Cardinal Infrastructure Posts 45% Revenue Growth, Acquires Georgia Contractor, Affirms $665–678M 2026 Guidance
Cardinal Infrastructure’s 2025 revenue rose 45% to $456 million (33% organically) with net income at $31.1 million (+10%), adjusted EBITDA of $81.5 million (+44%) and backlog of $682 million (+33%). The company closed with $97.1 million cash, acquired Georgia’s A.L. Grading Contractors, and affirmed 2026 revenue of $665–678 million with 20% EBITDA margin.
1. Full-Year 2025 Financial Results
Cardinal Infrastructure delivered $456 million in revenue for 2025, a 45% increase year-over-year (33% organically), achieving net income of $31.1 million (+10%) and adjusted EBITDA of $81.5 million (+44%). Backlog grew 33% to $682 million, reflecting robust project awards across residential, commercial and municipal sectors.
2. Balance Sheet and Capital Deployment
The company ended 2025 with $97.1 million in cash and cash equivalents, up from $20.9 million at year-end 2024. It raised $139.8 million through its IPO and allocated $101.5 million to strategic acquisitions and increased capital expenditures, which rose to $43.8 million.
3. Acquisition of A.L. Grading Contractors
In February 2026, Cardinal acquired A.L. Grading Contractors, marking its first expansion beyond the Carolinas into Georgia. The deal is expected to enhance margin profile and adds experienced leadership, including new Board member Lee Wood and COO Benji Wood.
4. 2026 Financial Guidance
The company affirmed 2026 revenue guidance of $665 million to $678 million and a target adjusted EBITDA margin of 20%, reflecting expectations for ongoing organic growth and contribution from the ALGC acquisition under current economic conditions.