Cadre Raises 2026 Sales Outlook and Starts $100 Million Buyback

The Tip Desk · November 11, 2026 · 2 min read

Third-quarter net sales were $202.9 million, up 30% from a year earlier, as the company lifted full-year sales guidance to $756 million to $769 million.

Cadre Holdings (CDRE), a manufacturer and distributor of safety equipment for law enforcement, first responders, the military and nuclear markets, reported third-quarter net sales of $202.9 million, up 30% from $155.9 million a year earlier. The company said the increase was primarily a result of current-year acquisitions and increased demand for explosive ordnance disposal products. Sales were down 2% from the $207.1 million second quarter.

Adjusted EBITDA was $41.1 million, compared with $29.8 million a year earlier. Adjusted EBITDA margin was 20.2%, up 110 basis points from 19.1%. Net income was $16.0 million, or $0.37 a share, versus $10.9 million, or $0.27 a share, a year earlier. The company said the increase came from higher gross profit, partially offset by acquisition operating expenses, higher tax expense and higher compensation.

Gross profit margin was 43.4%, up from 42.7% a year earlier, which the company attributed mainly to favorable pricing, partially offset by unfavorable operating leverage. Product-segment net sales were $188.7 million, up from $138.8 million a year earlier. Distribution net sales were $23.6 million, down from $26.5 million. Product-segment gross profit margin was 43.7%. Distribution gross profit margin was 23.4%, up from 21.3%.

Chief Executive and Chairman Warren Kanders said the quarter reflected double-digit organic growth and contributions from acquisitions. He said the company remains focused on further operating-margin improvement through the Cadre Operating Model, with an emphasis on manufacturing productivity, sourcing and pricing discipline, and overhead efficiency, and that AI initiatives will target repetitive workflows.

Cadre raised full-year 2026 guidance for a second consecutive quarter. It now expects 2026 net sales of $756 million to $769 million and Adjusted EBITDA of $140 million to $144 million, from the prior guide of $749 million to $769 million of sales and $139 million to $144 million of Adjusted EBITDA. Capital-expenditure guidance was $11 million to $14 million. The company has not provided net income guidance.

On November 4, 2026, the board authorized an inaugural share-repurchase program of up to $100 million. Repurchases may be made through open market purchases, block trades, privately negotiated transactions, Rule 10b5-1 plans or other means, subject to market conditions and applicable requirements.

Cash and cash equivalents were $63.9 million as of September 30, 2026, down from $122.9 million at year-end 2025. Total debt was $369.5 million, up from $307.3 million. Net debt was $305.6 million, up from $184.4 million. Capital expenditures totaled $2.9 million in the third quarter.

The board declared a quarterly cash dividend of $0.10 a share in October 2026, payable November 13, 2026 to shareholders of record as of October 30, 2026.