Cardinal Infrastructure Group Inc. cash flow statement

In fiscal 2025, Cardinal Infrastructure Group Inc.'s operations generated $37.9m of cash; it spent $43.8m on capital projects, leaving free cash flow of −$5.9m. It returned $158m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Cardinal Infrastructure Group Inc.: cash flow statement, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	31	43	38
Depreciation and amortisation	13	19	25
Stock-based pay	0	0	6
Capital spending	12	21	44
Free cash flow	19	22	−6
Free cash flow after stock pay	19	22	−12
Share buybacks	0	0	158
Shares issued	0	0	258

US$ millions unless shown otherwise. Fiscal quarters.

Cardinal Infrastructure Group Inc.: cash flow statement, quarterly
Quarter	2025 Q1Mar 2025	2025 Q2Jun 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Cash from operations	12	4	9	13
Depreciation and amortisation	5	6	6	7
Stock-based pay	0	0	0	0
Capital spending	10	12	9	25
Free cash flow	2	−8	−0	−12
Free cash flow after stock pay	2	−8	−0	−12

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Cardinal Infrastructure Group Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cardinal Infrastructure Group Inc.