Cadre Holdings, Inc. (CDRE) · Nov 4, 2026 · Earnings
Beat — Q3 sales $202.9M vs ~$190M guide; adj. EBITDA $41.1M vs ~$34M
Cadre Holdings earnings beat Q3 guidance, margins expanded and 2026 targets rose again, while a new $100 million buyback adds a capital-allocation twist.
Cadre is building a broader mission-critical safety-equipment platform across public safety, defense and nuclear markets, using acquisitions such as TYR Tactical and Alien Gear to add product breadth while applying its operating model to expand margins. The prior setup already pointed to strong momentum: after Q2, management had raised 2026 guidance to $749M-$769M of sales and $139M-$144M of adjusted EBITDA, backed by a record $368M backlog.
The quarter cleared Cadre’s own operating bar by a wide margin. Q3 sales reached $202.9M versus roughly $190M of internal guidance, while adjusted EBITDA was $41.1M versus roughly $34M expected in the presentation. Sales were also up 30% year over year, helped by acquisitions and stronger EOD demand.
| Figure | Q3 2026 | Q3 2025 | Q3 guide / prior guide |
|---|---|---|---|
| Net sales (Operating Results) | $202.9M (+30%) | $155.9M | ~$190M |
| Adjusted EBITDA (Liquidity, Cash Flows and Capital Allocation) | $41.1M (+38%) | $29.8M | ~$34M |
| Adjusted EBITDA margin (Liquidity, Cash Flows and Capital Allocation) | 20.2% (+110 bps) | 19.1% | — |
| FY26 sales guidance (Increased 2026 Outlook) | $756M-$769M | — | $749M-$769M |
| FY26 adjusted EBITDA guidance (Increased 2026 Outlook) | $140M-$144M | — | $139M-$144M |
| Net debt (Liquidity, Cash Flows and Capital Allocation) | $305.6M (+$121.2M) | $184.4M | — |
This was not just acquisition-driven headline growth. Management reported 10% organic growth excluding Distribution, with strong EOD demand, while the Product segment remained the main engine. Gross margin improved to 43.4% in the quarter and adjusted EBITDA margin reached 20.2%, showing that the Cadre operating model is beginning to convert growth into better profitability.
The guidance increase is modest at the top end but meaningful at the floor. Sales guidance rose by lifting the low end from $749M to $756M, while adjusted EBITDA guidance increased from $139M-$144M to $140M-$144M. That is a second consecutive raise, but it is an incremental confirmation of execution rather than a complete rewrite of the company’s trajectory.
The main counterweight is heavier leverage after aggressive M&A. Cash fell to $63.9M and net debt rose to $305.6M as Cadre funded acquisitions, including TYR and Alien Gear, although management shows net leverage at 2.2x adjusted EBITDA. The new $100M repurchase authorization therefore signals confidence in cash generation, but it also adds another potential use of capital while debt remains materially higher than at year-end.
Bottom line: Cadre delivered materially better-than-expected Q3 execution and raised the outlook again, strengthening the profitable-growth story. The result is clearly positive, though the balance sheet shows that the acquisition-led expansion is consuming substantially more debt and cash.
Q3 earnings conference call, November 5, 2026
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