Janus International Group (JBI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue increased 5.8% year-over-year to $222.7 million, driven by self-storage and the Kiwi II Construction acquisition, while international revenue rose 28.8% to $27.3 million.

• Net income dropped to $0.2 million from $10.8 million year-over-year, with adjusted EBITDA down 14.1% to $33.0 million and margin contracting to 14.8%.

• Free cash flow for the quarter was $33.4 million, with a trailing twelve-month free cash flow conversion of 155%.

• Approximately 2.9 million shares were repurchased for $15.7 million, and the First Lien Term Loan was repriced, reducing the interest rate by 50 basis points.

• Strategic priorities include portfolio diversification, geographic expansion, technological innovation, and disciplined capital allocation.

Financial highlights

• Consolidated revenue rose 5.8% year-over-year to $222.7 million, with $18.1 million inorganic revenue from Kiwi II Construction.

• Adjusted EBITDA margin declined to 14.8%, down from 18.2% in the prior year, mainly due to geographic and sales channel mix.

• Adjusted net income was $1.7 million, with adjusted diluted EPS of $0.01.

• Free cash flow for the quarter was $33.4 million, and operating cash flow was $36.2 million.

• Product revenues were $188.8 million and service revenues $33.9 million in Q1 2026.

Outlook and guidance

• 2026 revenue guidance reaffirmed at $940–$980 million, including $90–$100 million from Kiwi II Construction, representing 8.6% growth at midpoint.

• 2026 Adjusted EBITDA expected between $165–$185 million, with a midpoint margin of 18.2%.

• Capital expenditures expected at $58–$68 million (1.5%–2.0% of revenue); full-year tax rate guidance set at 28%–31%.

• North America organic self-storage revenue expected to decline mid-single digits in 2026; commercial segment anticipated to return to growth.

• International revenue projected to grow at a high single-digit rate.