Cardinal Infrastructure Group (NASDAQ:CDNL) reported its financial results for the full fiscal year ended December 31, 2025, marking its first full year as a publicly traded entity with record-setting growth across all key metrics.
The company generated total revenue of $456 million, a 45% increase year-over-year, driven by a surge in large-scale civil engineering projects and municipal infrastructure upgrades.
The firm's profitability scaled in tandem with its top line.
Net income for the year reached $31.1 million, while adjusted EBITDA rose 44% to $81.5 million.
This robust operational performance was supported by a rapidly expanding book of business.
Cardinal's project backlog grew 33% during the year to reach $682 million.
This record backlog provides significant revenue visibility as the company enters a 2026 fiscal year characterized by increased federal and state infrastructure spending.
Meanwhile, Cardinal successfully leveraged its 2025 IPO, which raised $139.8 million in gross proceeds, to strengthen its balance sheet and execute its inorganic growth strategy.
The company ended the year with $97.1 million in cash, a portion of which was utilized to complete the acquisition of A.L. Grading Contractors on February 18, 2026.
This acquisition is expected to bolster Cardinal’s earthmoving and site preparation capabilities, particularly in high-growth regional markets.
Elsewhere, management affirmed its confident outlook for the coming year, projecting 2026 revenue in the range of $665 million to $678 million.