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Compass Diversified (CODI) investor relations material
Compass Diversified Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary29 Dec, 2025
Executive summary
Net revenues for Q2 2025 increased 12.2% year-over-year to $478.7 million, with six-month sales at $932.5 million, driven by growth in branded consumer and industrial segments, offset by divestitures and market conditions.
Net loss attributable to Holdings for Q2 2025 was $51.2 million, compared to $73.1 million in Q2 2024, reflecting higher impairment and interest expenses, partially offset by improved gross profit.
Adjusted EBITDA for Q2 2025 was $46.5 million, with six months at $92.1 million, up from $88.4 million in the prior year.
The Honey Pot Co. acquisition and Lifoam integration contributed to revenue and profit growth, while the sale of Crosman and ongoing issues at Lugano negatively impacted results.
The company is focused on updating financial reporting and maintaining strong operating performance across subsidiaries.
Financial highlights
Q2 2025 net revenues: $478.7 million (up 12.2% YoY); six months ended June 30, 2025: $932.5 million (up 11.3% YoY).
Gross profit for Q2 2025: $208.5 million (43.6% margin); six months: $404.6 million (43.4% margin).
Net loss from continuing operations for Q2 2025: $80.8 million, compared to $104.0 million in Q2 2024.
Interest expense increased to $34.1 million in Q2 2025 (up 15.2% YoY), mainly due to higher debt and Lugano-related financing.
Impairment expense of $31.5 million in Q2 2025, primarily related to Lugano's long-lived assets.
Outlook and guidance
Full-year 2025 subsidiary Adjusted EBITDA is expected to be $330 million to $360 million, excluding Lugano Holding, Inc.
Management continues to focus on liquidity, deleveraging, and operational improvements, with ongoing evaluation of subsidiary divestitures and strategic transactions.
Capital expenditures for 2025 are expected to be $50–60 million.
Substantial doubt remains about the company's ability to continue as a going concern within one year due to covenant compliance risks and reliance on forbearance agreements.
Guidance is not reconciled to GAAP due to uncertainty and variability of reconciling items.
Address internal control material weaknesses
Explain Lugano's Q2 sales vs EBITDA trend?
Impact of increased preferred share distributions?
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Frequently asked questions
Compass Diversified Holdings is a publicly traded holding company that owns and manages a diversified portfolio of middle-market businesses. The company invests in various sectors, including branded consumer products, niche industrial manufacturing, and related industries. Through its subsidiaries, Compass Diversified provides operational and strategic support to its portfolio companies, focusing long-term growth and value creation. The company is headquartered in Westport, Connecticut, and its shares are listed on the NYSE.
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