Cadre Holdings Reports Third Quarter 2025 Financial Results

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JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Cadre Holdings, Inc. (NYSE: CDRE) (“Cadre” or “Company”), a global leader in the manufacturing and distribution of safety equipment and other related products for the law enforcement, first responder, military and nuclear markets, announced today its consolidated operating results for the three and nine months ended September 30, 2025.

  • Net sales of $155.9 million for the third quarter; net sales of $443.1 million for the nine months ended September 30, 2025.
  • Gross profit margin of 42.7% for the third quarter; gross profit margin of 42.2% for the nine months ended September 30, 2025.
  • Net income of $10.9 million, or $0.27 per diluted share, for the third quarter; net income of $32.4 million, or $0.79 per diluted share, for the nine months ended September 30, 2025.
  • Adjusted EBITDA of $29.8 million for the third quarter; Adjusted EBITDA of $77.3 million for the nine months ended September 30, 2025.
  • Adjusted EBITDA margin of 19.1% for the third quarter; Adjusted EBITDA margin of 17.4% for the nine months ended September 30, 2025.
  • Declared quarterly cash dividend of $0.095 per share in October 2025.

“We are pleased to report another quarter of strong performance, driven by Cadre’s industry leading brands and favorable trends across our law enforcement, first responder, military, and nuclear end-markets,” said Warren Kanders, CEO and Chairman. “Our teams delivered results above expectations, while expanding our backlog significantly and advancing Cadre’s track record of consistent and stable growth despite a dynamic operating environment. Revenue, gross profit, net income, and Adjusted EBITDA increased significantly this quarter, with an Adjusted EBITDA margin that improved 670 basis points year-over-year.”

Mr. Kanders added, “Our recently announced agreement to acquire TYR Tactical marks Cadre’s sixth and largest acquisition since going public and a meaningful step forward in strengthening our diversified platform of durable safety businesses. Cadre's disciplined M&A program is crucial to accelerating long-term growth, and we are excited to have once again delivered on our pledge to capitalize on attractive inorganic opportunities. Building on our current momentum, we remain focused on pursuing additional transactions in line with our highly selective key criteria and continuing to take advantage of the free cash flow generated by the strong and recurring demand for our mission-critical safety and survivability equipment.”

Third Quarter and Nine-Month 2025 Operating Results

For the quarter ended September 30, 2025, Cadre generated net sales of $155.9 million, as compared to $109.4 million for the quarter ended September 30, 2024. This increase was primarily a result of recent acquisitions and strong demand for armor and duty gear products, as well as the impact of the 2024 cyber incident on the comparable period.

For the nine months ended September 30, 2025, Cadre generated net sales of $443.1 million, as compared to $391.6 million for the nine months ended September 30, 2024, also mainly driven by recent acquisitions, as well as strong demand for nuclear safety and crowd control products.

For the quarter ended September 30, 2025, Cadre generated gross profit of $66.6 million, as compared to $40.0 million for the quarter ended September 30, 2024. For the nine months ended September 30, 2025, Cadre generated gross profit of $187.0 million, as compared to $156.3 million for the prior year period.

Gross profit margin was 42.7% for the quarter ended September 30, 2025, as compared to 36.6% for the quarter ended September 30, 2024, mainly driven by increased volume, favorable pricing net of material inflation, and a decrease in inventory step-up amortization. Gross profit margin was 42.2% for the nine months ended September 30, 2025, as compared to 39.9% for the prior year period.

Net income was $10.9 million for the quarter ended September 30, 2025, as compared to net income of $3.7 million for the quarter ended September 30, 2024. The increase was primarily as a result of increased gross profit, partially offset by increases in selling, general and administrative expenses, as well as other costs.

Net income was $32.4 million for the nine months ended September 30, 2025, as compared to net income of $23.2 million for the prior year period, primarily as a result of increased gross profit and gains from foreign exchange rates partially offset by increases in compensation expense, interest expense and provision for taxes.

Cadre generated $29.8 million of Adjusted EBITDA for the quarter ended September 30, 2025, as compared to $13.5 million for the quarter ended September 30, 2024. Adjusted EBITDA margin was 19.1% for the quarter ended September 30, 2025, as compared to 12.4% for the prior year period.

Cadre generated $77.3 million of Adjusted EBITDA for the nine months ended September 30, 2025, as compared to $66.3 million for the prior period. Adjusted EBITDA margin was 17.4% for the nine months ended September 30, 2025, as compared to 16.9% for the prior year period.

Product segment gross margin was 43.9% and 43.3% for the third quarter and first nine months of 2025, respectively, compared to 37.4% and 40.7% for the prior year periods.

Distribution segment gross margin was 21.3% and 22.0% for the third quarter and first nine months of 2025, respectively, compared to 21.9% and 22.9% for the prior year periods.

Liquidity, Cash Flows and Capital Allocation

  • Cash and cash equivalents increased by $25.9 million from $124.9 million as of December 31, 2024 to $150.9 million as of September 30, 2025.
  • Total debt increased by $88.0 million from $223.2 million as of December 31, 2024 to $311.2 million as of September 30, 2025.
  • Net debt (total debt net of cash and cash equivalents) increased by $62.1 million from $98.3 million as of December 31, 2024 to $160.4 million as of September 30, 2025.
  • Capital expenditures totaled $0.6 million for the third quarter and $3.6 million for the nine months ended September 30, 2025, compared with $1.1 million for the third quarter and $4.5 million for the nine months ended September 30, 2024.

Acquisition of TYR Tactical

On October 28, 2025, Cadre announced it has entered into a definitive agreement to acquire TYR Tactical, LLC, a leading global manufacturer of tactical gear and equipment for military, law enforcement, and government agencies worldwide. TYR Tactical produced approximately $92.6 million of revenue in the year ended December 31, 2024, and is expected to be immediately accretive to earnings and Adjusted EBITDA margins. The total consideration is $175 million and is anticipated to close in the first half of 2026.

Med-Eng Wins $50 Million Contract with the Department of Defense

On September 26, 2025, Cadre subsidiary Med-Eng, LLC was awarded a $50 million Indefinite Delivery / Indefinite Quantity (ID/IQ) contract by the United States Department of Defense (DoD), known as the Blast Exposure Monitoring System (BEMO). At the time of award, Med-Eng received the first purchase order for $10 million to be shipped in 2026.

Dividend

On October 21, 2025, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.095 per share, or $0.38 per share on an annualized basis. Cadre's dividend payment will be made on November 14, 2025 to shareholders of record as of the close of business on the record date of October 31, 2025. The declaration of any future dividend is subject to the discretion of the Company's Board of Directors.

2025 Outlook

For the full year 2025, Cadre expects to generate net sales in the range of $624 million to $630 million and Adjusted EBITDA in the range of $112 million and $116 million. We expect capital expenditures to be in the range of $7 million to $8 million. Cadre has not provided net income guidance due to the inherent difficulty of forecasting certain types of expenses and gains, which affect net income but not Adjusted EBITDA. Therefore, we do not provide a reconciliation of Adjusted EBITDA guidance to net income guidance.

Conference Call

Management will host a conference call on Wednesday, November 5, 2025, at 10:00 a.m. EST to discuss the latest corporate developments and financial results. The dial-in number for callers in the US is (800)-715-9871 and the dial-in number for international callers is 646-307-1963. The access code for all callers is 9511718. A live webcast will also be available on the Company’s website at https://www.cadre-holdings.com/.

A replay of the call will be available through November 19, 2025. To access the replay, please dial 800-770-2030 in the U.S. or +1-609-800-9909 if outside the U.S., and then enter the access code 9511718.

About Cadre

Headquartered in Jacksonville, Florida, Cadre is a global leader in the manufacturing and distribution of safety products. Cadre's equipment provides critical protection to allow users to safely and securely perform their duties and protect those around them in hazardous or life-threatening situations. The Company's core products include body armor, explosive ordnance disposal equipment, duty gear and nuclear safety products. Our highly engineered products are utilized in over 100 countries by federal, state and local law enforcement, fire and rescue professionals, explosive ordnance disposal teams, and emergency medical technicians. Our key brands include Safariland® and Med-Eng®, amongst others.

Use of Non-GAAP Measures

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). The press release contains the non-GAAP measures: (i) earnings before interest, taxes, other income or expense, depreciation and amortization (“EBITDA”), (ii) Adjusted EBITDA, (iii) Adjusted EBITDA margin and (iv) last twelve months Adjusted EBITDA. The Company believes the presentation of these non-GAAP measures provides useful information for the understanding of its ongoing operations and enables investors to focus on period- over-period operating performance, and thereby enhances the user’s overall understanding of the Company’s current financial performance relative to past performance and provides, along with the nearest GAAP measures, a baseline for modeling future earnings expectations. Non-GAAP measures are reconciled to comparable GAAP financial measures within this press release. We do not provide a reconciliation of the non-GAAP guidance measure Adjusted EBITDA for the fiscal year 2025 to net income for the fiscal year 2025, the most comparable GAAP financial measure, due to the inherent difficulty of forecasting certain types of expenses and gains, without unreasonable effort, which affect net income but not Adjusted EBITDA. The Company cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. Additionally, the Company notes that there can be no assurance that the above referenced non-GAAP financial measures are comparable to similarly titled financial measures used by other publicly traded companies.

Forward-Looking Statements

Please note that in this press release we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this press release, include, but are not limited to, those risks and uncertainties more fully described from time to time in the Company's public reports filed with the Securities and Exchange Commission, including under the section titled “Risk Factors” in the Company's Annual Report on Form 10-K, and/or Quarterly Reports on Form 10-Q, as well as in the Company’s Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release and speak only as of the date hereof. We assume no obligation to update any forward- looking statements to reflect events or circumstances after the date of this press release.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

Reconciling

 

 

 

 

 

Product

 

Distribution

 

Items(1)

 

Total

Net sales

 

$

96,493

 

$

17,836

 

$

(4,921

)

 

$

109,408

Cost of goods sold

 

 

60,386

 

 

13,936

 

 

(4,930

)

 

 

69,392

Gross profit

 

$

36,107

 

$

3,900

 

$

9

 

 

$

40,016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2025

 

 

 

 

 

 

 

 

Reconciling

 

 

 

 

 

Product

 

Distribution

 

Items(1)

 

Total

Net sales

 

$

391,659

 

$

79,853

 

$

(28,428

)

 

$

443,084

Cost of goods sold

 

 

222,189

 

 

62,293

 

 

(28,403

)

 

 

256,079

Gross profit

 

$

169,470

 

$

17,560

 

$

(25

)

 

$

187,005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

Reconciling

 

 

 

 

 

Product

 

Distribution

 

Items(1)

 

Total

Net sales

 

$

343,711

 

$

71,615

 

$

(23,749

)

 

$

391,577

Cost of goods sold

 

 

203,771

 

$

55,216

 

$

(23,704

)

 

 

235,283

Gross profit

 

$

139,940

 

$

16,399

 

$

(45

)

 

$

156,294

 

Gray Hudkins
Cadre Holdings, Inc.
203-550-7148
gray.hudkins@cadre-holdings.com

Investor Relations:
The IGB Group
Leon Berman / Matt Berkowitz
212-477-8438 / 212-227-7098

Source: Cadre Holdings, Inc.

Released November 4, 2025