Cardinal Infrastructure Group Inc. (CDNL)

CDNL Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023
Net Income	22.69	21.36	20.57
Depreciation & Amortization	32.37	18.66	13.18
Other Amortization	0.1	0.09	0
Loss (Gain) From Sale of Assets	-0.16	0.01	-0.37
Loss (Gain) on Equity Investments	-0.09	-0.1	0.05
Stock-Based Compensation	5.87	-	-
Other Operating Activities	8.68	6.94	3.72
Change in Accounts Receivable	-47.02	-3.79	-10.98
Change in Accounts Payable	21.14	-3	2.43
Change in Unearned Revenue	-5.48	1.69	1.18
Change in Other Net Operating Assets	-0.2	0.76	1.08
Operating Cash Flow	37.9	42.63	30.88
Operating Cash Flow Growth	-11.09%	38.03%	-
Capital Expenditures	-43.82	-20.75	-12.27
Sale of Property, Plant & Equipment	0.45	0.3	0.8
Cash Acquisitions	-59.4	-	-10.89
Divestitures	-0	-	-
Investment in Securities	-	-0.52	-
Other Investing Activities	1.26	-	-
Investing Cash Flow	-101.5	-20.97	-22.36
Long-Term Debt Issued	193.18	63.94	17.53
Long-Term Debt Repaid	-121.87	-58.91	-11.06
Net Debt Issued (Repaid)	71.31	5.03	6.47
Issuance of Common Stock	258.29	-	-
Repurchase of Common Stock	-157.5	-	-
Common Dividends Paid	-23.43	-12.99	-9.16
Other Financing Activities	-8.84	-	-
Financing Cash Flow	139.83	-7.96	-2.69
Net Cash Flow	76.23	13.7	5.83
Free Cash Flow	-5.91	21.87	18.62
Free Cash Flow Growth	-	17.51%	-
Free Cash Flow Margin	-1.30%	6.94%	7.51%
Free Cash Flow Per Share	-0.40	-	-
Cash Interest Paid	6.54	4.57	3.99
Cash Income Tax Paid	1.69	1.35	-
Levered Free Cash Flow	-20.36	12.54	-
Unlevered Free Cash Flow	-16.19	15.47	-
Change in Working Capital	-31.56	-4.33	-6.29

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q