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	31.09	28.3	24.3
Depreciation & Amortization	32.37	18.75	13.18
Stock-Based Compensation	5.87	-	-
Other Adjustments	0.12	-0.09	-0.31
Change in Receivables	-12.77	-4.21	-6.38
Changes in Accounts Payable	21.14	-3	2.43
Changes in Accrued Expenses	1.77	-0.65	-0.68
Changes in Unearned Revenue	-5.48	1.69	1.18
Changes in Other Operating Activities	-36.22	1.84	-2.84
Operating Cash Flow	37.9	42.63	30.88
Operating Cash Flow Growth	-11.09%	38.03%	-
Capital Expenditures	-43.82	-20.76	-12.27
Sale of Property, Plant & Equipment	0.45	0.3	0.8
Purchases of Investments	-	-0.52	-
Payments for Business Acquisitions	-59.4	-	-10.89
Other Investing Activities	1.26	-	-
Investing Cash Flow	-101.5	-20.97	-22.36
Short-Term Debt Issued	26.7	-	-
Short-Term Debt Repaid	-26.7	-	-
Long-Term Debt Issued	166.48	63.94	17.53
Long-Term Debt Repaid	-95.17	-58.91	-11.06
Net Long-Term Debt Issued (Repaid)	71.31	5.03	6.47
Issuance of Common Stock	258.29	-	-
Repurchase of Common Stock	-157.5	-	-
Net Common Stock Issued (Repurchased)	100.79	-	-
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%	-
FCF Margin	-1.30%	6.94%	7.51%
Free Cash Flow Per Share	-0.40	-	-
Levered Free Cash Flow	63.77	24.26	28.05
Unlevered Free Cash Flow	7.78	32.17	30.54

Updated May 13, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q