Short answer
Cadre Holdings, Inc. (CDRE) filed its fiscal 2025 10-K annual report with the SEC on Mar 10, 2026. It reported revenue of $610M (+7.5% year over year) and net income of $44M.
- Top risk flagged: Regulatory risk: Potential violation of Foreign Corrupt Practices Act (FCPA) with resumed DOJ enforcement focus on national security since June 2025
FY2025 key financial metrics · XBRL
- Revenue
- $610M
- +7.5% YoY
- Net income
- $44M
- +22.2% YoY
- Operating margin
- 11.0%
- −0.7 pp YoY
- Gross margin
- 42.5%
- +1.4 pp YoY
- EPS (diluted)
- $1.02
- +13.3% YoY
- ROE
- 13.9%
- +2.3 pp YoY
- Operating cash flow
- $64M
- +100.5% YoY
Source: XBRL data from the Cadre Holdings, Inc. (CDRE) FY2025 10-K on SEC EDGAR. USD.
Cadre Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: manufacturing and distribution of safety equipment for law enforcement, military, first responders, and nuclear markets
- New acquisitions in FY2026: TYR Tactical (mission-critical tactical gear, expands international reach especially Europe) and Zircaloy (nuclear engineered equipment supplier, enhances geographic balance)
- Strategic shift: intensified international expansion objective and integration of new M&A to broaden product portfolio and geographic presence
- Quantitative highlight: total employees increased to 2,533 with 27 retail store associates added; sustained over 23,000 long-term first responder and federal agency customers in 100+ countries
- Noteworthy fact: FY2026 marked by launch of new Ballast duty holster family and $50M DoW blast sensor contract supporting operator brain health program
Management Discussion & Analysis
- Revenue $610.3M, up 7.5% YoY (+$42.7M), driven by Zircaloy and TYR Tactical acquisitions and duty gear demand
- Net income $44.1M, up 22.2% YoY; operating income $67.4M, up 0.9%; gross margin improved to 42.5% from 41.1%
- Best segment: Product segment sales grew 9.3% to $543.7M with 43.5% gross margin; worst segment: Distribution sales down 0.5% to $104.9M, gross margin down to 22.0%
- Operating cash flow $63.7M; cash and equivalents $122.9M; acquired Zircaloy for $98.9M and TYR Tactical for $174.0M; increased debt to $307.3M; no buybacks or dividends disclosed
- Management expects liquidity adequate 12+ months; risks include acquisitions integration, supply chain inflation, regulatory compliance, and interest expenses from higher debt
Risk Factors
- Regulatory risk: Potential violation of Foreign Corrupt Practices Act (FCPA) with resumed DOJ enforcement focus on national security since June 2025
- Geopolitical risk: Exposure to Russia-Ukraine conflict and Middle East instability affecting operations, possibly expanding to broader regional/global instability
- Supply chain risk: Dependence on limited suppliers of patented raw materials (e.g., SpectraShield®, Kevlar®) subject to Defense Production Act prioritization causing shortages
- Market disruption risk: Highly competitive government contract bidding with competitors having greater financial resources and specialized expertise
- Financial risk: Long-term debt obligations of $309.1 million as of December 31, 2025 impacting liquidity and financial condition
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