Cardinal Infrastructure Group (CDNL) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $226.9 million, up 114% year-over-year, with 64% organic growth and strong performance across commercial, industrial, and residential markets.

• Year-to-date revenue reached $394.4 million, up 110% year-over-year, with significant organic and acquisition-driven expansion.

• Backlog as of June 30, 2026, was $866 million, up 35% year-over-year, supporting strong revenue visibility.

• Announced the acquisition of Allied Paving in Atlanta, the third acquisition in 2026, adding $108 million in annual revenue at a 20.3% adjusted EBITDA margin, acquired at 5.5x EBITDA.

• Raised full-year 2026 revenue guidance to $880–$900 million, reflecting over 95% year-over-year growth at the midpoint.

Financial highlights

• Q2 2026 revenue was $226.9 million, up $115 million from Q2 2025, with organic growth of 56%.

• Adjusted EBITDA for Q2 was $28.1 million (12.4% margin), up 43% year-over-year; year-to-date adjusted EBITDA was $54.9 million (13.9% margin), up 60%.

• Gross profit for Q2 was $24.5 million (10.8% margin); adjusted gross profit was $36.0 million (15.9% margin).

• Net income for Q2 was $11.1 million (4.9% margin), up 18% year-over-year.

• Cash and cash equivalents as of June 30, 2026, were $339.1 million, up from $97.1 million at year-end 2025.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $880–$900 million, with adjusted EBITDA margin expected in the range of 16%–18%.

• Margin improvement is expected in the second half as one-time costs subside and new acquisitions contribute at higher margins.

• Medium-term adjusted EBITDA margin target remains in the low 20% range as integration and scaling continue.

• Guidance assumes stable economic conditions in the Southeastern U.S. and excludes future acquisitions or extraordinary events.

• Capital expenditures are expected to remain elevated due to fleet upgrades and new asphalt plant construction.