| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 226.93 | 35.5% | 113.9% |
| Total Income | 226.93 | 35.5% | 113.9% |
| Expenditure | 211.46 | 38.5% | 124.1% |
| PBT | 10.14 | 19.1% | 0.2% |
| Net Profit | 4.68 | 36.8% | 34.7% |
| OPM | 6.82% | 2.00pp | 4.25pp |
| NPM | 2.06% | 0.02pp | 4.69pp |
| EPS | 0.30 | 30.4% |
Cardinal Infrastructure Group Reports Q2 2026 Results and Updates 2026 Outlook, Announces Acquisition of Allied Paving
11 Aug 2026 · 11 Aug, 4:32 pm
Summary
Cardinal Infrastructure Group Inc. announced strong second quarter 2026 results, highlighted by record revenue of $226.9 million, up 114% year-over-year, and year-to-date revenue of $394.4 million, up 110%. The company also reported a 35% increase in backlog to $866 million. Despite a 43% year-over-year increase in adjusted EBITDA to $28.1 million, margins were impacted by increased costs and weather disruptions. Management is raising full-year 2026 revenue guidance to $880-$900 million and announced the acquisition of Allied Paving to further verticalize operations.
Key Highlights
- 1
Cardinal Infrastructure Group Inc. reported record quarterly revenue of $226.9 million for the second quarter of 2026, an increase of 114% year-over-year.
- 2
Year-to-date revenue reached $394.4 million, up 110% compared to the same period in 2025, with 64% organic growth.
- 3
Second quarter adjusted EBITDA was $28.1 million, a 43% increase year-over-year, though the adjusted EBITDA margin decreased to 12.4% from 18.6% in the prior year.
- 4
The company's backlog stood at $866 million as of June 30, 2026, marking a 35% increase from the prior year.
- 5
Cardinal Infrastructure Group Inc. is raising its full-year 2026 revenue guidance to a range of $880 million to $900 million.
- 6
The company announced the acquisition of Allied Paving for approximately $120 million, which generated $108 million in annual revenue at a 20.3% adjusted EBITDA margin.
Management Comments
Jeremy Spivey
This was one of the strongest growth quarters in Cardinal's history. We delivered record revenue, our backlog climbed to an all-time high, and today we announced Allied Paving, our ninth acquisition since 2021, following Piedmont Pipe in Charlotte in May. Keeping pace with this level of customer demand, and investing to capture the opportunity it represents, cost more than we expected this quarter, resulting in margins below plan. Demand across our footprint remains exceptionally strong, a direct reflection of how differentiated Cardinal's turnkey offering is in this market. That strength is why we're both raising our full-year revenue guidance, to a midpoint reflecting over 95% growth from 2025, and accelerating our investment in corporate infrastructure to fully capture the opportunity in front of us, which reshapes our 2026 margin outlook. Even so, our conviction in this platform's medium-term profitability is unchanged, and we still see a clear path to grow margins from here. The runway in front of Cardinal remains significant, and we remain focused on executing for our customers, our employees and our shareholders.
Informational and educational content only. Not investment advice.