Janus International Group (JBI) Q4 2025 earnings summary

Executive summary

• Total revenue for 2025 was $884.2 million, down 8.3% year-over-year, with net income of $53.8 million and adjusted EBITDA of $168.2 million (19.0% margin), both declining from 2024.

• International revenue grew 41.2% to $103.9 million, offsetting declines in North America; Nokē Smart Entry units installed reached 458,000, up 25.5%.

• Key wins included product awards, product line expansion, certifications, and a strategic acquisition of Kiwi II Construction.

• Strategic priorities remain focused on self-storage market penetration, commercial market share growth, access control technology adoption, and accretive acquisitions.

• Free cash flow for 2025 was $114.0 million, with a strong conversion rate of 137%.

Financial highlights

• Q4 2025 consolidated revenue was $226.3 million, down 1.9% year-over-year; adjusted EBITDA was $37.2 million, up 7.5% with a margin of 16.4%.

• Adjusted net income for Q4 was $15.6 million; adjusted EPS for 2025 was $0.60.

• Product revenues for 2025 were $686.9 million, service revenues $197.3 million.

• Cash flow from operations reached $139.5 million in 2025.

• Ended the year with $260.5 million in liquidity and $551 million in long-term debt; net leverage at 2.1x.

Outlook and guidance

• 2026 revenue guidance is $940–$980 million, representing 8.6% year-over-year growth at the midpoint; adjusted EBITDA guidance is $165–$185 million, or 4.0% growth at the midpoint.

• Guidance includes $90–$100 million inorganic revenue from the Kiwi II Construction acquisition; capital expenditures targeted at 1.5%–2.0% of revenue.

• North American organic self-storage revenues expected to be down mid-single digits, with continued softness in new construction.

• Commercial sales channel expected to return to growth, driven by ASTA; international revenue expected to grow high single digits.

• Effective tax rate projected at 27%–29%; 2026 adjusted EBITDA margin expected at 18.2% midpoint.