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Cardinal Infrastructure achieves $226.9 million revenue, marking 114% growth
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Cardinal Infrastructure achieves $226.9 million revenue, marking 114% growth

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  • Cardinal Infrastructure reported Q2 2026 revenue of $226.9 million, up 114% year over year, including approximately 64% organic growth.
  • Adjusted EBITDA rose 43% to $28.1 million, although adjusted EBITDA margin declined to 12.4% from 18.6%.
  • Cardinal raised 2026 revenue guidance to $880–$900 million and agreed to acquire Allied Paving Contractors for approximately $120 million.

Cardinal Infrastructure Group (NASDAQ:CDNL) reported second-quarter 2026 revenue of $226.9 million, up 114% year over year, with approximately 64% organic growth.

Adjusted EBITDA increased 43% to $28.1 million, although margin fell to 12.4% from 18.6% due partly to subcontracting, equipment rental and corporate investment costs.

Year-to-date revenue reached $394.4 million and adjusted EBITDA totaled $54.9 million, while backlog increased 35% year over year to $866 million.

Cardinal raised its 2026 revenue forecast to $880–$900 million and now expects adjusted EBITDA margin of 16%–18%.

Following the announcement, no verified post-release Cardinal Infrastructure share-price trade was available, with the latest verified pre-results trade at $60.00.

Cardinal entered Q2 after reporting first-quarter revenue of $167.5 million and a $854 million backlog, while completing its first asphalt processing plant near Raleigh in June.

Cardinal also agreed to acquire Allied Paving Contractors for approximately $120 million, with the company saying the business generates about $108 million of annual revenue at a 20.3% adjusted EBITDA margin.

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