The 98% earnings collapse and 340 bps margin compression signal severe operating deleverage despite the revenue beat from Kiwi II. With net leverage rising to 2.7x and cash halved by the acquisition, watch for potential covenant pressure or a guidance cut on the next call. The reaffirmed guidance provides a floor, but the deteriorating profitability trend warrants caution.
Price Chart
Executive Summary
Janus International Group reported Q1 2026 revenue of $222.7M (+5.8% YoY), driven by the Kiwi II acquisition, but net income collapsed to $0.2M from $10.8M a year ago and Adjusted EBITDA fell 14.1% to $33.0M. Full-year 2026 guidance was reaffirmed, but the massive earnings deterioration and margin compression overshadow the top-line beat.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $222.7M, up 5.8% YoY from $210.5M, including $18.1M from Kiwi II acquisition
- GAAP net income collapsed to $0.2M ($0.00/diluted share) from $10.8M ($0.08) in Q1 2025
- Adjusted EBITDA fell 14.1% to $33.0M; margin contracted ~340 bps to 14.8% from 18.2%
- Gross profit declined to $75.2M from $81.9M; gross margin compressed to 33.8% from 38.9%
- Full-year 2026 guidance reaffirmed: revenue $940M-$980M, Adj. EBITDA $165M-$185M
- Net leverage increased to 2.7x from 2.1x at year-end 2025; cash dropped to $112M from $194.4M
- Repurchased 2.9M shares for $15.7M in Q1; expanded buyback authorization to $75M in Q2 2025
- Nok installed units reached 477,000, up 24.2% YoY
Financial Impact
Net income down 98.1% YoY to $0.2M; Adjusted EBITDA down 14.1% to $33.0M; gross margin down 510 bps to 33.8%
Risk Factors
- Continued margin compression from acquisition integration costs and restructuring charges
- Net leverage rising to 2.7x with cash declining rapidly post-Kiwi II acquisition
- Self-storage new construction remains constrained by high interest rates in North America
- Potential for guidance reduction if macro headwinds persist
Market Snapshot
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001839839-26-000010 |
| Document: jbiinvestorpresentationm.htm | 0001839839-26-000010 |
| Document: earningspresentationq120.htm | 0001839839-26-000010 |
| Document: jbi-20260512.htm | 0001839839-26-000010 |
| Document: 0001839839-26-000010-index-headers.html | 0001839839-26-000010 |
| Document: 0001839839-26-000010-index.html | 0001839839-26-000010 |
| Document: 0001839839-26-000010.txt | 0001839839-26-000010 |
| 8-K Data (Synthetic) | 0001839839-26-000010 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 25, 2026 4w ago | 8-K | $4.31 $4.28 | ▲ +0.70% | ▲ +0.66% | $4.30 (+0.23%) |
Aug 11, 2026 11w ago | 8-K | $5.06 $4.65 | ▲ +8.10% | ▲ +7.04% | $4.30 (+15.02%) |
May 12, 2026 24w ago | 8-K | $4.96 $5.15 | ▼ −3.83% | ▼ −5.56% | $4.30 (+13.31%) |
Apr 24, 2026 26w ago | DEFA14A | $5.45 $5.31 | ▼ −2.57% | ▼ −7.53% | $4.30 (−21.10%) |
Mar 5, 2026 33w ago | 8-K | $5.83 $4.92 | ▼ −15.61% | ▼ −11.82% | $4.30 (−26.24%) |
Mar 4, 2026 33w ago | 8-K | $5.83 $4.92 | ▼ −15.61% | ▼ −11.82% | $4.30 (−26.24%) |
US Market Status
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