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Cardinal Infrastructure Group cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$12.0M in Q2 2026 · −$11.6M over twelve months

Operating cash flow$12.7M
Capital spending−$24.7M
Free cash flow−$12.0M
Cash / net income1.1×
Cash conversion cycle-7 days

Analysis

In Q2 2026, Cardinal Infrastructure Group generated $12.7M of operating cash flow and spent $24.7M on capital projects, leaving free cash flow of −$12.0M. That is $4.0M less than in Q2 2025 (−$8.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was $43.6M; the largest uses were other financing ($189M), acquisitions ($174M), capital spending ($55.2M); besides operations, cash came from shares issued ($577M), net borrowing (+) / repaid (−) ($115M); the cash balance rose by $320M.

Operating cash flow was $12.7M against net income of $11.1M — 1.1× profit, cash ran ahead of reported earnings. The largest differences: payables +$17.1M, receivables −$16.0M, contract assets −$13.0M.

Its cash conversion cycle was -7 days (receivables 42 + inventory 0 − payables 49): suppliers fund its working capital.

Free cash flow

Cardinal Infrastructure Group: free cash flow by quarterCardinal Infrastructure Group: free cash flow by quarter$1.7MQ1 2025−$8.0MQ2 2025−$1KQ1 2026−$12.0MQ2 2026
Operating cash flow less capital spending.
Cardinal Infrastructure Group: operating cash flow against capital spendingCardinal Infrastructure Group: operating cash flow against capital spendingOperating cash flowCapital spending$12.1M$10.4MQ1 2025$4.2M$12.2MQ2 2025$9.3M$9.3MQ1 2026$12.7M$24.7MQ2 2026
Latest (Q2 2026): Operating cash flow $12.7M, Capital spending $24.7M.

Capital allocation, year by year

Cardinal Infrastructure Group: where the cash came from (up) and went (down), by fiscal yearCardinal Infrastructure Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2023: Operating cash flow $30.9MFY2023: Net borrowing $6.5MFY2023: Asset sales $804KFY2023: Capital spending −$12.3MFY2023: Acquisitions −$10.9M$38.2MFY2023FY2024: Operating cash flow $42.6MFY2024: Net borrowing $5.0MFY2024: Asset sales $297KFY2024: Capital spending −$20.8M$48.0MFY2024FY2025: Operating cash flow $37.9MFY2025: Net borrowing $71.3MFY2025: Shares issued $258MFY2025: Asset sales $454KFY2025: Capital spending −$43.8MFY2025: Acquisitions −$59.4MFY2025: Buybacks −$158M$368MFY2025
Over these 3 years operating cash flow totalled $111M; the largest uses were buybacks ($158M) and capital spending ($76.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$97.1M
Debtnone
Net cash$97.1M

Cardinal Infrastructure Group's operations bring cash in ($43.6M over twelve months), and it spends more than that on capital projects: a gap of $11.6M funded from its $97.1M of cash and investments and from borrowing. That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Cardinal Infrastructure Group: sources (+) and uses (−) of cash, Q2 2026Cardinal Infrastructure Group: sources (+) and uses (−) of cash, Q2 2026Other financing$318MCash drawn (+) / kept (−)−$295MCapital spending−$24.7MOperating cash flow$12.7MAcquisitions−$7.9MNet borrowing (+) / repaid (−)−$3.5MAsset & business sales$278K
Cardinal Infrastructure Group: sources (+) and uses (−) of cash, TTM to Q2 2026Cardinal Infrastructure Group: sources (+) and uses (−) of cash, TTM to Q2 2026Shares issued$577MCash drawn (+) / kept (−)−$320MOther financing−$189MAcquisitions−$174MNet borrowing (+) / repaid (−)$115MCapital spending−$55.2MOperating cash flow$43.6MOther investing$1.3MAsset & business sales$644K

From profit to cash

Cardinal Infrastructure Group: net income to operating cash flow, Q2 2026Cardinal Infrastructure Group: net income to operating cash flow, Q2 2026Net income$11.1MDepreciation & amortization$11.6MStock-based pay$270KDeferred taxes−$1.1MGains on disposals−$49KReceivables−$16.0MPayables$17.1MAccrued liabilities$3.3MDeferred revenue−$2.3MContract assets−$13.0MPrepaid and other assets$59KOperating cash flow$12.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202642—49-7
Q1 202642—52-10

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$12.7M−$24.7M−$7.9M−$3.5M−$295M−$12.0M
Q1 2026$9.3M−$9.3M−$126M$76.9M$53.2M−$1K
Q2 2025$4.2M−$12.2M−$5.1M$12.5M$3.6M−$8.0M
Q1 2025$12.1M−$10.4M−$14.0M$16.9M−$1.9M$1.7M

Cardinal Infrastructure Group: income statement and cash flow

Cardinal Infrastructure Group, Q2 2026: revenue $227M (+114% year over year), operating margin 6.8%. The chart follows the revenue to costs, profit and cash.

Cardinal Infrastructure Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.