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Jun 30
James Hardie Q1 2026 Earnings Report
James Hardie reported Q1 FY26 results with revenue declining year-over-year, while adjusted net income and EBITDA remained positive despite market challenges.
Key Takeaways
James Hardie delivered Q1 FY26 results that reflected a normalization in channel inventory and soft demand in North America, while the AZEK acquisition showed early signs of synergy realization.
Net sales declined 9% YoY due to lower volumes in North America and APAC.
AZEK's performance exceeded expectations with strong Deck, Rail & Accessories sell-through.
Adjusted net income and EBITDA declined but remained solid, indicating resilience.
Integration of AZEK is progressing ahead of schedule with early synergy capture.
James Hardie
James Hardie
James Hardie Revenue by Segment
James Hardie Revenue by Geographic Location
Revenue by Segment
NA Fiber Cement Revenue
CapyFin.comAPAC Fiber Cement Revenue
CapyFin.comEurope Products Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.comEurope Revenue
CapyFin.com Forward Guidance
FY26 guidance reflects the inclusion of AZEK’s contribution and cautious demand assumptions due to softening housing markets.
Positive Outlook
- AZEK integration is progressing faster than expected.
- Deck, Rail & Accessories showing strong demand trends.
- Homebuilder exclusivity agreements position company for future growth.
- Free cash flow expected to exceed $200 million.
- New credit facilities enhance financial flexibility.
Challenges Ahead
- North American housing market remains weak, especially in new construction.
- Customers are moderating expectations amid economic uncertainty.
- Repair & remodel activity is softer than forecasted.
- Inventory recalibration expected in back half of FY26.
- Q1 performance reflects lower volumes and margin compression across key segments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income