OC earnings analysis
What we found in OC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Owens Corning reported Q2 continuing-operations revenue of $2.756 billion and diluted EPS of $3.84, but adjusted EBITDA fell 6% to $660 million and adjusted EBITDA margin declined to 24% from 26%. Management's Q3 revenue outlook of $2.6 billion to $2.7 billion and 20% to 22% adjusted EBITDA margin signals sequential moderation. The supplied filing extract does not include the detailed segment table, balance sheet, or cash-flow statements, so segment revenue, working-capital movements, operating cash flow, and free cash flow are not reported here.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Q2 revenue reached $2.756B and EPS was $3.84
- Q2 continuing-operations revenue was $2.756 billion, while diluted EPS from continuing operations was $3.84.
- Capital return: $201M of share repurchases
- Owens Corning repurchased 1.7 million shares for $201 million during the three months ended June 30, 2026. The company retained authorization for 10.8 million additional shares at quarter-end.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Adjusted EBITDA and margin contracted
- Adjusted EBITDA declined 6% to $660 million, and adjusted EBITDA margin declined to 24% from 26%, indicating earnings pressure despite $2.756 billion of Q2 revenue.
- Q3 outlook implies sequential moderation
- Q3 revenue is expected at approximately $2.6 billion to $2.7 billion, below Q2 revenue of $2.756 billion at the high end of the range; expected adjusted EBITDA margin is 20% to 22%, versus 24% in Q2.
- Capital spending remains substantial
- The company expects approximately $800 million of 2026 capital additions, a meaningful cash-use commitment while it also repurchased $201 million of stock in Q2.
- No material risk-factor updates
- Item 1A states there were no material changes to risks disclosed in the 2025 Form 10-K. The filing continues to identify exposures including construction activity, tariffs, energy and raw-material costs, demand, indebtedness, and liquidity.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $3.84
What they said about what is next.
The company indicated Q3 2026 revenue of approximately $2.6 billion to $2.7 billion and adjusted EBITDA margin of approximately 20% to 22%. It retained 2026 corporate EBITDA expense outlook of $245 million to $255 million, interest expense of $255 million to $265 million, a 24% to 26% tax rate, and capital additions of approximately $800 million; no explicit comparison with a prior company outlook was provided.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 6, 2026
- Owens Corning reported Q1 2026 results with a revenue of $2.58 billion and an EPS of -1.92, missing consensus estimates of $2.17 billion in revenue and $0.97 EPS. The revenue declined 9.5% compared to the prior year…
- 10-K · February 25, 2026
- Owens Corning (OC) is reshaping into a focused building-products company after the 2024 Masonite acquisition and the announced divestiture of its Glass Reinforcements business. Reported 2025 net sales were $10.1 billion…
- 10-K · February 24, 2025
- Owens Corning reported net sales of $11.0 billion in 2024 and is reshaping its portfolio after the May 15, 2024 $3.2 billion acquisition of Masonite and a February 13, 2025 definitive agreement to sell its global glass…
- 10-Q · November 6, 2024
- Owens Corning reported quarterly revenue of $3,046 million (up $567 million, +22.9% vs. Q3 2023) and gross margin of $908 million (29.8% of sales). Operating income rose to $509 million but diluted EPS fell slightly to…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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