10-Q · May 12, 2026
Janus International Group reported Q1 2026 revenues of $222.7 million, up 5.8% from $210.5 million in Q1 2025, driven notably by a contribution of $18.1 million from the Kiwi II Acquisition. However, the company faced a…
Earnings analysis · 10-Q
JBI earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
Janus delivered $233.5 million of revenue, up 2.4% year over year, but growth was driven by $19.2 million of Kiwi II revenue while organic revenue declined $13.8 million. Gross margin compressed to approximately 34.4%…
Read full summary
Janus delivered $233.5 million of revenue, up 2.4% year over year, but growth was driven by $19.2 million of Kiwi II revenue while organic revenue declined $13.8 million. Gross margin compressed to approximately 34.4% from 40.9%, operating margin fell to approximately 8.8% from 15.8%, and diluted EPS declined to $0.08 from $0.15. Self-storage growth and lower interest expense were positives, but weaker commercial demand, higher steel costs, lower operating cash flow of $60.6 million, and the $98.8 million acquisition outflow weigh on the outlook.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.08
What stood out
-
Revenue Growth Was Acquisition-Led
Total revenue increased to $233.5 million from $228.1 million, or 2.4% year over year, but management reported organic revenue declined $13.8 million, offset by $19.2 million of Kiwi II acquisition revenue.
-
Self-Storage Channels Expanded
Self-storage new-construction revenue rose to $113.0 million from $93.9 million, up 20.3%, while R3 revenue increased to $56.4 million from $52.9 million, up 6.6%.
-
Debt Repricing Lowered Interest Cost
Net interest expense declined to $7.4 million from $9.1 million, down 18.7%, primarily following the February 2026 debt repricing; the First Lien interest rate was 5.62% at July 4, 2026.
-
Liquidity Capacity Remains Available
Operating cash flow was $60.6 million for the first six months, and capital expenditures were $5.6 million; the company also had $78.3 million of availability under its revolving credit facility.
-
Kiwi II Added Scale
Kiwi II contributed $19.2 million of quarterly revenue following the January 8, 2026 acquisition, expanding goodwill by $44.3 million to $428.2 million.
-
Ongoing Share Repurchases
The company repurchased 3,229,776 shares for $17.6 million during the first six months, with $63.1 million remaining under the authorization.
What to watch
-
Material Gross-Margin Compression
Gross profit fell to $80.3 million from $93.2 million, reducing gross margin to approximately 34.4% from 40.9%; management cited pricing pressure, higher steel prices and freight costs.
-
Profitability Deteriorated
Operating income declined 42.8% to $20.6 million from $36.0 million, and diluted EPS fell to $0.08 from $0.15. Adjusted EBITDA margin decreased to 17.2% from 21.5%.
-
Commercial Demand Remains Weak
Commercial and other revenue declined $17.2 million, or 21.2%, to $64.1 million, driven by softness in commercial sheet doors and project delays.
-
Acquisition Reduced Cash Balance
Cash declined $67.4 million to $127.0 million during the first six months, while $98.8 million was spent on the Kiwi II acquisition and $17.4 million was used for share repurchases.
-
Cash Conversion Weakened
Operating cash flow decreased 39.2% to $60.6 million from $99.7 million, which management attributed partly to a $25.4 million reduction in net working-capital cash activity.
-
Tariff Exposure Continues
Management stated that there were no material changes to the risk factors in the January 3, 2026 Form 10-K; however, the filing identifies exposure to 50% steel-import tariffs for countries other than the U.K. and a new 10% global tariff effective February 24, 2026.
Management's outlook
The 10-Q provides no new quantitative guidance. It references previously announced earnings guidance but does not restate or update the prior $940 million to $980 million 2026 revenue outlook.
Earlier filings 4
10-K · March 4, 2026
Janus International (JBI) emphasizes a full‑solution strategy focused on self‑storage (68% of revenue) and commercial doors (32%), backed by eleven U.S. and three international manufacturing facilities and proprietary…
10-K · February 26, 2025
Janus (JBI) positions itself as the market leader in self-storage building solutions, with a full-suite offering, proprietary access-control technology (Nokē) and a national manufacturing footprint. The 10‑K highlights…
10-Q · August 7, 2024
Janus reported Q2 revenue of $248.4M, down from $270.6M a year earlier and down modestly versus Q1 (six‑month revenue $502.9M implies Q1 revenue ~$254.5M). Gross profit held up at $109.0M (implied gross margin ~43.9%),…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.