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James Hardie
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Latest analysis
Updated Nov 5, 2026
James Hardie Q2 FY2027: 24% net sales growth and 450bps EBITDA margin expansion despite deteriorating housing market
James Hardie delivered Q2 FY2027 net sales of $1.43 billion and adjusted EBITDA of $455 million, with margin expanding 450 basis points to 31.8% — above guidance — driven by pricing, mix, volume leverage and cost synergies from the AZEK integration. Management revised its full-year housing market outlook to a mid-single-digit blended decline (from low single digit in May), with New Construction now expected down high single digits, yet reaffirmed full-year revenue and EBITDA guidance on the strength of above-market sell-through, raised free cash flow guidance to more than $650 million, and reached 2.3x net leverage ahead of its 2.4x year-end target. The DR&A segment posted 51% reported growth but only 14% underlying growth after stripping out approximately $35 million to $40 million in Boise distribution load-in and Q1 channel normalization, the most important nuance for modelers assessing the second-half base.
Tone: mixedRevenue
$4.8B
JHX 10-K · FY 2026
Employees
7,500
Revenue growth YoY
+25%
EBITDA margin
31.8%
Profile
JHX 10-K Item 1 · May 19, 2026James Hardie Industries plc is a leading manufacturer of exterior building products, including fiber cement siding and trim, fiber gypsum interior systems, and composite and PVC decking and railing. The company serves new home construction, repair and remodel, and outdoor living markets across North America, Australia, New Zealand, and Europe. Following the July 2025 acquisition of The AZEK Company, James Hardie now operates four reportable segments: Siding & Trim, Deck Rail & Accessories, Australia & New Zealand, and Europe.
Read filing description ↓ Collapse description ↑
James Hardie Industries plc is a leading provider of exterior home and outdoor living solutions, with a portfolio that includes fiber cement siding and trim, fiber gypsum interior walls and floors, and composite and PVC decking and railing products. Our products are engineered for beauty, durability and climate resilience, and include trusted brands like Hardie, TimberTech, AZEK Exteriors, Versatex, fermacell and StruXure. We have a global footprint; our portfolio is marketed and sold throughout North America, Europe, Australia and New Zealand. Over our more than 135 year history, we have developed our reputation as a leader in our categories by leveraging our scaled and localized manufacturing footprint, research and development expertise, brand recognition and customer-focused team. Our strategy is to operate a scaled exterior building products platform by driving material conversion away from inferior products, expanding channel access, investing in sales and marketing to increase downstream conversion, and continually innovating with new product launches. We focus heavily on replacing traditional materials, such as wood and other lower-durability alternatives, with high-performance fiber cement and advanced composite and PVC solutions that offer durability, aesthetic flexibility, fire resistance, and reduced maintenance requirements to capitalize on secular growth trends driving material conversion. We complement our focus on material conversion with disciplined channel expansion initiatives. We seek to deepen our relationships with national and regional builders, specialty dealers, home centers, and distribution partners.
Primary products
- Fiber cement siding and trim
- PVC trim products
- Composite decking
- PVC decking
- Railing systems
- Fiber gypsum interior walls and floors
Business segments
End markets
Geographies
Named customers
The Company has one customer who has contributed greater than 10% of net sales in each of the past three fiscal years.
Named competitors
“We believe we can continue to increase our market share from our competing products through targeted marketing programs designed to educate distributors, builders, contractors, installers and homeowners on our brands and the performance, design and cost advantages of some of our products.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Net sales increased 25% primarily due to the AZEK acquisition, which contributed net sales of $1,065.0 million, as well as higher net sales in Europe, partially offset by lower net sales in the North America fiber cement business.
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