JELD-WEN Holding (JELD)·Q4 2025 Earnings Summary

JELD-WEN Misses Estimates, Admits Market Share Loss in 2026 Guidance

February 18, 2026 · by Fintool AI Agent

JELD-WEN Holding, Inc. (NYSE: JELD) reported Q4 2025 results that disappointed on every metric. Revenue of $802M fell 10.5% year-over-year, Adjusted EBITDA collapsed 63% to just $14.8M, and Adjusted EPS of -$0.42 marked a significant deterioration from -$0.10 a year ago. The stock dropped 8.3% to $2.10, extending a brutal 12-month decline of over 60%.

The buried lead: Management's 2026 EBITDA guidance bridge reveals $60M of expected share loss — separate from broader market declines — and ~$32M in new tariff headwinds. The company also announced a strategic review of its Europe segment.

CEO Bill Christensen framed the results as coming "at the high end of our expectations" but acknowledged the company is "operating in a challenging environment."

Did JELD-WEN Beat Earnings?

No — JELD-WEN missed across all key metrics:

The revenue decline was driven by an 8% drop in Core Revenues (excluding FX and divestitures) entirely due to volume/mix deterioration, plus a 5% headwind from the court-ordered divestiture of the Towanda facility. A 3% favorable FX impact provided partial offset.

For the full year 2025, the picture was even grimmer:

The full-year net loss included $334.6M in non-cash goodwill impairment charges and $129.2M in valuation expense against U.S. tax attributes.

What Did Management Guide?

JELD-WEN introduced 2026 guidance that signals continued headwinds:

The Hidden Story: 2026 EBITDA Bridge Reveals Share Loss

The most revealing disclosure was the 2026 EBITDA guidance bridge, which breaks down the expected drivers:

The critical insight: Management is explicitly guiding for $60M of share loss — nearly 2.5x the market volume decline of $25M. This suggests JELD-WEN is losing share to competitors at an accelerating pace, not just suffering from end-market weakness.

The company expects $110M of cost savings (Rightsizing + Transformation) to offset $95M of volume headwinds (Market + Share Loss + Price/Cost).

How Will Tariffs Impact JELD-WEN?

Management disclosed meaningful tariff exposure in the earnings presentation:

Financial Impact:

• Annual tariff impact: ~$40M
• 2025 Impact: ~$8M (timing benefit)
• 2026 Impact: ~$32M (full year effect)

This ~$32M incremental tariff headwind is embedded in the 2026 guidance and adds further pressure to already-stressed margins.

What Changed From Last Quarter?

Deteriorating trends continued:

1. Volume/Mix Worsened: Core Revenue decline accelerated to -8% in Q4 from -6% in Q3, entirely driven by volume/mix as pricing held flat.

2. Margin Compression Accelerated: Adjusted EBITDA margin of 1.8% was the lowest quarterly margin in recent history, down from 5.5% in Q3 2025.

3. Balance Sheet Stress: Net Debt Leverage jumped to 8.6x from 3.8x a year ago, a concerning level for a cyclical business.

4. Goodwill Written Off: The company fully impaired goodwill in both North America and Europe reporting units, taking $334.6M in charges for the full year.

How Did Each Segment Perform?

North America — The Bigger Problem:

North America Core Revenue declined 12% YoY driven entirely by volume/mix weakness. The Towanda divestiture created an additional 6% headwind. The sequential decline from Q3 is particularly concerning — margin collapsed from 6.9% to 2.6%.

Europe — Relative Stability:

Europe showed revenue growth of 9.4% YoY, but this was entirely due to favorable FX (~9%). Core Revenue grew just 1%, with 2% price realization offset by 1% volume/mix decline.

How Did the Stock React?

JELD-WEN shares fell 8.3% on earnings day, closing at $2.10 — near 52-week lows of $1.70.

Stock Performance Context:

• 1-Year Change: -62% (from $5.50 in Feb 2025)
• 52-Week Range: $1.70 - $8.375
• Market Cap: ~$179M
• 50-Day Avg: $2.69 (-22% below)
• 200-Day Avg: $4.01 (-48% below)

The stock has been in freefall since Q3 2024 when the company began missing estimates and signaling deteriorating market conditions. Today's results marked another chapter in a painful decline.

What Did Management Say?

The earnings presentation highlighted three strategic priorities under the banner "REDEFINING HOW JELD-WEN COMPETES":

1. Strategic Review of Europe — potential divestiture on the table
2. Rightsizing North America — aggressive cost actions underway
3. Drive Customer Service — operational improvements to regain share

Management positioned Q4 results as coming "at the high end of expectations" despite the significant YoY deterioration. The commentary emphasized "labor and cost actions executed in Q4" and "cost discipline through continued market headwinds."

Translation: Management is in survival mode. The explicit share loss admission ($60M) and strategic review of Europe suggest they recognize the current business model isn't working.

What Is Management's Strategic Plan?

The earnings presentation outlined three key strategic priorities:

1. Strategic Review of Europe Management announced a strategic review of the Europe segment, signaling potential divestiture. With Europe contributing $55.3M in EBITDA (46% of total) despite only $1.05B in revenue (33% of total), this is the more profitable segment — but capital could be better deployed to shore up the balance sheet.

2. Rightsizing North America Given the $60M share loss admission and 18% revenue decline, aggressive cost actions are underway including workforce realignment and facility optimization.

3. Drive Customer Service Management highlighted operational improvements at the Kissimmee facility as a template:

• Delivery OTLFR improved from 55% (Jan 2025) to 95-96% (Nov-Dec 2025)
• Past dues reduced from $1.8M to ~$0

What the 2026 Market Outlook Looks Like:

The guidance notes JELD volume and mix will be "further impacted by pricing" as the company balances share retention against margin protection.

What Are the Key Risks?

1. Leverage Concern: Net Debt Leverage of 8.6x is dangerously high for a cyclical company facing declining revenue. Total debt of $1.17B against just $136M of cash leaves limited cushion.

2. Share Loss Acceleration: The $60M share loss admission suggests competitive positioning is deteriorating, not just end markets.

3. Market Exposure: The company remains heavily exposed to new construction and R&R spending, both of which are pressured by elevated mortgage rates and housing affordability challenges.

4. Tariff Headwinds: ~$32M incremental tariff impact in 2026 adds further margin pressure.

5. Cash Burn: Free Cash Flow of -$141M in 2025 burned through liquidity, and guidance for -$60M FCF in 2026 continues the trend.

6. Valuation Allowance: The $129.2M valuation allowance against U.S. tax attributes signals management doesn't expect sufficient near-term profitability to utilize tax benefits.

What Catalysts Are Ahead?

Potential Positives:

• Europe strategic review outcome — potential divestiture could generate cash for deleveraging
• Cost restructuring benefits: $110M in productivity/transformation savings expected
• Housing market stabilization if rates decline
• FX tailwind of ~$50M embedded in revenue guidance

Risks to Monitor:

• Share loss continuing or accelerating beyond the guided $60M
• Tariff escalation beyond current ~$40M annual impact
• Debt covenant compliance given 8.6x leverage
• Further market deterioration beyond guidance range
• Additional restructuring charges or asset impairments

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Data sourced from JELD-WEN's Q4 2025 earnings presentation and 8-K filing dated February 17-18, 2026. Stock prices and market data from S&P Global.

Related: JELD-WEN Company Profile | Q4 2025 Transcript | Q3 2025 Earnings