Janus Cuts 2026 Outlook After Self-Storage Sales Reverse

The Tip Desk · November 12, 2026 · 3 min read

Third-quarter revenue was $213.1 million as the company lowered full-year revenue guidance to $855 million–$865 million.

Janus International Group (JBI), a manufacturer of turnkey self-storage, commercial and industrial building solutions, reported third-quarter revenue of $213.1 million, down 2.8% from a year earlier, reversing the 2.4% year-over-year increase to $233.5 million in the second quarter.

The company swung to a GAAP net loss of $13.3 million, or $(0.10) a share, from net income of $10.7 million, or $0.08 a share, in the prior quarter. Adjusted net income was $10.8 million, or $0.08 a share.

Adjusted EBITDA declined 22.0% year-over-year to $34.0 million, with the year-over-year decline widening from 18.0% in the second quarter. Adjusted EBITDA margin compressed to 16.0%, down about 390 basis points year-over-year, after a 430 basis points year-over-year compression to 17.2% in the prior quarter.

Total self-storage revenue, 68.9% of the quarter’s sales, fell 5.0% year-over-year to $146.9 million, reversing a 15.4% year-over-year increase in the second quarter. New Construction revenue declined 1.6% year-over-year to $95.7 million after a 20.3% year-over-year increase. The acquisition of Kiwi II Construction contributed $10.7 million to that channel, down from $19.2 million in the second quarter. R3 revenue declined 10.6% year-over-year to $51.2 million after a 6.6% year-over-year increase. Commercial and Other revenue increased 2.3% year-over-year to $66.2 million, reversing a 21.2% year-over-year decline.

An $18.3 million impairment of goodwill and intangible assets at the BETCO and Kiwi II reporting units produced an operating loss of $5.5 million versus operating income of $29.4 million a year earlier. The impairment included a write-down of goodwill at those units and of certain indefinite-lived tradenames.

Chief Executive Officer Ramey Jackson said market conditions remained dynamic, with activity levels softer than anticipated, and that the company is taking actions to align its operating structure with current demand. He said the company continues to believe long-term fundamentals supporting the business remain intact.

Nokē Smart Entry System connected devices totaled 524,000 at quarter end, up 19.4% year-over-year, after 501,000 installed units, up 22.5% year-over-year, in the second quarter.

Janus cut full-year 2026 revenue guidance to $855 million–$865 million, a 2.7% year-over-year decline at the midpoint, from $925 million–$945 million, a 5.7% increase at the midpoint, after the first-quarter reaffirmation of $940 million–$980 million. Adjusted EBITDA guidance was cut to $127 million–$133 million, a 22.7% year-over-year decline at the midpoint, from $150 million–$170 million, a 4.9% decline at the midpoint, after the first-quarter reaffirmation of $165 million–$185 million. Inorganic revenue guidance was cut to $55 million–$60 million from $80 million–$90 million.

During the quarter the company completed a $30.0 million voluntary prepayment of its First Lien Term Loan and repurchased about 5.0 million shares for $25.3 million, including commissions and excise taxes, versus about 367,000 shares for $1.9 million in the second quarter. Year-to-date repurchases totaled about 8.2 million shares for $42.9 million.

For the nine months ended October 3, 2026, operating cash flow was $94.6 million and free cash flow was $86.5 million. For the trailing twelve months ended October 3, 2026, free cash flow conversion of adjusted net income was 203%. Cash and cash equivalents were $99.9 million as of October 3, 2026. Net leverage was 2.9x, up from 2.1x at January 3, 2026.