Cardinal Infrastructure Group reported record financial results for the second quarter 2026, characterized by triple-digit revenue growth and an all-time high backlog. While the company raised its full-year 2026 revenue guidance, margins were pressured by increased labor and equipment costs in developing markets and accelerated corporate infrastructure investments. Additionally, the company announced the $120 million acquisition of Allied Paving to expand its turnkey operations in the Atlanta market.
Key Highlights
- Quarterly revenue reached $226.9 million, up 114% year-over-year, driven by 64% organic growth and recent acquisitions.
- Total backlog climbed to $866 million as of June 30, 2026, representing a 35% increase from the prior year.
- Adjusted EBITDA margin contracted to 12.4% from 18.6% in the prior-year period due to higher subcontracted labor and scaling expenses.
- Full-year 2026 revenue guidance was raised to a range of $880 million to $900 million, a midpoint increase of $210 million.