Cardinal Infrastructure (CDNL) financial statements
Cardinal Infrastructure reported revenue of $456M in fiscal 2025, up 35.6% a year over 2 years.
Net income was $23M and the operating margin 8.9%, against 11.9% in 2023.
Free cash flow was -$6M.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cardinal Infrastructure's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $248M | $315M | $456M |
| Cost of revenue | $199M | $250M | $360M |
| Gross profit | $49M | $65M | $96M |
| Selling, general and admin | $6M | $11M | $24M |
| Operating income | $30M | $36M | $40M |
| Interest expense | $4M | $5M | $7M |
| Pre-tax income | $24M | $30M | $33M |
| Income tax | $0 | $1M | $2M |
| Net income | $21M | $21M | $23M |
| Gross margin | 19.7% | 20.7% | 21.1% |
| Operating margin | 11.9% | 11.4% | 8.9% |
| Net margin | 8.3% | 6.8% | 5.0% |
Balance sheet
Fiscal years, from Cardinal Infrastructure's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | — | $21M | $97M |
| Receivables | $34M | $38M | $61M |
| Total current assets | — | $77M | $216M |
| Property, plant and equipment | — | $50M | $85M |
| Goodwill | $7M | $7M | $24M |
| Total assets | — | $140M | $395M |
| Total current liabilities | — | $71M | $92M |
| Total liabilities | — | $117M | $255M |
| Shareholders' equity | $7M | $23M | $58M |
| Net debt | — | -$21M | -$97M |
Cash flow
Fiscal years, from Cardinal Infrastructure's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | $31M | $43M | $38M |
| Capital spending | $12M | $21M | $44M |
| Free cash flow | $19M | $22M | -$6M |
| Stock-based compensation | $0 | $0 | $6M |
| Free cash flow margin | 7.5% | 6.9% | -1.3% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for CDNL.
Open CDNL in InvestinglyQuestions
What was Cardinal Infrastructure's revenue in 2025?
$456M in fiscal 2025, from its 10-K filing.
How much free cash flow does Cardinal Infrastructure generate?
-$6M in fiscal 2025 (operating cash flow minus capital spending).
From Cardinal Infrastructure's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.