JELD-WEN Holding, Inc. (JELD) · Nov 3, 2026 · Earnings

JELD-WEN earnings miss revenue as EBITDA improves and debt worsens

Miss — Revenue $798.5M vs ~$804.3M consensus

JELD-WEN’s Q3 earnings show better adjusted EBITDA and reaffirmed guidance, but revenue missed expectations while leverage climbed.

JELD-WEN is in a cost-and-productivity turnaround while weak construction demand pressures volumes and the company works to refinance a heavy debt load. After raising its 2026 EBITDA outlook in August on early operational improvement, management is now holding that outlook rather than raising it again.

The quarter was a narrow earnings miss, not a clean operational win. Revenue fell 1.4% to $798.5 million as volume/mix declined 2%, partly offset by 1% pricing; that came in below the published consensus of roughly $804.3 million. Adjusted EPS of $0.05 was approximately in line with the roughly $0.046 consensus, so the main disappointment was demand rather than per-share profitability.

Q3 2026Q3 2025Consensus
Revenue (Financial Highlights)$798.5M (-1.4%)$809.5M~$804.3M
Adjusted EPS (Adjusted Net Income table)$0.05$(0.20)~$0.046
Adjusted EBITDA (Financial Highlights)$54.4M (+22.6%)$44.4M
Adjusted EBITDA margin (Financial Highlights)6.8% (+130 bps)5.5%
Net cash used in operating activities (Cash Flow statement)$(72.8)M$(37.7)M
Net debt leverage (Net Debt Leverage table)10.3x8.8x at Dec. 31, 2025

Underlying profitability improved, but the quality of the improvement is mixed. Adjusted EBITDA rose $10 million, led by North America, lower SG&A and productivity, but the release specifically credits tariff refunds as a reduction in cost of sales. North American revenue still fell 3% on weaker demand, while Europe grew revenue but saw EBITDA decline 6.5%.

Guidance was reaffirmed, but the balance sheet remains the harder problem. The company kept its $3.1 billion-$3.2 billion revenue outlook and $120 million-$150 million adjusted EBITDA range, which is directionally reassuring but not new after the prior-quarter update. Meanwhile, operating cash use more than doubled year over year, cash fell to $97 million, total debt rose to $1.28 billion and net debt leverage reached 10.3x.

Bottom line: The turnaround is producing real cost and margin progress, but it is not yet overcoming weak demand or cash pressure. Versus expectations, this is slightly negative: EBITDA and adjusted EPS held up, but the revenue miss and worsening leverage leave the broader recovery story incomplete.

What to watch next

Q3 earnings call, November 4, 2026

Original filing on SEC EDGAR

More JELD-WEN Holding, Inc. news

JELD-WEN earnings miss revenue as EBITDA improves and debt worsens | JELD Stock News
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