Filing Flows › Compass Diversified (CODI) › Q1 2025
Compass Diversified (CODI) Q1 2025 earnings results (first quarter 2025)
10-Q filed Dec 18, 2025
Compass Diversified (CODI) reported revenue of $454M for the first quarter 2025 (Q1 2025), +10% from a year earlier and -8% from the quarter before. Operating margin was 0.8%, net loss $49.7M (11.0% of revenue).
Compass Diversified, Q1 2025: revenue $454M (+10% year over year), operating margin 0.8%, net loss $49.7M, operating cash flow −$29.3M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $454M | -8% | +10% |
| Operating profit | $3.4M | — | — |
| Net earnings | −$49.7M | — | — |
| Operating cash flow | −$29.3M | — | — |
What changed
Revenue was $453.8M in Q1 2025, up 10% year over year and down 8% from the previous quarter. 5.11 Tactical was the largest line at 29% of revenue. Altor added $22.9M year over year (up 43%), 53% of the total change. Total declined 56%.
Gross margin was 43.2%, up 0.6 points from a year earlier. Operating profit was $3.4M, a 0.8% margin (up 3.7 points year over year). Operating expenses grew 3% against revenue growth of 10%. The quarter ended with a net loss of $49.7M, narrower than the previous quarter's $68.9M loss. Minority interests bore $19.7M of it: to shareholders the quarter was a loss of $30.0M. Net interest and other expense of $50.7M was the main reason.
Operating cash flow was −$29.3M. Non-cash charges added back $36.8M of depreciation and amortization. Working capital and other items used $16.4M. Capital expenditures of $13.1M exceeded it, leaving free cash flow of −$42.4M.
Questions
What was Compass Diversified's revenue in the first quarter 2025?
Compass Diversified (CODI) reported revenue of $454M for the first quarter 2025 (Q1 2025), +10% from a year earlier and -8% from the quarter before.
Was Compass Diversified profitable in the first quarter 2025?
Operating profit was $3.4M (0.8% of revenue) and net loss $49.7M.