Jeld-Wen (JELD) Q2 2026 earnings summary

Executive summary

• Q2 2026 net revenues were $818 million, down 0.7%–1% year-over-year, with Adjusted EBITDA rising 8% to $42.3 million and margin improving to 5.2%, reflecting productivity gains and cost discipline despite challenging macro conditions.

• This quarter marked the first year-over-year Adjusted EBITDA growth in ten quarters, with improved execution and customer service driving share recovery and incremental sales gains.

• Net loss from continuing operations increased to $31.5 million, with adjusted net loss at $9.1 million and adjusted EPS at $(0.11), both down from Q2 2025.

• Ongoing strategic review of the European business and continued focus on cost control, service, and execution, including addressing near-term debt maturities.

• Gross margin declined to 16.8% from 17.4% in Q2 2025, while SG&A as a percentage of net revenues improved to 16.9%.

Financial highlights

• Q2 2026 net revenues were $818 million, down 0.7%–1% year-over-year, driven by a 2% decline in Core Revenues and a 3% drop in volume/mix, partially offset by higher pricing and favorable FX.

• Adjusted EBITDA rose 8% to $42.3 million, with margin improving by 50 basis points to 5.2%.

• Free cash flow was a use of $28 million in Q2 and $(144.8) million for the first half, mainly due to higher working capital and lower earnings.

• Net debt leverage increased to 11.3x as of June 27, 2026, from 8.8x at year-end 2025.

• Total indebtedness was $1.25 billion, with $80 million drawn on the revolving credit facility and $308.7 million in liquidity.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $3.1–$3.2 billion, with core revenue expected to decline 2%–5% and a $50 million FX benefit.

• Adjusted EBITDA guidance increased to $120–$150 million, up from $100–$150 million, citing significant cost reductions.

• Operating cash flow for 2026 expected at ~$10 million; free cash flow to be a use of ~$75 million, with capital expenditures forecast at ~$85 million.

• Guidance excludes potential impacts from future acquisitions or divestitures.

• Liquidity is expected to be adequate for at least the next twelve months.