Janus International Group, Inc.
For the period ended Jul 4, 2026. Filed Aug 11, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jul 4, 2026 · Filed Aug 11, 2026
JBI$4.64-2.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-04-04; filed 2026-05-12.
0001839839-26-000012
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-07-04; filed 2026-08-11.
0001839839-26-000018
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 203 previous paragraphs and 196 current paragraphs.
137 unchanged; 35 reworded; 24 added; 25 removed; 6 previous and 0 current paragraphs rearranged.
Tables are not compared: 20 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (24)
Current report
•Net income of $10.7 for the three month period ended July 4, 2026 compared to $20.7 for the three month period ended June 28, 2025.
Current report
•Adjusted EBITDA of $40.2 for the three month period ended July 4, 2026 compared to $49.0 for the three month period ended June 28, 2025.
Current report
•The twenty-six week period ended July 4, 2026 compared to the twenty-six week period ended June 28, 2025.
Current report
Total revenue increased by $5.4 or 2.4% and by $17.6 or 4.0% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025. These increases are primarily attributable to inorganic revenues of $19.2 and $37.3 for the three and six month periods from the Kiwi II Acquisition, which more than offset the continuation of organic volume declines associated with uncertainty in the macroeconomic environment, sustained elevated interest rates, along with lower housing churn
Current report
For the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025
Current report
Total revenue increased by $5.4 or 2.4% and by $17.6 or 4.0% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025. These increases were primarily attributed to $19.2 and $37.3 for the three and six month periods ended July 4, 2026, respectively, in inorganic revenue from the Kiwi II acquisition. These increases more than offset organic revenue volume declines of $13.8 and $19.7 for the three and six month periods associated with uncertainty in the macroeconomic environment, sustained elevated interest rates, along with lower housing churn.
Current report
New construction revenues increased by $19.1 or 20.3% and by $31.8 or 17.9% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025. The increases in the three and six month periods ended July 4, 2026 are primarily attributable to $19.2 and $37.3 related to inorganic revenue from the Kiwi II Acquisition.
Current report
Selling and marketing expense increased $0.8 or 4.8% and $1.8 or 5.4% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025, respectively. The increase for the three and six month periods was primarily attributable to increases in revenue for these periods.
Current report
General and administrative expenses increased $1.7 or 4.2% and $6.2 or 7.7% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025, respectively. The increase for the three and six month periods is primarily attributable to non-cash amortization expense related to the Kiwi II Acquisition, which were offset by decreases in employee related costs from the organic business from our ongoing restructuring initiatives.
Current report
Income tax expense decreased by $4.0 or 62.5% and by $6.3 or 57.3% for the three and six month periods ended July 4, 2026. The changes for both periods are primarily attributable to the decrease in income before taxes.
Current report
Adjusted EBITDA decreased $8.8 or 18.0% and by $14.2 or 16.2% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025, primarily attributable to a decline in organic revenues from pricing pressures in conjunction with loss of leverage on our fixed costs.
Current report
For the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025
Current report
Total revenue increased by $2.6 or 1.3% and $7.8 or 2.0% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025, respectively. These increases were primarily attributed to $19.2 and $37.3 for the three and six month periods ended July 4, 2026, respectively, in inorganic revenue from the Kiwi II acquisition. These increases more than offset organic revenue volume declines of $16.6 and $29.5 for the three and six month periods associated with uncertainty in the macroeconomic environment, sustained elevated interest rates, along with lower housing churn.
Current report
The $15.6 or 13.6% and $28.5 or 12.5% increase in cost of revenues for the three and six month periods periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025, respectively, were primarily attributable to the Kiwi II acquisition as well as higher steel prices and freight costs on the organic business. The $2.1 and $3.8 decreases in service cost of revenues for the three and six month periods ended July 4, 2026 was primarily attributable to the decline in service revenue.
Current report
Selling and marketing expenses increased $0.7 or 4.5% and $1.6 or 5.1% from for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025, respectively. The increases for the three and six month periods are primarily due to increases in revenue for these periods.
Current report
General and administrative expenses increased $2.2 or 6.0% and $6.5 or 8.9% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025, respectively. The increase for the three and six month periods is primarily attributable to non-cash amortization expense related to the Kiwi II Acquisition, which were offset by decreases in employee related costs from the organic business from our ongoing restructuring initiatives.
Current report
Income from operations decreased by $15.9 or 47.9% and by $28.8 or 49.4% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025, respectively. These decreases were primarily attributable to declines in gross margins and operating expenses for the three and six month periods ended July 4, 2026.
Current report
Adjusted EBITDA decreased by $8.4 or 18.8% and by $13.8 or 16.9% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025, primarily attributable to declines in organic revenue from pricing pressures in conjunction with loss of leverage on our fixed costs.
Current report
Revenues increased $2.7 or 9.5% and $8.8 or 17.7% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025. The increase for the three month period ended July 4, 2026 is due to an increase in volume as well as favorable currency activity compared to the prior year. The increase for the six month period is due to an increase in volume as compared to prior year.
Current report
New construction sales increased by $3.7 or 14.7% and $8.9 or 19.8% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025, respectively. These increases are due to increased volume as compared to prior year.
Current report
R3 sales decreased by $1.0 or 30.3% and by $0.1 or 2.2% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025, respectively.
Current report
General and administrative expenses decreased $0.5 or 13.2% and $0.3 or 4.3% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025. This is primarily attributable to decreases in employee related costs from our previous restructuring initiatives.
Current report
Income from operations increased from $2.8 to $3.3 and from $3.1 to $4.2 for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025. The increase for the periods is primarily due to an increase in sales volume.
Current report
Six month period ended July 4, 2026 compared to the six month period ended June 28, 2025:
Removed paragraphs (25)
Previous report
•Total revenues of $222.7 for the three month period ended April 4, 2026 compared to $210.5 for the three month period ended March 29, 2025.
Previous report
•Net income of $0.2 for the three month period ended April 4, 2026 compared to $10.8 for the three month period ended March 29, 2025.
Previous report
•Adjusted EBITDA of $33.0 for the three month period ended April 4, 2026 compared to $38.4 for the three month period ended March 29, 2025.
Previous report
•Successfully completed repricing of First Lien Term Loan, reducing interest rate by 50 bps from SOFR + 250 bps to SOFR + 200 bps.
Previous report
•Announced acquisition of Kiwi II Construction, a premier self-storage and pre-engineered buildings provider.
Previous report
Total revenues increased by $12.2 or 5.8% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025, as a result of the Kiwi II Acquisition, which generated $18.1 in revenues in the period, which was offset by continuation of the organic volume decline associated with uncertainty in the macroeconomic environment, sustained elevated interest rates, along with lower housing churn.
Previous report
Total revenue increased $12.2 for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025. The increase was primarily due to $18.1 in inorganic revenue from the Kiwi II Acquisition for the three month period ended April 4, 2026, which is partially offset an organic revenue decline of $5.9 which was attributed to the unfavorable impacts from pricing during the period.
Previous report
Selling and marketing expense increased $1.0 or 5.9% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025.
Previous report
General and administrative expenses increased by $4.5 or 11.3% for the three month period ended April 4, 2026 compared to March 29, 2025. This was primarily due to an increase in various one-time charges around acquisition, restructuring, and debt repricing. These increases were offset by the receipt of certain payroll tax credits during the period.
Previous report
Income tax expense decreased to $2.3 for the three month period ended April 4, 2026 from $4.6 for the three month period ended March 29, 2025, due to the year over year decrease of income before taxes.
Previous report
Total revenue increased $5.2 for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025. The increase in product revenues was primarily due to $18.1 in inorganic revenue from the Kiwi II Acquisition for the three month period ended April 4, 2026, which more than offset an organic revenue decline of $11.9, which was attributed to the unfavorable impacts from pricing during the period.
Previous report
The cost of revenues increased $12.9 or 11.4% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025. The increase in product cost of revenues of $14.6 for the three month period ended April 4, 2026 is primarily attributable to $14.0 due to the Kiwi II Acquisition. The $1.7 decrease in service cost of revenue is primarily due to project mix.
Previous report
Selling and marketing expenses increased $0.9 or 5.7% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025.
Previous report
General and administrative expenses increased $4.3 or 11.8% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025. This was primarily due an increase in various one-time charges around acquisition, restructuring, and debt repricing. These increases were offset by the receipt of certain payroll tax credits during the period.
Previous report
Income from operations decreased by $12.9 or 51.4% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025. The decrease is primarily due to increases in cost of revenues and operating expenses.
Previous report
Adjusted EBITDA decreased by $5.4 or 14.6% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025, primarily attributable to a decline in organic revenues from pricing pressures in conjunction with loss of leverage on our fixed costs
Previous report
Total revenue increased by $6.1 or 28.8% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025. The increase in revenues is primarily due to an increase in volume compared to the prior year.
Previous report
New Construction revenues increased by $5.2 or 26.1% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025. The increase in New Construction revenues is primarily due to an increase in volume as compared to the prior year due to gains in overall market share.
Previous report
R3 revenues increased by $0.9 or 69.2% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025.
Previous report
General and administrative expenses increased $0.2 or 6.3% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025.
Previous report
Income from operations increased by $0.6 for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025.
Previous report
Goodwill and Indefinite-Life Intangible Impairment
Previous report
We test goodwill and indefinite lived intangibles for impairment on an annual basis and between annual tests if an event occurs or circumstances change (a “triggering event”) that would more likely than not reduce the fair value of a reporting unit below its carrying value. We considered the continuation of a sustained decline in our market capitalization level and other macroeconomic factors as indicators that an impairment loss may have occurred. Therefore, we performed an interim quantitative impairment assessment as of April 4, 2026, for each reporting unit, as well as certain indefinite-lived intangible assets using our best estimates for assumptions regarding future revenues, anticipated margins, discount rates, and long-term growth rates to estimate the fair value of our reporting units. These assumptions represent our best estimates and we believe they are reasonable and appropriate, but they contain a degree of sensitivity. These assumptions may differ materially from actual results and changes in these assumptions could result in future impairments.
Previous report
Based on the results of this assessment, the fair value of all of our reporting units exceeded their carrying values; however, we identified two reporting units for which the fair values were not substantially in excess of their carrying values.
Previous report
Our BETCO reporting unit had a fair value in excess of its carrying value of $56.8 by 8.2% and our TMC reporting unit had a fair value in excess of its carrying value of $55.0 by 20.0%. As of April 4, 2026, our BETCO and TMC reporting units had goodwill balances of $22.7 and $14.8, respectively.
Reworded paragraphs (35)
Previous wording
•Results of Operations: This section provides an analysis of our results of operations for the three month periods ended April 4, 2026 and March 29, 2025.
Current wording
•Results of Operations: This section provides an analysis of our results of operations for the three and six month periods ended July 4, 2026 and June 28, 2025.
Previous wording
•Liquidity and Capital Resources: This section provides a discussion of our financial condition and an analysis of our cash flows for the three month periods ended April 4, 2026 and March 29, 2025. This section also provides a discussion of our contractual obligations, other purchase commitments and customer credit risk that existed at April 4, 2026, as well as a discussion of our ability to fund our future commitments and ongoing operating activities through internal and external sources of capital.
Current wording
•Liquidity and Capital Resources: This section provides a discussion of our financial condition and an analysis of our cash flows for the six month periods ended July 4, 2026 and June 28, 2025. This section also provides a discussion of our contractual obligations, other purchase commitments and customer credit risk that existed at July 4, 2026, as well as a discussion of our ability to fund our future commitments and ongoing operating activities through internal and external sources of capital.
Previous wording
Our business is operated through two geographic regions that comprise our two reportable segments: Janus North America and Janus International. Our Janus International segment is comprised of JIEH, whose production and sales are largely in Europe and Australia. Our Janus North America segment is comprised of all the other entities including Janus International Group, LLC (“Janus Core”), together with each of its operating subsidiaries, Betco, Inc. (“BETCO”), Noke, Inc. (“NOKE”), Asta Industries, Inc. (“ASTA”), Access Control Technologies, LLC (“ACT”), Janus Door, LLC (“Janus Door”), Steel Door Depot.com, LLC (“Steel Door Depot”), Janus International Canada, Ltd. (“Janus Canada”), and Terminal Door, LLC (“Terminal Door”). Janus Core includes our Kiwi II Construction and DBCI branded offerings. Furthermore, our business is comprised of three primary sales channels: self-storage - new construction, self-storage - R3 (R3), and commercial and other. The commercial and other category is primarily comprised of roll-up sheet and rolling steel door sales into the commercial marketplace.
Current wording
Our business is operated through two geographic regions that comprise our two reportable segments: Janus North America and Janus International. Our Janus International segment is comprised of JIEH, whose production and sales are largely in Europe and Australia. Our Janus North America segment is comprised of all the other entities including Janus International Group, LLC (“Janus Core”), together with each of its operating subsidiaries, Noke, Inc. (“NOKE”), Asta Industries, Inc. (“ASTA”), Access Control Technologies, LLC (“ACT”), Janus Door, LLC (“Janus Door”), Steel Door Depot.com, LLC (“Steel Door Depot”), Janus International Canada, Ltd. (“Janus Canada”), and Terminal Door, LLC (“Terminal Door”). Janus Core includes our Kiwi II Construction, BETCO, and DBCI branded offerings. Furthermore, our business is comprised of three primary sales channels: self-storage - new construction, self-storage - R3 (R3), and commercial and other. The commercial and other category is primarily comprised of roll-up sheet and rolling steel door sales into the commercial marketplace.
Previous wording
Three month period ended April 4, 2026 compared to the three month period ended March 29, 2025:
Current wording
•Total revenues of $233.5 for the three month period ended July 4, 2026 compared to $228.1 for the three month period ended June 28, 2025.
Previous wording
•Adjusted EBITDA as a percentage of revenues was 14.8% for the three month period ended April 4, 2026 compared to 18.2% for the three month period ended March 29, 2025.
Current wording
•Adjusted EBITDA as a percentage of revenues was 17.2% for the three month period ended July 4, 2026 compared to 21.5% for the three month period ended June 28, 2025.
Previous wording
•Cash flows provided by operations of $36.2 were generated for the three month period ended April 4, 2026 compared to $48.3 cash flows provided by operations for the three month period ended March 29, 2025.
Current wording
•Cash flows provided by operations of $24.4 were generated for the three month period ended July 4, 2026 compared to $51.4 cash flows provided by operations for the three month period ended June 28, 2025.
Previous wording
•Common stock worth $15.5 was repurchased in the three months ended April 4, 2026, which consisted of 2,862,680 shares, as part of our share repurchase program. We have $65.0 in remaining capacity under our share repurchase program.
Current wording
•Common stock worth $1.9 was repurchased in the three months ended July 4, 2026, which consisted of 367,096 shares, as part of our share repurchase program. We have $63.1 in remaining capacity under our share repurchase program.
Previous wording
Janus North America is comprised of nine entities including Corporate, Janus Core, Janus Door, Steel Door Depot, ASTA, NOKE, BETCO, ACT and T.M.C. Janus North America produces and provides various fabricated components such as commercial and self-storage doors, walls, hallway systems and building components used primarily by owners or builders of self-storage facilities and also offers installation services along with the products. Janus North America represents approximately 85% to 95% of the Company’s revenue.
Current wording
Janus North America is comprised of Corporate, Janus Core (inclusive of our BETCO, Kiwi, and DBCI branded offerings), Janus Door, Janus Canada, Steel Door Depot, ASTA, NOKE, ACT, and T.M.C. Janus North America produces and provides various fabricated components such as commercial and self-storage doors, walls, hallway systems and building components used primarily by owners or builders of self-storage facilities and also offers installation services along with the products. Janus North America represents approximately 85% to 95% of the Company’s revenue.
Previous wording
On January 8, 2026, through our wholly owned subsidiary Janus Core, we acquired 100% of the business operations (such transaction, the “Kiwi II Acquisition”) of Kiwi II Construction, Inc., a California corporation, Kiwi II East Inc., a Tennessee corporation, and Metal Tech, Inc., a California corporation, (collectively, the “Kiwi II Sellers”). Pursuant to the asset purchase agreement for such acquisition, we acquired substantially all the assets of the Kiwi II Sellers related to the business of designing, supplying, and constructing self-storage facilities and manufacturing certain components used in those facilities for a total cash consideration of $97.2.
Current wording
On January 8, 2026, through our wholly owned subsidiary Janus Core, we acquired 100% of the business operations (such transaction, the “Kiwi II Acquisition”) of Kiwi II Construction, Inc., a California corporation, Kiwi II East Inc., a Tennessee corporation, and Metal Tech, Inc., a California corporation, (collectively, the “Kiwi II Sellers”). Pursuant to the asset purchase agreement for such acquisition, we acquired substantially all the assets of the Kiwi II Sellers related to the business of designing, supplying, and constructing self-storage facilities and manufacturing certain components used in those facilities for a total cash consideration of $98.8.
Previous wording
Human capital is one of the main cost drivers of our manufacturing, selling, and administrative processes. As a result, we believe that headcount generally provides reflection of our operational status, indicating whether the business is expanding or contracting. As of April 4, 2026, and March 29, 2025, our headcount was 2,087 employees (including 354 temporary employees) and 2,267 employees (including 422 temporary employees), respectively.
Current wording
Human capital is one of the main cost drivers of our manufacturing, selling, and administrative processes. As a result, we believe that headcount generally provides a reflection of our operational status, indicating whether the business is expanding or contracting. As of July 4, 2026 and June 28, 2025, our headcount was 1,950 employees (including 367 temporary employees) and 2,257 employees (including 410 temporary employees), respectively.
Previous wording
and one 5-week “month.” The major advantage of a 4-4-5 calendar is that the end date of the period is always the same day of the week, making manufacturing planning easier as every period is the same length. Every fifth or sixth year will require a 53rd week. As a result, some reporting periods are not as comparable as other reporting periods. Our most recent 53 week year was fiscal 2025.
Current wording
The Unaudited Condensed Consolidated Financial Statements have been derived from the accounts of Janus and its wholly owned subsidiaries. Our fiscal year follows a 4-4-5 calendar which divides a year into four quarters of 13 weeks, grouped into two 4-week “months” and one 5-week “month.” The major advantage of a 4-4-5 calendar is that the end date of the period is always the same day of the week, making manufacturing planning easier as every period is the same length. Every fifth or sixth year will require a 53rd week. As a result, some reporting periods are not as comparable as other reporting periods. Our most recent 53 week year was fiscal 2025.
Previous wording
The following tables set forth key performance measures for the three month periods ended April 4, 2026 and March 29, 2025:
Current wording
The following tables set forth key performance measures for the three and six month periods ended July 4, 2026 and June 28, 2025:
Previous wording
Adjusted EBITDA decreased by $5.4 or 14.1% from the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025, and Adjusted EBITDA as a percentage of revenue decreased 340bps for the three month period ended April 4, 2026 primarily attributable to a decline in organic revenues from pricing pressures in conjunction with loss of leverage on our fixed costs (See “Non-GAAP Financial Measures” section).
Current wording
Adjusted EBITDA decreased by $8.8 or 18.0% and by $14.2 or 16.2% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025. Adjusted EBITDA as a percentage of revenue decreased by 4.3% and 3.9% for the three and six month periods ended July 4, 2026, respectively. These decreases were primarily attributable to a decline in organic revenues from pricing pressures in conjunction with loss of leverage on our fixed costs as well as higher steel prices. (See “Non-GAAP Financial Measures” section).
Previous wording
Outbound freight costs are driven by our volume of product revenues and are subject to the freight market pricing environment.
Current wording
Outbound and inbound freight costs are driven by our volume of product revenues and are subject to the freight market pricing environment.
Previous wording
The period to period comparisons of our results of operations have been prepared using the historical periods included in our Unaudited Condensed Consolidated Financial Statements. The following discussion should be read in conjunction with the Unaudited Condensed
Current wording
The period to period comparisons of our results of operations have been prepared using the historical periods included in our Unaudited Condensed Consolidated Financial Statements. The following discussion should be read in conjunction with the Unaudited Condensed Consolidated Financial Statements and related notes included elsewhere in this document. The following tables set forth our results of operations for the periods presented in dollars and as a percentage of total revenue.
Previous wording
R3 revenues increased by $3.0 or 5.3% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025 driven by redevelopment and renovation activity as well as a normalization in conversion and expansion activity.
Current wording
R3 revenues increased by $3.5 or 6.6% and by $3.7 or 3.3% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025 driven by increases in door replacements and redevelopment activity, as well as increases in conversion and expansion activity.
Previous wording
Commercial and other revenues decreased by $0.3 or 0.5% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025, driven by continued softness in demand for commercial sheet doors, partially offset by increases in rolling steel and increased projects at freight terminals.
Current wording
Commercial and other revenues decreased by $17.2 or 21.2% and by $17.9 or 12.1% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025, driven by continued softness in demand for commercial sheet doors and project delays, partially offset by strength in rolling steel.
Previous wording
Total cost of revenues increased $18.9 or 14.7% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025. The increase in product cost of revenues of $20.5 for the three month period ended April 4, 2026 is primarily attributable to $14.0 due to the Kiwi II Acquisition as well as higher steel prices, freight cost, and tariff impact on the organic business. The $1.6 decrease in service cost of revenues is primarily due to project mix related to our terminal maintenance business.
Current wording
Total cost of revenues increased by $18.3 or 13.6% and by $37.2 or 14.1% for the three and six month periods ended July 4, 2026, respectively, compared to the three and six month periods ended June 28, 2025. The increases in product cost of revenues of $20.5 and $41.0 for the three and six month periods ended July 4, 2026, respectively, were primarily attributable to the Kiwi II acquisition as well as higher steel prices and freight costs on the organic business. The $2.2 and $3.8 decreases in service cost of revenues for the three and six month periods ended July 4, 2026 were primarily attributable to the decline in service revenues.
Previous wording
Interest expense, net decreased $2.1 to $8.1 or 20.6% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025, primarily due to a lower overall interest rate from the February 2026 Repricing Amendment. Additionally, due to our lower balance of cash equivalents, we earned interest income of $0.7 for the three month period ended April 4, 2026 compared to $1.1 for the three month period ended March 29, 2025. (See “Liquidity and Capital Resources” section).
Current wording
Interest expense, net decreased $1.7 or 18.7% and $3.8 or 19.7% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025, respectively, primarily due to a lower overall interest rate from the February 2026 Repricing Amendment. Additionally, due to our lower balance of cash and cash equivalents, we earned interest income of $0.9 and $1.6 for the three and six month periods ended July 4, 2026, respectively compared to $1.2 and $2.3 for the three and six month periods ended June 28, 2025, respectively. (See “Liquidity and Capital Resources” section).
Previous wording
The $10.6 or 98.1% decrease in net income for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025 is primarily due to increases in cost of revenues and operating expenses.
Current wording
The $10.0 or 48.3% and $20.6 or 65.4% decrease in net income for three and six month periods ended July 4, 2026 as compared to the three and six month periods ended June 28, 2025, respectively, is primarily attributable to declines in organic revenues along with increases in cost of revenues and operating expenses for the three and six month periods ended July 4, 2026.
Previous wording
New construction revenues increased by $9.5 or 10.9% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025. The increase in the three month period ended April 4, 2026 is primarily due to the $18.1 related to the Kiwi II Acquisition, partially offset by a decline in volume in the organic business associated with continued macroeconomic uncertainty.
Current wording
New construction sales increased by $15.4 or 22.4% and $22.9 or 17.3% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025, respectively. The increases in the three and six month periods ended July 4, 2026 are primarily attributable to $19.2 and $37.3 related to the Kiwi II Acquisition, which more than offset decline in volume in the organic business associated with continued macroeconomic uncertainty.
Previous wording
R3 revenues increased by $2.1 or 3.8% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025. The R3 sales increase was driven by redevelopment and renovation activity as well as a normalization in conversion and expansion activity.
Current wording
R3 sales increased by $4.5 or 9.1% and by $3.9 or 3.6% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025. The R3 sales increase was driven by increases in door replacements and redevelopment activity, as well as increases in conversion and expansion activity.
Previous wording
Commercial and Other revenues decreased by $1.2 or 1.8% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025, driven by continued softness in demand for commercial sheet doors, partially offset by increases in rolling steel and increased projects at freight terminals.
Current wording
Commercial and other sales decreased by $17.3 or 21.1% and $19.0 or 12.6% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025, respectively. These decreases were driven by continued softness in demand for commercial sheet doors and project delays, partially offset by strength in rolling steel.
Previous wording
Results of Operations - Janus International - For the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025:
Current wording
Results of Operations - Janus International - For the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025:
Previous wording
The following table illustrates the revenues by sales channel for the three month periods ended April 4, 2026 and March 29, 2025.
Current wording
The following table illustrates the revenues by sales channel for the three and six month periods ended July 4, 2026 and June 28, 2025.
Previous wording
Cost of revenues increased by $5.1 or 30.5% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025. The change in cost of revenues is generally aligned with the changes in revenues following volume activity.
Current wording
Cost of revenues increased by $2.6 or 12.7% and $7.7 or 20.7% for the three and six month periods ended July 4, 2026 compared to the three and six month periods ended June 28, 2025, respectively. The change in cost of revenues is driven by the aforementioned changes in revenue.
Previous wording
Eliminations include transactions to account for intercompany activity. The eliminations necessary to arrive at consolidated financial information activity for the three month periods ended April 4, 2026 and March 29, 2025 are as follows:
Current wording
Eliminations include transactions to account for intercompany activity. The eliminations necessary to arrive at consolidated financial information activity for the three and six month periods ended July 4, 2026 and June 28, 2025 are as follows:
Previous wording
(2)The interest rate on the 2026 Repricing Amendment as of April 4, 2026, was 5.66%, which is a variable rate based on Adjusted Term SOFR plus an applicable margin percent of 2.00%.
Current wording
(2)The interest rate on the 2026 Repricing Amendment as of July 4, 2026, was 5.62%, which is a variable rate based on Adjusted Term SOFR plus an applicable margin percent of 2.00%.
Previous wording
Line of Credit - We maintain a $125.0 revolving credit facility, pursuant to an ABL Credit and Guarantee Agreement (the “2023 LOC Agreement”). Interest payments with respect to the 2023 LOC Agreement are due in arrears. The maturity date is August 3, 2028. The revolving credit facility bears interest at a floating rate per annum consisting of the SOFR rate plus an applicable margin percent based on excess availability and a 10 basis points flat CSA. There was no outstanding balance on the line of credit as of April 4, 2026. As of April 4, 2026, the interest rate in effect for the facility was 5.26%. The line of credit is secured by accounts receivable and inventories. See Note 9 to our Unaudited Condensed Consolidated Financial Statements in this Form 10-Q for a further discussion.
Current wording
Line of Credit - We maintain a $125.0 revolving credit facility, pursuant to an ABL Credit and Guarantee Agreement (the “2023 LOC Agreement”). Interest payments with respect to the 2023 LOC Agreement are due in arrears. The maturity date is August 3, 2028. The revolving credit facility bears interest at a floating rate per annum consisting of the SOFR rate plus an applicable margin percent based on excess availability and a 10 basis points flat CSA. There was no outstanding balance on the line of credit as of July 4, 2026. As of July 4, 2026, the interest rate in effect for the facility was 5.22%. The line of credit is secured by accounts receivable and inventories. See Note 9 to our Unaudited Condensed Consolidated Financial Statements in this Form 10-Q for a further discussion.
Previous wording
As of April 4, 2026 and January 3, 2026, we maintained one letter of credit totaling approximately $0.4 on which there were no balances due. The amount available on the line of credit as of April 4, 2026 and January 3, 2026 was approximately $71.8 and $66.1, respectively.
Current wording
As of July 4, 2026 and January 3, 2026, we maintained one letter of credit totaling approximately $0.4 on which there were no balances due. The amount available on the line of credit as of July 4, 2026 and January 3, 2026 was approximately $78.3 and $66.1, respectively.
Previous wording
Net cash provided by operating activities decreased by $12.1, or 25.1%, to $36.2 for the three month period ended April 4, 2026, compared to $48.3 for the three month period ended March 29, 2025. This was primarily driven by a $7.5 reduction in net cash activity from net working capital requirements, as well as a $4.6 decrease in net income adjusted for non-cash items.
Current wording
Net cash provided by operating activities decreased by $39.1, or 39.2%, to $60.6 for the six month period ended July 4, 2026, compared to $99.7 for the six month period ended June 28, 2025. This was primarily driven by a $25.4 reduction in net cash activity from net working capital requirements, as well as a $13.4 decrease in net income adjusted for non-cash items.
Previous wording
Net cash used in investing activities increased by $93.6 for the three month period ended April 4, 2026, compared to the three month period ended March 29, 2025. This increase was primarily due to the Kiwi II Acquisition, which resulted in $97.2 of cash outflows during the three months ended April 4, 2026.
Current wording
Net cash used in investing activities increased by $91.2 for the six month period ended July 4, 2026, compared to the six month period ended June 28, 2025. This increase was primarily due to the Kiwi II Acquisition, which resulted in $98.8 of cash outflows during the six month period ended July 4, 2026.
Previous wording
Net cash used in financing activities decreased by $32.1 or 63.4% for the three month period ended April 4, 2026, compared to the three month period ended March 29, 2025. This was driven by a $41.5 early debt repayment during the three month period ended March 29, 2025, which did not recur in the current period. This was offset by an increase in share repurchases of $15.5 as compared to $5.0 in the prior three month period.
Current wording
Net cash used in financing activities decreased by $39.4 or 62.7% for the six month period ended July 4, 2026, compared to the six month period ended June 28, 2025. This was driven by a $40.0 early debt repayment during the six month period ended June 28, 2025, which did not recur in the current period. This was offset by an increase in share repurchases of $17.4 as compared to $15.0 in the prior six month period.
Previous wording
Finance lease obligations include future payments related to finance leases. Operating lease obligations consist of future payments related to operating lease liabilities for real and personal property leases with various lease expiration dates. The amount included in the “Thereafter” column is primarily comprised of eleven real property leases with expiration dates ranging from 2031–2044. Finance and operating lease obligations are presented net of imputed interest. (See Note 5, Leases, to our Unaudited Condensed Consolidated Financial Statements in this Form 10-Q for a further discussion of future lease payments).
Current wording
Finance lease obligations include future payments related to finance leases. Operating lease obligations consist of future payments related to operating lease liabilities for real and personal property leases with various lease expiration dates. The amount included in the “Thereafter” column is primarily comprised of twelve real property leases with expiration dates ranging from 2031–2044. Finance and operating lease obligations are presented net of imputed interest. (See Note 5, Leases, to our Unaudited Condensed Consolidated Financial Statements in this Form 10-Q for a further discussion of future lease payments).
Previous wording
The table above does not include $4.1 in estimated warranty liabilities because it is not certain when or if these liabilities will be funded.
Current wording
The table above does not include $3.7 in estimated warranty liabilities because it is not certain when or if these liabilities will be funded.
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
The Unaudited Condensed Consolidated Financial Statements have been derived from the accounts of Janus and its wholly owned subsidiaries. Our fiscal year follows a 4-4-5 calendar which divides a year into four quarters of 13 weeks, grouped into two 4-week “months”
Previous report — wording carried elsewhere
Consolidated Financial Statements and related notes included elsewhere in this document. The following tables set forth our results of operations for the periods presented in dollars and as a percentage of total revenue.
Previous report — wording carried elsewhere
For the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025
Previous report — wording carried elsewhere
Adjusted EBITDA decreased by $5.4 or 14.1% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025, primarily attributable to a decline in organic revenues from pricing pressures in conjunction with loss of leverage on our fixed costs
Previous report — wording carried elsewhere
For the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025
Previous report — wording carried elsewhere
New Construction revenues increased by $4.3 or 6.4% for the three month period ended April 4, 2026 compared to the three month period ended March 29, 2025, primarily due to the Kiwi II Acquisition, partially offset by a decline in volume in the organic business associated with continued macroeconomic uncertainty.