Jeld-Wen (JELD) Q2 2025 earnings summary

Executive summary

• Q2 2025 net revenues were $823.7–$824 million, down 16–16.5% year-over-year, driven by lower demand, volume/mix, and the Towanda divestiture, with results at the high end of internal expectations despite market uncertainty.

• Adjusted EBITDA was $39 million, a 54% year-over-year decrease, with a margin of 4.7%, reflecting ongoing cost reduction and transformation actions.

• Net loss from continuing operations was $21.5–$22.3 million, compared to $18.5 million in Q2 2024.

• The company reinstated full-year 2025 guidance, projecting revenue of $3.2–$3.4 billion and Adjusted EBITDA of $170–$200 million.

• Transformation and cost actions, including facility closures and network optimization, continue to improve operational efficiency and service levels.

Financial highlights

• Q2 2025 revenue was $823.7–$824 million, down 16–16.5% year-over-year, with 13% of the decline from lower core revenues and the remainder from the Towanda divestiture.

• Adjusted EBITDA was $39 million, down $45.8–$46 million year-over-year, with a margin of 4.7%.

• Free cash flow for Q2 YTD 2025 was negative $125–$125.1 million, compared to negative $33.8–$34 million in the prior year.

• Gross margin for Q2 2025 was $143.4 million, down 24.5% year-over-year, with a margin of 17.4%.

• Adjusted net loss from continuing operations was $3.4 million for Q2 2025, versus adjusted net income of $29.4 million in Q2 2024.

Outlook and guidance

• Full-year 2025 revenue guidance is $3.2–$3.4 billion, with core revenue expected to decline 4–9%.

• Adjusted EBITDA for 2025 is expected to be $170–$200 million, with similar EBITDA in Q3 and Q4.

• Operating cash flow for 2025 is projected to be an approximate $10 million use of cash; free cash flow is expected to be negative $150 million, with CapEx at $150 million.

• Guidance assumes continued market softening, share loss from Midwest customer anniversaries, and price/cost declines to maintain volume.

• Company believes current liquidity and cash flow are sufficient for ongoing operations and debt service for at least the next twelve months.