Jeld-Wen Holding (JELD) risk factors, FY2025 10-K

Jeld-Wen Holding's FY2025 10-K, filed Feb 23, 2026, lists 34 risk factors in 5 groups. Against the prior year's 37: 4 new, 7 dropped, 14 substantially reworded.

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Risk factors listed
345 groups
New this year
4vs 37 last year
Dropped
7since the prior 10-K
Substantially reworded
14of those kept
Section length
11k wordsItem 1A

What the changes say

  • JELD-WEN added specific risks regarding AI integration, trade policy tariffs, and debt refinancing obligations.
  • Revenue exposure shifted slightly with North America at 67% and Europe at 33% of net revenues.

What changed since the prior 10-K

New

  • NewRisks Relating to Our Business and Industry

    R&R spending is discretionary and can be deferred or postponed entirely when economic conditions are poor. We have experienced sales declines in all our end markets during recent economic downturns

    Uncertain economic conditions, inflation, and interest rates may reduce consumer demand and financing for our home construction products.

  • NewRisks Relating to Our Business and Industry

    Changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences, have had and could continue to have an adverse effect on our results of operations

    U.S. tariffs on imported materials like steel and aluminum and retaliatory foreign trade policies could increase our production costs.

  • NewRisks Relating to Cybersecurity and Data Privacy

    Emerging issues related to our integration and use of AI could give rise to legal or regulatory actions, damage our reputation or otherwise adversely affect our business

    Early adoption of AI tools exposes us to potential cybersecurity breaches, operational disruptions, and intellectual property or regulatory risks.

  • NewRisks Relating to our Indebtedness

    We may not be able to generate sufficient cash to service our indebtedness and other obligations without other strategic transactions

    We may fail to generate sufficient cash or secure refinancing to service our debt obligations and avoid defaults under our credit facilities.

Dropped

  • DroppedRisks Relating to Our Business and Industry

    Manufacturing realignments and cost savings programs may result in a decrease in our short-term earnings and operating efficiency or expected benefits may not be achieved

  • DroppedRisks Relating to Our Business and Industry

    We have experienced impacts to our supply chain from economic and geopolitical uncertainties, including the ongoing military conflict between Russia and Ukraine, which have resulted in delays in receiving materials, manufacturing downtime, increased backlogs, and delayed out-bound freight

  • DroppedRisks Relating to Our Business and Industry

    We are subject to the credit risk of our customers, suppliers, and other counterparties

  • DroppedRisks Relating to Our Business and Industry

    Due to widely varying tax rates in the taxing jurisdictions applicable to our business, a change in income generation to higher taxing jurisdictions or away from lower taxing jurisdictions may also have an adverse effect on our financial condition and results of operations

  • DroppedRisks Relating to our Governmental and Regulatory Environment

    Changes in building codes and standards, including ENERGY STAR standards, could increase the cost of our products, lower the demand for our windows and doors, or otherwise adversely affect our business

  • DroppedRisks Relating to our Governmental and Regulatory Environment

    Lack of transparency, threat of fraud, public sector corruption, and other forms of criminal activity involving government officials increases the risk of potential liability under anti-bribery/anti-corruption or anti-fraud legislation, including the FCPA, the U.K. Bribery Act, and similar laws and regulations

  • DroppedRisks Relating to our Indebtedness

    Refer to Note 12 - Long-Term Debt to our consolidated financial statements included in this Form 10-K for more information regarding our indebtedness

Reworded

  • 75% rewrittenRisks Relating to our Governmental and Regulatory Environment

    Domestic and foreign regulations, legislation and government policy, including those applicable to building codes and standards, could increase the costs of operating our business, lower the demand for our products or otherwise adversely affect our business

    Added specific references to building codes, construction standards, and zoning requirements alongside wage and benefit regulations.

    Was: Domestic and foreign regulations, legislation and government policy, including those applicable to general business operations, could increase the costs of operating our business and adversely affect our business

  • 66% rewrittenRisks Relating to Our Business and Industry

    We are exposed to political, economic, and other risks that arise from operating a multinational business

    Updated regional revenue mix figures, showing North America at 67% and Europe at 33% for 2025 compared to 72% and 28% in 2024.

  • 65% rewrittenRisks Relating to Our Business and Industry

    A disruption in our operations due to changes in weather patterns and related extreme weather events, natural disasters, public health crises, unstable geopolitical conditions or armed conflicts could have a material adverse effect on our business, financial condition, and results of operations

    Minor stylistic and phrasing adjustments regarding global climate change and natural disaster vulnerabilities.

    Was: A disruption in our operations due to natural disasters, changes in weather patterns and related extreme weather events, public health crises, unstable geopolitical conditions or armed conflicts could have a material adverse effect on our business, financial condition, and results of operations

  • 58% rewrittenRisks Relating to Our Business and Industry

    Negative trends in overall business, financial market and economic conditions, and activity levels in our end markets may reduce demand for our products, which could have a material adverse effect on our business, financial condition, and results of operations

    Retained existing risk factors regarding negative trends in end markets without substantive operational changes.

  • 56% rewrittenRisks Relating to Our Business and Industry

    In addition, our products, and our customers’ products, are subject to import and excise duties and/or sales or value-added taxes in many jurisdictions in which we operate. Increases in these indirect taxes could affect the affordability of our products and our customers’ products, and, therefore, reduce demand

    Added a sentence stating that income tax returns are subject to regular domestic and foreign examination.

  • 54% rewrittenRisks Relating to Our Business and Industry

    Failure to effectively manage and implement our strategic cost reduction and productivity initiatives could adversely impact our business, financial condition, and results of operations

    Expanded details on cost reduction initiatives to explicitly mention facility consolidations, fixed asset impairments, and severance costs.

    Was: Failure to implement our strategic cost reduction and productivity initiatives could adversely impact our business, financial condition, and results of operations

  • 45% rewrittenRisks Relating to Our Business and Industry

    Our business may be affected by delays or interruptions in the delivery of raw materials, finished goods, and certain component parts. A supply shortage or delivery chain interruption could have a material adverse effect on our business, financial condition, and results of operations

    Minor wording adjustment from 'we cannot accurately' to 'if we cannot accurately' regarding supply forecasts.

  • 37% rewrittenRisks Relating to Our Business and Industry

    Prices and availability of raw materials, freight, energy and other critical inputs we use to manufacture our products are subject to fluctuations due to inflation and other factors, and we may be unable to pass along to our customers the effects of any price increases

    Retained input cost and inflation risks without major substantive changes to the core text.

  • 35% rewrittenRisks Relating to Our Business and Industry

    Our pension plan obligations are currently not fully funded, and we may have to make significant cash payments to these plans, which would reduce the cash available for our businesses

  • 34% rewrittenRisks Relating to Our Business and Industry

    We may not identify or effectively respond to consumer needs, expectations, or trends in a timely fashion, which could adversely affect our relationship with customers, our reputation, the demand for our brands, products, and services, and our market share

  • 33% rewrittenRisks Relating to Our Business and Industry

    Certain of our customers may further expand through consolidation and internal growth, which may increase their buying power. The increased size of our customers could have a material adverse effect on our business, financial condition, and results of operations

    Was: Certain of our customers may expand through consolidation and internal growth, which may increase their buying power. The increased size of our customers could have a material adverse effect on our business, financial condition, and results of operations

  • 23% rewrittenRisks Relating to Our Business and Industry

    Our business depends on our relationships with our key customers, which consist mainly of wholesale distributors and retail home centers

  • 23% rewrittenRisks Relating to our Governmental and Regulatory Environment

    Legal, regulatory or stakeholder preferences regarding climate change and sustainability matters could have an adverse impact on the Company’s business and results of operations

    Was: Legal, regulatory or stakeholder preferences regarding climate change and ESG matters could have an adverse impact on the Company’s business and results of operations

  • 20% rewrittenRisks Relating to Our Business and Industry

    We operate in a highly competitive business environment. Failure to compete effectively and any decrease in demand for our products could have a material adverse effect on our business, financial condition, and results of operations

All 34 risk factors

Headings as the filing states them, in filing order.

Risks Relating to Our Business and Industry

  1. 01Negative trends in overall business, financial market and economic conditions, and activity levels in our end markets may reduce demand for our products, which could have a material adverse effect on our business, financial condition, and results of operations58% rewritten
  2. 02R&R spending is discretionary and can be deferred or postponed entirely when economic conditions are poor. We have experienced sales declines in all our end markets during recent economic downturnsNew
  3. 03Our business depends on our relationships with our key customers, which consist mainly of wholesale distributors and retail home centers23% rewritten
  4. 04We operate in a highly competitive business environment. Failure to compete effectively and any decrease in demand for our products could have a material adverse effect on our business, financial condition, and results of operations20% rewritten
  5. 05Failure to effectively manage and implement our strategic cost reduction and productivity initiatives could adversely impact our business, financial condition, and results of operations54% rewritten
  6. 06Our business will suffer if we are unable to retain and recruit executives, managers and employees at a competitive cost
  7. 07A disruption in our operations due to changes in weather patterns and related extreme weather events, natural disasters, public health crises, unstable geopolitical conditions or armed conflicts could have a material adverse effect on our business, financial condition, and results of operations65% rewritten
  8. 08We may not identify or effectively respond to consumer needs, expectations, or trends in a timely fashion, which could adversely affect our relationship with customers, our reputation, the demand for our brands, products, and services, and our market share34% rewritten
  9. 09Our business is seasonal, and revenue and profit can vary significantly throughout the year, which may adversely impact the timing of our cash flows and limit our liquidity at certain times of the year
  10. 10Prices and availability of raw materials, freight, energy and other critical inputs we use to manufacture our products are subject to fluctuations due to inflation and other factors, and we may be unable to pass along to our customers the effects of any price increases37% rewritten
  11. 11Our business may be affected by delays or interruptions in the delivery of raw materials, finished goods, and certain component parts. A supply shortage or delivery chain interruption could have a material adverse effect on our business, financial condition, and results of operations45% rewritten
  12. 12Changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences, have had and could continue to have an adverse effect on our results of operationsNew
  13. 13We are exposed to political, economic, and other risks that arise from operating a multinational business66% rewritten
  14. 14Certain of our customers may further expand through consolidation and internal growth, which may increase their buying power. The increased size of our customers could have a material adverse effect on our business, financial condition, and results of operations33% rewritten
  15. 15Exchange rate fluctuations may impact our business, financial condition, and results of operations
  16. 16In addition, our products, and our customers’ products, are subject to import and excise duties and/or sales or value-added taxes in many jurisdictions in which we operate. Increases in these indirect taxes could affect the affordability of our products and our customers’ products, and, therefore, reduce demand56% rewritten
  17. 17We may make acquisitions, divestitures, or investments in other businesses, which may involve risks or may not be successful
  18. 18We may be unable to protect our intellectual property, and we may face claims of intellectual property infringement
  19. 19Increases in labor costs, potential labor disputes, and work stoppages at our facilities or the facilities of our suppliers could have a material adverse effect on our business, financial condition, and results of operations
  20. 20Our pension plan obligations are currently not fully funded, and we may have to make significant cash payments to these plans, which would reduce the cash available for our businesses35% rewritten

Risks Relating to Cybersecurity and Data Privacy

  1. 21We are highly dependent on information technology, the disruption of which could significantly impede our ability to do business
  2. 22Our systems and IT infrastructure have been and may continue to be subject to security breaches and other cybersecurity incidents
  3. 23Emerging issues related to our integration and use of AI could give rise to legal or regulatory actions, damage our reputation or otherwise adversely affect our businessNew

Risks Relating to our Governmental and Regulatory Environment

  1. 24Domestic and foreign regulations, legislation and government policy, including those applicable to building codes and standards, could increase the costs of operating our business, lower the demand for our products or otherwise adversely affect our business75% rewritten
  2. 25We may be subject to significant compliance costs, as well as liabilities under environmental, health, and safety laws and regulations
  3. 26Legal, regulatory or stakeholder preferences regarding climate change and sustainability matters could have an adverse impact on the Company’s business and results of operations23% rewritten
  4. 27Changes to legislative and regulatory policies that currently promote home ownership may have a material adverse effect on our business, financial condition, and results of operations

Risks Relating to our Indebtedness

  1. 28We may not be able to generate sufficient cash to service our indebtedness and other obligations without other strategic transactionsNew
  2. 29The credit agreements governing our Credit Facilities and the indentures governing the Senior Notes impose significant operating and financial restrictions on us
  3. 30We require a significant amount of liquidity to fund our operations, and borrowing may increase our vulnerability to negative unforeseen events

Risks Relating to Ownership of Our Common Stock

  1. 31The market price of our Common Stock may be highly volatile
  2. 32We may be subject to securities litigation, which is expensive and could divert management attention
  3. 33Because we have no current plans to pay cash dividends on our shares of Common Stock, shareholders must rely on appreciation of the value of our Common Stock for any return on their investment
  4. 34Because we are a holding company with no operations of our own, we rely on dividends, distributions, and transfers of funds from our subsidiaries, and we could be harmed if such distributions were not made in the future

Other Jeld-Wen Holding 10-Ks

  • FY2024 10-K risk factors
    37 risks

    Demand for doors and windows is heavily tied to residential construction and renovation cycles.

    Filed Feb 20, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.