Filing Flows › Compass Diversified (CODI) › Q1 2026
Compass Diversified (CODI) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Compass Diversified (CODI) reported revenue of $427M for the first quarter 2026 (Q1 2026), -6% from a year earlier and -9% from the quarter before. Operating margin was -0.5%, net loss $30.7M (7.2% of revenue).
Compass Diversified, Q1 2026: revenue $427M (-6% year over year), operating margin -0.5%, net loss $30.7M, operating cash flow $23.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $427M | -9% | -6% |
| Operating profit | −$1.9M | -104% | -156% |
| Net earnings | −$30.7M | — | — |
| Operating cash flow | $23.9M | -49% | — |
| Free cash flow | $18.8M | -49% | — |
What changed
Revenue was $426.9M in Q1 2026, down 6% year over year and down 9% from the previous quarter. 5.11 Tactical was the largest line at 29% of revenue. Altor lost $11.6M year over year (down 15%), 43% of the total change.
Gross margin was 44.4%, up 1.2 points from Q1 2025. Operating costs exceeded revenue by $1.9M, an operating margin of -0.5%. Operating expenses fell 1% while revenue fell 6%. The fastest-growing cost line was Other operating costs (+40%). The quarter ended with a net loss of $30.7M, narrower than the previous quarter's $78.8M loss. Net interest and other expense of $21.7M was the main reason.
Operating cash flow was $23.9M. Non-cash charges added back $36.8M of depreciation and amortization. Working capital and other items added $17.8M. Capital expenditures of $5.1M left free cash flow of $18.8M.
Questions
What was Compass Diversified's revenue in the first quarter 2026?
Compass Diversified (CODI) reported revenue of $427M for the first quarter 2026 (Q1 2026), -6% from a year earlier and -9% from the quarter before.
Was Compass Diversified profitable in the first quarter 2026?
Operating loss was $1.9M (-0.5% of revenue) and net loss $30.7M.