Revenue growth remains highly inconsistent, fluctuating between a 42.5% expansion in 2025Q3 and a 5.0% contraction in 2025Q4, while operating margins struggle to scale, hitting a low of 6.0% in 2026Q1.
| Sales/Revenue | 635.63M | 610.31M | 567.56M | 482.53M | 457.84M | 427.29M | 404.64M | 420.74M |
| Revenue Growth % | 13.54% | 7.53% | 17.62% | 5.39% | 7.15% | 5.6% | -3.83% | - |
| Cost of Goods Sold | 380.37M | 358.58M | 334.08M | 281.81M | 282.16M | 256.6M | 251.7M | 274.7M |
| COGS % of Revenue | - | 58.75% | 58.86% | 58.4% | 61.63% | 60.05% | 62.2% | 65.29% |
| Gross Profit | 255.26M | 251.72M | 233.48M | 200.73M | 175.68M | 170.69M | 152.94M | 146.04M |
| Gross Margin % | 40.16% | 41.25% | 41.14% | 41.6% | 38.37% | 39.95% | 37.8% | 34.71% |
| Gross Profit Growth % | - | 7.81% | 16.32% | 14.26% | 2.92% | 11.61% | 4.73% | - |
| Operating Expenses | 185.13M | 176.68M | 166.72M | 144.21M | 158.96M | 118.97M | 103.13M | 118.65M |
| OpEx % of Revenue | - | 28.95% | 29.37% | 29.89% | 34.72% | 27.84% | 25.49% | 28.2% |
| Selling, General & Admin | 185.13M | 165.28M | 158.32M | 140.52M | 153.13M | 114.96M | 106.63M | 124.27M |
| SG&A % of Revenue | - | 27.08% | 27.9% | 29.12% | 33.45% | 26.91% | 26.35% | 29.54% |
| Research & Development | 0 | 11.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.87% | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 8.4M | 3.69M | 5.83M | 4.01M | -3.49M | -5.62M |
| Operating Income | 70.13M | 75.05M | 66.76M | 56.52M | 16.72M | 51.72M | 49.8M | 27.38M |
| Operating Margin % | 11.03% | 12.3% | 11.76% | 11.71% | 3.65% | 12.1% | 12.31% | 6.51% |
| Operating Income Growth % | - | 12.41% | 18.12% | 238.11% | -67.68% | 3.85% | 81.88% | - |
| EBITDA | 90.96M | 94M | 83.18M | 72.26M | 32.37M | 65.44M | 64.54M | 42.83M |
| EBITDA Margin % | 14.31% | 15.4% | 14.66% | 14.97% | 7.07% | 15.31% | 15.95% | 10.18% |
| EBITDA Growth % | 6.55% | 13.01% | 15.12% | 123.24% | -50.54% | 1.39% | 50.7% | - |
| D&A (Non-Cash Add-back) | 20.83M | 18.95M | 16.42M | 15.74M | 15.65M | 13.72M | 14.73M | 15.44M |
| EBIT | 70.13M | 75.05M | 62.04M | 57.45M | 15.58M | 35.62M | 52.26M | 27.78M |
| Net Interest Income | -13.63M | -11.83M | -7.82M | -4.53M | -6.21M | -16.43M | -24.39M | -29.85M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 13.63M | 11.83M | 7.82M | 4.53M | 6.21M | 16.43M | 24.39M | 29.85M |
| Other Income/Expense | -17.58M | -12.72M | -12.54M | -3.6M | -7.34M | -32.53M | -21.93M | -29.45M |
| Pretax Income | 52.55M | 62.33M | 54.22M | 52.92M | 9.37M | 19.19M | 27.88M | -2.07M |
| Pretax Margin % | 8.27% | 10.21% | 9.55% | 10.97% | 2.05% | 4.49% | 6.89% | -0.49% |
| Income Tax | 15.68M | 18.19M | 18.09M | 14.28M | 3.55M | 6.53M | -10.58M | -142K |
| Effective Tax Rate % | 29.84% | 29.18% | 33.36% | 26.99% | 37.91% | 34.03% | -37.95% | 6.86% |
| Net Income | 36.87M | 44.14M | 36.13M | 38.64M | 5.82M | 12.66M | 38.45M | -1.93M |
| Net Margin % | 5.8% | 7.23% | 6.37% | 8.01% | 1.27% | 2.96% | 9.5% | -0.46% |
| Net Income Growth % | -4.13% | 22.16% | -6.49% | 563.93% | -54.03% | -67.07% | 2094.45% | - |
| Net Income (Continuing) | 36.87M | 44.14M | 36.13M | 38.64M | 5.82M | 12.66M | 38.45M | -1.93M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.85 | 1.02 | 0.90 | 1.02 | 0.16 | 0.44 | 1.15 | -0.06 |
| EPS Growth % | -6.32% | 13.33% | -11.76% | 537.5% | -63.64% | -61.74% | 2096.53% | - |
| EPS (Basic) | - | 1.08 | 0.90 | 1.03 | 0.16 | 0.44 | 1.15 | -0.06 |
| Diluted Shares Outstanding | 43.36M | 43.43M | 40.33M | 37.92M | 36.12M | 28.6M | 33.48M | 33.48M |
| Basic Shares Outstanding | 42.56M | 40.87M | 39.95M | 37.53M | 36.11M | 28.6M | 33.48M | 33.48M |
| Dividend Payout Ratio | - | 35% | 38.6% | 31.07% | 197.75% | 100.71% | - | - |
Municipal budget dependency
As indicated by the provided quarterly data, CDRE's revenue growth remains highly volatile, fluctuating between a 42.5% expansion in 2025Q3 and a 5.0% contraction in 2025Q4, suggesting that the company's top-line performance is heavily influenced by the timing of large, non-recurring government and international contract shipments.
The inconsistency in quarterly revenue growth suggests that the business model is susceptible to the timing of procurement cycles rather than a steady, predictable organic growth trajectory. Investors should monitor whether this volatility is a structural feature of the EOD and tactical equipment segments or if it reflects inefficiencies in the company's ability to smooth out order fulfillment.
According to the reported financial statements, CDRE has maintained a relatively stable gross margin profile, averaging approximately 40% over the last ten quarters, which suggests that the company possesses sufficient pricing power to mitigate input cost pressures despite the inherent variability in its quarterly revenue mix.
The ability to sustain gross margins above 40% in most periods implies that the company's proprietary safety products command a premium that is not easily eroded by competitive pricing. However, the dip to 37.7% in 2026Q1 warrants further investigation to determine if this represents a shift toward lower-margin distribution sales or an isolated impact from supply chain cost spikes.
Based on the income statement data, CDRE's operating margins have fluctuated significantly from a low of 5.0% in 2024Q3 to a high of 16.7% in 2024Q4, indicating that the company struggles to maintain consistent operating leverage as SG&A expenses do not always scale proportionally with gross profit.
The lack of a clear, linear relationship between gross profit growth and operating income suggests that the company's cost structure may be more fixed than anticipated, or that management is aggressively managing SG&A to offset revenue lulls. This variability may indicate that the company is not yet achieving the operational efficiencies typically expected from a mature industrial manufacturer.
As reported in the financial filings, CDRE's net income has experienced significant quarterly swings, with stock-based compensation reaching $5.4M in 2025Q4, which appears to have materially impacted the quality of reported earnings and diluted the bottom-line performance relative to the company's operational output during that specific period.
The presence of significant stock-based compensation in certain quarters suggests that investors should focus on adjusted earnings metrics to gauge true operational performance. The sharp decline in net income during 2026Q1, despite relatively stable revenue, warrants further investigation into whether non-operating items or tax anomalies are masking the underlying profitability of the core business.
Quick answers to the most common questions about buying CDRE stock.
For fiscal year 2025, Cadre Holdings, Inc. (CDRE) reported total revenue of $610.3M. This represents a 45.1% increase compared to $420.7M in 2019.
Cadre Holdings, Inc. (CDRE) is profitable, generating $44.1M in net income for the fiscal year ending 2025 with a net profit margin of 7.2%.
Cadre Holdings, Inc. (CDRE) reported an operating income of $75.0M, resulting in an operating profit margin of 12.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Cadre Holdings, Inc. (CDRE) generated $251.7M in gross profit for the year, representing a gross profit margin of 41.2%. This demonstrates the company's core pricing power and production efficiency.