Cardinal Infrastructure posts Q3 net loss on higher costs, withdraws 2026 outlook
CDNL•Cardinal Infrastructure reported Q3 revenue up 65% year over year to $201.9 million, while its adjusted EBITDA margin fell to 4.2% from 17.5%. It withdrew its full-year 2026 guidance and authorized a $50 million share buyback.
1. Quarterly results
Cardinal Infrastructure’s Q3 adjusted EBITDA margin fell to 4.2% from 17.5%. Revisions to cost estimates on certain projects reduced gross profit by $13.2 million, while residential pricing pressure, lower initial bid margins on commercial and industrial work, and higher fuel and transportation costs also weighed on profitability.
2. Outlook and buyback
The company withdrew its previously issued full-year 2026 revenue and adjusted EBITDA margin guidance and is not providing specific Q4 or full-year revenue or margin outlook. It expects Q4 adjusted EBITDA to improve from Q3, without giving a specific outlook, and authorized a $50 million share buyback.
