JELD-WEN Holding, Inc 10-Q for FY2026 Q3

JELD-WEN Holding, Inc. (JELD)

10-Q 2026-11-04 For: 2026-09-26

Added on November 04, 2026

About this 10-Q

JELD-WEN Holding, Inc filed this 10-Q on November 4, 2026, covering the quarter ended September 26, 2026 (FY2026 Q3).

JELD-WEN Holding reported third-quarter net revenues of $798.5 million, down 1.4%, while Adjusted EBITDA increased 22.6%. Nine-month net revenues fell 2.9% to $2.34 billion. AI summary

Headline figures

Quarter ended September 26, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $798.51M; down 1.4% from $809.48M a year earlier
Net loss: $17.21M; compared with a net loss of $367.6M a year earlier
Diluted EPS: -$0.20; compared with -$4.30 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


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 Shareholders’ (Deficit) Equity	12
	Condensed Consolidated Statements of Cash Flows	13
	Notes to Unaudited Condensed Consolidated Financial Statements
	Note 1. Description of Company and Summary of Significant Accounting Policies	14
	Note 2. Divestiture	15
	Note 3. Accounts Receivable, Net	16
	Note 4. Inventories	16
	Note 5. Property and Equipment, Net	16
	Note 6. Goodwill	17
	Note 7. Intangible Assets, Net	17
	Note 8. Accrued Expenses and Other Current Liabilities	18
	Note 9. Warranty Liability	18
	Note 10. Long-Term Debt	19
	Note 11. Income Taxes	20
	Note 12. Segment Information	21
	Note 13. Capital Stock	25
	Note 14. Loss Per Share	26
	Note 15. Share-Based Compensation	26
	Note 16. Restructuring and Asset-Related Charges, Net	27

	Note 17. Other Expense (Income), Net	30
	Note 18. Derivative Financial Instruments	31
	Note 19. Fair Value of Financial Instruments	32
	Note 20. Commitments and Contingencies	33
	Note 21. Supplemental Cash Flow Information	38
	Note 22. Subsequent Event	38
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	40
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	51
Item 4.	Controls and Procedures	51

PART II - Other Information
Item 1.	Legal Proceedings	52
Item 1A.	Risk Factors	52
Item 5.	Other Information	52
Item 6.	Exhibits	53

	Signature	54


Defined Term			Definition


ABL Facility			Our $500 million asset-based revolving credit facility under the Revolving Credit Agreement, dated as of October 15, 2014, and as amended from time to time, with JWI 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
AD/CVD			Anti-dumping and Countervailing Duties
Adjusted EBITDA from continuing operations			A supplemental non-GAAP financial measure of operating performance not based on a standardized methodology prescribed by GAAP that we define as income (loss) from continuing operations, 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) loss 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
CARES Act			Coronavirus Aid, Relief, and Economic Security Act enacted on March 27, 2020

CBP			U.S. Customs and Border Protection
CDOR			Canadian Dollar 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 ABL Facility, our Term Loan Facility, and other acquired term loans and revolving credit facilities


EBITDA			Earnings Before Interest, Taxes, Depreciation, and Amortization

ERC			Employee Retention Credit





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
Form 10-Q			This Quarterly Report on Form 10-Q for the fiscal quarter ended September 26, 2026




GAAP			Generally Accepted Accounting Principles in the United States









IEEPA			International Emergency Economic Powers Act
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











PLP			Potential Liable 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
PSUs			Performance Share Units


R&D			Research and Development
R&R			Repair and Remodel


RSUs			Restricted Stock Units

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
WMMP			Wood Moulding and Millworks Products
Working Capital			Accounts Receivable plus Inventory less Accounts Payable

XBRL			eXtensible Business Reporting Language


	Three Months Ended				Nine Months Ended
(amounts in thousands, except share and per share data)	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Net revenues	$	798,507	$	809,482	$	2,338,467	$	2,409,217
Cost of sales	660,896		668,568		1,970,850		2,012,822
Gross margin	$	137,611	$	140,914	$	367,617	$	396,395
Selling, general and administrative	116,178		137,705		400,445		430,952
Goodwill impairment (Note 6)	—		196,896		—		334,617
Restructuring and asset-related charges, net (Note 16)	12,657		8,837		18,713		32,225
Operating income (loss)	$	8,776	$	(202,524)	$	(51,541)	$	(401,399)
Interest expense, net	19,476		17,429		55,045		48,834
Loss on extinguishment and refinancing of debt (Note 10)	—		—		—		237


Other expense (income), net (Note 17)	3,651		(1,100)		8,140		(16,285)
Loss from continuing operations before taxes	$	(14,351)	$	(218,853)	$	(114,726)	$	(434,185)
Income tax expense (Note 11)	2,857		148,745		10,866		145,852
Loss from continuing operations, net of tax	$	(17,208)	$	(367,598)	$	(125,592)	$	(580,037)
Gain on sale of discontinued operations, net of tax	—		—		—		776

Net loss	$	(17,208)	$	(367,598)	$	(125,592)	$	(579,261)



Weighted average common shares outstanding (Note 14)
Basic	86,754,711		85,392,703		86,321,998		85,206,011
Diluted	86,754,711		85,392,703		86,321,998		85,206,011
Net loss per share from continuing operations
Basic	$	(0.20)	$	(4.30)	$	(1.45)	$	(6.81)
Diluted	$	(0.20)	$	(4.30)	$	(1.45)	$	(6.81)
Net income per share from discontinued operations
Basic	$	—	$	—	$	—	$	0.01
Diluted	$	—	$	—	$	—	$	0.01
Net loss per share
Basic	$	(0.20)	$	(4.30)	$	(1.45)	$	(6.80)
Diluted	$	(0.20)	$	(4.30)	$	(1.45)	$	(6.80)


☒			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				Nine Months Ended
(amounts in thousands)	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Net loss	$	(17,208)	$	(367,598)	$	(125,592)	$	(579,261)

Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(994)		96		(14,220)		62,752
Foreign currency hedge adjustments, net of tax expense (benefit) of $0, $203, $23, and $(189), respectively.	—		206		84		(597)
Interest rate hedge adjustments, net of tax benefit of $0, $(9), $0, and $0, respectively.	—		48		41		73
Commodity hedge adjustments, net of tax benefit of $0, $(34), $0, and $0, respectively.	—		(99)		—		—
Defined benefit pension plans, net of tax (benefit) expense of $(7), $99, $(5), and $0, respectively.	(47)		(80)		(259)		(284)
Total other comprehensive (loss) income, net of tax	(1,041)		171		(14,354)		61,944
Comprehensive loss	$	(18,249)	$	(367,427)	$	(139,946)	$	(517,317)


(amounts in thousands, except share and per share data)	September 26, 2026		December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$	97,026	$	136,103
Restricted cash	4,054		2,145
Accounts receivable, net (Note 3)	428,220		361,192
Inventories (Note 4)	436,190		444,102
Other current assets	82,003		73,202


Total current assets	1,047,493		1,016,744
Property and equipment, net (Note 5)	695,906		728,445
Deferred tax assets	14,991		16,289

Intangible assets, net (Note 7)	80,911		96,330
Operating lease assets, net	168,372		179,378
Other assets	62,128		65,628

Total assets	$	2,069,801	$	2,102,814
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY
Liabilities
Current liabilities
Accounts payable	$	237,774	$	237,280
Accrued payroll and benefits	88,672		93,827
Accrued expenses and other current liabilities (Note 8)	226,181		223,147
Current maturities of long-term debt (Note 10)	24,200		23,690


Total current liabilities	576,827		577,944
Long-term debt (Note 10)	1,256,875		1,149,614
Unfunded pension liability	22,050		24,357
Operating lease liability	144,362		158,565
Deferred credits and other liabilities	93,641		85,424
Deferred tax liabilities	16,238		14,694

Total liabilities	2,109,993		2,010,598
Commitments and contingencies (Note 20)

Shareholders’ (deficit) 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, 86,763,382 and 85,489,683 shares issued and outstanding, respectively	867		854
Additional paid-in capital	790,840		783,315
Accumulated deficit	(767,154)		(641,562)
Accumulated other comprehensive loss	(64,745)		(50,391)
Total shareholders’ (deficit) equity	(40,192)		92,216
Total liabilities and shareholders’ (deficit) equity	$	2,069,801	$	2,102,814


	September 26, 2026
(amounts in thousands)	Cost		Accumulated Amortization		Net Book Value
Customer relationships and agreements	$	125,391	$	(109,260)	$	16,131
Software	90,815		(48,288)		42,527
Trademarks and trade names	32,517		(15,596)		16,921
Patents, licenses, and rights	12,565		(7,233)		5,332
Total amortizable intangibles	$	261,288	$	(180,377)	$	80,911


(amounts in thousands)	September 26, 2026 Interest Rates	September 26, 2026		December 31, 2025		Maturity Date
ABL Facility	5.10%(1)	$	115,000	$	—	3/26/2028
Senior Notes due December 2027	4.88%	400,000		400,000		12/15/2027
Term Loan Facility due July 2028	5.80%(1)	372,844		375,525		7/28/2028
Senior Notes due September 2032	7.00%	350,000		350,000		8/15/2032


Finance leases and other financing arrangements	1.00% - 8.28%(1)	48,507		54,458

Total debt		$	1,286,351	$	1,179,983
Unamortized debt issuance costs and original issue discounts		(5,276)		(6,679)
Current maturities of long-term debt		(24,200)		(23,690)
Long-term debt		$	1,256,875	$	1,149,614


	Three Months Ended September 26, 2026
(amounts in thousands)	North America		Europe		Total
Revenues from external customers	$	529,656	$	268,851	$	798,507
Intersegment net revenues	66		1,936		2,002
Total segment net revenues	$	529,722	$	270,787	$	800,509

Reconciliation of Revenue
Elimination of intersegment net revenues					(2,002)
Total consolidated net revenues					$	798,507

Less:
Adjusted cost of sales	$	445,244	$	214,365	$	659,609
Adjusted selling, general and administrative	53,006		44,891		97,897
Other segment items(1)	(16,937)		(5,410)		(22,347)


Adjusted EBITDA	$	48,343	$	15,005	$	63,348

Total reportable segment Adjusted EBITDA					$	63,348
Less:
Depreciation and amortization					27,974
Interest expense, net					19,476
Corporate and unallocated costs					8,904
Special items:
Net legal and professional expenses and settlements					1,266

Restructuring and asset-related charges, net					12,657
M&A related costs, net					(2,393)
Net gain on sale of business, property and equipment					(136)

Share-based compensation expense					4,166


Other special items(2)					5,785
Loss, before tax					$	(14,351)


	Three Months Ended September 27, 2025
(amounts in thousands)	North America		Europe		Total
Revenues from external customers	$	546,135	$	263,347	$	809,482
Intersegment net revenues	73		13		86
Total segment net revenues	$	546,208	$	263,360	$	809,568

Reconciliation of Revenue
Elimination of intersegment net revenues					(86)
Total consolidated net revenues					$	809,482

Less:
Adjusted cost of sales	$	459,897	$	208,263	$	668,160
Adjusted selling, general and administrative	65,460		45,294		110,754
Other segment items(1)	(16,898)		(6,256)		(23,154)


Adjusted EBITDA from continuing operations	$	37,676	$	16,046	$	53,722

Total reportable segment Adjusted EBITDA from continuing operations					$	53,722
Less:
Depreciation and amortization					28,311
Interest expense, net					17,429
Corporate and unallocated costs					9,311
Special items:
Net legal and professional expenses and settlements					5,776
Goodwill impairment					196,896
Restructuring and asset-related charges, net					8,837
M&A related costs, net					2,373


Share-based compensation expense					4,267


Other special items					(625)
Loss from continuing operations, before tax					$	(218,853)


	Nine Months Ended September 26, 2026
(amounts in thousands)	North America		Europe		Total
Revenues from external customers	$	1,510,890	$	827,577	$	2,338,467
Intersegment net revenues	66		2,127		2,193
Total segment net revenues	$	1,510,956	$	829,704	$	2,340,660

Reconciliation of Revenue
Elimination of intersegment net revenues					(2,193)
Total consolidated net revenues					$	2,338,467

Less:
Adjusted cost of sales	$	1,302,880	$	662,398	$	1,965,278
Adjusted selling, general and administrative	168,798		148,517		317,315
Other segment items(1)	(53,425)		(18,597)		(72,022)


Adjusted EBITDA	$	92,637	$	35,259	$	127,896

Total reportable segment Adjusted EBITDA					$	127,896
Less:
Depreciation and amortization					86,313
Interest expense, net					55,045
Corporate and unallocated costs					25,041
Special items:
Net legal and professional expenses and settlements					16,861

Restructuring and asset-related charges, net					18,713
M&A related costs, net					8,556
Net gain on sale of business, property, and equipment					(136)

Share-based compensation expense					11,596


Other special items(2)					20,633
Loss, before tax					$	(114,726)


	Nine Months Ended September 27, 2025
(amounts in thousands)	North America		Europe		Total
Revenues from external customers	$	1,632,373	$	776,844	$	2,409,217
Intersegment net revenues	106		502		608
Total segment net revenues	$	1,632,479	$	777,346	$	2,409,825

Reconciliation of Revenue
Elimination of intersegment net revenues					(608)
Total consolidated net revenues					$	2,409,217

Less:
Adjusted cost of sales	$	1,393,433	$	618,279	$	2,011,712
Adjusted selling, general and administrative	204,944		136,231		341,175
Other segment items(1)	(53,953)		(21,395)		(75,348)


Adjusted EBITDA from continuing operations	$	87,949	$	43,729	$	131,678

Total reportable segment Adjusted EBITDA from continuing operations					$	131,678
Less:
Depreciation and amortization					83,036
Interest expense, net					48,834
Corporate and unallocated costs					26,380
Special items:
Net legal and professional expenses and settlements					26,299
Goodwill impairment					334,617
Restructuring and asset-related charges, net					32,225
M&A related costs, net					1,867
Net gain on sale of business, property, and equipment					(2,827)
Loss on extinguishment and refinancing of debt					237
Share-based compensation expense					11,928


Other special items					3,267
Loss from continuing operations, before tax					$	(434,185)


(amounts in thousands)	September 26, 2026		December 31, 2025
Raw materials	$	347,563	$	365,418
Work in process	24,860		21,988
Finished goods	87,224		85,642
Inventory valuation reserves	(23,457)		(28,946)
Total inventories	$	436,190	$	444,102



(amounts in thousands)	September 26, 2026		September 27, 2025
Balance as of January 1,	$	40,676	$	47,289
Current period charges	18,379		6,432

Payments	(21,107)		(17,848)

Currency translation	(284)		849
Balance at period end	37,664		36,722
Current portion	(20,279)		(20,222)
Long-term portion	$	17,385	$	16,500


	Total Estimated Costs		Cumulative Costs to-date		Costs in the Three Months Ended				Costs in the Nine Months Ended
(amounts in thousands)					September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Restructuring severance and employee-related charges, net(1)	$	37,600	$	37,433	$	932	$	2,419	$	2,880	$	14,545
Other restructuring associated costs, net(1)	17,800		13,117		159		831		633		2,500
Product-related cash charges(2)	6,700		6,719		—		600		—		734
Total cash charges	$	62,100	$	57,269	$	1,091	$	3,850	$	3,513	$	17,779
Asset-related charges, net(1)	27,300		27,316		3,342		675		3,342		1,962
Inventory and other product-related non-cash charges, net(3)	8,800		8,499		(279)		(1,420)		(644)		2,927
Total non-cash charges	$	36,100	$	35,815	$	3,063	$	(745)	$	2,698	$	4,889
Total costs	$	98,200	$	93,084	$	4,154	$	3,105	$	6,211	$	22,668

Total cash outlays(4)	$	68,700	$	63,077	$	1,453	$	4,926	$	6,408	$	17,243


	Total Estimated Costs		Cumulative Costs to-date		Costs in the Three Months Ended				Costs in the Nine Months Ended
(amounts in thousands)					September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Restructuring severance and employee-related charges, net(1)	$	40,800	$	38,147	$	6,592	$	669	$	7,258	$	4,902
Other restructuring associated costs, net(1)	18,100		17,711		1,602		2,437		3,993		5,575
Total cash charges	$	58,900	$	55,858	$	8,194	$	3,106	$	11,251	$	10,477
Asset-related charges, net(1)	2,700		1,973		—		840		189		1,050
Total costs	$	61,600	$	57,831	$	8,194	$	3,946	$	11,440	$	11,527

Total cash outlays	$	58,900	$	49,821	$	3,916	$	3,783	$	9,094	$	12,872


	Derivative Liabilities
(amounts in thousands)	Balance Sheet Location	September 26, 2026		December 31, 2025
Derivatives designated as hedging instruments:

Interest rate contracts	Accrued expenses and other current liabilities	$	—	$	41


Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Accrued expenses and other current liabilities	$	311	$	583


	Location of (Loss) Gain Recognized in Condensed Consolidated Statements of Operations	Amount of (Loss) Gain Recognized in Earnings on Derivatives
		Three Months Ended				Nine Months Ended
(amounts in thousands)		September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Cost of sales	$	—	$	(183)	$	(55)	$	(347)
Commodity contracts	Cost of sales	—		52		—		462
Interest rate contracts	Interest expense, net	—		—		(39)		—
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other expense (income), net	$	(2,860)	$	2,417	$	(6,486)	$	2,366
Commodity contracts	Other expense (income), net	—		288		—		925
Total		$	(2,860)	$	2,574	$	(6,580)	$	3,406


	September 26, 2026
(amounts in thousands)	Carrying Amount		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	16,806	$	16,806	$	16,806	$	—	$	—
Derivative assets, recorded in other current assets	510		510		—		510		—

Deferred compensation plan assets, recorded in other assets	5,964		5,964		—		5,964		—








Liabilities:
Debt, recorded in long-term debt and current maturities of long-term debt	$	1,286,351	$	1,032,653	$	—	$	1,032,653	$	—
Derivative liabilities, recorded in accrued expenses and other current liabilities	311		311		—		311		—

Deferred compensation plan liabilities, recorded in deferred credits and other liabilities	5,902		5,902		—		5,902		—


	Three Months Ended September 26, 2026
(amounts in thousands)		North America		Europe		Corporate and Unallocated Costs		Total Consolidated
Income (loss), net of tax		$	21,190	$	(6,865)	$	(31,533)	$	(17,208)
Income tax (benefit) expense		308		2,618		(69)		2,857
Depreciation and amortization		17,380		8,227		2,367		27,974
Interest expense, net		136		1,684		17,656		19,476
Special items:(1)
Net legal and professional expenses and settlements		187		1,004		75		1,266

Restructuring and asset-related charges, net		4,433		8,194		30		12,657
M&A related costs, net		—		—		(2,393)		(2,393)
Net loss (gain) on sale of business, property, and equipment		923		(1,059)		—		(136)

Share-based compensation expense		441		555		3,170		4,166


Other special items(2)		3,345		647		1,793		5,785
Adjusted EBITDA		$	48,343	$	15,005	$	(8,904)	$	54,444


JELD-WEN HOLDING, INC.
(Registrant)

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