Sign in

You're signed outSign in or to get full access.

JI

Janus International Group, Inc. (JBI)·Q2 2026 Earnings Summary

Executive Summary

  • Q2 2026 (quarter ended June 28, 2025): Revenue $228.1M, GAAP diluted EPS $0.15, Adjusted EPS $0.20, Adjusted EBITDA $49.0M, and Adjusted EBITDA margin 21.5% .
  • Versus Q1 2026, revenue rose to $228.1M from $210.5M, EPS improved to $0.15 from $0.08, and Adjusted EBITDA increased to $49.0M from $38.4M, showing sequential margin recovery to 21.5% from 18.2% .
  • Management reaffirmed FY 2025 guidance: revenue $860–$890M and Adjusted EBITDA $175–$195M; cadence implies Q3 > Q4 and margin improvement in H2; FCF conversion expected above target range .
  • Commercial and International channels rebounded (Commercial +6.7% YoY; International +58% YoY), offset by continued softness in Self-Storage new construction and R3; backlog/pipeline characterized as stable with share gains .
  • Capital allocation remains a support: $10.1M repurchase (1.22M shares) in Q2; authorization expanded by $75M in May; net leverage 2.3x; liquidity $244.3M .

What Went Well and What Went Wrong

What Went Well

  • International segment recovery: revenue up to $28.4M (+57.8% YoY) with margin improvement as volumes normalized post U.K. recession; Adjusted EBITDA rose to $4.2M .
  • Commercial & Other growth: +6.7% YoY driven by rolling steel doors, carports/sheds, and partial TMC contribution ($3.8M); NA Commercial +6.9% YoY .
  • Robust cash generation and capital returns: Q2 CFO $51.4M, FCF $44.6M; share repurchase of 1.22M shares ($10.1M); net leverage 2.3x within target .
  • Quote: “Janus delivered strong results… encouraged by positive trends in the commercial business and in our international markets.” — CEO Ramey Jackson .

What Went Wrong

  • Self-Storage softness: total Self-Storage down 14.8% YoY; new construction -15.2% YoY; R3 -14.0% YoY amid macro uncertainty and slower retail big-box conversions .
  • Profitability compression YoY: Adjusted EBITDA down 24% YoY; margin down ~450 bps due to lower volumes and mix effects .
  • EPS below consensus: GAAP diluted EPS $0.15 vs S&P Global consensus $0.185*; volume constraints and mix weighed on margins despite cost savings .

Financial Results

Consolidated metrics vs prior periods and Wall Street consensus

MetricQ4 2024Q1 2026Q2 2026Consensus (Q2 2026)
Revenue ($USD Millions)$230.8 $210.5 $228.1 $226.7*
GAAP Diluted EPS ($)$0.00 $0.08 $0.15 $0.185*
Adjusted Diluted EPS ($)$0.05 $0.13 $0.20 —
Adjusted EBITDA ($USD Millions)$34.6 $38.4 $49.0 $45.38*
Adjusted EBITDA Margin (%)15.0% 18.2% 21.5% —

*Values retrieved from S&P Global.

Year-over-year (YoY): Q2 2026 vs prior-year quarter (Q2 2025 / quarter ended June 29, 2024)

MetricQ2 2025 (prior year)Q2 2026YoY
Revenue ($USD Millions)$248.4 $228.1 -8.2%
GAAP Diluted EPS ($)$0.19 $0.15 -$0.04
Adjusted Diluted EPS ($)$0.25 $0.20 -$0.05
Adjusted EBITDA ($USD Millions)$64.5 $49.0 -$15.5
Adjusted EBITDA Margin (%)26.0% 21.5% -450 bps

Segment and sales channel breakdown

Consolidated sales channel (Q2 2026 vs prior year):

Sales ChannelQ2 2025 ($M)% SalesQ2 2026 ($M)% SalesYoY Change
Self-Storage – New Construction$110.7 44.6% $93.9 41.2% -15.2%
Self-Storage – R3$61.5 24.8% $52.9 23.2% -14.0%
Commercial & Other$76.2 30.7% $81.3 35.6% +6.7%
Total Revenue$248.4 100%$228.1 100%-8.2%

Segment revenue (Q2 2026):

SegmentRevenue ($M)
Janus North America$200.3
Janus International$28.4
Intersegment Eliminations-$0.6
Total$228.1

KPIs

KPIQ1 2026Q2 2026
Nokē installed units (cumulative)384,000 409,000
Cash from Operations ($M)$48.3 $51.4
Free Cash Flow ($M)$41.9 $44.6
Capital Expenditures ($M)$6.4 $6.8
Liquidity ($M)$217.1 $244.3
Net leverage (x)2.3x 2.3x
Share repurchases0.6M shares; $5.1M 1.22M shares; $10.1M
Tariff impact (view)2025 impact “low single digit millions” Ongoing beyond 2025 impact revised to $6–$8M (from $10–$12M)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY 2025$860M–$890M $860M–$890M Maintained
Adjusted EBITDAFY 2025$175M–$195M $175M–$195M Maintained
FCF Conversion (Adj. NI)FY 2025Target 75%–100% Above target range expected Raised
CadenceFY 2025Back-half stronger; Q3 > Q4 Back-half stronger; Q3 flat/slightly above Q2; Q3 > Q4 Clarified/maintained
Tariff impact (ongoing)Beyond 2025$10M–$12M $6M–$8M Lowered
Share repurchase authorizationProgram$100M +$75M increase (total $175M) Increased

Earnings Call Themes & Trends

TopicPrevious Mentions (Q4 2024, Q1 2025)Current Period (Q2 2026)Trend
Tariffs/macro2025 tariff impact low single-digit millions; steel pricing tied to demand; pricing down high-single digits on storage; H2 stronger Ongoing impact revised to $6–$8M beyond 2025; working to mitigate via sourcing and productivity Headwind reduced
PricingPrice impacts blending through as older projects roll off; steel moves driven by demand Blended pricing a bit better; mix (Commercial stronger) helps; contributes modest to margin Slightly improving
InternationalU.K. recession weighed in FY 2024; stabilization emerging Revenue +58% YoY; margins improving with volumes Improving
R3 vs New constructionExpect R3 to pick up as new slows; retail conversions very weak; backlog stable New>R3 mix persists as customers finish existing new-builds; R3 backlog/pipeline building R3 building; timing extended
Nokē/techIon launch; 365k units YE 2024; 384k in Q1; strong adoption 409k units; wired Ion stability and price point drive institutional interest Continued adoption
Cost actionsStructural savings target increased to $10–$12M; Q1 savings $1.5M Q2 savings ~$2.7M; full run rate achieved end of Q2 Achieved run-rate

Management Commentary

  • “Backlog and pipeline remain stable… we continue to demonstrate financial strength with robust cash generation and disciplined capital allocation.” — CEO Ramey Jackson .
  • “Adjusted EBITDA margin decreased ~450 bps YoY due to lower volumes and mix; we realized ~$2.7M in savings, reaching full run-rate as anticipated.” — CFO Anselm Wong .
  • “We are reaffirming our full-year 2025 revenue and Adjusted EBITDA outlook… confident in our ability to deliver long-term value.” — CEO Ramey Jackson .
  • “Nokē Smart Entry continues to gain traction… 409,000 installed units at quarter end, +6.5% sequentially and +26.6% YoY.” — CEO Ramey Jackson .

Q&A Highlights

  • Mix dynamics: Customers prioritizing completion of existing new construction; R3 backlog building but timing extended; Q3 expected flat to slightly above Q2 depending on project timing .
  • Commercial rebound drivers: Product diversification (ASTA rolling steel), architectural specs wins, Mount Airy distribution center, and TMC performing as expected .
  • Pricing/margins: Blended pricing marginally better due to stronger Commercial; steel costs blending lower later in year; cost actions support margin improvement trajectory .
  • Nokē adoption: Larger institutional customers showing interest; wired Ion stability and price point are catalysts .
  • Backlog/pipeline/share gains: Stable to modest growth, with share gains over past ~three quarters; R3 pipeline increasing as owners upgrade facilities .

Estimates Context

  • Revenue modestly beat S&P Global consensus ($228.1M vs $226.7M), while GAAP diluted EPS missed ($0.15 vs $0.185); Adjusted EBITDA exceeded consensus ($49.0M vs $45.38M)*, indicating stronger operating performance than modeled despite EPS pressure from mix and volume .
  • Given reaffirmed FY guidance and H2 margin improvement plans, estimates for H2 margin and Commercial/International volumes may need upward adjustment; Self-Storage new construction likely remains conservative in models per management cadence commentary .
    *Values retrieved from S&P Global.

Key Takeaways for Investors

  • Sequential improvement with revenue, EPS, and margins up vs Q1, supported by Commercial and International rebound; H2 margin improvement expected from cost actions and steel cost blending .
  • Self-Storage softness persists near-term; R3 pipeline building but timing extended; positioning for back-half acceleration aligns with reaffirmed FY guide .
  • Positive capital allocation signals: authorization increased by $75M; Q2 buyback $10.1M; net leverage 2.3x and liquidity $244.3M provide optionality for M&A/returns .
  • Tariff headwind reduced (ongoing unmitigated impact now $6–$8M beyond 2025), with mitigation via sourcing and productivity; lowers risk premium in models .
  • Nokē/tech adoption remains a structural growth lever; installed base climbed to 409k; institutional interest rising with Ion .
  • Trading lens: modest revenue/EBITDA beat vs consensus and guidance reaffirmation are supportive; EPS miss vs consensus may cap near-term upside, but H2 margin trajectory and buybacks provide underpinning .
  • Monitor Q3 cadence, Commercial/International trajectory, and R3 conversion timing as key narrative drivers into the next print .

Sources

  • Q2 2026 10-Q (quarter ended June 28, 2025) .
  • Q2 2026 press release: “Janus International Group Reports Second Quarter 2025 Financial Results” .
  • Q2 2026 earnings call transcript (Aug 7, 2025) .
  • Q1 2026 press release and call .
  • Q4 2024 press release and call .
  • Share repurchase authorization expansion PR (May 15, 2025) .
  • S&P Global consensus (Q2 2026): EPS $0.185*, Revenue $226.7M*, EBITDA $45.38M*.
    *Values retrieved from S&P Global.