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Owens Corning

CIK:0001370946|SEC Filings

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
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
Selling, General and Administrative Expense	252	263	510	524
Science and technology expenses	35	37	72	72
Gain (Loss) on Disposition of Business	0	24	0	26
Other expense, net	24	29	119	49
Total operating expenses	311	353	701	671
OPERATING INCOME	482	505	602	912
Non-operating income	0	0	0	0
Earnings Before Interest, Taxes, Depreciation and Amortization	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	0	1	0	1
NET EARNINGS FROM CONTINUING OPERATIONS	311	333	350	588
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	(84)	29	(227)	(319)
NET EARNINGS	227	362	123	269
Net (loss) earnings from discontinued operations attributable to Owens Corning, net of tax	1	(1)	2	(1)
NET EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO OWENS CORNING	310	334	348	589
NET EARNINGS	$ 226	$ 363	$ 121	$ 270
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
Income (Loss) from Continuing Operations, Per Basic Share	$ 3.86	$ 3.93	$ 4.32	$ 6.90
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	(1.05)	0.34	(2.82)	(3.74)
Basic (dollars per share)	2.81	4.27	1.50	3.16
Income (Loss) from Continuing Operations, Per Diluted Share	3.84	3.91	4.31	6.86
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	(1.04)	0.34	(2.81)	(3.71)
Diluted (dollars per share)	$ 2.80	$ 4.25	$ 1.50	$ 3.15

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 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
Gain (Loss) on Disposition of Business	0	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)
Changes in other 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	0
Other	0	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	0	329
Payments on senior revolving credit and receivables securitization facilities	0	(329)
Net proceeds from commercial paper	15	420
Payments on long-term debt	0	(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 at beginning of period	407	369
Cash, cash equivalents and restricted cash at end of period	$ 279	$ 273

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Jun. 30, 2026

Dec. 31, 2025

CURRENT ASSETS

Cash and cash equivalents

$ 271

$ 345

Receivables, Net, Current

1,508

937

Inventories

1,455

1,472

Other current assets

208

165

Disposal Group, Including Discontinued Operation, Assets, Current

426

Total current assets

3,442

3,345

Property, plant and equipment, net

4,153

4,170

Operating lease right-of-use assets

507

Goodwill

1,658

1,679

Intangible assets, net

2,460

2,535

Deferred income taxes

Other non-current assets

496

480

Disposal Group, Including Discontinued Operation, Assets, Noncurrent

254

TOTAL ASSETS

12,731

12,980

CURRENT LIABILITIES

Accounts payable

1,350

1,257

Current operating lease liabilities

Short-term debt

Long-term debt - current portion

937

435

Other current liabilities

531

613

Disposal Group, Including Discontinued Operation, Liabilities, Current

222

Total current liabilities

2,968

2,660

Long-term debt, net of current portion

4,188

4,687

Pension plan liability

Other employee benefits liability

Non-current operating lease liabilities

454

450

Deferred income taxes

857

737

Other liabilities

324

323

Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent

Total liabilities

8,920

9,087

OWENS CORNING STOCKHOLDERS’ EQUITY

Preferred stock, par value $0.01 per share

^[1]

Common stock, par value $0.01 per share

^[2]

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

^[3]

(4,598)

(4,430)

Total Owens Corning stockholders’ equity

3,772

3,853

Noncontrolling interests

Total equity

3,811

3,893

TOTAL LIABILITIES AND EQUITY

$ 12,731

$ 12,980

[1]	10 shares authorized; none issued or outstanding at June 30, 2026 and December 31, 2025
[2]	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
[3]	56.5 shares at June 30, 2026 and 55.3 shares at December 31, 2025