Filing Flows › Compass Diversified (CODI) › Q2 2025
Compass Diversified (CODI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Dec 29, 2025
Compass Diversified (CODI) reported revenue of $479M for the second quarter 2025 (Q2 2025), +12% from a year earlier and +5% from the quarter before. Operating margin was -5.7%, net loss $78.0M (16.3% of revenue).
Compass Diversified, Q2 2025: revenue $479M (+12% year over year), operating margin -5.7%, net loss $78.0M, operating cash flow −$35.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $479M | +5% | +12% |
| Operating profit | −$27.2M | -892% | — |
| Net earnings | −$78.0M | — | — |
| Operating cash flow | −$35.2M | — | — |
What changed
Revenue was $478.7M in Q2 2025, up 12% year over year and up 5% from the previous quarter. 5.11 Tactical was the largest line at 27% of revenue. Altor added $31.1M year over year (up 60%), 60% of the total change. Total declined 19%.
Gross margin was 43.6%, down 0.5 points from a year earlier. Operating costs exceeded revenue by $27.2M, an operating margin of -5.7%. Operating expenses grew 30% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+71%). The quarter ended with a net loss of $78.0M, wider than the previous quarter's $49.7M loss. Minority interests bore $26.8M of it: to shareholders the quarter was a loss of $51.2M.
Operating cash flow was −$35.2M. Non-cash charges added back $35.1M of depreciation and amortization. Working capital and other items added $7.7M. Capital expenditures of $10.9M exceeded it, leaving free cash flow of −$46.0M.
Questions
What was Compass Diversified's revenue in the second quarter 2025?
Compass Diversified (CODI) reported revenue of $479M for the second quarter 2025 (Q2 2025), +12% from a year earlier and +5% from the quarter before.
Was Compass Diversified profitable in the second quarter 2025?
Operating loss was $27.2M (-5.7% of revenue) and net loss $78.0M.