CDRE earnings analysis
What we found in CDRE's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Increases 19.5% YoY
- Net sales were $155.4 million, up from $130.1 million in Q1 2025.
- Significant Net Income Decline
- Net income decreased to $1.975 million from $9.248 million in the prior year, a decline of 78.6%.
- Strong Orders Backlog
- The orders backlog reached $355.4 million, up $165.6 million from December 31, 2025.
- Product Segment Growth
- The Product segment grew by 24.8% to $140.6 million, driven by acquisitions.
- Adjusted EBITDA Steady
- Adjusted EBITDA increased to $21.1 million, up from $20.5 million in Q1 2025.
- Cash Flow from Operations Positive
- Net cash provided by operating activities was $22.5 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Debt Levels
- Outstanding debt rose to $365.8 million from $307.3 million at year-end 2025.
- Declining Operating Margins
- Operating income decreased by 44.7% to $7.5 million, indicating margin pressure.
- Higher Interest Expenses
- Interest expense increased 91.4% to $4.3 million due to new debt from acquisitions.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.05
- Gross margin
- 38.7%
- Operating margin
- 4.8%
- Segment
- Product: $140.6 million
- Segment
- Distribution: $20.3 million
What they said about what is next.
Reaffirms 2026 full-year revenue guidance of $736M-$758M.
The filing reads worse than the one before it.
What came before.
- 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.…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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