Owens Corning (OC) FY2025 results: revenue $10.1 billion, up 2.6% on the year
Owens Corning (OC) reported revenue of $10.1 billion for fiscal 2025, the year ended 31 December 2025, up 2.6% on the year before. Net income was -$522 million, and diluted earnings per share $-6.22. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 7 new, 3 kept.
- Full-year sales rose three percent: 2025 net sales from continuing operations reached $10.1 billion, 3% above 2024's $9.85 billion. Full-year sales rose while fourth-quarter sales declined.
- Fourth-quarter sales fell 17%: Fourth-quarter net sales were $2,142 million against $2,574 million a year earlier, down 17%.
- Diluted EPS fell after impairments: Diluted EPS from continuing operations was $(2.24) against $10.79, reflecting the Doors impairment charges. Adjusted diluted EPS was $12.05, against $14.85.
- Doors fourth-quarter margin at 7%: Fourth-quarter Doors net sales were $486 million, down 14%, with EBITDA of $33 million, a 7% margin against 15% a year earlier.
- Residential demand to stay challenged early: Residential new construction and discretionary remodeling are expected to stay challenged early in 2026, given lower lagged single-family starts and cautious purchasing.
From this 10-K
Owens Corning makes building products: roofing, insulation, and doors and door systems. It was founded in 1938 and is based in Toledo, Ohio. It reports three segments, Roofing, Insulation and Doors. On February 13, 2025 it agreed to sell its glass reinforcements business, which it reports as discontinued operations. On May 15, 2024 it acquired Masonite International, a maker of interior and exterior doors, which forms its Doors segment.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 10,103 | 9,851 | 8,372 | +2.6% | |
| Cost of revenue | 7,265 | 6,810 | 5,942 | +6.7% | |
| Gross profit | 2,838 | 3,041 | 2,430 | -6.7% | |
| Gross margin | 28.1% | 30.9% | 29.0% | ||
| Research and development | 150 | 131 | 110 | +14.5% | |
| Selling, general and administrative | 1,014 | 959 | 748 | +5.7% | |
| Operating income | 360 | 1,482 | 1,639 | -75.7% | |
| Operating margin | 3.6% | 15.0% | 19.6% | ||
| Interest expense | 256 | 208 | 74.0 | +23.1% | |
| Pre-tax income | 104 | 1,275 | 1,422 | -91.8% | |
| Income tax | 293 | 334 | 364 | -12.3% | |
| Effective tax rate | 281.7% | 26.2% | 25.6% | ||
| Net income | -522 | 647 | 1,196 | ||
| Net margin | -5.2% | 6.6% | 14.3% | ||
| Diluted EPS | -$6.22 | $7.37 | $13.14 |
Read more
Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 1,786 | 1,892 | 1,719 | -5.6% | |
| Capital expenditure | 824 | 647 | 526 | +27.4% | |
| Free cash flow | 962 | 1,245 | 1,193 | -22.7% | |
| Free cash flow margin | 9.5% | 12.6% | 14.2% | ||
| Cash from investing | -765 | -3,393 | -356 | ||
| Cash from financing | -1,072 | 334 | -877 | ||
| Depreciation and amortisation | 694 | 677 | 609 | +2.5% | |
| Share-based compensation | 71.0 | 93.0 | 51.0 | -23.7% | |
| Buybacks | 815 | 491 | 657 | +66.0% | |
| Dividends paid | 232 | 208 | 188 | +11.5% | |
| Dividend per share | $2.86 | $2.49 | $2.16 | +14.9% | |
| Diluted shares, weighted | 84m | 88m | 91m | -4.3% | |
| Shares outstanding at period end | 80m | 85m | 87m | -6.1% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 3,853 | 5,077 | 5,166 | -24.1% | |
| Non-controlling interest | 40.0 | 43.0 | 19.0 | -7.0% | |
| Redeemable equity | n/a | 0.0 | 25.0 | ||
| Short-term borrowings | n/a | 1.0 | 1.0 | ||
| Debt | 5,172 | 5,099 | 3,046 | +1.4% | |
| Operating lease liabilities | 450 | 348 | 165 | +29.3% | |
| Finance lease liabilities | n/a | 284 | 122 | ||
| Other liabilities | 3,465 | 3,223 | 2,693 | +7.5% | |
| Total liabilities and equity | 12,980 | 14,075 | 11,237 | -7.8% | |
| Fixed assets | 4,170 | 3,818 | 3,841 | +9.2% | |
| Goodwill | 1,679 | 2,745 | 1,392 | -38.8% | |
| Intangible assets | 2,535 | 2,680 | 1,528 | -5.4% | |
| Cash and equivalents | 345 | 321 | 1,615 | +7.5% | |
| Receivables | 937 | 1,140 | 987 | -17.8% | |
| Inventory | 1,472 | 1,327 | 1,198 | +10.9% | |
| Other assets | 1,842 | 2,044 | 676 | -9.9% | |
| Total assets | 12,980 | 14,075 | 11,237 | -7.8% |
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.