Jeld-Wen (JELD) Q4 2025 earnings summary

Executive summary

• Fourth quarter and full year 2025 results landed at the high end of expectations, with Q4 net revenue of $802 million and full-year revenue of $3.211 billion, despite ongoing volume and margin pressures from a soft macro environment.

• Structural cost actions, including a 14% workforce reduction, and operational improvements supported performance amid market headwinds.

• Service levels and operational stability improved, particularly in the second half, aided by a new manufacturing operating system.

• Strategic review of the European business and selective asset sales are ongoing to enhance liquidity and financial flexibility.

• Significant non-cash charges in 2025 included $334.6 million in goodwill impairment and $129.2 million in valuation expense.

Financial highlights

• Q4 2025 net revenue was $802 million, down 10% year-over-year; core revenue declined 8% due to lower volume/mix.

• Adjusted EBITDA for Q4 was $14.8 million (1.8% margin), down from $40.1 million (4.5% margin) last year.

• Full year 2025 net revenue was $3.211 billion, down from $3.776 billion in 2024; core revenue dropped 12%.

• Full year Adjusted EBITDA was $120.1 million (3.7% margin), down from $275.2 million (7.3% margin) in 2024.

• Adjusted net loss from continuing operations for 2025 was $(70.3) million, compared to adjusted net income of $67.0 million in 2024.

Outlook and guidance

• 2026 net revenue guidance is $2.95 billion to $3.1 billion, with core revenue expected to decline 5% to 10% and a $50 million FX benefit.

• Adjusted EBITDA guidance for 2026 is $100 million to $150 million, with volume uncertainty as the main risk.

• Operating cash flow for 2026 is projected at approximately $40 million, capex at $100 million, and free cash flow use of $60 million.

• Guidance assumes no portfolio changes and continued operation of the European business.

• Guidance excludes potential acquisitions/divestitures and is subject to risks from global economic uncertainty, geopolitical conflicts, and raw material price volatility.