Every 10-Q that Compass Diversified (CODI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow CODI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full CODI filings page.
Compass Diversified Holdings reported markedly improved results for the quarter ended June 30, 2026. Net revenues were $424.0 million versus $478.7 million a year earlier, but mix shifts, lower costs and divestitures helped profitability. The company generated operating income of $29.0 million, up from a loss of $27.2 million, and net income attributable to Holdings of $81.1 million, compared with a prior-year loss of $51.2 million. Earnings from continuing operations were $0.84 per common share, plus $0.02 from discontinued operations.
Results were heavily influenced by portfolio actions and legacy issues. Compass completed the sale of Sterno’s food service business, receiving about $282 million of proceeds and recognizing a $182.3 million gain, which it used primarily to repay debt. It also recorded a $20.5 million goodwill impairment at PrimaLoft and reduced the fair value of its Lugano bankruptcy receivable by $58.0 million to $39.0 million, reflecting revised recovery assumptions.
The balance sheet showed total assets of $2.75 billion and total debt of $1.58 billion, down notably from year-end 2025 as term loans were repaid. Leverage covenants were comfortably met, with a Consolidated Senior Secured Leverage Ratio of 0.66:1.00 and Total Leverage Ratio of 4.82:1.00. Cash from operations for the first six months was $53.6 million. Common share distributions remain suspended, while preferred share distributions continue, with some cumulative arrears on Series B and C.
Compass Diversified Holdings reported a weak first quarter of 2026, posting net revenues of $426.9 million and a net loss of $30.7 million, improved from a $49.7 million loss a year earlier. Results included a $20.5 million goodwill impairment at PrimaLoft and continued pressure from high interest expense on $1.86 billion of debt. The company remained in compliance with credit facility covenants, generating $23.9 million of operating cash flow and reducing term-loan balances.
Compass agreed to sell its Sterno food service business at an enterprise value of $292.5 million, with proceeds earmarked to repay debt, while retaining the Rimports home fragrance unit. The lingering impact of the Lugano Investigation continued: Lugano was deconsolidated after a Chapter 11 filing, and Compass now carries a $97 million receivable from the bankruptcy estate measured at fair value. Common share distributions remain suspended, although preferred distributions continue, and the company faces securities class actions, shareholder derivative suits, and ongoing SEC and U.S. Department of Justice investigations related to Lugano and prior restatements.
Compass Diversified Holdings reported weak Q3 2025 results. Net revenues were $472.6 million while the company posted a net loss of $87.2 million, deeper than the prior‑year loss. For the first nine months, revenue reached $1.41 billion with a net loss of $214.9 million.
Interest expense remained heavy and all long‑term borrowings are classified as current, with current debt of $1.88 billion helping bring total current liabilities to $2.60 billion against total equity of $318.4 million.
The company states there is “substantial doubt” about its ability to continue as a going concern due to past covenant noncompliance under its 2022 Credit Facility and the risk of failing amended covenants when they are next tested after year‑end 2025. The report also incorporates restated prior‑period results following an internal investigation at subsidiary Lugano and shows year‑to‑date negative operating cash flow of $53.8 million.
Compass Diversified Holdings reported higher sales but continued losses for the quarter ended June 30, 2025. Net revenues rose to $478.7M from $426.7M a year earlier, lifting gross profit to $208.5M. However, higher selling, general and administrative costs, management fees, and a $31.5M impairment drove an operating loss of $27.2M. Net loss attributable to Holdings narrowed to $51.2M, or $(0.88) per basic common share, compared with a $73.1M loss last year, while the Company continued quarterly cash distributions of $0.25 per Trust common share.
At June 30, 2025, the Company held $73.8M in cash and cash equivalents, with total assets of $3.27B, total liabilities of $2.86B, and total stockholders’ equity of $410.7M. Current portion of long-term debt was $1.86B, and cash used in operating activities from continuing operations was $64.5M for the first half of 2025. Management concluded that substantial doubt about the Company’s ability to continue as a going concern remains due to leverage and covenant risks under the 2022 Credit Facility, despite a Fifth Amendment that waived prior defaults and reset covenants.
The report also reflects restated prior-period financials following the Lugano Investigation, which identified unrecorded financing arrangements and irregularities at the Lugano subsidiary, and reclassifies Ergobaby as discontinued operations. The Company continues to evaluate potential divestitures, deleveraging actions, and other initiatives to improve liquidity, while acknowledging these plans are not sufficiently committed to resolve the going concern uncertainty.
Compass Diversified Holdings reported Q1 2025 results with net revenues of $453.8 million, up from $410.8 million a year earlier. Gross profit increased to $196.0 million and the company narrowed its net loss to $49.7 million from $85.3 million, with loss per common share from continuing operations improving to $0.59 from $1.57.
However, leverage and financing risk are central. All $1.86 billion of debt under the 2022 Credit Facility is classified as current, and management states that covenant breaches and reliance on a forbearance agreement expiring on December 19, 2025 raise substantial doubt about the company’s ability to continue as a going concern. Prior periods have been restated following the Lugano Investigation, Lugano Diamonds has entered Chapter 11, and total equity declined to $513.6 million. The company issued $58.1 million of preferred shares and drew $200.0 million on its term loan, boosting cash to $146.2 million while maintaining a $0.25 quarterly distribution per Trust common share.