Filing Flows › Cardinal Infrastructure Group (CDNL) › Q1 2026
Cardinal Infrastructure Group (CDNL) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 13, 2026
Cardinal Infrastructure Group (CDNL) reported revenue of $168M for the first quarter 2026 (Q1 2026), +105% from a year earlier. Operating margin was 8.8%, net earnings $3.4M (2.0% of revenue).
Cardinal Infrastructure Group, Q1 2026: revenue $168M (+105% year over year), operating margin 8.8%, net earnings $3.4M, operating cash flow $9.3M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $168M | — | +105% |
| Operating profit | $14.8M | — | +87% |
| Net earnings | $3.4M | — | -38% |
| Operating cash flow | $9.3M | — | -23% |
What changed
Revenue was $167.5M in Q1 2026, up 105% year over year.
Operating profit was $14.8M, a 8.8% margin (down 0.8 points year over year). Of the extra revenue versus a year earlier, 8% reached operating profit, below the 10% margin then. Total costs grew 107% against revenue growth of 105%. The fastest-growing cost line was General & admin (+377%). Net earnings were $3.4M, down 38% year over year. The effective tax rate was 8.4%.
Operating cash flow was $9.3M (down 23% year over year), 81% of net income including minority interests. Non-cash charges added back $9.3M of depreciation and amortization and $192K of share-based compensation. Working capital and other items used $11.6M. Capital expenditures of $9.3M exceeded it, leaving free cash flow of −$1K.
Questions
What was Cardinal Infrastructure Group's revenue in the first quarter 2026?
Cardinal Infrastructure Group (CDNL) reported revenue of $168M for the first quarter 2026 (Q1 2026), +105% from a year earlier.
Was Cardinal Infrastructure Group profitable in the first quarter 2026?
Operating profit was $14.8M (8.8% of revenue) and net earnings $3.4M.