Track market-moving stories before they get noisy

Owens Corning (OC - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Shares of this construction materials company have returned -8.7% over the past month versus the Zacks S&P 500 composite's no change. The Zacks Building Products - Miscellaneous industry, to which Owens Corning belongs, has lost 0.3% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Owens Corning is expected to post earnings of $2.98 per share for the current quarter, representing a year-over-year change of -18.8%. Over the last 30 days, the Zacks Consensus Estimate has changed -26.2%.

For the current fiscal year, the consensus earnings estimate of $9.59 points to a change of -20.4% from the prior year. Over the last 30 days, this estimate has changed -5.4%.

For the next fiscal year, the consensus earnings estimate of $10.72 indicates a change of +11.8% from what Owens Corning is expected to report a year ago. Over the past month, the estimate has changed -11.6%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #4 (Sell) for Owens Corning.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

In the case of Owens Corning, the consensus sales estimate of $2.6 billion for the current quarter points to a year-over-year change of -3%. The $9.9 billion and $10.26 billion estimates for the current and next fiscal years indicate changes of -2% and +3.6%, respectively.

Last Reported Results and Surprise HistoryOwens Corning reported revenues of $2.76 billion in the last reported quarter, representing a year-over-year change of +0.3%. EPS of $3.93 for the same period compares with $4.21 a year ago.

Compared to the Zacks Consensus Estimate of $2.67 billion, the reported revenues represent a surprise of +3.16%. The EPS surprise was +28.43%.

Over the last four quarters, Owens Corning surpassed consensus EPS estimates three times. The company topped consensus revenue estimates two times over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Owens Corning is graded A on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Owens Corning. However, its Zacks Rank #4 does suggest that it may underperform the broader market in the near term.

Nykredit A S acquired a new position in shares of Owens Corning Inc (NYSE:OC – Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,044,808 shares of the construction company’s stock, valued at approximately $166,083,000. Nykredit A S owned approximately 1.32% of Owens Corning as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Corient Private Wealth LP increased its holdings in Owens Corning by 41.8% during the second quarter. Corient Private Wealth LP now owns 40,157 shares of the construction company’s stock worth $6,383,000 after buying an additional 11,841 shares during the last quarter. HighTower Advisors LLC grew its position in shares of Owens Corning by 18.8% in the 2nd quarter. HighTower Advisors LLC now owns 10,733 shares of the construction company’s stock valued at $1,706,000 after acquiring an additional 1,701 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Owens Corning during the 2nd quarter worth about $2,114,000. Widmann Financial Services Inc. bought a new stake in shares of Owens Corning in the 2nd quarter valued at about $263,000. Finally, HB Wealth Management LLC raised its holdings in shares of Owens Corning by 68.7% in the 2nd quarter. HB Wealth Management LLC now owns 8,561 shares of the construction company’s stock valued at $1,361,000 after purchasing an additional 3,486 shares during the period. 88.40% of the stock is owned by institutional investors.

Owens Corning Stock Down 1.5% Owens Corning stock opened at $124.68 on Friday. The company’s 50-day moving average price is $142.29 and its two-hundred day moving average price is $127.85. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. The stock has a market cap of $9.86 billion, a P/E ratio of -15.47, a P/E/G ratio of 1.90 and a beta of 1.32. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.91.

Owens Corning (NYSE:OC – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.84. The company had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The business’s revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.21 earnings per share. As a group, analysts expect that Owens Corning Inc will post 9.94 EPS for the current year. Owens Corning Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Monday, October 19th will be given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, October 19th. Owens Corning’s payout ratio is presently -39.21%.

Analysts Set New Price Targets OC has been the subject of a number of research analyst reports. Evercore reiterated an “outperform” rating and set a $193.00 price target on shares of Owens Corning in a report on Thursday, July 23rd. Citigroup upped their price objective on Owens Corning from $149.00 to $177.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Deutsche Bank Aktiengesellschaft raised their price objective on Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Weiss Ratings raised Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, June 24th. Finally, Barclays raised their price target on Owens Corning from $170.00 to $177.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Three analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $164.15.

Get Our Latest Analysis on Owens Corning

Key Stories Impacting Owens Corning Here are the key news stories impacting Owens Corning this week:

Positive Sentiment: Quarterly dividend maintained: Owens Corning declared a quarterly cash dividend of $0.79 per share, payable November 5 to shareholders of record on October 19. The dividend represents an indicated yield of approximately 2.5% and signals continued shareholder returns. Owens Corning Declares Third-Quarter 2026 Dividend Positive Sentiment: Analyst upgrade: Zacks Research upgraded OC from “hold” to “strong-buy,” adding a favorable near-term catalyst and reflecting confidence in the company’s earnings and operating prospects. Positive Sentiment: Growth opportunities remain: Analysts point to resilient Roofing demand, improving Insulation trends, cost reductions and strong cash flow. Infrastructure and data-center construction could also support demand for building products, partially offsetting housing weakness. Owens Corning Stock Rises 17% in Six Months Neutral Sentiment: Board addition: Michael DeVito, former Freddie Mac CEO, joined Owens Corning’s board and its Audit, Finance and Technology committees. His housing-market and financial-services experience could benefit governance, though the immediate earnings impact is likely limited. Owens Corning Elects Michael DeVito to Board of Directors Negative Sentiment: Housing-market concerns: A moribund housing market and elevated construction costs could continue to pressure demand, particularly in residential-oriented businesses. Investors are also watching whether management can execute its cost-cutting and demand-recovery plans. Owens Corning: Navigating Through the Moribund Housing Market Insider Activity at Owens Corning In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of the stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $144.07, for a total transaction of $129,663.00. Following the transaction, the insider owned 21,449 shares in the company, valued at $3,090,157.43. This represents a 4.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company’s stock.

Owens Corning Profile (Free Report)

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its portfolio includes insulation, roofing materials and glass-fiber composites designed to improve energy efficiency, durability and structural performance.

The company’s insulation products include fiberglass, mineral wool and foam insulation, as well as related air-sealing and weatherization products. Its roofing business provides asphalt shingles, roofing components and other solutions for residential and commercial applications.

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Owens Corning (OC - Free Report) ended the recent trading session at $126.62, demonstrating a -1.59% change from the preceding day's closing price. The stock fell short of the S&P 500, which registered a loss of 0.45% for the day. Elsewhere, the Dow saw a downswing of 1.21%, while the tech-heavy Nasdaq depreciated by 0.01%.

The construction materials company's shares have seen a decrease of 14.57% over the last month, not keeping up with the Construction sector's loss of 11.29% and the S&P 500's loss of 2.43%.

Market participants will be closely following the financial results of Owens Corning in its upcoming release. The company's earnings per share (EPS) are projected to be $3.2, reflecting a 12.81% decrease from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $2.63 billion, showing a 2.14% drop compared to the year-ago quarter.

For the full year, the Zacks Consensus Estimates are projecting earnings of $9.94 per share and revenue of $9.97 billion, which would represent changes of -17.51% and -1.35%, respectively, from the prior year.

Investors should also pay attention to any latest changes in analyst estimates for Owens Corning. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Currently, Owens Corning is carrying a Zacks Rank of #1 (Strong Buy).

In terms of valuation, Owens Corning is presently being traded at a Forward P/E ratio of 12.94. This expresses a discount compared to the average Forward P/E of 16.2 of its industry.

It's also important to note that OC currently trades at a PEG ratio of 1.93. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The average PEG ratio for the Building Products - Miscellaneous industry stood at 1.42 at the close of the market yesterday.

The Building Products - Miscellaneous industry is part of the Construction sector. At present, this industry carries a Zacks Industry Rank of 100, placing it within the top 41% of over 250 industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Advisors Capital Management LLC purchased a new stake in Owens Corning Inc (NYSE:OC – Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 53,306 shares of the construction company’s stock, valued at approximately $8,474,000. Advisors Capital Management LLC owned about 0.07% of Owens Corning as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. HM Payson & Co. raised its position in Owens Corning by 203.6% during the 2nd quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock worth $27,000 after purchasing an additional 112 shares during the last quarter. Itau Unibanco Holding S.A. bought a new position in Owens Corning during the fourth quarter worth $29,000. Cassaday & Co Wealth Management LLC bought a new position in shares of Owens Corning during the 1st quarter worth about $30,000. Harbour Investments Inc. grew its stake in Owens Corning by 66.5% in the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock valued at $36,000 after acquiring an additional 129 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Owens Corning in the 4th quarter valued at $37,000. Institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance Shares of OC opened at $147.19 on Friday. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91. The business’s fifty day simple moving average is $142.73 and its two-hundred day simple moving average is $127.15. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The company has a market cap of $11.64 billion, a price-to-earnings ratio of -18.26, a P/E/G ratio of 2.28 and a beta of 1.32.

Owens Corning (NYSE:OC – Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, beating the consensus estimate of $3.09 by $0.84. The firm had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.66 billion. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.21 EPS. Research analysts anticipate that Owens Corning Inc will post 9.9 earnings per share for the current fiscal year. Owens Corning Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were paid a dividend of $0.79 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a yield of 2.1%. Owens Corning’s dividend payout ratio is presently -39.21%.

Insider Activity In other news, insider Rachel Barthelemy Marcon sold 700 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the sale, the insider directly owned 15,848 shares of the company’s stock, valued at $1,913,012.08. This trade represents a 4.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company’s stock.

Analysts Set New Price Targets A number of equities analysts recently weighed in on the stock. Wells Fargo & Company boosted their price target on shares of Owens Corning from $150.00 to $165.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. Zacks Research raised shares of Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Evercore restated an “outperform” rating and set a $193.00 target price on shares of Owens Corning in a research report on Thursday, July 23rd. Barclays increased their price target on shares of Owens Corning from $170.00 to $177.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $163.25.

Read Our Latest Stock Report on Owens Corning

Owens Corning Company Profile (Free Report)

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.

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TOLEDO, Ohio--(BUSINESS WIRE)--Owens Corning (NYSE: OC), a branded building products leader, today reported second-quarter 2026 results.

Reported Net Sales from Continuing Operations of $2.8 Billion, In Line with Prior Year Generated Net Earnings Margin from Continuing Operations of 11% and Adjusted EBITDA Margin from Continuing Operations of 24% Delivered Diluted EPS from Continuing Operations of $3.84 and Adjusted Diluted EPS from Continuing Operations of $3.93 Produced Operating Cash Flow of $398 Million and Free Cash Flow of $199 Million Returned $264 Million to Shareholders through Dividends and Share Repurchases “These outstanding second-quarter results demonstrate the strength of our reshaped company. Our performance is a direct result of our strategic pivot to build a large-scale, residential-focused building products company with unique and unifying competitive advantages across market-leading businesses,” said Chair and Chief Executive Officer Brian Chambers. “Through our strategic choices, disciplined execution, and continued investment, we have created multiple paths to deliver revenue, earnings, and cash flow growth. As we look ahead, we remain focused on executing our growth agenda and creating long-term value for our customers and shareholders.”

Enterprise Performance from Continuing Operations

($ in millions, except per share amounts)

Second-Quarter

Six Months

2026

2025

Change

2026

2025

Change

Net Sales

$2,756

$2,747

$9

—%

$5,021

$5,277

$(256)

(5)%

Net Earnings Attributable to OC

310

334

(24)

(7)%

348

589

(241)

(41)%

As a Percent of Net Sales

11%

12%

N/A

N/A

7%

11%

N/A

N/A

Adjusted EBITDA

660

703

(43)

(6)%

1,029

1,268

(239)

(19)%

As a Percent of Net Sales

24%

26%

N/A

N/A

20%

24%

N/A

N/A

Diluted EPS

3.84

3.91

(0.07)

(2)%

4.31

6.86

(2.55)

(37)%

Adjusted Diluted EPS

3.93

4.21

(0.28)

(7)%

5.15

7.17

(2.02)

(28)%

Operating Cash Flow1

398

327

71

22%

244

278

(34)

(12)%

Free Cash Flow1

199

129

70

54%

(188)

(123)

(65)

(53)%

1 Reflects full company performance inclusive of discontinued operations.

Enterprise Strategy Updates

In the second quarter, Owens Corning maintained a high level of safety performance with a recordable incident rate (RIR) of 0.75. Owens Corning completed the sale of its glass reinforcements business on April 30, 2026, advancing the company’s strategy to operate as a residential-focused building products leader in North America and Europe and enhancing its capital efficiency. The sale positions the company to deliver higher, more resilient margins and cash flows in support of its growth and capital allocation strategy. On July 29, Owens Corning announced the appointment of Jonathan Collins as Executive Vice President and Chief Financial Officer, effective August 10, 2026. Collins is a seasoned finance executive with strong operational expertise and a proven background in scaling rapidly evolving businesses. He succeeds Todd Fister who will assume the role of President and Chief Operating Officer and will lead the execution of key enterprise initiatives to drive growth and performance, leveraging the company’s unique OC Advantages™ to further integrate its go-to-market strategy and simplify and standardize work across the enterprise. By applying Owens Corning's proven commercial and operational playbook to unlock value for the Doors business, the company has achieved $135 million of enterprise run-rate cost synergies — exceeding its commitment to deliver $125 million by mid-2026. The company is also on track to deliver an additional $75 million of structural cost improvements through network optimization and operational efficiencies. Cash Returned to Shareholders

Owens Corning remains committed to returning $2 billion of cash to shareholders over 2025 and 2026 through dividends and share repurchases. In the second quarter, the company returned $264 million to shareholders. The company repurchased 1.7 million shares of common stock for $200 million and paid a quarterly cash dividend of $64 million. At the end of the quarter, 10.8 million shares were available for repurchase under the current authorizations. “Our second-quarter performance was driven by the disciplined commercial work of our teams and the execution of company-specific initiatives to grow our revenue and improve productivity. We continue to demonstrate our ability to perform across cycles while positioning Owens Corning for even greater success as market conditions improve,” said Executive Vice President and Chief Financial and Operating Officer Todd Fister. “In the second half of the year, we are committed to maintaining our healthy balance sheet, investing in capital projects to grow our future earnings power, and returning significant cash to shareholders. We are also excited to welcome Jonathan Collins to Owens Corning to partner with our executive team to accelerate organic growth and performance."

Other Notable Highlights

Owens Corning was named to the Fortune 500 for the 72nd consecutive year. This annual list ranks the largest U.S. companies based on revenue. Owens Corning has appeared on the list every year since its inception. In May, Owens Corning published its 2025 Sustainability Report, Built to Sustain, which outlined the company’s ongoing commitment to sustainability and innovation in support of its business objectives and meeting customer needs. This marks the 20th annual sustainability report from Owens Corning. Second-Quarter Business Performance from Continuing Operations

Owens Corning reported resilient earnings in the current demand environment, with an enterprise adjusted EBITDA margin of 24%. Second-quarter results were supported by demand for the company’s high-performing branded building products, reflecting the strength of its market-leading positions and differentiated commercial capabilities. Segment Results ($ in millions)

Net Sales

EBITDA

EBITDA Margin

Q2 2026

Q2 2025

Q2 2026

Q2 2025

Q2 2026

Q2 2025

Roofing

$1,313

$1,303

$441

$457

34%

35%

Insulation

971

934

213

225

22%

24%

Doors

513

554

57

75

11%

14%

Third-Quarter Outlook

The key economic factors that impact the company’s business are residential repair activity, residential remodeling activity, U.S. housing starts, and commercial construction activity. Owens Corning expects discretionary remodeling activity and residential new construction to remain under some pressure. In roofing, the company expects seasonal storm demand to be in line with historical averages, while heavier second-quarter inventory stocking is expected to impact third-quarter distributor purchases. Non-residential construction activity in North America is expected to remain stable, and conditions in the company's core European markets are anticipated to gradually improve. Owens Corning anticipates inflationary impact from the Iran conflict to result in incremental costs of approximately $40 million in the third quarter. For the third-quarter 2026, Owens Corning expects to continue delivering strong financial performance based on structural improvements made to the company and its market-leading positions. Revenue is expected to be approximately $2.6 billion to $2.7 billion, slightly below the prior year. The company expects to generate enterprise adjusted EBITDA margin of approximately 20% to 22%. Current 2026 Financial Outlook

General Corporate EBITDA Expenses

$245 million to $255 million

Interest Expense

$255 million to $265 million

Effective Tax Rate on Adjusted Earnings

24% to 26%*

Capital Additions

Approximately $800 million

Depreciation and Amortization

Approximately $680 million

* Cash taxes are anticipated to be lower.

Second-Quarter 2026 Conference Call and Presentation

Wednesday, August 5, 2026

9 a.m. Eastern Time

All Callers

Live dial-in telephone number: U.S. and Canada 1.833.461.5787; and other international locations +1.585.542.9983 Meeting code: 845257538 (Please dial in 10-15 minutes before conference call start time) Live webcast: https://events.q4inc.com/attendee/845257538 Webcast replay will be available for one year using the above link. About Owens Corning

Owens Corning is a branded building products leader with three complementary market‑leading businesses providing roofing, insulation, and doors primarily for residential markets in North America and Europe. The company operates with an integrated go‑to‑market strategy and a unique set of OC Advantages™ – including its iconic brand, unparalleled commercial strength, leading technology, and winning cost position – to help customers win and grow in the market. Owens Corning is committed to helping build better and achieve more through winning partnerships, leading performance, and engaging people. Founded in 1938 and headquartered in Toledo, Ohio, Owens Corning is listed on the New York Stock Exchange (NYSE: OC). For more information, visit www.owenscorning.com.

Use of Non-GAAP Measures

Owens Corning uses non-GAAP measures in its earnings press release that are intended to supplement investors' understanding of the company's financial information. These non-GAAP measures include EBITDA from continuing operations, adjusted EBITDA from continuing operations, adjusted earnings from continuing operations, adjusted diluted earnings per share attributable to Owens Corning common stockholders ("adjusted EPS") from continuing operations and free cash flow. When used to report historical financial information, reconciliations of these non-GAAP measures to the corresponding GAAP measures are included in the financial tables of this press release. Specifically, see Table 2 for adjusted EBITDA from continuing operations, Table 3 for adjusted earnings from continuing operations and adjusted EPS from continuing operations, and Table 8 for free cash flow.

For purposes of internal review of Owens Corning's year-over-year operational performance, management excludes from net earnings attributable to Owens Corning certain items it believes are not representative of ongoing operations. The non-GAAP financial measures resulting from these adjustments (including adjusted EBITDA from continuing operations, adjusted earnings from continuing operations and adjusted EPS from continuing operations) are used internally by Owens Corning for various purposes, including reporting results of operations to the Board of Directors, analysis of performance, and related employee compensation measures. Management believes that these adjustments result in a measure that provides a useful representation of its operational performance; however, the adjusted measures should not be considered in isolation or as a substitute for net earnings attributable to Owens Corning as prepared in accordance with GAAP.

Free cash flow is a non-GAAP liquidity measure used by investors, financial analysts and management to help evaluate the company's ability to generate cash to pursue opportunities that enhance shareholder value. The company defines free cash flow as net cash flow provided by operating activities, less cash paid for property, plant and equipment. Free cash flow is not a measure of residual cash flow available for discretionary expenditures due to the company's mandatory debt service requirements. Free cash flow is used internally by the company for various purposes, including reporting results of operations to the Board of Directors of the company and analysis of performance.

Management believes that these measures provide a useful representation of our operational performance and liquidity; however, the measures should not be considered in isolation or as a substitute for net cash flow provided by operating activities or net earnings attributable to Owens Corning as prepared in accordance with GAAP.

When the company provides forward-looking expectations for non-GAAP measures, the most comparable GAAP measures and a reconciliation between the non-GAAP expectations and the corresponding GAAP measures are generally not available without unreasonable effort due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP measures in future periods. The variability in timing and amount of adjusting items could have significant and unpredictable effect on our future GAAP results.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are subject to risks, uncertainties and other factors and actual results may differ materially from those results projected in the statements. These risks, uncertainties and other factors include, without limitation: levels of residential and non-residential construction activity; demand for our products; industry and economic conditions including, but not limited to, supply chain disruptions, recessionary conditions, inflationary pressures, and interest rate and financial markets volatility; additional changes to tariff, trade or investment policies or laws by the United States, or similar actions, including reciprocal actions, by foreign governments; availability and cost of energy and raw materials; competitive and pricing factors; relationships with key customers and customer concentration in certain areas; our ability to achieve expected synergies, cost reductions and/or productivity improvements; issues related to acquisitions, divestitures and joint ventures or expansions; climate change, weather conditions and storm activity; legislation and related regulations or interpretations in the United States or elsewhere; domestic and international economic and political conditions, policies or other governmental actions, as well as war and civil disturbance; uninsured losses or major manufacturing disruptions, including those from natural disasters, catastrophes, pandemics, theft or sabotage; environmental, product-related or other legal and regulatory liabilities, proceedings or actions; research and development activities and intellectual property protection; issues involving implementation and protection of information technology systems; foreign exchange and commodity price fluctuations; our level of indebtedness; our liquidity and the availability and cost of credit; the level of fixed costs required to run our business; levels of goodwill or other indefinite-lived intangible assets; loss of key employees and labor disputes or shortages; defined benefit plan funding obligations; and factors detailed from time to time in the company’s filings with the U.S. Securities and Exchange Commission. This information speaks as of August 5, 2026, and is subject to change. The company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by federal securities laws. Any distribution of this news release after that date is not intended and should not be construed as updating or confirming such information.

Owens Corning Company News / Owens Corning Investor Relations News

Table 1

Owens Corning and Subsidiaries

Consolidated Statements of Earnings

(unaudited)

(in millions, except per share amounts)

  Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

NET SALES

$

2,756

$

2,747

$

5,021

$

5,277

COST OF SALES

1,963

1,889

3,718

3,694

Gross margin

793

858

1,303

1,583

OPERATING EXPENSES

Marketing and administrative expenses

252

263

510

524

Science and technology expenses

35

37

72

72

Loss on sale of business

—

24

—

26

Other expense, net

24

29

119

49

Total operating expenses

311

353

701

671

OPERATING INCOME

482

505

602

912

Non-operating income

—

—

—

—

EARNINGS FROM CONTINUING OPERATIONS BEFORE INTEREST AND TAXES

482

505

602

912

Interest expense, net

69

63

135

127

EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES

413

442

467

785

Income tax expense

102

110

117

198

Equity in net earnings of affiliates

—

1

—

1

NET EARNINGS FROM CONTINUING OPERATIONS

311

333

350

588

Net (loss) earnings from discontinued operations attributable to Owens Corning, net of tax

(84

)

29

(227

)

(319

)

NET EARNINGS

$

227

$

362

$

123

$

269

NET EARNINGS FROM CONTINUING OPERATIONS

$

311

$

333

$

350

$

588

Net earnings (loss) attributable to noncontrolling interests

1

(1

)

2

(1

)

NET EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO OWENS CORNING

310

334

348

589

Net (loss) earnings from discontinued operations attributable to Owens Corning, net of tax

(84

)

29

(227

)

(319

)

NET EARNINGS ATTRIBUTABLE TO OWENS CORNING

$

226

$

363

$

121

$

270

EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS

Basic - continuing operations

$

3.86

$

3.93

$

4.32

$

6.90

Basic - discontinued operations

$

(1.05

)

$

0.34

$

(2.82

)

$

(3.74

)

Basic

$

2.81

$

4.27

$

1.50

$

3.16

Diluted - continuing operations

$

3.84

$

3.91

$

4.31

$

6.86

Diluted - discontinued operations

$

(1.04

)

$

0.34

$

(2.81

)

$

(3.71

)

Diluted

$

2.80

$

4.25

$

1.50

$

3.15

Table 2

Owens Corning and Subsidiaries

EBITDA Reconciliation Schedules

(unaudited)

  Adjusting (expense) income items to EBITDA are shown in the table below:

  Three Months Ended

Six Months Ended

June 30,

June 30,

(In millions)

2026

2025

2026

2025

Restructuring excluding depreciation

$

(16

)

$

(9

)

$

(59

)

$

(12

)

Acquisition-related integration costs excluding depreciation

—

(4

)

(9

)

(6

)

Gains on sale of certain precious metals

10

12

22

21

Impairment of venture investment

—

—

(7

)

—

Paroc marine recall

(1

)

(1

)

(33

)

(2

)

Loss on sale of business

—

(24

)

—

(26

)

Gain on sale of site (a)

4

—

4

—

Gain on sale of business

—

—

4

—

Total adjusting items

$

(3

)

$

(26

)

$

(78

)

$

(25

)

(a) This gain relates to the sale of a site that was part of a previous restructuring action in the Roofing segment.

The reconciliation from Net earnings from continuing operations attributable to Owens Corning to Adjusted EBITDA from continuing operations is shown in the table below:

  Three Months Ended June 30,

Six Months Ended June 30,

(In millions)

2026

2025

2026

2025

NET EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO OWENS CORNING

$

310

$

334

$

348

$

589

Net earnings (loss) attributable to noncontrolling interests

1

(1

)

2

(1

)

NET EARNINGS FROM CONTINUING OPERATIONS

311

333

350

588

Equity in net earnings of affiliates

—

1

—

1

Income tax expense

102

110

117

198

EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES

413

442

467

785

Interest expense, net

69

63

135

127

EARNINGS FROM CONTINUING OPERATIONS BEFORE INTEREST AND TAXES

482

505

602

912

Less: Adjusting items from above

(3

)

(26

)

(78

)

(25

)

Depreciation & Amortization

175

172

349

331

ADJUSTED EBITDA FROM CONTINUING OPERATIONS

$

660

$

703

$

1,029

$

1,268

Net sales

$

2,756

$

2,747

$

5,021

$

5,277

ADJUSTED EBITDA as a % of Net sales

24

%

26

%

20

%

24

%

Table 3

Owens Corning and Subsidiaries

EPS Reconciliation Schedules

(unaudited)

(in millions, except per share data)

  A reconciliation from Net earnings from continuing operations attributable to Owens Corning to adjusted earnings from continuing operations and a reconciliation from diluted earnings from continuing operations per share to adjusted diluted earnings from continuing operations per share are shown in the tables below:

  Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

RECONCILIATION TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS

NET EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO OWENS CORNING

$

310

$

334

$

348

$

589

Adjustment to remove adjusting items and other adjustments (a)

3

26

78

25

Adjustment to remove adjusting items for depreciation and amortization (b)

7

9

12

9

Adjustment to remove tax (benefit)/expense on adjusting items and other adjustments (c)

(5

)

(8

)

(23

)

(8

)

Adjustment to tax expense/(benefit) to reflect pro forma tax rate (d)

2

(1

)

1

1

ADJUSTED EARNINGS FROM CONTINUING OPERATIONS

$

317

$

360

$

416

$

616

RECONCILIATION TO ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS FROM CONTINUING OPERATIONS

DILUTED EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS

$

3.84

$

3.91

$

4.31

$

6.86

Adjustment to remove adjusting items and other adjustments (a)

0.04

0.30

0.96

0.29

Adjustment to remove adjusting items for depreciation and amortization (b)

0.09

0.11

0.15

0.10

Adjustment to remove tax (benefit)/expense on adjusting items and other adjustments (c)

(0.06

)

(0.09

)

(0.28

)

(0.09

)

Adjustment to tax expense/(benefit) to reflect pro forma tax rate (d)

0.02

(0.02

)

0.01

0.01

ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS FROM CONTINUING OPERATIONS

$

3.93

$

4.21

$

5.15

$

7.17

RECONCILIATION TO DILUTED SHARES OUTSTANDING

Weighted average shares outstanding used for basic earnings per share

80.3

85.0

80.5

85.4

Unvested restricted shares and performance shares

0.3

0.5

0.3

0.5

Diluted shares outstanding

80.6

85.5

80.8

85.9

Table 4

Owens Corning and Subsidiaries

Consolidated Balance Sheets

(unaudited)

(in millions, except per share data)

  June 30,

December 31,

ASSETS

2026

2025

CURRENT ASSETS

Cash and cash equivalents

$

271

$

345

Receivables, less allowance of $4 at June 30, 2026 and $4 at December 31, 2025

1,508

937

Inventories

1,455

1,472

Other current assets

208

165

Current assets of discontinued operations

—

426

Total current assets

3,442

3,345

Property, plant and equipment, net

4,153

4,170

Operating lease right-of-use assets

507

507

Goodwill

1,658

1,679

Intangible assets, net

2,460

2,535

Deferred income taxes

15

10

Other non-current assets

496

480

Non-current assets of discontinued operations

—

254

TOTAL ASSETS

$

12,731

$

12,980

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Accounts payable

$

1,350

$

1,257

Current operating lease liabilities

85

83

Short-term debt

65

50

Long-term debt - current portion

937

435

Other current liabilities

531

613

Current liabilities of discontinued operations

—

222

Total current liabilities

2,968

2,660

Long-term debt, net of current portion

4,188

4,687

Pension plan liability

36

38

Other employee benefits liability

93

96

Non-current operating lease liabilities

454

450

Deferred income taxes

857

737

Other liabilities

324

323

Non-current liabilities of discontinued operations

—

96

Total liabilities

8,920

9,087

OWENS CORNING STOCKHOLDERS’ EQUITY

Preferred stock, par value $0.01 per share (a)

—

—

Common stock, par value $0.01 per share (b)

1

1

Additional paid-in capital

4,253

4,256

Accumulated earnings

4,456

4,463

Accumulated other comprehensive deficit

(340

)

(437

)

Cost of common stock in treasury (c)

(4,598

)

(4,430

)

Total Owens Corning stockholders’ equity

3,772

3,853

Noncontrolling interests

39

40

Total equity

3,811

3,893

TOTAL LIABILITIES AND EQUITY

$

12,731

$

12,980

(a) 10 shares authorized; none issued or outstanding at June 30, 2026 and December 31, 2025

(b) 400 shares authorized; 135.5 issued and 79.0 outstanding at June 30, 2026; 135.5 issued and 80.2 outstanding at December 31, 2025

(c) 56.5 shares at June 30, 2026 and 55.3 shares at December 31, 2025

Table 5

Owens Corning and Subsidiaries

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

  Six Months Ended June 30,

2026

2025

NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES

Net earnings

$

123

$

269

Adjustments to reconcile net earnings to cash provided by operating activities:

Loss on discontinued operations

175

381

Depreciation and amortization

349

331

Loss on sale of business

—

26

Deferred income taxes

93

4

Stock-based compensation expense

35

39

Gains on sale of certain precious metals

(22

)

(21

)

Other adjustments to reconcile net earnings to cash from operating activities

(7

)

(21

)

Change in operating assets and liabilities

(489

)

(707

)

Pension fund contribution

(3

)

(3

)

Payments for other employee benefits liabilities

(6

)

(5

)

Other

(4

)

(15

)

Net cash flow provided by operating activities

244

278

NET CASH FLOW PROVIDED BY (USED FOR) INVESTING ACTIVITIES

Cash paid for property, plant and equipment

(432

)

(401

)

Proceeds from sale of assets or affiliates

69

62

Proceeds from sale of Glass Reinforcements business, net of cash divested

370

—

Other

—

(8

)

Net cash flow provided by (used for) investing activities

7

(347

)

NET CASH FLOW USED FOR FINANCING ACTIVITIES

Proceeds from senior revolving credit and receivables securitization facilities

—

329

Payments on senior revolving credit and receivables securitization facilities

—

(329

)

Net proceeds from commercial paper

15

420

Payments on long-term debt

—

(29

)

Dividends paid

(127

)

(118

)

Purchases of treasury stock

(230

)

(363

)

Finance lease payments

(24

)

(22

)

Net cash flow used for financing activities

(366

)

(112

)

Effect of exchange rate changes on cash

(13

)

85

Net decrease in cash, cash equivalents and restricted cash

(128

)

(96

)

Cash, cash equivalents and restricted cash, beginning of period

407

369

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD

$

279

$

273

Table 6

Owens Corning and Subsidiaries

Segment Information

(unaudited)

  Roofing

The table below provides a summary of net sales and EBITDA for the Roofing segment:

  Three Months Ended June 30,

Six Months Ended June 30,

(In millions)

2026

2025

2026

2025

Net sales

$

1,313

$

1,303

$

2,273

$

2,423

% change from prior year

1

%

4

%

-6

%

3

%

EBITDA

$

441

$

457

$

672

$

789

EBITDA as a % of net sales

34

%

35

%

30

%

33

%

Insulation

The table below provides a summary of net sales and EBITDA for the Insulation segment:

Three Months Ended June 30,

Six Months Ended June 30,

(In millions)

2026

2025

2026

2025

Net sales

$

971

$

934

$

1,838

$

1,843

% change from prior year

4

%

-4

%

—

%

-5

%

EBITDA

$

213

$

225

$

380

$

450

EBITDA as a % of net sales

22

%

24

%

21

%

24

%

Doors

The table below provides a summary of net sales and EBITDA for the Doors segment:

  Three Months Ended June 30,

Six Months Ended June 30,

(In millions)

2026

2025

2026

2025

Net sales

$

513

$

554

$

988

$

1,094

% change from prior year

-7

%

N/A

-10

%

N/A

EBITDA

$

57

$

75

$

91

$

143

EBITDA as a % of net sales

11

%

14

%

9

%

13

%

Table 7

Owens Corning and Subsidiaries

Corporate, Other and Eliminations

(unaudited)

  Corporate, Other and Eliminations

The table below provides a summary of EBITDA for the Corporate, Other and Eliminations category:

  Three Months Ended June 30,

Six Months Ended June 30,

(In millions)

2026

2025

2026

2025

Restructuring excluding depreciation

$

(16

)

$

(9

)

$

(59

)

$

(12

)

Acquisition-related integration costs excluding depreciation

—

(4

)

(9

)

(6

)

Gains on sale of certain precious metals

10

12

22

21

Impairment of venture investment

—

—

(7

)

—

Paroc marine recall

(1

)

(1

)

(33

)

(2

)

Loss on sale of business

—

(24

)

—

(26

)

Gain on sale of site (a)

4

—

4

—

Gain on sale of business

—

—

4

—

General corporate expense and other

(51

)

(54

)

(114

)

(114

)

EBITDA

$

(54

)

$

(80

)

$

(192

)

$

(139

)

(a) This gain relates to the sale of a site that was part of a previous restructuring action in the Roofing segment.

Table 8

Owens Corning and Subsidiaries

Free Cash Flow Reconciliation Schedule

(unaudited)

  The reconciliation from net cash flow provided by operating activities to free cash flow is shown in the table below:

  Three Months Ended June 30,

Six Months Ended June 30,

(In millions)

2026

2025

2026

2025

NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES

$

398

$

327

$

244

$

278

Less: Cash paid for property, plant and equipment

(199

)

(198

)

(432

)

(401

)

FREE CASH FLOW

$

199

$

129

$

(188

)

$

(123

)

In the latest close session, Owens Corning (OC - Free Report) was down 2.83% at $146.79. This change lagged the S&P 500's 0.72% gain on the day. Meanwhile, the Dow experienced a rise of 0.3%, and the technology-dominated Nasdaq saw an increase of 1.12%.

The construction materials company's shares have seen an increase of 26.73% over the last month, surpassing the Construction sector's gain of 0.11% and the S&P 500's loss of 0.9%.

The investment community will be paying close attention to the earnings performance of Owens Corning in its upcoming release. In that report, analysts expect Owens Corning to post earnings of $3.02 per share. This would mark a year-over-year decline of 28.27%. Simultaneously, our latest consensus estimate expects the revenue to be $2.67 billion, showing a 2.75% drop compared to the year-ago quarter.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $9.53 per share and a revenue of $9.93 billion, signifying shifts of -20.91% and -1.68%, respectively, from the last year.

Investors should also pay attention to any latest changes in analyst estimates for Owens Corning. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Owens Corning currently has a Zacks Rank of #3 (Hold).

In terms of valuation, Owens Corning is presently being traded at a Forward P/E ratio of 15.86. This expresses a discount compared to the average Forward P/E of 18.63 of its industry.

We can additionally observe that OC currently boasts a PEG ratio of 2.74. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As the market closed yesterday, the Building Products - Miscellaneous industry was having an average PEG ratio of 1.58.

The Building Products - Miscellaneous industry is part of the Construction sector. At present, this industry carries a Zacks Industry Rank of 183, placing it within the bottom 26% of over 250 industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.