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Dec 31, 2025
Cadre Holdings Q4 2025 Earnings Report
Cadre Holdings Q4 2025 Earnings Report
Key Takeaways
Cadre Holdings reported a decrease in fourth-quarter revenue and net income compared to the prior year, primarily due to high shipment levels in the previous year's Q4 following a cyber incident recovery. Despite the quarterly dip, the company achieved record annual Adjusted EBITDA for the third consecutive year and expanded its footprint through the acquisition of TYR Tactical.
Fourth quarter net sales decreased by 5.0% to $167.2 million, impacted by a difficult year-over-year comparison following a 2024 cyber incident recovery period.
Adjusted EBITDA for the quarter was $34.4 million with a 20.6% margin, down from 21.9% in the prior year period.
The company completed the acquisition of TYR Tactical in January 2026, which is expected to be immediately accretive to earnings.
The Board of Directors increased the quarterly cash dividend to $0.10 per share, representing a 5.3% increase on an annualized basis.
Revenue by Segment
Forward Guidance
For the full year 2026, Cadre expects significant growth in net sales and Adjusted EBITDA, driven by organic demand and recent acquisitions.
Positive Outlook
- Full year 2026 net sales expected between $736 million and $758 million.
- Expected Adjusted EBITDA growth of approximately 24% at the midpoint.
- Anticipated Adjusted EBITDA range of $136 million to $141 million.
- Acquisition of TYR Tactical expected to be immediately accretive.
- Robust acquisition pipeline remains in public safety and nuclear markets.
Challenges Ahead
- Capital expenditures expected to increase to a range of $10 million to $14 million.
- Inability to provide net income guidance due to forecasting difficulties for specific expenses.
- Recent declines in EOD products and existing nuclear safety products noted in 2025.
- Higher interest expense compared to previous periods.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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