Janus International Group (JBI) Q4 2025 earnings summary

Executive summary

• 2025 revenue was $884.2 million, down 8.3% year-over-year, with net income of $53.8 million and adjusted EBITDA of $168.2 million, reflecting macroeconomic headwinds and high interest rates.

• International revenue grew 41.2% to $103.9 million, offsetting declines in North America; self-storage revenues declined 9.7% and commercial/other down 5.1%.

• Strategic acquisition of Kiwi II Construction in January 2026 expands exterior solutions and design-build capabilities, complementing existing businesses.

• Share repurchases totaled 1.9 million shares for $16 million in 2025, with $80.5 million remaining under authorization.

• Execution and customer service remained strong, with product awards, expansion of product lines, and certifications in both self-storage and commercial segments.

Financial highlights

• Full year 2025 revenue was $884.2 million; adjusted EBITDA was $168.2 million (19.0% margin), both down year-over-year.

• Fourth quarter 2025 revenue was $226.3 million, down 1.9% year-over-year; adjusted EBITDA was $37.2 million, up 7.5%.

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

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

• Adjusted EPS for 2025 was $0.60, down from $0.72 in 2024.

Outlook and guidance

• 2026 revenue guidance is $940–$980 million, representing 8.6% year-over-year growth at the midpoint.

• 2026 adjusted EBITDA guidance is $165–$185 million, or 4.0% growth at the midpoint.

• Inorganic revenue for 2026 is expected to be $90–$100 million from the Kiwi II acquisition; North American organic self-storage revenue expected to decline mid-single digits.

• International revenue expected to grow high single digits; commercial segment expected to return to growth.

• Capital expenditures targeted at 1.5%–2.0% of revenue; effective tax rate projected at 27%–29%.