jhx-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number 1-15240

JAMES HARDIE INDUSTRIES plc

(Exact name of Registrant as specified in its charter)


Ireland			98-0382260
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
1st Floor, Block A One Park Place Upper Hatch Street, Dublin 2 (Address of principal executive offices)			D02 FD79, Ireland (Zip Code)

Registrant’s telephone number, including area code: 353 1411 6924

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading Symbol:

Name of each exchange on which registered:

Ordinary shares, 0.59 Euro par value per share

JHX

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of July 31, 2026, the registrant had 580,522,488 shares of common stock outstanding.

Table of Contents

TABLE OF CONTENTS


		Page
PART I	Financial Information	2
Item 1.	Financial Statements (Unaudited)	2
	Condensed Consolidated Balance Sheets (Unaudited)	2
	Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)	3
	Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)	4
	Condensed Consolidated Statements of Cash Flows (Unaudited)	5
	Notes to Condensed Consolidated Financial Statements (Unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	31

PART II	Other Information	33
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 3.	Defaults Upon Senior Securities	33
Item 4.	Mine Safety Disclosures	33
Item 5.	Other Information	33
Item 6.	Exhibits	34
	Signatures	36

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PART I

FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (Unaudited)

James Hardie Industries plc

Condensed Consolidated Balance Sheets


(Millions of U.S. dollars)	(Unaudited) June 30, 2026		March 31, 2026
Assets
Current assets:
Cash and cash equivalents	$	289.9	$	269.2
Restricted cash and cash equivalents	32.1		75.2
Restricted short-term investments — Asbestos	212.9		198.5
Accounts and other receivables, net	499.6		517.3
Inventories	612.1		635.7
Prepaid expenses and other current assets	101.8		120.0
Assets held for sale	10.8		10.9
Total current assets	1,759.2		1,826.8
Property, plant and equipment, net	3,051.4		3,084.6
Operating lease right-of-use assets	130.3		133.4
Finance lease right-of-use assets	97.7		100.8
Goodwill	4,775.8		4,780.4
Intangible assets, net	3,260.5		3,340.1
Deferred income taxes	71.3		73.3
Deferred income taxes — Asbestos	276.3		282.5
Other assets	70.9		66.7
Total assets	$	13,493.4	$	13,688.6
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities	$	699.6	$	712.5
Accrued payroll and employee benefits	124.7		167.9
Operating lease liabilities	33.6		32.9
Finance lease liabilities	6.3		5.6
Long-term debt, current portion	43.8		43.8
Accrued product warranties	11.1		10.7
Income taxes payable	26.5		13.1
Asbestos liability	128.8		128.3
Other liabilities	35.1		42.6
Total current liabilities	1,109.5		1,157.4
Long-term debt	4,232.9		4,491.2
Deferred income taxes	426.3		399.7
Operating lease liabilities	109.5		114.3
Finance lease liabilities	95.9		97.9
Accrued product warranties	53.9		53.3
Asbestos liability	851.4		880.3
Other liabilities	73.4		69.0
Total liabilities	6,952.8		7,263.1
Commitments and contingencies (Note 11)
Shareholders’ equity:
Common stock, Euro 0.59 par value, 2.0 billion shares authorized; 580,354,409 shares issued and outstanding at June 30, 2026 and 580,174,308 shares issued and outstanding at March 31, 2026	326.8		326.7
Additional paid-in capital	4,329.4		4,315.4
Retained earnings	1,934.0		1,829.7
Accumulated other comprehensive loss	(49.6)		(46.3)
Total shareholders’ equity	6,540.6		6,425.5
Total liabilities and shareholders’ equity	$	13,493.4	$	13,688.6

The accompanying notes are an integral part of these condensed consolidated financial statements.

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James Hardie Industries plc

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)


	Three Months Ended June 30,
(Millions of U.S. dollars, except per share data)	2026		2025
Net sales	$	1,474.6	$	899.9
Cost of goods sold	925.9		563.0
Gross profit	548.7		336.9
Selling, general and administrative expenses	295.4		156.1
Research and development expenses	15.4		12.1
Restructuring expenses	5.2		—
Acquisition related expenses	16.6		29.4
Asbestos adjustments	(1.6)		0.7
Operating income	217.7		138.6
Interest, net	61.5		37.8
Other (income) expense, net	(1.1)		11.1
Income before income taxes	157.3		89.7
Income tax expense	53.0		27.1
Net income	$	104.3	$	62.6
Income per share:
Basic	$	0.18	$	0.15
Diluted	$	0.18	$	0.15
Weighted average common shares outstanding (Millions):
Basic	580.3		429.9
Diluted	584.3		431.1
Comprehensive income, net of tax:
Net income	$	104.3	$	62.6
Currency translation adjustments	(8.6)		24.3
Cash flow hedges	5.3		—
Comprehensive income	$	101.0	$	86.9

The accompanying notes are an integral part of these condensed consolidated financial statements.

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James Hardie Industries plc

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)


	Three Months Ended June 30, 2026
(Millions of U.S. dollars)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total
Balances as of March 31, 2026	$	326.7	$	4,315.4	$	1,829.7	$	(46.3)	$	6,425.5
Net income	—		—		104.3		—		104.3
Other comprehensive loss	—		—		—		(3.3)		(3.3)
Share-based compensation	—		12.0		—		—		12.0
Issuance of common stock, net of shares withheld for taxes	0.1		1.0		—		—		1.1
Exercise of vested stock options	—		1.0		—		—		1.0
Balances as of June 30, 2026	$	326.8	$	4,329.4	$	1,934.0	$	(49.6)	$	6,540.6


	Three Months Ended June 30, 2025
(Millions of U.S. dollars)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total
Balances as of March 31, 2025	$	222.1	$	271.9	$	1,725.7	$	(58.2)	$	2,161.5
Net income	—		—		62.6		—		62.6
Other comprehensive income	—		—		—		24.3		24.3
Share-based compensation	—		6.9		—		—		6.9
Issuance of common stock, net of shares withheld for taxes	—		1.0		—		—		1.0
Balances as of June 30, 2025	$	222.1	$	279.8	$	1,788.3	$	(33.9)	$	2,256.3

The accompanying notes are an integral part of these condensed consolidated financial statements.

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James Hardie Industries plc

Condensed Consolidated Statements of Cash Flows (Unaudited)


	Three Months Ended June 30,
(Millions of U.S. dollars)	2026		2025
Cash Flows from Operating Activities
Net income	$	104.3	$	62.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	168.8		56.5
Lease expense	12.5		8.3
Deferred income taxes	29.0		13.8
Share-based compensation	12.0		6.9
Asbestos adjustments	(1.6)		0.7

Non-cash restructuring expenses	1.7		—
Non-cash interest expense	2.9		33.6
Other, net	7.3		22.1
Changes in operating assets and liabilities:
Accounts and other receivables	56.0		77.7
Inventories	26.0		(26.8)
Operating lease assets and liabilities, net	(14.3)		(7.9)
Prepaid expenses and other assets	(20.6)		(16.9)
Insurance receivable — Asbestos	0.8		0.9
Accounts payable and accrued liabilities	(10.8)		33.3
Claims and handling costs paid — Asbestos	(33.1)		(29.3)
Income taxes payable	13.6		4.6
Other accrued liabilities and interest	(10.5)		(33.2)
Net cash provided by operating activities	$	344.0	$	206.9
Cash Flows from Investing Activities
Purchases of property, plant and equipment	$	(89.8)	$	(103.2)

Capitalized interest	—		(2.1)
Purchase of restricted investments — Asbestos	(76.1)		(56.6)
Proceeds from restricted investments — Asbestos	62.3		56.6
Net cash used in investing activities	$	(103.6)	$	(105.3)
Cash Flows from Financing Activities
Proceeds from senior secured notes	$	—	$	1,700.0
Proceeds from revolving facility	530.0		—
Repayments of term loans	(10.9)		(290.6)
Repayments of revolving facility	(380.0)		—
Repayment of senior unsecured notes	(400.0)		—
Debt issuance costs paid	—		(6.3)

Proceeds from exercise of vested stock options	1.0		—
Repayment of finance lease obligations	(1.4)		(0.3)
Cash paid for shares withheld for taxes	(0.1)		—
Net cash (used in) provided by financing activities	$	(261.4)	$	1,402.8
Effects of exchange rate changes on cash and cash equivalents, restricted cash and restricted cash — Asbestos	$	(1.4)	$	1.8
Net (decrease) increase in cash and cash equivalents, restricted cash and restricted cash — Asbestos	(22.4)		1,506.2
Cash and cash equivalents, restricted cash and restricted cash — Asbestos at beginning of period	344.4		605.6
Cash and cash equivalents, restricted cash and restricted cash — Asbestos at end of period	$	322.0	$	2,111.8


Non-Cash Investing and Financing Activities
Capital expenditures incurred but not yet paid	$	27.1	$	19.6
Non-cash ROU assets obtained in exchange for new lease liabilities	$	9.4	$	2.7

Supplemental Disclosure of Cash Flow Activities
Cash paid for interest	$	41.2	$	4.6

The accompanying notes are an integral part of these condensed consolidated financial statements.

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James Hardie Industries plc

Notes to Condensed Consolidated Financial Statements (Unaudited)

1. Organization and Significant Accounting Policies

Nature of Operations

James Hardie Industries plc (“JHI plc”) and its direct and indirect wholly-owned subsidiaries and variable interest entity (“VIE”) are collectively referred to as “James Hardie”, or the “Company”, “we”, “our” or “us”. The Company 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, primarily in the United States, Australia, Europe and New Zealand. On July 1, 2025, the Company completed its acquisition of The AZEK Company Inc. (“AZEK”), an industry-leading designer and manufacturer of low maintenance and environmentally sustainable outdoor living products, with manufacturing and recycling facilities in the United States.

Basis of Presentation

The Company operates on a fiscal year ending March 31; the term “$” refers to U.S. dollars; the term “A$” refers to Australian dollars. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the U.S. generally accepted accounting principles (“GAAP”) for interim financial information, and in management's opinion, includes all adjustments, consisting of only normal and recurring adjustments, necessary for the fair statement of the Company's financial position, results of operations and cash flows for the interim periods presented. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. Interim financial results are not necessarily indicative of results anticipated for the full fiscal year or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2026 (“2026 Form 10-K”) from which the prior year balance sheet information herein was derived. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and related disclosures. Actual results could differ from those estimates.

The Company has recorded on its condensed consolidated balance sheets certain foreign assets and liabilities, that are denominated in foreign currencies and subject to translation or remeasurement into U.S. dollars at each reporting date under the applicable accounting guidance. Unless otherwise noted, the Company converts foreign currency denominated assets and liabilities into U.S. dollars at the spot rate at the end of the reporting period; while revenues and expenses are converted using an average exchange rate for the period.

Certain prior period amounts have been reclassified to conform to the current period presentation. On the Condensed Consolidated Balance Sheets, Restricted cash and cash equivalents — Asbestos has been reclassified to Restricted cash and cash equivalents, Insurance receivable — Asbestos and Workers’ compensation — Asbestos have been reclassified to Prepaid expenses and other current assets, Other assets, or Other liabilities depending on their respective category.

Summary of Significant Accounting Policies

There have been no material changes in the Company’s significant accounting policies that were disclosed in the 2026 Form 10-K.

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Restricted Cash and Cash Equivalents

The following table provides a reconciliation of Cash and cash equivalents and Restricted cash and cash equivalents reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:


	June 30,		March 31,
(Millions of U.S. dollars)	2026		2026
Cash and cash equivalents	$	289.9	$	269.2
Restricted cash and cash equivalents	5.0		5.0
Restricted cash and cash equivalents — Asbestos	27.1		70.2