JELD-WEN Reports First Quarter 2026 Results and Updates Full Year Guidance
Rhea-AI Summary
JELD-WEN (NYSE: JELD) reported Q1 2026 net revenues of $722.1 million, down (6.9%) year-over-year, driven by a (10%) decline in Core Revenues and a (1%) impact from the Towanda divestiture, partially offset by a 4% FX tailwind. Net loss was ($76.8) million; Adjusted EBITDA was $6.1 million. The company updated 2026 revenue guidance to $3.05–$3.2 billion and reiterated Adjusted EBITDA guidance of $100–$150 million.
AI-generated analysis. Not financial advice.
Positive
- Updated 2026 revenue guidance to $3.05–$3.20B
- Company reiterated Adjusted EBITDA $100–$150M guidance
- Europe revenue +9.8% (to $269.4M) benefiting from FX
Negative
- Consolidated net revenue -6.9% to $722.1M in Q1 2026
- Core Revenues declined 10% YoY, driven by volume/mix
- North America revenue -14.7% to $452.7M and Adjusted EBITDA down 76.7%
News Market Reaction – JELD
On the day this news was published, JELD gained 17.99%, reflecting a significant positive market reaction. Argus tracked a peak move of +21.5% during that session. Argus tracked a trough of -11.3% from its starting point during tracking. Our momentum scanner triggered 38 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $22M to the company's valuation, bringing the market cap to $144.13M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
JELD gained 5.84% while key building-products peers (ASPN, NX, APOG, SWIM, JBI) were all down between -1.19% and -8.94%, pointing to a stock-specific reaction to the earnings and guidance update.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 17 | Q4/FY 2025 earnings | Negative | +17.1% | Large 2025 net loss with significant goodwill impairments but new 2026 guidance issued. |
| Nov 03 | Q3 2025 earnings | Negative | -30.5% | Revenue declines, major goodwill impairment, job cuts, and lowered 2025 guidance. |
| Aug 05 | Q2 2025 earnings | Negative | +19.4% | Double-digit revenue drop and weaker EBITDA while reinstating full-year 2025 guidance. |
| May 05 | Q1 2025 earnings | Negative | -25.4% | Sharp revenue decline, large goodwill impairment, and deteriorating cash flows. |
| Feb 17 | Q4/FY 2024 earnings | Negative | -23.3% | Declining 2024 revenues and EBITDA amid weak macro conditions and product mix shift. |
Earnings releases have often been weak fundamentally, with three instances where negative news aligned with sharp declines and two cases where the stock rose strongly despite challenging results or lowered guidance.
Recent earnings history for JELD shows persistent revenue declines, recurring net losses, and sizeable non-cash goodwill impairments. Events on Feb 17, 2025, May 5, 2025, and Nov 3, 2025 highlighted pressured core revenues, workforce reductions, and guidance cuts. The Feb 17, 2026 results introduced 2026 guidance of $2.95–$3.10B revenue and $100–$150M Adjusted EBITDA. Today’s Q1 2026 report maintains that EBITDA range while modestly raising revenue guidance to $3.05–$3.20B, against another quarter of net loss and softer core demand.
Historical Comparison
Past earnings headlines saw an average move of -8.53%. Today’s +5.84% post-Q1 2026 reaction contrasts with that pattern, resembling prior upside outliers after weak results but new guidance.
Earnings releases from 2024–2025 show persistent revenue contraction and net losses, with guidance reset lower over time. The Q4 2025 report set 2026 revenue at $2.95–$3.10B; Q1 2026 nudges this to $3.05–$3.20B while keeping Adjusted EBITDA guidance at $100–$150M, indicating a modestly improved topline outlook despite ongoing volume pressure.
Market Pulse Summary
The stock surged +18.0% in the session following this news. A strong positive reaction aligns with the guidance revision: Q1 2026 showed another net loss of $76.8M and softer core volumes, yet full-year revenue guidance rose to $3.05–$3.20B while keeping Adjusted EBITDA at $100–$150M. Historically, earnings moves averaged -8.53% and often skewed negative, so today’s +5.84% move stands out, especially with the stock still trading well below its 200-day average.
Key Terms
adjusted EBITDA financial
free cash flow financial
operating cash flow financial
core revenues financial
volume/mix financial
goodwill impairment financial
basis points financial
foreign exchange financial
AI-generated analysis. Not financial advice.
First Quarter 2026 Highlights
- Net revenues of
$722.1 million 6.9% ) in the first quarter driven by a decrease in Core Revenues of (10% ) combined with a decrease in net revenues from the court-ordered divestiture of Towanda of (1% ). These were partially offset by a favorable foreign exchange impact of4% . The decline in Core Revenues was driven by a (10% ) decrease in volume/mix. - Net loss was
( or ($76.8) million $0.90 ( , or ($190.1) million $2.24 $137.7 million 7.6% ) and (23.8% ) for the quarters ended March 28, 2026 and March 29, 2025, respectively. - Adjusted EBITDA was
$6.1 million ( compared to$15.7) million $21.9 million 0.9% , a decrease of (190) basis points year-over-year due to unfavorable price/cost and volume/mix, partially offset by favorable productivity and lower SG&A expense.
"First-quarter results were in line with our expectations as we continue to navigate the challenging demand environment and focus on service investments that improve how we support our customers," said Chief Executive Officer William J. Christensen. "We are seeing meaningful improvement in our delivery and consistency, and customers are beginning to recognize the difference. While there is more work to do, we believe these actions are positioning us for improved sales and earnings. At the same time, we remain focused on disciplined cost management, preserving cash, and strengthening liquidity."
First Quarter 2026 Results
Net revenues decreased
Net loss was
Net loss per share for the quarter ended March 28, 2026, was (
Adjusted EBITDA was
On a segment basis for the first quarter 2026, compared to the same quarter a year ago:
North America - Net revenues decreased( , or ($77.8) million 14.7% ), to$452.7 million $530.6 million 14% ) and a decrease in net revenues from the court-ordered divestiture of Towanda of (1% ). The decrease in Core revenues was driven by a (13% ) decline in volume/mix and by a (1% ) decline in pricing. Net loss was( , an increase of$35.0) million $126.3 million North America decreased( , or ($11.9) million 76.7% ), to$3.6 million $15.5 million Europe - Net revenues increased$24.0 million 9.8% , to$269.4 million $245.4 million 12% , partially offset by a decrease in Core Revenues of (2% ). Core Revenues decreased primarily due to unfavorable volume/mix of (4% ), partially offset by a2% benefit from price realization. Net loss was( , a decline of$10.1) million ( year-over-year. Adjusted EBITDA in$6.6) million Europe decreased( , or ($3.6) million 33.6% ), to$7.1 million $10.7 million
Cash Flows
Net cash used in operating activities was
Capital expenditures in the three months ended March 28, 2026, decreased by
Updated Full Year 2026 Guidance
JELD-WEN is updating 2026 revenue guidance to a range of
Revenue | Adjusted EBITDA | Core Revenue Decline | |
February 2026 Guidance | Down ( | ||
Updated 2026 Guidance | Down ( |
The Company expects 2026 operating cash flow to generate approximately
Conference Call Information
JELD-WEN management will host a conference call on May 5, 2026, at 8 a.m. ET, to discuss the Company's financial results. Interested investors and other parties can access the call either via webcast by visiting the Investor Relations section of the Company's website at https://investors.jeld-wen.com, or by dialing 888-596-4144 from
For those unable to listen to the live event, a webcast replay will be available approximately two hours following completion of the call. To learn more about JELD-WEN, please visit the Company's website at https://investors.jeld-wen.com.
About JELD-WEN Holding, Inc.
JELD-WEN Holding, Inc. (NYSE: JELD) is a leading global designer, manufacturer and distributor of high-performance interior and exterior doors, windows, and related building products serving the new construction and repair and remodeling sectors. Based in
Investor Relations Contact:
James Armstrong
Vice President, Investor Relations
704-378-5731
jarmstrong@jeldwen.com
Media Contact:
JELD-WEN Holding, Inc.
Melissa Farrington
Vice President, Enterprise Communications
262-350-6021
mfarrington@jeldwen.com
Note: See "Non-GAAP Financial Information" section for definitions and reconciliation of non-GAAP financial measures. |
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "plan," "possible," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts are forward-looking statements, including statements regarding our business strategies and ability to execute on our plans, market potential, future financial performance, customer demand, the potential of our categories, brands and innovations, the impact of our strategic transformation journey, footprint rationalization, cost reduction and modernization initiatives, the impact of acquisitions and divestitures on our business and our ability to maximize value and integrate operations, our pipeline of productivity projects, the estimated impact of tax reform on our results, geopolitical and economic uncertainty, security breaches and other cybersecurity incidents, impacts on our business from weather and climate change, our current level of indebtedness, litigation outcomes, and our expectations, beliefs, plans, objectives, prospects, assumptions, or other future events, all of which involve risks and uncertainties that could cause actual results to differ materially. For a discussion of these risks and uncertainties and other factors, please refer to our Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q filed in 2026 and our other filings with the
The forward-looking statements included in this release are made as of the date hereof, and we undertake no obligation to update any forward-looking statements, except as required by law.
Non-GAAP Financial Information
This press release presents certain "non-GAAP" financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Loss, Adjusted EPS, Free Cash Flow, and Net Debt Leverage. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in
The Company provides certain guidance solely on a non-GAAP basis because the Company cannot predict certain elements that are included in certain reported GAAP results. While management cannot provide a reconciliation of items for forward-looking non-GAAP measures without unreasonable effort, management bases the estimated ranges of non-GAAP measures for future periods on its reasonable estimates of certain items such as assumed effective tax rate, assumed interest expense, and other assumptions about capital requirements for future periods. Although the Company believes the assumptions reflected in the range of its 2026 guidance are reasonable, actual results could vary substantially given the uncertainty regarding the future performance of the global economy, ongoing geopolitical conflicts, disruptions in supply chains, and changes in raw material prices and other costs as well as other risks and uncertainties, including those described below. In addition, the guidance ranges provided for 2026 do not include the impact of potential acquisitions or divestitures. The variability of these items may have a significant impact on our future GAAP results.
Other companies may compute these measures differently. The non-
We present several financial metrics in "Core" terms, which exclude the impact of foreign exchange, acquisitions and divestitures completed in the last twelve months. We define Core Revenues as net revenues excluding the impact of foreign exchange, and acquisitions and divestitures completed in the last twelve months. The use of "Core" metrics assists management, investors, and analysts in understanding the organic performance of the operations.
We use Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Loss, and Adjusted EPS because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes Adjusted EBITDA and Adjusted EBITDA Margin are helpful in highlighting trends because they exclude certain items outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. We use Adjusted EBITDA and Adjusted EBITDA Margin to measure our financial performance in reporting our results to our Board of Directors. Further, our executive incentive compensation is based in part on Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income as a measure of financial performance or to cash flows from operations as a liquidity measure.
We define Adjusted EBITDA as income (loss), net of tax, adjusted for the following items: income tax expense (benefit); depreciation and amortization; interest expense (income), net; and certain special items consisting of non-recurring net legal and professional expenses and settlements; goodwill impairment; restructuring and asset-related charges, net; M&A related costs, net; net gain on sale of business, property and equipment; loss on extinguishment and refinancing of debt; share-based compensation expense; and other special items. We use Adjusted EBITDA because we believe this measure assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.
Adjusted Net Loss represents loss adjusted for the after-tax impact of (i) certain special items used to calculate Adjusted EBITDA as described above and (ii) accelerated amortization of an ERP that we are no longer utilizing after we completed our related obligations under the JW Australia Transition Services Agreement. Where applicable, the specifically identified items are tax effected at the applicable jurisdictional tax rate and tax expense is adjusted to remove the effect of discrete tax items.
Adjusted EPS represents loss per diluted share adjusted to exclude the estimated per share impact of the same specifically identified items used to calculate Adjusted Net Loss as described above.
Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of net revenues.
We present Free Cash Flow because we believe this metric assists investors and analysts in determining the quality of our earnings. Free Cash Flow is defined as net cash used in operating activities less capital expenditures (including purchases of intangible assets). Free Cash Flow should not be considered as an alternative to net cash used in operating activities as a liquidity measure. We also present Net Debt Leverage because it is a key financial metric that is used by management to assess the balance sheet risk of the Company. We define Net Debt Leverage as Net Debt (total principal debt outstanding less unrestricted cash) divided by Adjusted EBITDA for the last twelve-month period.
Due to rounding, numbers presented throughout this release may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Consolidated Statements of Operations (Unaudited) (In millions, except share and per share data) | ||||||
Three Months Ended | ||||||
March 28, 2026 | March 29, 2025 | % Variance | ||||
Net revenues | $ 722.1 | $ 776.0 | (6.9 %) | |||
Cost of sales | 629.4 | 663.9 | (5.2 %) | |||
Gross margin | 92.7 | 112.1 | (17.3 %) | |||
Selling, general and administrative | 146.0 | 144.8 | 0.8 % | |||
Goodwill impairment | — | 137.7 | (100.0 %) | |||
Restructuring and asset-related charges, net | 2.0 | 14.5 | (86.4 %) | |||
Operating loss | (55.2) | (185.0) | (70.1 %) | |||
Interest expense, net | 17.2 | 14.9 | 15.3 % | |||
Loss on extinguishment and refinancing of debt | — | 0.2 | (100.0 %) | |||
Other expense (income) | 1.0 | (10.6) | (109.9 %) | |||
Loss before taxes | (73.5) | (189.5) | (61.2 %) | |||
Income tax expense | 3.4 | 0.6 | 446.3 % | |||
Net loss | $ (76.8) | $ (190.1) | (59.6 %) | |||
Diluted Net loss per share | $ (0.90) | $ (2.24) | ||||
Diluted shares | 85,803,503 | 84,917,294 | ||||
Other financial data: | ||||||
Operating loss margin | (7.6 %) | (23.8 %) | ||||
Adjusted EBITDA(1) | $ 6.1 | $ 21.9 | (71.9 %) | |||
Adjusted EBITDA Margin(1) | 0.9 % | 2.8 % | ||||
(1) | Adjusted EBITDA and Adjusted EBITDA Margin are financial measures that are not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA and Adjusted EBITDA Margin, see above under the heading "Non-GAAP Financial Information." |
JELD-WEN Holding, Inc.
Consolidated Balance Sheets (Unaudited) (In millions, except share and per share data) | |||
March 28, 2026 | December 31, 2025 | ||
ASSETS | |||
Current assets | |||
Cash and cash equivalents | $ 50.4 | $ 136.1 | |
Restricted cash | 2.0 | 2.1 | |
Accounts receivable, net | 428.1 | 361.2 | |
Inventories | 446.2 | 444.1 | |
Other current assets | 69.0 | 73.2 | |
Total current assets | 995.7 | 1,016.7 | |
Property and equipment, net | 724.3 | 728.4 | |
Deferred tax assets | 16.0 | 16.3 | |
Intangible assets, net | 93.1 | 96.3 | |
Operating lease assets, net | 183.6 | 179.4 | |
Other assets | 64.6 | 65.6 | |
Total assets | $ 2,077.3 | $ 2,102.8 | |
LIABILITIES AND EQUITY | |||
Liabilities | |||
Current liabilities | |||
Accounts payable | $ 267.5 | $ 237.3 | |
Accrued payroll and benefits | 86.8 | 93.8 | |
Accrued expenses and other current liabilities | 218.2 | 223.1 | |
Current maturities of long-term debt | 19.5 | 23.7 | |
Total current liabilities | 592.1 | 577.9 | |
Long-term debt | 1,189.4 | 1,149.6 | |
Unfunded pension liability | 24.0 | 24.4 | |
Operating lease liability | 160.9 | 158.6 | |
Deferred credits and other liabilities | 84.0 | 85.4 | |
Deferred tax liabilities | 14.6 | 14.7 | |
Total liabilities | 2,065.1 | 2,010.6 | |
Shareholders' equity | |||
Preferred Stock, par value | — | — | |
Common Stock: 900,000,000 shares authorized, par value | 0.9 | 0.9 | |
Additional paid-in capital | 786.7 | 783.3 | |
Accumulated deficit | (718.4) | (641.6) | |
Accumulated other comprehensive loss | (56.9) | (50.4) | |
Total shareholders' equity | 12.2 | 92.2 | |
Total liabilities and shareholders' equity | $ 2,077.3 | $ 2,102.8 | |
JELD-WEN Holding, Inc.
Consolidated Statements of Cash Flows (Unaudited) (In millions) | ||||
Three Months Ended | ||||
March 28, 2026 | March 29, 2025 | |||
OPERATING ACTIVITIES | ||||
Net loss | $ (76.8) | $ (190.1) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 29.4 | 27.3 | ||
Deferred income taxes | 0.1 | (3.1) | ||
Net loss (gain) on sale of business, property, and equipment | 0.1 | (0.6) | ||
Goodwill impairment | — | 137.7 | ||
Adjustment to carrying value of assets | 3.2 | 2.3 | ||
Amortization of deferred financing costs | 0.6 | 0.5 | ||
Loss on extinguishment and refinancing of debt | — | 0.2 | ||
Share-based compensation expense | 3.7 | 3.2 | ||
Other items, net | 0.4 | (1.0) | ||
Net change in operating assets and liabilities: | ||||
Accounts receivable | (71.1) | (58.1) | ||
Inventories | (4.7) | 21.3 | ||
Other assets | 4.0 | (3.2) | ||
Accounts payable | 32.9 | 6.8 | ||
Accrued expenses | (12.1) | (21.7) | ||
Change in short-term and long-term tax liabilities | (0.9) | (4.9) | ||
Net cash used in operating activities | (91.2) | (83.5) | ||
INVESTING ACTIVITIES | ||||
Purchases of property and equipment | (25.1) | (36.8) | ||
Proceeds from sale of property and equipment | 0.1 | 0.2 | ||
Purchases of intangible assets | (1.0) | (5.2) | ||
Proceeds related to the court-ordered divestiture of Towanda | — | 112.1 | ||
Purchases of securities for deferred compensation plan | (0.2) | (0.3) | ||
Net cash (used in) provided by investing activities | (26.2) | 70.0 | ||
FINANCING ACTIVITIES | ||||
Change in long-term debt and payments of debt extinguishment costs | 32.3 | (6.1) | ||
Payments to tax authorities for employee share-based compensation | (0.2) | — | ||
Payments related to the sale of JW Australia | — | (0.5) | ||
Net cash provided by (used in) financing activities | 32.1 | (6.6) | ||
Effect of foreign currency exchange rates on cash | (0.6) | 2.2 | ||
Net decrease in cash and cash equivalents | (85.9) | (17.9) | ||
Cash, cash equivalents and restricted cash, beginning | 138.2 | 151.0 | ||
Cash, cash equivalents and restricted cash, ending | $ 52.3 | $ 133.2 | ||
To conform with current period presentation, certain amounts in prior period information have been reclassified. | ||||
JELD-WEN Holding, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited) (In millions) | |||
Three Months Ended | |||
(amounts in millions) | March 28, 2026 | March 29, 2025 | |
Loss, net of tax | $ (76.8) | $ (190.1) | |
Income tax expense | 3.4 | 0.6 | |
Depreciation and amortization | 29.4 | 27.3 | |
Interest expense, net | 17.2 | 14.9 | |
Special items: | |||
Net legal and professional expenses and settlements(1) | 12.8 | 11.9 | |
Goodwill impairment(2) | — | 137.7 | |
Restructuring and asset-related charges, net(3)(4) | 2.0 | 14.5 | |
M&A related costs, net(5) | 7.6 | (0.6) | |
Net gain on sale of business, property, and equipment(6) | — | (0.7) | |
Loss on extinguishment and refinancing of debt(7) | — | 0.2 | |
Share-based compensation expense(8) | 3.7 | 3.2 | |
Other special items(9) | 7.0 | 2.8 | |
Adjusted EBITDA | $ 6.1 | $ 21.9 | |
(1) | Net legal and professional expenses and settlements include non-recurring transformation journey expenses of |
(2) | Goodwill impairment consists of prior year goodwill impairment charges associated with our |
(3) | Restructuring and asset-related charges, net represents severance, accelerated depreciation and amortization, equipment relocation and other expenses directly incurred as a result of restructuring events. The restructuring charges primarily relate to charges incurred to change the operating structure, eliminate certain roles, and close certain manufacturing facilities in our |
(4) | Product and inventory-related charges related to announced facility closures were detrimental to Adjusted EBITDA. |
(5) | M&A related costs, net consist of legal and professional expenses related to strategic initiatives and the court-ordered divestiture of Towanda. |
(6) | Net gain on sale of business, property, and equipment in the three months ended March 29, 2025, relates to the court-ordered divestiture of Towanda. |
(7) | Loss on extinguishment and refinancing of debt consists of |
(8) | Share-based compensation expense represents equity-based compensation expense related to the issuance of share-based awards. |
(9) | Other special items not core to ongoing business activity include in the three months ended March 28, 2026, an impairment charge of |
Three Months Ended | ||||
(amounts in millions, except share and per share data) | March 28, 2026 | March 29, 2025 | ||
Loss, net of tax | $ (76.8) | $ (190.1) | ||
Special items:(1) | ||||
Net legal and professional expenses and settlements | 12.8 | 11.9 | ||
Goodwill impairment | — | 137.7 | ||
Restructuring and asset-related charges, net | 2.0 | 14.5 | ||
M&A related costs, net | 7.6 | (0.6) | ||
Net gain on sale of business, property, and equipment | — | (0.7) | ||
Loss on extinguishment and refinancing of debt | — | 0.2 | ||
Share-based compensation expense | 3.7 | 3.2 | ||
Other special items(2) | 7.0 | 2.8 | ||
Tax impact of special items(3) | — | (7.0) | ||
Tax special items(4) | 0.5 | 13.7 | ||
Adjusted Net Loss | $ (43.3) | $ (14.2) | ||
Diluted loss per share | $ (0.90) | $ (2.24) | ||
Special items:(1) | ||||
Net legal and professional expenses and settlements | 0.15 | 0.14 | ||
Goodwill impairment | — | 1.62 | ||
Restructuring and asset-related charges, net | 0.02 | 0.17 | ||
M&A related costs, net | 0.09 | (0.01) | ||
Net gain on sale of business, property, and equipment | — | (0.01) | ||
Share-based compensation expense | 0.04 | 0.04 | ||
Other special items(2) | 0.08 | 0.03 | ||
Tax impact of special items(3) | — | (0.08) | ||
Tax special items(4) | 0.01 | 0.16 | ||
Adjusted Net Loss per share | $ (0.50) | $ (0.17) | ||
Weighted average basic shares | 85,803,503 | 84,917,294 | ||
Adjusted Net Loss per share may not sum due to rounding. | |
(1) | Refer to the calculation of Adjusted EBITDA for a discussion of the Special items listed above. |
(2) | Other special items in the three months ended March 28, 2026, include an impairment charge of |
(3) | Except for non-deductible goodwill impairments, adjustments to net loss and net loss per share are tax-effected at the jurisdictional statutory tax rate. |
(4) | Tax special items for the three months ended March 28, 2026, were primarily driven by |
Three Months Ended March 28, 2026 | ||||||||
(amounts in millions) | North | Corporate | Total | |||||
Loss, net of tax | $ (35.0) | $ (10.1) | $ (31.8) | $ (76.8) | ||||
Income tax expense (benefit) | 13.5 | 2.8 | (13.0) | 3.4 | ||||
Depreciation and amortization | 18.8 | 8.4 | 2.2 | 29.4 | ||||
Interest (income) expense, net | (0.5) | 0.8 | 16.9 | 17.2 | ||||
Special items:(1) | ||||||||
Net legal and professional expenses and settlements | 0.2 | 2.0 | 10.6 | 12.8 | ||||
Restructuring and asset-related charges, net | 0.8 | 1.2 | — | 2.0 | ||||
M&A related costs, net | — | — | 7.6 | 7.6 | ||||
Share-based compensation expense | 0.6 | 0.5 | 2.5 | 3.7 | ||||
Other special items(2) | 5.1 | 1.5 | 0.4 | 7.0 | ||||
Adjusted EBITDA | $ 3.6 | $ 7.1 | $ (4.6) | $ 6.1 | ||||
(1) | Refer to the calculation of Adjusted EBITDA for a discussion of the Special items listed below. |
(2) |
Three Months Ended March 29, 2025 | ||||||||
(amounts in millions) | North | Corporate | Total | |||||
Loss, net of tax | $ (161.2) | $ (3.5) | $ (25.4) | $ (190.1) | ||||
Income tax expense (benefit) | 9.4 | 1.9 | (10.6) | 0.6 | ||||
Depreciation and amortization | 17.3 | 7.6 | 2.4 | 27.3 | ||||
Interest (income) expense, net | (0.6) | — | 15.5 | 14.9 | ||||
Special items:(1) | ||||||||
Net legal and professional expenses and settlements | 0.7 | 1.0 | 10.2 | 11.9 | ||||
Goodwill impairment | 137.7 | — | — | 137.7 | ||||
Restructuring and asset-related charges, net | 10.7 | 3.1 | 0.7 | 14.5 | ||||
M&A related costs, net | — | — | (0.6) | (0.6) | ||||
Net gain on sale of business, property, and equipment | (0.7) | — | — | (0.7) | ||||
Loss on extinguishment and refinancing of debt | — | — | 0.2 | 0.2 | ||||
Share-based compensation expense | 0.5 | 0.4 | 2.3 | 3.2 | ||||
Other special items | 1.8 | — | 1.1 | 2.8 | ||||
Adjusted EBITDA | $ 15.5 | $ 10.7 | $ (4.3) | $ 21.9 | ||||
(1) | Refer to the calculation of Adjusted EBITDA for a discussion of the Special items listed below. |
Three Months Ended | ||||
(amounts in millions) | March 28, 2026 | March 29, 2025 | ||
Net cash used in operating activities | $ (91.2) | $ (83.5) | ||
Less: capital expenditures(1) | 26.1 | 42.0 | ||
Free Cash Flow(1) | $ (117.3) | $ (125.4) | ||
(1) | Free Cash Flow is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Free Cash Flow, see above under the heading "Non-GAAP Financial Information." |
(amounts in millions, except Net Debt Leverage) | March 28, 2026 | December 31, 2025 | ||
Total debt | $ 1,209.0 | $ 1,173.3 | ||
Less: cash and cash equivalents | 50.4 | 136.1 | ||
Net Debt(1) | $ 1,158.6 | $ 1,037.2 | ||
Divided by trailing twelve months Adjusted EBITDA(2) | 102.3 | 118.0 | ||
Net Debt Leverage(1) | 11.3x | 8.8x |
(1) | Net Debt and Net Debt Leverage are financial measures that are not calculated in accordance with GAAP. For a discussion of our presentation of Net Debt Leverage, see above under the heading "Non-GAAP Financial Information." |
(2) | Trailing twelve months Adjusted EBITDA for both periods. Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA, see above under the heading "Non-GAAP Financial Information." |
Segment Results (Unaudited) (In millions) | ||||||
Three Months Ended | ||||||
(amounts in millions) | March 28, 2026 | March 29, 2025 | % Variance | |||
Net revenues from external customers | ||||||
$ 452.7 | $ 530.6 | (14.7) % | ||||
269.4 | 245.4 | 9.8 % | ||||
Total Consolidated | $ 722.1 | $ 776.0 | (6.9) % | |||
Adjusted EBITDA(1) | ||||||
$ 3.6 | $ 15.5 | (76.7) % | ||||
7.1 | 10.7 | (33.6) % | ||||
Corporate and unallocated costs | (4.6) | (4.3) | 5.6 % | |||
Total Consolidated | $ 6.1 | $ 21.9 | (71.9) % | |||
(1) | Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA, see above under the heading "Non-GAAP Financial Information." |
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SOURCE JELD-WEN Holding, Inc.