Cardinal Infrastructure Group Inc. (CDNL)

CDNL Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023
Net Income	24.13	21.36	20.57
Depreciation & Amortization	28.41	18.66	13.28
Other Amortization	0.09	0.09	0
Loss (Gain) From Sale of Assets	-0.23	0.01	-0.37
Loss (Gain) on Equity Investments	0.38	-0.1	0.05
Other Operating Activities	8.48	6.94	3.72
Change in Accounts Receivable	-40.22	-3.79	-10.98
Change in Accounts Payable	18.33	-3	2.43
Change in Unearned Revenue	-3.68	1.69	1.18
Change in Other Net Operating Assets	-1.04	0.76	0.98
Operating Cash Flow	34.66	42.63	30.88
Operating Cash Flow Growth	12.24%	38.03%	-
Capital Expenditures	-33.74	-20.75	-12.27
Sale of Property, Plant & Equipment	0.27	0.3	0.8
Cash Acquisitions	-19.9	-	-10.89
Investment in Securities	-0.52	-0.52	-
Investing Cash Flow	-53.88	-20.97	-22.36
Long-Term Debt Issued	-	63.94	17.53
Long-Term Debt Repaid	-	-58.91	-11.06
Net Debt Issued (Repaid)	32.58	5.03	6.47
Common Dividends Paid	-13.86	-12.99	-9.16
Financing Cash Flow	18.03	-7.96	-2.69
Net Cash Flow	-1.19	13.7	5.83
Free Cash Flow	0.93	21.87	18.62
Free Cash Flow Growth	-95.02%	17.51%	-
Free Cash Flow Margin	0.23%	6.94%	7.51%
Cash Interest Paid	5.17	4.57	3.99
Cash Income Tax Paid	1.35	1.35	-
Levered Free Cash Flow	-	12.54	-
Unlevered Free Cash Flow	-	15.47	-
Change in Working Capital	-26.6	-4.33	-6.39

Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q