greeksoup/ stock research

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.

Revenue
$10.1 billion
+2.6% on the year
FY2018FY2025
Operating margin
3.6%
15.0% a year earlier
FY2018FY2025
Net income
-$522 million
FY2018FY2025
Diluted EPS
-$6.22
FY2018FY2025

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.
Read the Q4 FY2025 earnings call summary

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.

Owens Corning, the 10-K for 2025

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.

Roofing

Its main roofing products are laminate asphalt roofing shingles, along with roofing components, composite lumber and oxidized asphalt, used mainly in residential construction. It sells shingles mostly through distributors, home centers and lumberyards in the United States. It processes its own asphalt for its shingles and sells processed asphalt to other shingle makers, roofing contractors and other industries, and it makes the glass nonwoven mat used in its shingles, which it also sells for vinyl flooring, gypsum wall boards, ceiling tiles and battery separators. The company states that, according to industry reports and its own estimates, it is the second largest producer of asphalt roofing shingles in the United States. Demand comes from repair and remodeling and new residential construction, and major storms can raise it sharply.

Insulation

Its residential insulation in North America includes thermal and acoustical batts, loosefill and spray foam insulation and foam sheathing, sold under names including Owens Corning PINK Next Gen FIBERGLAS Insulation. For non-residential markets it makes glass fiber pipe insulation, flexible duct media, stone wool insulation, cellular glass insulation and foam insulation, sold under brands including FOAMULAR, FOAMGLAS and Paroc. It sells in the United States, Canada, Europe and Latin America through retail, contractor and distribution channels, and demand for residential insulation in North America typically follows housing starts with a three-month lag. In 1956 it began using the color PINK, which made it the first owner of a single color trademark registration in the U.S.

Doors

It makes residential interior and exterior doors of wood, glass, fiberglass and metal, door components such as frames, sills, hinges and locks, and aluminum-framed glass doors and windows for luxury homes. It serves the United States, Canada and the United Kingdom through wholesale distributors, who sell to homebuilders, contractors, lumberyards and dealers, and through retail channels.

People

As of December 31, 2025 it had approximately 25,000 employees in 31 countries, of whom approximately 11,000 were outside the United States. Approximately 61% of hourly employees are covered by collective bargaining agreements.

From Owens Corning's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue10,1039,8518,372+2.6%
Cost of revenue7,2656,8105,942+6.7%
Gross profit2,8383,0412,430-6.7%
Gross margin28.1%30.9%29.0%
Research and development150131110+14.5%
Selling, general and administrative1,014959748+5.7%
Operating income3601,4821,639-75.7%
Operating margin3.6%15.0%19.6%
Interest expense25620874.0+23.1%
Pre-tax income1041,2751,422-91.8%
Income tax293334364-12.3%
Effective tax rate281.7%26.2%25.6%
Net income-5226471,196
Net margin-5.2%6.6%14.3%
Diluted EPS-$6.22$7.37$13.14
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,7861,8921,719-5.6%
Capital expenditure824647526+27.4%
Free cash flow9621,2451,193-22.7%
Free cash flow margin9.5%12.6%14.2%
Cash from investing-765-3,393-356
Cash from financing-1,072334-877
Depreciation and amortisation694677609+2.5%
Share-based compensation71.093.051.0-23.7%
Buybacks815491657+66.0%
Dividends paid232208188+11.5%
Dividend per share$2.86$2.49$2.16+14.9%
Diluted shares, weighted84m88m91m-4.3%
Shares outstanding at period end80m85m87m-6.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity3,8535,0775,166-24.1%
Non-controlling interest40.043.019.0-7.0%
Redeemable equityn/a0.025.0
Short-term borrowingsn/a1.01.0
Debt5,1725,0993,046+1.4%
Operating lease liabilities450348165+29.3%
Finance lease liabilitiesn/a284122
Other liabilities3,4653,2232,693+7.5%
Total liabilities and equity12,98014,07511,237-7.8%
Fixed assets4,1703,8183,841+9.2%
Goodwill1,6792,7451,392-38.8%
Intangible assets2,5352,6801,528-5.4%
Cash and equivalents3453211,615+7.5%
Receivables9371,140987-17.8%
Inventory1,4721,3271,198+10.9%
Other assets1,8422,044676-9.9%
Total assets12,98014,07511,237-7.8%

10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.