Cardinal Infrastructure Group (CDNL) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Cardinal Infrastructure Group generated $37.90M of operating cash flow and spent $43.82M on capital expenditures. That left free cash flow of −$5.91M. It returned $180.93M to shareholders through $23.43M in dividends and $157.50M in share buybacks.

Cardinal Infrastructure Group Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Cardinal Infrastructure Group Inc. (CDNL) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023
Period ending	Dec 2025	Dec 2024	Dec 2023
Operating Activities
Net Income	31.09	28.30	24.30
Depreciation & Amortization	32.37	18.75	13.18
Deferred Income Tax	0.28	-	-
Stock Based Compensation	5.87	-	-
Change in Working Capital	-31.56	-4.33	-6.29
Change in Accounts Receivable	-12.77	-4.21	-6.38
Change in Accounts Payable	21.14	-3.00	2.43
Change in Other Working Capital	-36.22	1.84	-2.84
Other Operating Activities	0.12	-0.09	-0.31
Net Cash from Operating Activities	37.90	42.63	30.88
Investing Activities
Capital Expenditures	-43.82	-20.75	-12.27
Acquisitions	-59.40	-	-10.89
Purchases of Investments	0.00	-0.52	-
Other Investing Activities	1.26	-	-
Net Cash from Investing Activities	-101.50	-20.97	-22.36
Financing Activities
Debt Repayment	-95.17	-58.91	-11.06
Common Stock Issued	258.29	-	-
Common Stock Repurchased	-157.50	-	-
Dividends Paid	-23.43	-12.99	-9.16
Other Financing Activities	-8.84	-	-
Net Cash from Financing Activities	139.83	-7.96	-2.69
Summary
Net Change in Cash	76.23	13.70	5.83
Cash at Beginning of Period	20.92	-	-
Cash at End of Period	97.15	-	-
Free Cash Flow	-5.91	21.87	18.62
Supplemental Disclosures
Interest Paid	6.54	4.57	3.99
Income Taxes Paid	1.69	1.35	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Cardinal Infrastructure Group Cash Flow

What is Cardinal Infrastructure Group's free cash flow?

Cardinal Infrastructure Group had negative free cash flow of $5.91M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $37.90M minus $43.82M of capital expenditures.

How much does Cardinal Infrastructure Group spend on capital expenditures?

Cardinal Infrastructure Group spent $43.82M on capital expenditures in fiscal 2025, compared with $20.75M a year earlier. That equals 115.6% of operating cash flow.

Does Cardinal Infrastructure Group pay dividends or buy back shares?

Yes. In fiscal 2025 Cardinal Infrastructure Group returned $23.43M in dividends and $157.50M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition