10-K · March 10, 2026
Cadre positions itself as a global leader in mission-critical safety equipment (body armor, EOD, duty gear, nuclear safety) and is pursuing growth via new product launches, international expansion and targeted M&A.…
Earnings analysis · 10-Q
CDRE earnings analysis
Filed May 11, 2026 · Our reading of the company's report
The latest report
Cadre Holdings reported Q1 2026 net sales of $155.4 million, marking a 19.5% increase from the same quarter last year. However, net income significantly declined by 78.6% to $2.0 million, driven by increased operating…
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Cadre Holdings reported Q1 2026 net sales of $155.4 million, marking a 19.5% increase from the same quarter last year. However, net income significantly declined by 78.6% to $2.0 million, driven by increased operating expenses and interest costs. Despite these challenges, the company reaffirmed its full-year guidance for net sales to be between $736 million and $758 million, supported by a strong orders backlog of $355.4 million.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.05
What stood out
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Revenue Increases 19.5% YoY
Net sales were $155.4 million, up from $130.1 million in Q1 2025.
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Significant Net Income Decline
Net income decreased to $1.975 million from $9.248 million in the prior year, a decline of 78.6%.
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Strong Orders Backlog
The orders backlog reached $355.4 million, up $165.6 million from December 31, 2025.
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Product Segment Growth
The Product segment grew by 24.8% to $140.6 million, driven by acquisitions.
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Adjusted EBITDA Steady
Adjusted EBITDA increased to $21.1 million, up from $20.5 million in Q1 2025.
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Cash Flow from Operations Positive
Net cash provided by operating activities was $22.5 million.
What to watch
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Increased Debt Levels
Outstanding debt rose to $365.8 million from $307.3 million at year-end 2025.
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Declining Operating Margins
Operating income decreased by 44.7% to $7.5 million, indicating margin pressure.
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Higher Interest Expenses
Interest expense increased 91.4% to $4.3 million due to new debt from acquisitions.
Management's outlook
Reaffirms 2026 full-year revenue guidance of $736M-$758M.
Earlier filings 4
10-Q · August 5, 2025
Cadre reported Q2 net sales of $157,109,000 and diluted EPS of $0.30, with revenue up versus the prior-year quarter and operating cash flow positive for the six months ended June 30, 2025. Gross profit improved…
10-Q · May 6, 2025
Cadre reported Q1 net sales of $130,106,000 and diluted EPS of $0.23, beating consensus revenue ($121,530,000) and EPS ($0.16). Revenue declined versus the prior-year quarter ($137,860,000) but gross margin (43.1%) and…
10-K · March 11, 2025
Cadre positions itself as a market-leading, mission-critical safety-equipment platform focused on body armor, explosive ordnance disposal, duty gear and nuclear safety, pursuing organic growth through new product…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.