stronger performance in the second half.