How Spivey was paid
$450,000 in total for 2025, as reported in the Summary Compensation Table. Equity awards are valued at grant, not at what they turned out to be worth.
Named executive officers
| Executive | Salary | Total |
|---|---|---|
| Jeremy SpiveyChairman and Chief Executive Officer | $450,000 | $450,000 |
| Erik WestChief Operating Officer, Cardinal Civil Contracting | $400,000 | $400,000 |
| Mike RoweChief Financial Officer | $360,000 | $360,000 |
What changed and why
- $241.5MCardinal completed its initial public offering in December 2025 raising gross proceeds of $241.5 million.
- $456.0MRevenue reached $456.0 million in 2025 representing a 45% increase from the prior year.
- $31.1MNet income for fiscal 2025 was $31.1 million up 10% from 2024.
- $450KCEO Jeremy Spivey received $450,000 in guaranteed payments for 2025 instead of a traditional salary.
- Named executive officers also received pro rata cash distributions from LLC membership interests in Cardinal NC.
About this page
Figures are automated and can be wrong; check the filing for the exact numbers. Totals follow SEC rules, which value stock and option awards at grant. Read the DEF 14A proxy statement for footnotes and the compensation committee's full reasoning.