Filing Flows › Compass Diversified (CODI) › Q3 2025
Compass Diversified (CODI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Jan 14, 2026
Compass Diversified (CODI) reported revenue of $473M for the third quarter 2025 (Q3 2025), +4% from a year earlier and -1% from the quarter before. Operating margin was -2.3%, net loss $87.2M (18.5% of revenue).
Compass Diversified, Q3 2025: revenue $473M (+4% year over year), operating margin -2.3%, net loss $87.2M, operating cash flow $10.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $473M | -1% | +4% |
| Operating profit | −$11.1M | — | — |
| Net earnings | −$87.2M | — | — |
| Operating cash flow | $10.7M | — | — |
| Free cash flow | $481K | — | — |
What changed
Revenue was $472.6M in Q3 2025, up 4% year over year and down 1% from the previous quarter. 5.11 Tactical was the largest line at 30% of revenue. Altor added $27.7M year over year (up 53%), 173% of the total change. Arnold declined 18%.
Gross margin was 44.0%, up 0.9 points from a year earlier. Operating costs exceeded revenue by $11.1M, an operating margin of -2.3%. Operating expenses grew 16% against revenue growth of 4%. The fastest-growing cost line was SG&A (+23%). The quarter ended with a net loss of $87.2M, wider than the previous quarter's $78.0M loss. Minority interests bore $13.2M of it: to shareholders the quarter was a loss of $74.0M. Net interest and other expense of $70.4M was the main reason.
Operating cash flow was $10.7M. Non-cash charges added back $35.0M of depreciation and amortization. Working capital and other items added $63.0M. Capital expenditures of $10.2M left free cash flow of $481K.
Questions
What was Compass Diversified's revenue in the third quarter 2025?
Compass Diversified (CODI) reported revenue of $473M for the third quarter 2025 (Q3 2025), +4% from a year earlier and -1% from the quarter before.
Was Compass Diversified profitable in the third quarter 2025?
Operating loss was $11.1M (-2.3% of revenue) and net loss $87.2M.