JELD-WEN Holding, Inc 10-Q for FY2026 Q1

JELD-WEN Holding, Inc. (JELD)

10-Q 2026-05-05 For: 2026-03-28

Added on May 05, 2026

About this 10-Q

JELD-WEN Holding, Inc filed this 10-Q on May 5, 2026, covering the quarter ended March 28, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 28, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $722.13M; down 6.9% from $776.01M a year earlier
Net loss: $76.84M; compared with a net loss of $190.14M a year earlier
Diluted EPS: -$0.90; compared with -$2.24 a year earlier

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Delaware						93-1273278
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


		Page No.
PART I - Financial Information
Item 1.	Unaudited Condensed Consolidated Financial Statements
	Condensed Consolidated Statements of Operations	8
	Condensed Consolidated Statements of Comprehensive Loss	9
	Condensed Consolidated Balance Sheets	10
	Condensed Consolidated Statements of Equity	11
	Condensed Consolidated Statements of Cash Flows	12
	Notes to Unaudited Condensed Consolidated Financial Statements
	Note 1. Description of Company and Summary of Significant Accounting Policies	13
	Note 2. Divestiture	14
	Note 3. Accounts Receivable, Net	14
	Note 4. Inventories	14
	Note 5. Property and Equipment, Net	15
	Note 6. Goodwill	15
	Note 7. Intangible Assets, Net	15
	Note 8. Accrued Expenses and Other Current Liabilities	16
	Note 9. Warranty Liability	16
	Note 10. Long-Term Debt	17
	Note 11. Income Taxes	18
	Note 12. Segment Information	18
	Note 13. Capital Stock	21
	Note 14. Loss Per Share	21
	Note 15. Share-Based Compensation	22
	Note 16. Restructuring and Asset-Related Charges, Net	22

	Note 17. Other Expense (Income), Net	25
	Note 1 8 . Derivative Financial Instruments	25
	Note 19 . Fair Value of Financial Instruments	26
	Note 2 0 . Commitments and Contingencies	27
	Note 2 1 . Supplemental Cash Flow Information	31

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	32
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	40
Item 4.	Controls and Procedures	40

PART II - Other Information
Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 5.	Other Information	41
Item 6.	Exhibits	41

	Signature	42


Defined Term			Definition
ABL Facility			Our $500 million asset-based loan revolving credit facility, dated as of October 15, 2014, and as amended from time to time, with JWI (as hereinafter defined) and JELD-WEN of Canada, Ltd., as borrowers, the guarantors party thereto, a syndicate of lenders, and Wells Fargo Bank, N.A., as administrative agent
Form 10-Q			This Quarterly Report on Form 10-Q for the fiscal quarter ended March 28, 2026

Adjusted EBITDA			A supplemental non-GAAP financial measure of operating performance not based on a standardized methodology prescribed by GAAP that we define as income (loss), net of tax, adjusted for the following items: income tax expense (benefit); depreciation and amortization; interest expense (income), net; and certain special items consisting of non-recurring net legal and professional expenses and settlements; goodwill impairment; restructuring and asset-related charges, net; M&A related costs, net; net gain on sale of business, property and equipment; loss on extinguishment and refinancing of debt; share-based compensation expense; and other special items
AI			Artificial intelligence
AOCL			Accumulated Other Comprehensive Loss

ASC			Accounting Standards Codification
ASU			Accounting Standards Update

CAP			Cleanup Action Plan


CDOR			Canadian Dealer Offered Rate
CEO			Chief Executive Officer or principal executive officer

CFO			Chief Financial Officer or principal financial officer


CME			Chicago Mercantile Exchange
CMI			JWI d/b/a CraftMaster Manufacturing, Inc.

CODM			Chief Operating Decision Maker, who is our CEO
Common Stock			The 900,000,000 shares of common stock, par value $0.01 per share, authorized under our Amended and Restated Certificate of Incorporation
Core Revenues			Net revenues excluding the impact of foreign exchange, divestitures, and acquisitions completed in the last twelve months


CORRA			Canadian Overnight Repo Rate Average

Credit Facilities			Collectively, our Corporate Credit Facilities and other acquired term loans and revolving credit facilities





EBITDA			Earnings Before Interest, Taxes, Depreciation, and Amortization







Exchange Act			Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board


Form 10-K			Annual Report on Form 10-K for the fiscal year ended December 31, 2025


GAAP			Generally Accepted Accounting Principles in the United States









JELD-WEN			JELD-WEN Holding, Inc., together with its consolidated subsidiaries where the context requires
JW Australia			The Company’s former Australasia business

JWI			JELD-WEN, Inc., a Delaware corporation



M&A			Mergers and Acquisitions
MD&A			Management’s Discussion and Analysis of Financial Condition and Results of Operations




NOL			Net Operating Loss



Omnibus Equity Plan			JELD-WEN Holding, Inc. 2017 Omnibus Equity Plan, as amended and restated effective April 24, 2025



PLP			Potential Liability Party
Preferred Stock			90,000,000 shares of Preferred Stock, par value $0.01 per share, authorized under our Amended and Restated Certificate of Incorporation
PSU			Performance Stock Unit
R&D			Research and Development
R&R			Repair and Remodel


RSU			Restricted Stock Unit


SEC			U.S. Securities and Exchange Commission
Securities Act			Securities Act of 1933, as amended
Senior Notes			$800.0 million of unsecured notes issued in December 2017 in a private placement in two tranches: $400.0 million bearing interest at 4.63% and maturing in December 2025 ($200.0 million of which were redeemed in August 2023 and the remaining $200.0 million of which were redeemed in September 2024) and $400.0 million bearing interest at 4.875% and maturing in December 2027. $350.0 million of senior unsecured notes issued in August 2024 in a private placement bearing interest at 7.00% and maturing in September 2032

SG&A			Selling, General and Administrative Expenses
SOFR			Secured Overnight Financing Rate
Steves			Steves and Sons, Inc.

Term Loan Facility			Our term loan facility, dated as of October 15, 2014, and as amended from time to time with JWI, as borrower, the guarantors party thereto, a syndicate of lenders, and Bank of America, N.A., as administrative agent
Towanda			The Company’s former Towanda, PA business and related assets


U.S.			United States of America
USD			U.S. Dollar
UTP			Uncertain Tax Position



WADOE			Washington State Department of Ecology
Working Capital			Accounts Receivable plus Inventory less Accounts Payable


	Three Months Ended
(amounts in thousands, except share and per share data)		March 28, 2026		March 29, 2025
Net revenues		$	722,125	$	776,006
Cost of sales		629,411		663,923
Gross margin		92,714		112,083
Selling, general and administrative		145,957		144,767
Goodwill impairment (Note 6)		—		137,721
Restructuring and asset-related charges, net (Note 16)		1,979		14,546
Operating loss		(55,222)		(184,951)
Interest expense, net		17,203		14,918
Loss on extinguishment and refinancing of debt (Note 10)		—		237


Other expense (income) (Note 17)		1,043		(10,586)
Loss before taxes		(73,468)		(189,520)
Income tax expense (Note 11)		3,376		618



Net loss		$	(76,844)	$	(190,138)



Weighted average common shares outstanding (Note 14)
Basic		85,803,503		84,917,294
Diluted		85,803,503		84,917,294






Net loss per share
Basic		$	(0.90)	$	(2.24)
Diluted		$	(0.90)	$	(2.24)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended
(amounts in thousands)		March 28, 2026		March 29, 2025
Net loss		$	(76,844)	$	(190,138)

Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments		(6,689)		20,813
Foreign currency hedge adjustments, net of tax expense (benefit) of $23 and $(597), respectively.		84		(1,300)
Interest rate hedge adjustments, net of tax benefit of $0 and $(12), respectively.		41		(35)
Commodity hedge adjustments, net of tax expense of $0 and $51, respectively.		—		149
Defined benefit pension plans, net of tax expense (benefit) of $4 and $(9), respectively.		10		(19)
Total other comprehensive (loss) income, net of tax		(6,554)		19,608
Comprehensive loss		$	(83,398)	$	(170,530)


(amounts in thousands, except share and per share data)	March 28, 2026		December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$	50,361	$	136,103
Restricted cash	1,986		2,145
Accounts receivable, net (Note 3)	428,119		361,192
Inventories (Note 4)	446,191		444,102
Other current assets	69,044		73,202


Total current assets	995,701		1,016,744
Property and equipment, net (Note 5)	724,287		728,445
Deferred tax assets	15,954		16,289

Intangible assets, net (Note 7)	93,092		96,330
Operating lease assets, net	183,590		179,378
Other assets	64,644		65,628

Total assets	$	2,077,268	$	2,102,814
LIABILITIES AND EQUITY
Liabilities
Current liabilities
Accounts payable	$	267,503	$	237,280
Accrued payroll and benefits	86,791		93,827
Accrued expenses and other current liabilities (Note 8)	218,247		223,147
Current maturities of long-term debt (Note 10)	19,526		23,690


Total current liabilities	592,067		577,944
Long-term debt (Note 10)	1,189,436		1,149,614
Unfunded pension liability	24,048		24,357
Operating lease liability	160,907		158,565
Deferred credits and other liabilities	84,024		85,424
Deferred tax liabilities	14,605		14,694

Total liabilities	2,065,087		2,010,598
Commitments and contingencies (Note 20)

Shareholders’ equity
Preferred Stock, par value $0.01 per share, 90,000,000 shares authorized; no shares issued and outstanding	—		—
Common Stock: 900,000,000 shares authorized, par value $0.01 per share, 86,120,743 and 85,489,683 shares issued and outstanding, respectively	860		854
Additional paid-in capital	786,672		783,315
Accumulated deficit	(718,406)		(641,562)
Accumulated other comprehensive loss	(56,945)		(50,391)
Total shareholders’ equity	12,181		92,216
Total liabilities and shareholders’ equity	$	2,077,268	$	2,102,814


	March 28, 2026
(amounts in thousands)	Cost		Accumulated Amortization		Net Book Value
Customer relationships and agreements	$	126,427	$	(107,018)	$	19,409
Software	88,518		(41,017)		47,501
Trademarks and trade names	32,641		(14,829)		17,812
Patents, licenses and rights	15,412		(7,042)		8,370
Total amortizable intangibles	$	262,998	$	(169,906)	$	93,092


(amounts in thousands)	March 28, 2026 Interest Rates	March 28, 2026		December 31, 2025
Revolving Credit Facility	5.03%(1)	$	40,000	$	—
Senior Notes due December 2027	4.88%	400,000		400,000
Term Loan Facility due July 2028	5.79%(1)	375,525		375,525
Senior Notes due September 2032	7.00%	350,000		350,000


Finance leases and other financing arrangements	1.00% - 8.28%(1)	49,661		54,458

Total debt		$	1,215,186	$	1,179,983
Unamortized debt issuance costs and original issue discounts		(6,224)		(6,679)
Current maturities of long-term debt		(19,526)		(23,690)
Long-term debt		$	1,189,436	$	1,149,614


	Three Months Ended March 28, 2026
(amounts in thousands)	North America		Europe		Total
Revenues from external customers	$	452,713	$	269,412	$	722,125
Intersegment net revenues	—		—		—
Total segment net revenues	$	452,713	$	269,412	$	722,125

Reconciliation of Revenue
Elimination of intersegment net revenues					—
Total consolidated net revenues					$	722,125

Less:
Adjusted cost of sales	$	408,712	$	217,256	$	625,968
Adjusted selling, general and administrative	58,964		52,196		111,160
Other segment items(1)	(18,582)		(7,116)		(25,698)


Adjusted EBITDA	$	3,619	$	7,076	$	10,695

Total Reportable Segment Adjusted EBITDA					$	10,695
Less:
Depreciation and amortization					29,370
Interest expense, net					17,203
Corporate and unallocated costs					4,554
Special items:
Net legal and professional expenses and settlements					12,767

Restructuring and asset-related charges, net					1,979
M&A related costs, net					7,599


Share-based compensation expense					3,682


Other special items(2)					7,009
Loss, before tax					$	(73,468)


	Three Months Ended March 29, 2025
(amounts in thousands)	North America		Europe		Total
Revenues from external customers	$	530,561	$	245,445	$	776,006
Intersegment net revenues	33		489		522
Total segment net revenues	$	530,594	$	245,934	$	776,528

Reconciliation of Revenue
Elimination of intersegment net revenues					(522)
Total consolidated net revenues					$	776,006

Less:
Adjusted cost of sales	$	465,648	$	197,854	$	663,502
Adjusted selling, general and administrative	69,499		44,261		113,760
Other segment items(1)	(20,110)		(7,327)		(27,437)


Adjusted EBITDA	$	15,524	$	10,657	$	26,181

Total Reportable Segment Adjusted EBITDA					$	26,181
Less:
Depreciation and amortization					27,295
Interest expense, net					14,918
Corporate and unallocated costs					4,312
Special items:
Net legal and professional expenses and settlements					11,882
Goodwill impairment					137,721
Restructuring and asset-related charges, net					14,546
M&A related costs, net					(613)
Net gain on sale of business, property, and equipment					(653)
Loss on extinguishment and refinancing of debt					237
Share-based compensation expense					3,228


Other special items					2,828
Loss, before tax					$	(189,520)


	Total Estimated Costs		Cumulative Costs to-date		Costs in the Three Months Ended
(amounts in thousands)						March 28, 2026		March 29, 2025
Restructuring severance and employee-related charges, net(1)	$	36,600	$	35,009		$	456	$	10,019
Other restructuring associated costs, net(1)	17,700		12,820			336		644
Product-related cash charges(2)	6,700		6,719			—		134
Total cash charges	$	61,000	$	54,548		$	792	$	10,797
Asset-related charges, net(1)	24,900		23,974			—		—
Inventory and other product-related non-cash charges, net(3)	9,300		9,061			(82)		1,121
Total non-cash charges	$	34,200	$	33,035		$	(82)	$	1,121
Total costs	$	95,200	$	87,583		$	710	$	11,918

Total cash outlays(4)	$	67,600	$	60,092		$	3,422	$	5,556


	Location of (Loss) Gain Recognized in Condensed Consolidated Statements of Operations		Amount of (Loss) Gain Recognized in Earnings on Derivatives
		Three Months Ended
(amounts in thousands)			March 28, 2026		March 29, 2025
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Cost of sales		$	(106)	$	47
Commodity contracts	Cost of sales		—		35
Interest rate contracts	Interest expense, net		(39)		—
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other expense (income)		(1,120)		(752)
Commodity contracts	Other expense (income)		—		361
Total			$	(1,265)	$	(309)


(amounts in thousands)	March 28, 2026		December 31, 2025
Raw materials	$	360,836	$	365,418
Work in process	25,680		21,988
Finished goods	89,102		85,642
Inventory valuation reserves	(29,427)		(28,946)
Total inventories	$	446,191	$	444,102



(amounts in thousands)	March 28, 2026		March 29, 2025
Balance as of January 1,	$	40,676	$	47,289
Current period charges	4,932		2,943

Payments	(5,714)		(5,820)

Currency translation	(127)		295
Balance at period end	39,766		44,707
Current portion	(20,554)		(18,759)
Long-term portion	$	19,212	$	25,948


	Three Months Ended
	March 28, 2026			March 29, 2025
	Shares	Weighted Average Exercise Price Per Share		Shares	Weighted Average Exercise Price Per Share
Options granted	—	$	—	536,432	$	9.05
Options cancelled	5,568	$	33.34	41,989	$	22.28


	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
RSUs granted	1,150,708	$	2.72	1,386,301	$	9.02

PSUs granted	—	$	—	620,673	$	9.47
PSUs performance adjustment	(181,281)	$	—	—	$	—


	Three Months Ended
(amounts in thousands)		March 28, 2026		March 29, 2025
Foreign currency losses (gains), net		$	1,075	$	(209)
Pension expense		494		867
Governmental assistance		(5)		(3)
Cash received on real estate investment(1)		—		(7,567)



Income from refund of deposits for China antidumping and countervailing duties, net(2)		—		(2,859)
Gains on commodity derivatives		—		(361)
Other items, net		(521)		(454)




Total other expense (income)		$	1,043	$	(10,586)


	March 28, 2026
(amounts in thousands)	Carrying Amount		Total Fair Value		Level 1		Level 2		Level 3		Assets measured at NAV(1)
Assets:
Cash equivalents	$	18,268	$	18,268	$	18,268	$	—	$	—	$	—
Derivative assets, recorded in other current assets	442		442		—		442		—		—

Deferred compensation plan assets, recorded in other assets	5,163		5,163		—		5,163		—		—








Liabilities:
Debt, recorded in long-term debt and current maturities of long-term debt	$	1,215,186	$	843,673	$	—	$	843,673	$	—	$	—
Derivative liabilities, recorded in accrued expenses and other current liabilities	783		783		—		783		—		—

Deferred compensation plan liabilities, recorded in deferred credits and other liabilities	5,170		5,170		—		5,170		—		—


	Three Months Ended March 28, 2026
(amounts in thousands)		North America		Europe		Corporate and Unallocated Costs		Total Consolidated
Loss, net of tax		$	(34,986)	$	(10,086)	$	(31,772)	$	(76,844)
Income tax expense (benefit)		13,542		2,845		(13,011)		3,376
Depreciation and amortization		18,829		8,384		2,157		29,370
Interest (income) expense, net		(496)		760		16,939		17,203
Special items:(1)
Net legal and professional expenses and settlements		165		1,986		10,616		12,767

Restructuring and asset-related charges, net		792		1,154		33		1,979
M&A related costs, net		—		—		7,599		7,599


Share-based compensation expense		641		518		2,523		3,682


Other special items(2)		5,132		1,515		362		7,009
Adjusted EBITDA		$	3,619	$	7,076	$	(4,554)	$	6,141


JELD-WEN HOLDING, INC.
(Registrant)

By:			/s/ Samantha L. Stoddard
			Samantha L. Stoddard
			Executive Vice President and Chief Financial Officer