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Jeld-Wen
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Updated Aug 4, 2026
JELD-WEN Q2 2026 10-Q: Structural volume erosion and $400M 2027 maturity create dual-front crisis as liquidity shrinks to $308.7M
JELD-WEN's Q2 2026 results expose a deteriorating structural position: North America Core Revenues contracted 5% on volume/mix weakness in the peak seasonal quarter, while total liquidity fell to $308.7 million from $484.7 million at year-end 2025. The company has explicitly acknowledged that operating cash flows will be insufficient to repay $400 million in Senior Notes due December 2027 and has engaged advisors to evaluate refinancing, asset sales, and sale-leasebacks — a disclosure that marks a qualitative escalation from prior-period language. Productivity gains and SG&A cuts are partially offsetting margin pressure, but negative price/cost dynamics in both segments and rising interest expense signal that self-help alone cannot resolve the capital structure overhang.
Tone: defensiveRevenue
$3.2B
JELD 10-K · FY 2025
Employees
13,900
Revenue FY2024
$3.8B
Founded
1960
Profile
JELD 10-K Item 1 · Feb 23, 2026JELD-WEN is a global manufacturer and distributor of interior and exterior doors, windows, and related building products sold across the new construction and repair-and-remodel sectors. The company operates 76 manufacturing and distribution facilities across 14 countries in North America and Europe. Its two reportable segments are North America and Europe, organized by geography.
Read filing description ↓ Collapse description ↑
We are a leading global designer, manufacturer, and distributor of high-performance interior and exterior doors, windows, and related building products, serving the new construction and R&R sectors. The JELD-WEN family of brands includes JELD-WEN worldwide; LaCantina and VPI in North America; and Swedoor, DANA, and Kellpax in Europe. Our customers include wholesale distributors and retailers as well as individual contractors and consumers. Our business is highly diversified by distribution channel, geography, and construction application. As a leading global manufacturer of interior and exterior building products, we have invested significant capital to build a business platform that we believe is unique among our competitors. We operate 76 manufacturing and distribution facilities in 14 countries, located in North America and Europe. We are focused on optimizing our global footprint to enhance performance and improve profit margins. For many product lines, our manufacturing processes are vertically integrated, enhancing our range of capabilities, our ability to innovate, and our quality control, as well as providing us with supply chain, transportation, and working capital savings. We believe that our manufacturing network allows us to deliver our broad portfolio of products to a wide range of customers across the globe, while improving our customer service and strengthening our market positions. We were founded in 1960 and our subsequent decades were a time of successful expansion and growth as we added different businesses and product categories such as interior doors, exterior steel doors, and vinyl windows.
Primary products
- interior doors
- exterior doors
- patio doors
- folding and sliding wall systems
- residential wood windows
- residential vinyl windows
Business segments
End markets
Geographies
Named customers
Our top ten customers together accounted for approximately 48%, 46%, and 43% of our net revenues in the years ended December 31, 2025, 2024, and 2023, respectively. The Home Depot, a customer of our North America segment, represented approximately 17%, 16%, and 15% of our consolidated net revenues during the years ended December 31, 2025, 2024, and 2023, respectively. Lowe's Companies, another customer of our North America segment, represented approximately 13%, 12%, and 11% of our consolidated net revenues during the years ended December 31, 2025, 2024, and 2023, respectively.
Named competitors
“We believe that we are well positioned in our industry due to our leading brands, our broad product lines, our consistently high product quality and service, our global manufacturing and distribution capabilities, and our extensive multi-channel distribution.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net revenues declined from approximately $3.78 billion in 2024 to approximately $3.21 billion in 2025, driven by volume weakness primarily in the North America segment, which fell from approximately $2.71 billion to approximately $2.15 billion.
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