Key Highlights

● Cadre's order backlog reached a record $368 million, the second consecutive quarterly high.

● Second-quarter net sales rose to $207.1 million from $157.1 million a year earlier.

● GAAP net income slipped to $11.4 million while adjusted EBITDA rose to $42.0 million.

● 2026 guidance was raised to net sales of $749 million to $769 million.

Cadre Holdings (NYSE:CDRE) reached a record order backlog of $368 million by combining organic demand with acquisitions, most recently Alien Gear Holsters, which it bought in April 2026. Second-quarter 2026 results, published in early August 2026, show faster sales growth and a stronger adjusted margin, alongside higher debt and lower cash.

Business and results

Cadre makes safety and survivability equipment for first responders, including body armor, duty gear, holsters and explosive ordnance disposal tools, and it also runs a smaller distribution segment.

Net sales in the second quarter were $207.1 million, compared with $157.1 million a year earlier, which is growth of about 32%. GAAP gross profit was $87.1 million, a margin of 42.1% against 40.9%. GAAP net income was $11.4 million, or $0.26 per diluted share, versus $12.2 million, or $0.30, in the prior-year quarter. So sales rose strongly while GAAP profit slipped.

Adjusted EBITDA, a non-GAAP measure, was $42.0 million, a margin of 20.3%, up from $27.0 million and 17.2%. Cadre did not report adjusted earnings per share in this release.

Segments

The Products segment generated $190.0 million of net sales with a gross margin of 42.6%, up from 41.7%. Distribution contributed $27.1 million at a gross margin of 22.8%, slightly below last year's 23.1%. Products therefore drives the group's economics. Over six months, GAAP gross margin was 40.6% against 41.9% a year earlier. That means the second quarter recovered ground after a softer start to the year.

The backlog and the deals

The record backlog of $368 million is the second consecutive quarterly high. Backlog is a measure of orders not yet delivered, and it is not the same as revenue, but it gives some visibility. Cadre completed the Alien Gear Holsters acquisition on April 7, 2026 through a court-supervised bankruptcy auction, including certain assets and liabilities of Tedder Industries, LLC. Separately, its Safariland brand was selected as the ballistic panel provider for the Overt Armor Kit from Predictive Ballistics, which holds a five-year, $61.0 million FBI indefinite-delivery, indefinite-quantity contract. Such contracts set a ceiling rather than a guaranteed volume of orders, so eventual revenue depends on actual task orders.

Guidance, balance sheet and dividend

Management raised its 2026 guidance to net sales of $749 million to $769 million and adjusted EBITDA of $139 million to $144 million, with capital expenditure of $10 million to $14 million. These are forecasts, not results. No net income guidance was provided.

Cash fell to $54.0 million at June 30, 2026 from $122.9 million at the end of 2025, while total debt rose to $374.3 million from $307.3 million. The company-defined, non-GAAP net debt figure was $320.3 million, up from $184.4 million. Acquisitions explain much of that shift.

Cadre declared a quarterly cash dividend of $0.10 per share, equal to $0.40 on an annualized basis, on July 21, 2026, payable on August 14, 2026 to holders of record on July 31, 2026.

Risks and milestones

Chairman and CEO Warren Kanders said the quarter exceeded expectations and that disciplined acquisitions remain central to the strategy. Risks include integration of acquired brands, reliance on government and law-enforcement budgets, supply-chain and tariff exposure, and higher borrowing. The next supported milestone is the third-quarter earnings report, for which the company has not yet confirmed a date.