CDNL financial statements
The full income statement, balance sheet, and cash-flow statement for Cardinal Infrastructure Group Inc. (CDNL), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| Revenue | 456M+44.7% | 315M+27.1% | 248M | |
| Selling, general & administrative | 23.5M+120.1% | 10.7M+64.5% | 6.50M | |
| General & administrative | 23.5M+120.1% | 10.7M+64.5% | 6.50M | |
| Amortization of intangibles | 7.13M+8204.2% | 85.8K+2541.2% | 3.25K | |
| Operating income | 40.4M+12.4% | 35.9M+21.7% | 29.5M | |
| Interest expense | 6.83M+41.4% | 4.83M+21.0% | 3.99M | |
| Other non-operating income | -519K+64.4% | -1.46M-17.2% | -1.24M | |
| Pre-tax income | 33.1M+11.5% | 29.6M+22.0% | 24.3M | |
| Income tax | 1.97M+45.4% | 1.35M | 0.00 | |
| 22.7M+6.2% | 21.4M+3.8% | 20.6M | ||
| Net income to non-controlling interest | 8.41M+21.1% | 6.94M+86.3% | 3.72M | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| 216M+178.7% | 77.4M | — | ||
| Accounts receivable | 61.3M+60.0% | 38.3M+12.4% | 34.1M | |
| Prepaid expenses | 1.89M+406.8% | 373K | — | |
| Other current assets | 433K+384.2% | 89.3K | — | |
| 395M+181.2% | 140M | — | ||
| Property, plant & equipment | 84.9M+70.5% | 49.8M | — | |
| Operating lease right-of-use | 8.93M+74.8% | 5.11M | — | |
| Goodwill | 23.5M+233.4% | 7.05M+0.0% | 7.05M | |
| Intangible assets | 15.5M | 0.00 | — | |
| Deferred tax assets | 46.1M | 0.00 | — | |
| Other non-current assets | 0.00 | — | — | |
| 91.6M+29.9% | 70.5M | — | ||
| Accounts payable | 60.6M+58.3% | 38.3M | — | |
| Accrued liabilities | 2.96M+273.1% | 792K | — | |
| Deferred revenue | 10.8M-23.4% | 14.1M | — | |
| Current lease liability | 3.81M+36.2% | 2.80M | — | |
| Other current liabilities | 0.00 | — | — | |
| Finance lease liability (current) | 3.35M+8.9% | 3.08M | — | |
| 255M+118.1% | 117M | — | ||
| Long-term debt | 121M+152.8% | 47.9M | — | |
| Non-current lease liability | 5.85M+140.8% | 2.43M | — | |
| Operating lease liability (total) | 9.67M | — | — | |
| Finance lease liability (total) | 8.32M | — | — | |
| Finance lease liability | 4.97M-30.5% | 7.16M | — | |
| Other non-current liabilities | 0.00 | — | — | |
| 58.5M+150.3% | 23.4M+212.7% | 7.47M | ||
| Additional paid-in capital | 57.6M | 0.00 | — | |
| Retained earnings | 864K | 0.00 | — | |
| Accumulated other comprehensive income | 0.00 | — | — | |
| Non-controlling interest | 81.1M+599.2% | 11.6M | — | |
| Total equity incl. non-controlling | 140M+497.5% | 23.4M+212.7% | 7.47M | |
| Total liabilities & equity | 395M+181.2% | 140M | — | |
| Common shares outstanding | 38.3M | — | — | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| 37.9M-11.1% | 42.6M+38.0% | 30.9M | ||
| Depreciation & amortization | 32.4M+72.7% | 18.7M+42.2% | 13.2M | |
| Intangible amortization | 7.13M+8204.2% | 85.8K+2541.2% | 3.25K | |
| Share-based compensation | 5.87M | 0.00 | 0.00 | |
| Deferred income taxes | 276K | 0.00 | 0.00 | |
| Change in receivables | 12.8M+203.1% | 4.21M-33.9% | 6.38M | |
| Change in payables | 21.1M+804.7% | -3.00M-223.3% | 2.43M | |
| -102M-384.0% | -21.0M+6.2% | -22.4M | ||
| Capital expenditure | 43.8M+111.1% | 20.8M+69.2% | 12.3M | |
| Free cash flow | -5.91M-127.0% | 21.9M+17.5% | 18.6M | |
| Acquisitions | 59.4M | 0.00-100.0% | 10.9M | |
| Proceeds from sale of PP&E | 454K+52.6% | 297K-63.0% | 804K | |
| 140M+1856.7% | -7.96M-195.8% | -2.69M | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 158M | 0.00 | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | |
| Net change in cash | 76.2M+456.6% | 13.7M+134.8% | 5.83M | |
| Interest paid | 6.54M+43.3% | 4.57M+14.6% | 3.99M | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| Market cap | 927M | — | — | |
| P/E | 40.9× | — | — | |
| P/S | 2.0× | — | — | |
| P/B | 15.9× | — | — | |
| Earnings yield | 2.4% | — | — | |
| Source filing | 10-K | 10-K | 10-K |
About this data
Source: CDNL’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CDNL filings on SEC EDGAR → Not investment advice.