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 municipal, and paving markets.

• Completed three acquisitions in 2025 and a fourth, ALGC, post year-end, expanding geographic reach into Georgia and enhancing vertical integration.

• Ended 2025 with a record $682 million backlog, providing strong visibility into 2026.

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

• Net income rose 10% to $31.1 million compared to 2024.

Financial highlights

• Gross profit rose to $64 million from $47 million in 2024; adjusted gross profit was $96.1 million (21.1% margin), up 40 bps year-over-year.

• EBITDA reached $72.3 million (15.8% margin); adjusted EBITDA was $81.5 million (17.9% margin), a 44% increase year-over-year.

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

• Cash and cash equivalents at year-end were $97.1 million, up from $20.9 million in 2024.

• Backlog at year-end 2025 was $682 million, up 33% from prior year.

Outlook and guidance

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

• ALGC acquisition expected to be accretive to margins; vertical integration and operational efficiencies to drive further margin expansion.

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

• Guidance includes ALGC acquisition and assumes stable economic conditions in the Southeast US.