JBI earnings analysis
What we found in JBI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.08
- Gross margin
- 34.4%
- Operating margin
- 8.8%
- Segment
- Janus North America revenue was $202.9 million, up 1.3% year over year; gross profit was $72.3 million versus $85.3 million and Adjusted EBITDA was $36.4 million versus $44.8 million.
- Segment
- Janus International revenue was $31.1 million, up 9.5% year over year; gross profit was $8.0 million versus $7.9 million and Adjusted EBITDA was $3.8 million versus $4.2 million.
- Segment
- Self-storage new-construction revenue was $113.0 million, up 20.3% year over year; R3 revenue was $56.4 million, up 6.6%; commercial and other revenue was $64.1 million, down 21.2%.
What they said about what is next.
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.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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