Owens Corning

Owens Corning supplies roofing, insulation and doors for construction and repair markets. Roofing demand depends partly on storm-related replacement work, while insulation and doors also reflect building activity. It trades on the New York Stock Exchange as OC.

The third-quarter setback was concentrated in roofing and doors. Insulation sales and profit increased, while cash generation supported debt repayment. Management is prioritizing financial flexibility as demand remains soft.

Third-quarter results, in millions of dollars. Both quarters ended September 30.

Measure	2026	2025
Sales, continuing operations	$2,489	$2,684
Net loss, continuing operations	-$248	-$495
Adjusted income, continuing operations	$192	$306
Adjusted EBITDA, continuing operations	$489	$638
Operating cash flow	$813	$918
Free cash flow	$622	$752

Adjusted earnings and EBITDA remove impairment and other specified items. EBITDA also excludes interest, taxes, depreciation and amortization. Free cash flow is operating cash flow less capital spending. Cash-flow figures include discontinued operations.

At September 30, cash and cash equivalents were $179 million and carrying debt, including finance leases, was $4.891 billion. The company reported $299 million of debt reduction during the quarter.

The outlook and capital-return timetable

As of November 4, Owens Corning expects fourth-quarter sales of $2.0 billion to $2.2 billion and an adjusted EBITDA margin of approximately 10% to 12%. The comparable 2025 quarter had $2.142 billion of sales and an adjusted margin of 17%.

Management said it has completed the vast majority of its original $2 billion shareholder-return commitment for 2025 and 2026. The remaining portion is now expected in 2027 as debt reduction takes priority. Its dividend policy is unchanged.

Read our analysis of the roofing squeeze and changed shareholder timetable for the original sales forecast comparison and the current cost pressures.