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Cardinal Infrastructure Group (CDNL) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 12, 2026 · Cardinal Infrastructure Group (CDNL) Q2 2026 earnings results →
Q2 2026 Revenue up 114% year over year to $227M · 2¢ of every $1 of revenue kept as net profit · operating margin 6.8%
Cardinal Infrastructure Group made $227M in Q2 2026 (+114% Y/Y). Operating margin 6.8%, net earnings $4.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $226.9M in Q2 2026, up 114% year over year and up 35% from the previous quarter.
Operating profit was $15.5M, a 6.8% margin (down 4.2 points year over year). Of the extra revenue versus a year earlier, 3% reached operating profit, below the 11% margin then. Total costs grew 124% against revenue growth of 114%. The fastest-growing cost line was General & admin (+204%). Net earnings were $4.7M, down 35% year over year. The effective tax rate was -10.0%.
Operating cash flow was $12.7M (up 200% year over year), 114% of net income including minority interests. Non-cash charges added back $11.6M of depreciation and amortization and $270K of share-based compensation. Working capital and other items used $10.3M. Capital expenditures of $24.7M exceeded it, leaving free cash flow of −$12.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 12, 2026 | $227M | +114% | 6.8% | $4.7M | $12.7M |
| Q1 2026 | 10-Q | May 13, 2026 | $168M | +105% | 8.8% | $3.4M | $9.3M |
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Cardinal Infrastructure Group
Cardinal Infrastructure Group Inc. (NASDAQ: CDNL ) is one of the Southeast's fastest-growing, full-service infrastructure service providers. The Company delivers integrated civil and site development solutions across high growth markets through a self-performing model supported by skilled labor, specialized fleets and market leading subsidiaries. This model enables efficient, turnkey project execution at scale while maintaining focus on building long-term client relationships. Cardinal's strategy is grounded in operational discipline, market expansion and a commitment to integrity from the ground up.
In its own words, from its 8-K, filed Aug 11, 2026.
Cardinal Infrastructure Group against its Heavy Construction Other Than Bldg Const - Contractors peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +114% against the peers' median +34%. Operating margin: 6.8% against the peers' median 7.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| CDNL Cardinal Infrastructure Group | Q2 2026 | $227M | +114% | 6.8% |
| J Jacobs Solutions | Q3 FY26 | $4.1B | +34% | 7.0% |
| FLR Fluor | Q3 2026 | $3.7B | +10% | 6.0% |
| KBR KBR | Q3 2026 | $2.0B | +5% | 9.2% |
| GVA Granite Construction | Q3 2026 | $1.8B | +23% | 12.7% |
| STRL Sterling Infrastructure | Q3 2026 | $1.6B | +127% | 19.6% |
| ROAD Construction Partners | Q3 FY26 | $999M | +28% | 10.9% |
| MWH Solv Energy | Q2 2026 | $951M | +78% | 7.3% |
| BYOP KiNRG | Q2 2026 | $369M | — | 4.6% |
Source: Cardinal Infrastructure Group 10-Q on SEC EDGAR · CIK 2079999 · Heavy Construction Other Than Bldg Const - Contractors
13F: who owns CDNL and who is buying
More on CDNL
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History
Every quarter: Q2 2026 results · Q1 2026 results
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