Key Highlights

  • Net revenues fell 1.4% to USD 798.5 million, with core revenues down 1% on lower Volume and mix.
  • Net loss was USD 17.2 million, or USD 0.20 per share, against a USD 367.6 million loss a year earlier.
  • Adjusted EBITDA rose by USD 10.0 million to USD 54.4 million, a 6.8% Margin that was up 130 basis points.
  • Management maintained 2026 guidance of USD 3.1 to 3.2 billion in Revenue and USD 120 to 150 million in EBITDA.

Smaller Loss, Higher Margin

JELD-WEN Holding, Inc. (NYSE:JELD) reported results for the quarter ended September 26, 2026. Net revenues were USD 798.5 million, a decrease of 1.4%. Core revenues fell 1%, as a 2% decrease in volume and mix was partly offset by a 1% benefit from price realization. Net loss was USD 17.2 million, or USD 0.20 per share, compared with a net loss of USD 367.6 million, or USD 4.30, a year earlier. Operating Income margin was 1.1% versus a negative 25.0%.

Analyst estimates were EPS of USD 0.05 against reported EPS of USD 0.05, and revenue of USD 804.3 million against reported revenue of USD 798.5 million.

Strategic Priorities

Chief Executive Officer William Christensen said the quarter reflected continued progress to strengthen the business, and that management remains focused on service, cost and productivity. The company concluded its strategic review of the European Business and is retaining it, concluding that operational improvements and cost reductions offer the best opportunity to create long-term value.

Management also said it is maintaining the full-year revenue and adjusted EBITDA guidance despite the market outlook, while making progress on its Debt refinancing and the future of the European business. The company also commenced transactions to extend debt maturities and raise USD 135.0 million of incremental liquidity. The company did not quantify how much of the 130 basis point margin gain came from Tariff refunds.

Cash Flow and Guidance

For the first nine months, net cash used in Operating Activities was USD 72.8 million versus USD 37.7 million, and capital expenditures were USD 57.2 million versus USD 103.9 million. Free Cash Flow was negative USD 129.9 million compared with negative USD 141.6 million a year earlier. The company expects 2026 Operating Cash Flow of USD 10 million.

JELD-WEN maintained its 2026 revenue guidance of USD 3.1 billion to USD 3.2 billion and its adjusted EBITDA guidance of USD 120 million to USD 150 million, reflecting cost reductions partly offset by price and cost and lower volume. Core revenue is projected to decline 2% to 5%. Guidance excludes the impact of potential acquisitions or divestitures.

Adjusted EBITDA was USD 54.4 million versus USD 44.4 million, and the adjusted EBITDA margin of 6.8% was 130 basis points higher, primarily because of tariff refunds recognized as a reduction in cost of sales, favorable productivity and lower SG&A expense, partly offset by negative price and cost and negative volume and mix.

Cash and cash equivalents were USD 97.0 million versus USD 136.1 million at December 31, 2025, and net cash used in operating activities was USD 72.8 million for the nine months compared with USD 37.7 million.

Items to Follow

Completion of the refinancing, European operating improvements and the volume trend are the items to follow.