Cardinal Sees Record Revenue, Skyrockets 2026 Forecast

Cardinal Infrastructure Group Inc. announced record-breaking results for its second quarter, driven by an impressive 114% year-on-year revenue increase to $226.9 million. This strong performance allowed the company to substantially elevate its full-year 2026 revenue projection to a range of $880 million to $900 million, significantly surpassing analyst consensus.

The company's backlog also reached an all-time high of $866 million as of June 30, 2026, reflecting robust bidding activity. To further support its growth, Cardinal has agreed to acquire Allied Paving Contractors for approximately $120 million. This strategic move marks Cardinal's ninth acquisition since 2021 and is expected to close in early October.

While revenue surged, adjusted EBITDA margin experienced compression due to increased costs for subcontracted labor, weather disruptions, and investments in corporate infrastructure. Cardinal attributes these factors to supporting its rapid expansion and developing markets. The acquisition of Allied Paving, with its $108 million in annual revenue and strong margins, is poised to contribute to Cardinal's continued expansion.