Cardinal Infrastructure Group Inc.
Business
Cardinal Infrastructure Group Inc provides a comprehensive suite of infrastructure services to residential, commercial, industrial, municipal, and state markets in the Southeastern United States, primarily North Carolina. Services include wet utility installations (water, sewer, stormwater), grading, site clearing, erosion control, drilling and blasting, paving, and related site work, delivered predominantly through in-house teams and specialized equipment. The company operates through its wholly owned subsidiary Cardinal Civil Contracting, LLC, serving national home builders, regional and national general contractors, and public entities across the greater Raleigh, Charlotte, and Greensboro areas, with recent expansion into Georgia.
Summary from 10-K filed 2026-03-23
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Revenues | 456 | 315 | 248 | |
| Cost of revenues, excluding depreciation and amortization | 360 | 250 | 199 | |
| General and administrative | 24 | 11 | 6 | |
| Depreciation expense | 25 | 19 | 13 | |
| Amortization expense | 7 | 0 | 0 | |
| (Gain) loss on disposal of property and equipment | −157,401 | 13,534 | −365,919 | |
| Income from operations | 40 | 36 | 30 | |
| Interest expense, net | −7 | −5 | −4 | |
| Other expense, net | −518,704 | −1 | −1 | |
| Total other expense, net | −7 | −6 | −5 | |
| Net income before taxes | 33 | 30 | 24 | |
| Income tax expense | −2 | −1 | 0 | |
| Net income | 31 | 28 | 24 | |
| Less: Net income attributable to noncontrolling interests | 8 | 7 | 4 | |
| Net income attributable to Cardinal Infrastructure Group Inc. | 23 | 21 | 21 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Cash | 97 | 21 | — | — | |
| Accounts receivable, net | 61 | 38 | 34 | — | |
| Contract assets | 55 | 18 | — | — | |
| Prepaid expenses | 2 | 373,442 | — | — | |
| Other assets | 432,584 | 89,349 | — | — | |
| Total current assets | 216 | 77 | — | — | |
| Property and equipment, net | 85 | 50 | — | — | |
| Operating lease right-of-use assets | 9 | 5 | — | — | |
| Investments in unconsolidated affiliates | 0 | 984,041 | — | — | |
| Goodwill | 24 | 7 | 7 | — | |
| Intangible assets, net | 16 | 0 | — | — | |
| Deferred tax assets | 46 | 0 | — | — | |
| Total assets | 395 | 140 | — | — | |
| Current portion of notes payable | 6 | 11 | — | — | |
| Current portion of finance lease liabilities | 3 | 3 | — | — | |
| Current portion of operating lease liabilities | 4 | 3 | — | — | |
| Accounts payable | 61 | 38 | — | — | |
| Accrued distributions | 0 | 341,736 | — | — | |
| Accrued expenses | 3 | 792,427 | — | — | |
| Deferred consideration payable | 4 | 0 | — | — | |
| Contract liabilities | 11 | 14 | — | — | |
| Total current liabilities | 92 | 71 | — | — | |
| Notes payable, less current portion, net of unamortized debt issuance costs | 113 | 37 | — | — | |
| Finance lease liabilities, less current portion | 5 | 7 | — | — | |
| Operating lease liabilities, less current portion | 6 | 2 | — | — | |
| Tax receivable agreement liability | 39 | 0 | — | — | |
| Total liabilities | 255 | 117 | — | — | |
| Commitments and contingencies (Note 17) | — | — | — | — | |
| Members' interest | 0 | 12 | — | — | |
| Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025 | — | — | — | — | |
| Additional paid-in capital | 58 | 0 | — | — | |
| Retained earnings | 863,593 | 0 | — | — | |
| Noncontrolling interests | 81 | 12 | — | — | |
| Total stockholders' / members' equity | 140 | 23 | 7 | −9 | |
| Total liabilities and stockholders' / members' equity | 395 | 140 | — | — |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Amortization of debt issuance costs | 98,922 | 0 | 0 | |
| Amortization of other intangible assets | 7 | 85,840 | 3,250 | |
| Noncash stock compensation | 6 | 0 | 0 | |
| (Earnings) losses from investments in unconsolidated affiliates | −94,408 | −99,555 | 53,914 | |
| Provision for deferred income taxes | 275,524 | 0 | 0 | |
| Accounts receivable, net | −13 | −4 | −6 | |
| Contract assets | −34 | 426,371 | −5 | |
| Prepaid expenses | −2 | −33,282 | 785,812 | |
| Other assets | −463,358 | 1 | 971,630 | |
| Accounts payable | 21 | −3 | 2 | |
| Accrued expenses | 2 | −650,940 | −679,699 | |
| Contract liabilities | −5 | 2 | 1 | |
| Net cash provided by operating activities | 38 | 43 | 31 | |
| Proceeds from the sale of property and equipment | 453,915 | 297,457 | 804,100 | |
| Purchases of property and equipment | −44 | −21 | −12 | |
| Acquisitions, net of cash acquired | −59 | 0 | −11 | |
| Investment in unconsolidated affiliate | 0 | −515,000 | 0 | |
| Proceeds from repayment of related party receivable | 1 | 0 | 0 | |
| Decrease in cash due to deconsolidation of variable interest entity | −4,388 | 0 | 0 | |
| Net cash used in investing activities | −102 | −21 | −22 | |
| Proceeds from notes payable | 166 | 64 | 18 | |
| Principal payments on notes payable | −92 | −56 | −9 | |
| Payment of debt issuance costs | −2 | 0 | 0 | |
| Proceeds from credit facility line of credit | 27 | 0 | 0 | |
| Repayment of credit facility line of credit | −27 | 0 | 0 | |
| Principal payments on finance lease obligations | −3 | −3 | −2 | |
| Payments of deferred consideration | −1 | 0 | 0 | |
| Member distributions | −23 | −13 | −9 | |
| Proceeds from stock subscription | 3,834 | 0 | 0 | |
| Proceeds from equity offering, net of underwriting discounts | 258 | 0 | 0 | |
| Repurchase of outstanding equity / Cardinal's OpCo units | −158 | 0 | 0 | |
| Payment of initial public offering issuance costs | −6 | 0 | 0 | |
| Net cash provided by/(used in) financing activities | 140 | −8 | −3 | |
| Net change in cash | 76 | 14 | 6 | |
| Cash paid for interest | 7 | 5 | 4 | |
| Cash paid for taxes - federal | 0 | 0 | 0 | |
| Cash paid for taxes - state | 2 | 1 | 0 | |
| Purchases of property and equipment acquired through acquisitions | 21 | 0 | 10 | |
| Notes payable recognized on acquisitions | 0 | 0 | 1 | |
| Purchases of property and equipment financed with finance leases | 1 | 4 | 9 | |
| Right of use assets recognized with operating leases | 7 | 3 | 3 | |
| (Decrease) increase in accrued and unpaid member distributions | 0 | −577,090 | 279,074 | |
| Increase in deferred acquisition consideration payable | 5 | 0 | 0 | |
| Derecognition of investments in unconsolidated affiliates upon deconsolidation of variable interest entity | 1 | 0 | 0 | |
| Derecognition of notes payable upon deconsolidation of variable interest entity | 1 | 0 | 0 | |
| Derecognition of property and equipment upon deconsolidation of variable interest entity | 5 | 0 | 0 | |
| Derecognition of other assets, net upon deconsolidation of variable interest entity | −9,171 | 0 | 0 | |
| Derecognition of non-controlling interest upon deconsolidation of variable interest entity | 53,172 | 0 | 0 | |
| Recognition of operating lease liability upon deconsolidation of variable interest entity | 513,273 | 0 | 0 | |
| Recognition of operating lease right-of-use assets upon deconsolidation of variable interest entity | 468,904 | 0 | 0 | |
| Recognition of equitized loan distribution upon deconsolidation of variable interest entity | 4 | 0 | 0 | |
| Increase in related party loan receivable | 1 | 0 | 0 | |
| Rollover equity issued as consideration for acquisitions | 5 | 0 | 2 | |
| Deferred offering costs accrued | −389,100 | 0 | 0 | |
| Establishment of deferred tax asset related to the Tax Receivable Agreement | 46 | — | — | |
| Establishment of liabilities under the Tax Receivable Agreement | 39 | 0 | 0 | |
| Net effect of the Tax Receivable Agreement within additional paid in capital | 7 | 0 | 0 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Cardinal Infrastructure Group Inc.'s CIK number?
Cardinal Infrastructure Group Inc.'s SEC CIK number is 0002079999 (2079999). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Cardinal Infrastructure Group Inc.'s SEC filings?
All of Cardinal Infrastructure Group Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Cardinal Infrastructure Group Inc. last report earnings?
Cardinal Infrastructure Group Inc. (CDNL) most recently filed an earnings 8-K with the SEC on May 12, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-218102). This is Cardinal Infrastructure Group Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Cardinal Infrastructure Group Inc.'s most recent earnings 8-K?
Cardinal Infrastructure Group Inc.'s latest earnings 8-K (Item 2.02) was filed May 12, 2026 under accession 0001193125-26-218102. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Cardinal Infrastructure Group Inc.'s latest earnings 8-K →
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