JELD-WEN Reports Third Quarter 2026 Results

CHARLOTTE, N.C., Nov. 3, 2026 /PRNewswire/ -- JELD-WEN Holding, Inc. (NYSE: JELD) ("JELD-WEN" or the "Company") today announced results for the three and nine months ended September 26, 2026. Comparability is to the same period in the prior year.

Third Quarter 2026 Highlights

• Net revenues of $798.5 million decreased (1.4%) in the third quarter driven by a decrease in Core Revenues of (1%). The decline in Core Revenues was driven by a (2%) decrease in volume/mix, partially offset by a 1% benefit from price realization.

• Net loss was ($17.2) million or ($0.20) per share, compared to net loss of ($367.6) million, or ($4.30) per share, during the same quarter a year ago. Operating income (loss) margin was 1.1% and (25.0%) for the quarters ended September 26, 2026 and September 27, 2025, respectively.

• Adjusted EBITDA was $54.4 million, an increase of $10.0 million compared to $44.4 million during the same quarter a year ago. Adjusted EBITDA Margin was 6.8%, an increase of 130 basis points in the third quarter primarily due to  tariff refunds recognized as a reduction in cost of sales, favorable productivity, and lower SG&A expense, partially offset by negative price/cost and volume/mix.

• Commenced transactions to extend debt maturities and raise $135.0 million of incremental liquidity.

• Concluded the strategic review of the European business; retaining the business, with a focus on operational improvements and cost reductions, provides the best opportunity to create long-term value.

"Our third-quarter results reflect the continued progress we are making to strengthen our business, even as market conditions remain challenging," said Chief Executive Officer William J. Christensen. "We remain focused on improving service, managing costs, and driving productivity, which are helping us improve our competitive position. Despite a softer market outlook, we are maintaining our full-year revenue and Adjusted EBITDA guidance while making important progress on our strategic priorities, including our debt refinancing and the future of our European business."

Third Quarter 2026 Results

Net revenues decreased ($11.0) million, or (1.4%), to $798.5 million in the three months ended September 26, 2026, from $809.5 million in the three months ended September 27, 2025. The decrease in net revenues was primarily driven by a decrease  in Core Revenues of (1%). The decline in Core Revenues was driven by a (2%) decrease in volume/mix, partially offset by a 1% benefit from price realization.

Net loss was ($17.2) million in the third quarter, compared to a net loss of ($367.6) million in the same period last year. Adjusted Net Income for the third quarter was $4.4 million, an increase of $21.6 million compared to Adjusted Net Loss of ($17.3) million in the same period last year.

Net loss per share for the third quarter was ($0.20), compared to a net loss per share of ($4.30) in the same quarter last year. Adjusted EPS for the third quarter was $0.05, compared to ($0.20) in the same quarter last year. Adjusted EPS for the quarter ended September 26, 2026, excludes net after-tax charges of $21.6 million, or $0.25 per diluted share. Adjusted EPS for the quarter ended September 27, 2025, excludes net after-tax charges of $350.3 million or $4.10 per diluted share. Third quarter 2025 net loss from continuing ops includes $196.9 million non-cash goodwill impairment and $122.3 million tax special items.

Adjusted EBITDA was $54.4 million, an increase of $10.0 million compared to $44.4 million during the same quarter last year. Adjusted EBITDA Margin was 6.8%, an increase of 130 basis points in the third quarter primarily due to tariff refunds recognized as a reduction in cost of sales, favorable productivity, and lower SG&A expense, partially offset by negative price/cost and volume/mix.

On a segment basis for the third quarter of 2026, compared to the same period last year:

• North America - Net revenues decreased ($16.5) million, or (3.0%), to $529.7 million in the three months ended September 26, 2026, from $546.1 million in the three months ended September 27, 2025. The decrease was primarily due to a decrease in Core Revenues of (3%). The decrease in Core Revenues was driven by a (3%) decline in volume/mix due to weakened market demand. Net income was $21.2 million, an increase of $202.4 million year-over-year. Adjusted EBITDA in North America increased $10.7 million, or 28.3%, to $48.3 million in the three months ended September 26, 2026, from $37.7 million in the three months ended September 27, 2025. The increase was primarily due to tariff refunds recognized as a reduction in cost of sales, improved productivity, and lower SG&A, partially offset by unfavorable price/cost and volume/mix.

• Europe - Net revenues increased $5.5 million, or 2.1%, to $268.9 million in the three months ended September 26, 2026, from $263.3 million in the three months ended September 27, 2025. The increase was primarily due to an increase in Core Revenues of 3%, partially offset by an unfavorable foreign exchange impact of (1%). The increase in Core Revenues was primarily driven by a 4% benefit from price realization, partially offset by unfavorable volume/mix of (1%). Net loss was ($6.9) million, an increase of $146.5 million year-over-year. Adjusted EBITDA in Europe decreased ($1.0) million, or (6.5%), to $15.0 million in the three months ended September 26, 2026, from $16.0 million in the three months ended September 27, 2025. The decrease was primarily due to unfavorable price/cost and higher bad debt expense, partially offset by lower salaries and benefits and improved productivity.

Cash Flows

Net cash used in operating activities was ($72.8) million in the nine months ended September 26, 2026, compared to ($37.7) million in the nine months ended September 27, 2025, an increase in cash used of $35.1 million. The change in cash flows from operating activities was primarily attributable to lower earnings, excluding the prior year impact of the $334.6 million non-cash goodwill impairment charge related to our North America and Europe reporting units and the $129.2 million income tax expense due to an increase to valuation allowances on U.S. tax attributes. Changes in our working capital accounts resulted in a $59.6 million unfavorable year-over-year impact. Accounts receivable, net resulted in a ($36.9) million unfavorable impact, primarily due to the timing of revenue recognition and customer collections. Accounts payable resulted in a ($15.1) million unfavorable impact, primarily due to lower inventory purchases and timing of vendor payments. Inventory resulted in a ($7.6) million unfavorable impact, primarily reflecting a decrease in inventory reserves.

Capital expenditures in the nine months ended September 26, 2026, decreased by $46.7 million to $57.2 million, down from $103.9 million in the nine months ended September 27, 2025. Free Cash Flow used in the nine months ended September 26, 2026, was ($129.9) million, compared to Free Cash Flow used in the nine months ended September 27, 2025, of ($141.6) million. This does not include the impact of proceeds of $110.7 million from the court-ordered divestiture of our Towanda facility, which was completed in the first quarter of 2025.

Full Year 2026 Guidance

JELD-WEN is maintaining its 2026 revenue guidance of $3.1 to $3.2 billion. This range reflects a year-over-year decline in Core Revenues of approximately (2%) to (5%), compared to 2025, and a foreign exchange benefit of approximately $50 million. Additionally, the Company continues to expect Adjusted EBITDA to be in the range of $120 to $150 million, reflecting significant cost reductions, partially offset by continued price/cost and volume pressure.

The Company expects 2026 operating cash flow to generate approximately $10 million.

Conference Call Information

JELD-WEN management will host a conference call on November 4, 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 833-461-5787 from the United States or +1-585-542-9983 internationally and using ID 369649160. A slide presentation highlighting the Company's results is available on the Investor Relations section of the Company's website.

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 Charlotte, North Carolina, JELD-WEN operates facilities in 14 countries in North America and Europe and employs approximately 13,900 associates dedicated to bringing beauty and security to the spaces that touch our lives. The JELD-WEN family of brands includes JELD-WEN^® worldwide, LaCantina^® and VPI™ in North America, and Swedoor^® and DANA^® in Europe. For more information, visit corporate.JELD-WEN.com or follow us on LinkedIn.

Investor Relations Contact:
James Armstrong
Vice President, Investor Relations
704-378-5731
jarmstrong@jeldwen.com

Media Contact:
JELD-WEN Holding, Inc.
Sarah Bruner
Senior Director, Enterprise Communications
980-403-4459
SBruner@jeldwen.com

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, our ability to generate sufficient cash to service our indebtedness and other obligations, the adverse impact of failing to consummate the refinancing transactions to address our upcoming debt maturities, 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 U.S. Securities and Exchange Commission.

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 from continuing operations, Adjusted EBITDA Margin from continuing operations, Adjusted Net Income (Loss) from continuing operations, Adjusted EPS from continuing operations, 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 United States of America ("GAAP"). A reconciliation of non-GAAP financial measures used in this press release to their nearest comparable GAAP financial measures is included in the tables at the end of this press release.

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-GAAP information has limitations as an analytical tool and should not be considered in isolation from or as a substitute for U.S. GAAP information. It does not purport to represent any similarly titled U.S. GAAP information and is not an indicator of our performance under U.S. GAAP.

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 from continuing operations, Adjusted EBITDA Margin from continuing operations, Adjusted Net Income (Loss) from continuing operations, and Adjusted EPS from continuing operations 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 from continuing operations and Adjusted EBITDA Margin from continuing operations 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 from continuing operations and Adjusted EBITDA Margin from continuing operations 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 from continuing operations. Adjusted EBITDA from continuing operations 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 from continuing operations as income (loss) from continuing operations, 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) loss 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 from continuing operations 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 Income (Loss) from continuing operations represents loss from continuing operations adjusted for the after-tax impact of certain special items used to calculate Adjusted EBITDA from continuing operations as described above. 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 from continuing operations represents loss from continuing operations per diluted share adjusted to exclude the estimated per share impact of the same specifically identified items used to calculate Adjusted Net Income (Loss) from continuing operations as described above.

Adjusted EBITDA Margin from continuing operations represents Adjusted EBITDA from continuing operations 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 from continuing operations 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)

2026

2025

          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."

(In millions, except share and per share data)

2026

2025

          are financial measures that are not calculated in accordance with GAAP. For a discussion of our

          presentation of Adjusted EBITDA from continuing operations and Adjusted EBITDA Margin from

          continuing operations, see above under the heading "Non-GAAP Financial Information."

Consolidated Balance Sheets (Unaudited)

(In millions, except share and per share data)

2026

2025

  no shares issued and outstanding

  86,763,382 and 85,489,683 shares issued and outstanding, respectively

Consolidated Statements of Cash Flows (Unaudited)

(In millions)

2026

2025

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(In millions)

2026

2025

2026

2025

2026

2025

2026

2025

America

and

Unallocated 

Costs

Consolidated

     equipment capacity optimization review and a $1.0 million charge in Corporate and unallocated costs related to the termination of the

     Company's fractional aircraft arrangement.

America

and

Unallocated

Costs

Consolidated

America

and

Unallocated

Costs

Consolidated

     equipment capacity optimization review, $3.0 million of impairment and other related charges related to windows manufacturing technology,

     and $1.8 million of impairment charges related to logistics technology, each of which was determined to have no future use, $2.5 million

     related to post-production expenses for closed facilities in North America, $1.2 million related to costs incurred to fulfill production capability

     requirements associated with the court-ordered Towanda divestiture, $2.0 million related to build-out costs for a new production site in the

     United Kingdom in our Europe reporting segment, and a $1.0 million charge in Corporate and unallocated costs related to the termination of

     the Company's fractional aircraft arrangement.

America

and

Unallocated

Costs

Consolidated

     of Free Cash Flow, see above under the heading "Non-GAAP Financial Information."

     our presentation of Net Debt Leverage, see above under the heading "Non-GAAP Financial Information." 

     operations is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of

     Adjusted EBITDA from continuing operations, see above under the heading "Non-GAAP Financial Information."

(In millions)

     presentation of Adjusted EBITDA from continuing operations, see above under the heading "Non-GAAP Financial Information."

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SOURCE JELD-WEN Holding, Inc.