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Cardinal Infrastructure Group Inc. reported very strong growth for the quarter ended June 30, 2026, with revenue of $226.9 million, up 114% year-over-year, including 64% organic growth. Second-quarter adjusted EBITDA was $28.1 million, up 43%, while net income rose 18% to $11.1 million. Backlog reached $866 million, a 35% increase from a year earlier.
Despite the growth, profitability metrics compressed: gross margin declined to 10.8% and adjusted EBITDA margin to 12.4%, reflecting higher subcontracting and rental costs, weather impacts, and increased corporate investment. Net income attributable to the company fell to $4.7 million, and diluted EPS was $0.26 versus $0.53 a year earlier.
Cardinal announced the acquisition of Allied Paving, an Atlanta-based contractor generating about $108 million in annual revenue at a 20.3% adjusted EBITDA margin. Total consideration is about $120 million (roughly $62 million cash and $58 million in Class A stock) at roughly 5.5x adjusted EBITDA, funded with cash on hand and stock subject to a six‑month lock-up. The company raised its 2026 revenue outlook to $880–$900 million and now targets full‑year adjusted EBITDA margin of 16–18%. Cash and cash equivalents grew to $339.1 million as of June 30, 2026, supported by strong financing inflows and an equity offering.
FMR LLC filed an amended beneficial ownership report for Cardinal Infrastructure Group Inc. Class A common stock. As of June 30, 2026, FMR LLC reported beneficial ownership of 2,957,660 Class A shares, representing 14.9% of the class. FMR LLC has sole voting power over 2,957,657 shares and sole dispositive power over 2,957,660 shares.
Abigail P. Johnson is also listed as a reporting person, with sole dispositive power over the same 2,957,660 shares but no voting power. One or more other persons have rights to dividends or sale proceeds related to these shares, but no other individual person holds more than five percent of the outstanding Class A common stock.
BlackRock, Inc. reported a passive ownership position in CARDINAL INFRASTRUCTURE GROUP INC Class A Stock. BlackRock beneficially owns 1,207,344 shares, representing 6.3% of the outstanding Class A shares.
BlackRock has sole voting power over 1,188,706 shares and sole dispositive power over all 1,207,344 shares, with no shared voting or dispositive power. The filing notes that the reported holdings reflect securities beneficially owned by specified BlackRock business units, and that various underlying clients may have rights to dividends or sale proceeds, but no single client holds more than five percent of the issuer’s total outstanding common shares.
Cardinal Infrastructure Group Inc. is offering 4,000,000 shares of Class A Common Stock (4,600,000 shares if the underwriters exercise their 30-day option). The public offering price is $73.00 per share, for a total public offering price of $292,000,000.
The prospectus shows underwriting discounts of $3.65 per share and proceeds to the issuer before expenses of $69.35 per share (aggregate $277,400,000). Net proceeds after estimated offering expenses are stated as $276.7 million, which the company intends to use to repay $33 million of borrowings under its October 2025 Credit Facility and for general corporate purposes, including possible acquisitions and capital expenditures.
Immediately after the offering Cardinal expects 19,296,084 Class A shares outstanding (approximately 41.17% of combined voting power) and 27,573,875 Class B shares outstanding (approximately 58.83% of voting power); alternate totals are shown if the option is exercised.
Cardinal Infrastructure Group Inc. is offering 3,750,000 shares of its Class A Common Stock in a primary follow-on equity sale, with an option for underwriters to buy up to 562,500 additional shares. The stock trades on Nasdaq under the symbol CDNL, and the last quoted price before this filing was $81.40 per share.
After the offering, the company expects 19,046,084 Class A shares outstanding and 27,573,875 Class B shares, giving public Class A holders about 40.85% of voting power and economic interest in the Cardinal operating LLC. The company plans to use a portion of the net proceeds to repay approximately $33 million outstanding under its October 2025 Credit Facility and for general corporate purposes, including potential acquisitions and capital spending.
Cardinal reports strong growth in the Southeastern U.S. infrastructure market, with 2025 revenue of $456.0 million, Adjusted EBITDA of $81.5 million, and year-end 2025 backlog of $682 million, increasing to $854 million by March 31, 2026. The business operates through an Up-C structure, with continuing equity holders retaining a majority economic and voting interest and benefiting from a Tax Receivable Agreement.
Zelman Ivy reported acquisition or exercise transactions in this Form 4 filing.
Cardinal Infrastructure Group Inc. director Zelman Ivy received a grant of 1,817 shares of Class A Common Stock in the form of restricted stock units on June 5, 2026. The RSUs were granted at no cash cost and increase Ivy’s direct holdings to 20,244 shares.
The RSUs vest on the earlier of the next annual stockholder meeting following the grant date, if it is at least 50 weeks after the prior year’s meeting, or the one-year anniversary of the grant, so long as Ivy continues serving as a director through the vesting date.
Lee Richard Melvin Jr. reported acquisition or exercise transactions in this Form 4 filing.
Cardinal Infrastructure Group Inc. director Lee Richard Melvin Jr. received a grant of 1,941 shares of Class A Common Stock in the form of restricted stock units on June 5, 2026 as compensation. These RSUs vest at the earlier of the next annual stockholder meeting (subject to the 50-week condition) or the one-year anniversary of the grant, if he continues serving as a director. Following this award, he beneficially owns 34,254 shares. A footnote also corrects a prior Form 4, stating his holdings after the earlier reported transaction should have been 32,313 shares.
SHANFELTER AUSTIN J reported acquisition or exercise transactions in this Form 4 filing.
Cardinal Infrastructure Group Inc. director Austin J. Shanfelter received a grant of 1,941 shares of Class A Common Stock in the form of restricted stock units on June 5, 2026. These RSUs vest at the next qualifying annual stockholder meeting or on the one-year anniversary of grant if he remains a director. Following this award, he directly holds 11,529 shares. A prior Form 4 is corrected to show 9,588 shares beneficially owned after that earlier transaction.
Wimmer Richard Bennett reported acquisition or exercise transactions in this Form 4 filing.
Cardinal Infrastructure Group Inc. director Richard Bennett Wimmer received a grant of 2,023 restricted stock units (RSUs) tied to Class A Common Stock on June 5, 2026. These RSUs vest on the earlier of the next annual stockholder meeting meeting certain timing conditions or the one-year anniversary of the grant, if he continues serving as a director. Following this award, he directly holds 21,849 shares of Class A Common Stock.