Cardinal Infrastructure Group, Inc. earnings date
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Cardinal Infrastructure Group, Inc. (CDNL) Q3 2026 Earnings Report
CDNL Q3 2026 EPS Results
- Actual EPS
- -$0.21
- Consensus EPS
- $0.52
- Beat/Miss
- Missed by -$0.73
- One Year Ago EPS
- $0.54
CDNL Q3 2026 Revenue Results
- Actual Revenue
- $201.93M
- Expected Revenue
- $234.80M
- Beat/Miss
- Missed by -$32.88M
- YoY Revenue Growth
- ―
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/12/2026
- Time
- Before Open
- Conference Call
- Thursday, November 12, 2026
Cardinal Infrastructure Group, Inc.'s next earnings date is estimated for March 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call had strong revenue growth, backlog expansion, a solid balance sheet, and several operational and diversification initiatives underway. However, these positives were outweighed by a sharp third-quarter profitability decline, substantial project estimate revisions, residential market softness, fuel and transportation pressures, lower year-to-date net income and margins, withdrawn full-year guidance, and a CFO transition.
Cardinal is withdrawing its previously issued full-year 2026 revenue and adjusted EBITDA margin guidance; while it currently expects fourth quarter adjusted EBITDA to improve from third quarter, it is not providing a specific revenue or margin outlook. Most projects affected by the estimate revision are over 75% complete and will be completed either this fiscal year or early Q1, while the company expects residential margin compression in the Carolinas to continue throughout 2027 unless things change with rates and there's some geopolitical resolution. Q3 is historically slow for new awards, with activity tending to pick up late Q4, starting in Q1; the anticipated Phase 2 of the data center project is expected to be awarded and to begin March, April, so late Q1, early Q2 of next year.
- Strong Third-Quarter Revenue GrowthThird-quarter revenue grew 65% to $202 million, an increase of $80 million, including $24 million of organic growth.
- Backlog Increased Year Over YearBacklog reached $815.5 million, up 26% year over year. The backlog included $640 million of signed work and $175 million under letters of intent with issued contracts pending execution.
- Significant Year-to-Date Revenue GrowthRevenue for the first nine months of 2026 increased 92%, from $286 million to $596 million. Organic growth contributed $144 million, or about half of the increase, with the balance attributable to acquired businesses.
- Strong Balance Sheet and Operating Cash FlowCardinal ended the quarter with $335 million in cash and cash equivalents, approximately $136 million of net cash, and substantial additional borrowing capacity. Net cash provided by operating activities was $30 million for the first nine months, while capital expenditures were $42 million.
- Share Repurchase AuthorizationThe Board authorized a share repurchase program of up to $50 million of Class A common stock over the next 12 months.
- Platform Diversification and Vertical Integration ProgressThe company expanded its self-performance capabilities, added complementary services in Atlanta, and brought an asphalt plant online in the Carolinas.
- Operational Improvement Program UnderwayCardinal is tightening project selection and estimating, increasing management oversight, implementing more frequent and rigorous project reviews, standardizing estimates to complete, and strengthening accountability and financial controls across the platform.
- Continued Investment in Employees and SafetyThe company plans to implement its operating changes while continuing to invest in employees and safety programs.
- ALGC Providing an Operating FrameworkALGC has performed as expected and is executing at a high level despite rising fuel and transportation costs and a softening residential and commercial and industrial market. Cardinal is extending ALGC's estimating, project review, and accountability practices across the platform and plans to use them when integrating future acquisitions.
- Allied Paving Integration Progressing as PlannedThe Allied Paving integration in Atlanta is proceeding as planned, with existing familiarity from years of working together allowing synergies to be realized.
- Expected Sequential EBITDA ImprovementManagement expects fourth-quarter adjusted EBITDA to improve sequentially from the third quarter, stating that the project revisions and operational efforts support that expectation.
- Asphalt Plant Operating at Full PlanThe Carolinas asphalt plant was described as an exceptional addition to the operation and is currently running on full plan. Management said its models indicate an attractive payback and long-term accretion to operations, with more detail expected in future quarters.
- Data Center Project ExpansionThe current data center project remains in Phase 1, and a change order associated with a substantial revision to the Phase 1 plan is either pending or executed and represents a 50% increase in the original contract. Management said the customer is happy, and anticipated Phase 2 is expected to begin in late Q1 or early Q2 of next year.
- Greater Focus on Commercial and Industrial DiversificationCardinal is establishing relationships with general contractors for commercial and industrial projects. Management expects the end-market mix to lean more toward commercial and industrial work through the remainder of the year and probably into next year because that work is currently more abundant.
- No Expected Fourth-Quarter Hughes Cost ImpactAlthough the proposed Hughes Brothers acquisition was postponed, management said it does not expect any associated cost impact in the fourth quarter.
CDNL Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 25, 2027 | 2026 (Q4) | 0.48- | 0.13 | ― | ― |
| Nov 12, 2026 | 2026 (Q3) | 0.52-0.21 | 0.54 | -139.11% (-0.75) | |
| Aug 11, 2026 | 2026 (Q2) | 0.430.26 | ― | ― | |
| May 12, 2026 | 2026 (Q1) | 0.170.23 | ― | ― | |
| Mar 19, 2026 | 2025 (Q4) | 0.250.13 | 0.12 | 8.33% (+0.01) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
