Jeld-Wen (JELD) Q1 2026 earnings summary

Executive summary

• Q1 2026 net revenue was $722 million, down 6.9–7% year-over-year, driven by a 10% core revenue decline, lower volumes, and a challenging macro environment, partially offset by favorable FX.

• Adjusted EBITDA fell 71.9–72% to $6–$6.1 million, with margin dropping to 0.9% from 2.8% year-over-year.

• Net loss improved to $76.8 million from $190.1 million in Q1 2025, reflecting the absence of prior goodwill impairment and lower restructuring costs.

• Service levels improved, with North America OTIF delivery rates rising to over 90% by March 2026.

• Strategic review of European operations is ongoing, with North America undergoing rightsizing and transformation initiatives.

Financial highlights

• Net revenue declined to $722 million from $776 million year-over-year.

• Adjusted EBITDA dropped to $6 million from $22 million, with a $21 million price-cost headwind and $22 million volume mix headwind.

• Gross margin declined to $92.7 million (12.8% of revenues) from $112.1 million (14.4%) year-over-year.

• Operating cash flow was a $91 million use, with net debt leverage rising to 11.3x and liquidity at $310 million.

• Adjusted net loss for Q1 2026 was $43.3 million, compared to $14.2 million in Q1 2025.

Outlook and guidance

• Full-year 2026 net revenue guidance raised to $3.05–$3.2 billion, with core revenue expected to decline 3–6% and a $50 million FX benefit.

• Adjusted EBITDA guidance unchanged at $100–$150 million.

• Operating cash flow for 2026 expected at $40 million, with free cash flow use of $60 million and $100 million in capital expenditures.

• No share repurchases, acquisitions, or divestitures included in the outlook.