10-Q · May 5, 2026
JELD-WEN's Q1 2026 results show a revenue decline of 6.9% to $722.1 million compared to Q1 2025, with a net loss of $76.8 million, narrowing losses from $190.1 million last year, driven by improved operational…
Earnings analysis · 10-Q
JELD earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
JELD-WEN reported Q2 revenue of $817.835 million and a GAAP diluted loss of $0.37 per share. Revenue and margins improved substantially from Q1 2026, with gross margin rising 400 basis points to 16.8% and operating…
Read full summary
JELD-WEN reported Q2 revenue of $817.835 million and a GAAP diluted loss of $0.37 per share. Revenue and margins improved substantially from Q1 2026, with gross margin rising 400 basis points to 16.8% and operating margin improving 710 basis points to negative 0.6%, but revenue fell 0.7% year over year and the GAAP loss widened from $0.25 per share. North America demand remains weak, while the key constraint is liquidity: first-half operating cash use was $100.210 million, debt totaled $1.250 billion, and management is evaluating options for the $400.0 million 2027 notes.
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
- $-0.37
What stood out
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Revenue rebounded sequentially, modestly down YoY
Q2 revenue was $817.835 million, up 13.3% from $722 million in Q1 2026, though down 0.7% from $823.729 million in Q2 2025. The sequential improvement reflected the seasonal second-quarter uplift, while year-over-year Core Revenue fell 2%.
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Margins improved sharply versus Q1
Gross margin improved to 16.8% from 12.8% in Q1 2026, while operating margin improved to negative 0.6% from negative 7.7%. Versus Q2 2025, gross margin declined 60 basis points from 17.4%, but operating margin improved 110 basis points from negative 1.7% as SG&A fell $10.2 million.
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Sequential EPS loss narrowed
GAAP diluted EPS was a loss of $0.37, improving from a $0.90 loss in Q1 2026 but worsening from a $0.25 loss in Q2 2025. The quarter included $4.5 million of intangible-asset impairment charges and $18.366 million of net interest expense.
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North America productivity and Europe sales helped
North America Adjusted EBITDA increased 17.1% to $40.675 million despite revenue declining 4.9% to $528.521 million; management cited productivity and lower SG&A. Europe revenue rose 7.9% to $289.314 million, driven by 5% Core Revenue growth and a 3% foreign-exchange benefit.
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Capital intensity fell; restructuring continues
First-half capital expenditures declined to $40.890 million from $66.023 million, equal to 2.7% of $1.540 billion of first-half revenue. Management expects the Chiloquin, Oregon and Sheffield, England facility closures to be substantially complete by the end of 2026.
What to watch
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Liquidity contracted and operating cash use widened
Liquidity declined to $308.7 million at June 27, 2026 from $484.7 million at December 31, 2025, including only $57.2 million of unrestricted cash. Net cash used in operating activities was $100.210 million in the first half, versus $48.931 million used a year earlier.
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2027 debt maturity requires a solution
Total indebtedness rose to $1.250 billion from $1.180 billion at year-end, including $80.0 million drawn on the ABL Facility. Management says cash flow from operations is unlikely to fully repay the $400.0 million Senior Notes due December 2027 and is evaluating refinancing, asset reviews, sale-leasebacks and spending reductions.
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North America demand and margin pressure persist
North America Q2 revenue fell $27.156 million, or 4.9%, to $528.521 million as Core Revenue declined 5% on weakened demand. Consolidated gross margin fell to 16.8% from 17.4% because of negative price/cost and volume/mix, partly offset by productivity.
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Receivables drove working-capital outflow
Accounts receivable increased to $439.488 million from $361.192 million at year-end, a $78.296 million increase, while accounts payable rose only $10.726 million to $248.006 million. Receivables consumed $85.534 million of first-half operating cash flow.
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No formal risk-factor changes; tariff recovery uncertain
There were no material changes to the risk factors previously disclosed in the 2025 Form 10-K, according to Item 1A. However, the filing identifies potential tariff refunds received after June 27, 2026 as potentially material, with the ultimate net amount dependent on obligations to customers, vendors and others.
Management's outlook
The 10-Q contains no explicit quantitative revenue or EPS guidance. Management states that it expects available liquidity to support operations, planned capital expenditures and debt service for at least the next 12 months, while separately evaluating refinancing and other strategies for $400.0 million of Senior Notes due December 2027.
Earlier filings 4
10-K · February 23, 2026
JELD‑WEN reported 2025 net revenues of $3.21 billion and a door‑heavy mix (doors 68% of sales), but revenue and profitability deteriorated versus 2024. Quarterly results show persistent margin pressure and cash…
10-Q · November 6, 2025
JELD‑WEN reported Q3 2025 net revenues of $809,482 (in thousands) and a GAAP net loss of $367,598 (in thousands), driven by a $196,896 (in thousands) goodwill impairment and weaker gross margin. Operating loss widened…
10-Q · August 6, 2025
JELD‑WEN reported net revenues of $823,729 (amounts in thousands) for Q2 2025, down versus prior-year Q2. Margins compressed (gross margin to 17.4%; operating loss of $13,924) and the company recorded a material…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.