Form 8-K

8-K — Owens Corning

Accession: 0001370946-26-000175

Filed: 2026-08-05

Period: 2026-08-05

CIK: 0001370946

SIC: 3290 (ABRASIVE ASBESTOS & MISC NONMETALLIC MINERAL PRODUCTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — oc-20260805.htm (Primary)

EX-99.1 (q22026exh-991pressrelease.htm)

GRAPHIC (newsrelease2a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: oc-20260805.htm · Sequence: 1

oc-20260805

0001370946false00013709462026-08-052026-08-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

Form 8-K

______________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 5, 2026

______________________________________

Owens Corning

(Exact name of registrant as specified in its charter)

______________________________________

DE 1-33100 43-2109021

(State or other jurisdiction

of incorporation) (Commission

File Number) (I.R.S. Employer

Identification No.)

One Owens Corning Parkway

Toledo, OH 43659

(Address of principal executive offices) (Zip Code)

419-248-8000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

______________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered

Common Stock, par value $0.01 per share OC New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 Results of Operations and Financial Condition

On August 5, 2026, Owens Corning (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 2026.

Exhibit 99.1 contains certain financial measures that are considered "non-GAAP financial measures" as defined in the federal securities laws and contains an explanation and, as applicable, a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States.

The information in Item 2.02 of this Current Report is being furnished pursuant to General Instructions B.2 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in Item 2.02 of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No. Description

99.1

Press Release, dated August 5, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Owens Corning

August 5, 2026 By: /s/ Todd W. Fister

Todd W. Fister

Executive Vice President and Chief Financial and Operating Officer

EX-99.1

Filename: q22026exh-991pressrelease.htm · Sequence: 2

Document

Exhibit 99.1

Owens Corning Demonstrates Value of Reshaped Company; Delivers Strong Results from Continuing Operations in the Second Quarter

TOLEDO, Ohio – August 5, 2026 - Owens Corning (NYSE: OC), a branded building products leader, today reported second-quarter 2026 results.

•Reported Net Sales from Continuing Operations of $2.8 Billion, In Line with Prior Year

•Generated Net Earnings Margin from Continuing Operations of 11% and Adjusted EBITDA Margin from Continuing Operations of 24%

•Delivered Diluted EPS from Continuing Operations of $3.84 and Adjusted Diluted EPS from Continuing Operations of $3.93

•Produced Operating Cash Flow of $398 Million and Free Cash Flow of $199 Million

•Returned $264 Million to Shareholders through Dividends and Share Repurchases

“These outstanding second-quarter results demonstrate the strength of our reshaped company. Our performance is a direct result of our strategic pivot to build a large-scale, residential-focused building products company with unique and unifying competitive advantages across market-leading businesses,” said Chair and Chief Executive Officer Brian Chambers. “Through our strategic choices, disciplined execution, and continued investment, we have created multiple paths to deliver revenue, earnings, and cash flow growth. As we look ahead, we remain focused on executing our growth agenda and creating long-term value for our customers and shareholders.”

Enterprise Performance from Continuing Operations

($ in millions, except per share amounts)

Second-Quarter

Six Months

2026 2025 Change 2026 2025 Change

Net Sales $2,756 $2,747 $9 —% $5,021 $5,277 $(256) (5)%

Net Earnings Attributable to OC 310 334 (24) (7)% 348 589 (241) (41)%

As a Percent of Net Sales 11% 12% N/A N/A 7% 11% N/A N/A

Adjusted EBITDA 660 703 (43) (6)% 1,029 1,268 (239) (19)%

As a Percent of Net Sales 24% 26% N/A N/A 20% 24% N/A N/A

Diluted EPS 3.84 3.91 (0.07) (2)% 4.31 6.86 (2.55) (37)%

Adjusted Diluted EPS 3.93 4.21 (0.28) (7)% 5.15 7.17 (2.02) (28)%

Operating Cash Flow1

398 327 71 22% 244 278 (34) (12)%

Free Cash Flow1

199 129 70 54% (188) (123) (65) (53)%

1 Reflects full company performance inclusive of discontinued operations.

Enterprise Strategy Updates

•In the second quarter, Owens Corning maintained a high level of safety performance with a recordable incident rate (RIR) of 0.75.

•Owens Corning completed the sale of its glass reinforcements business on April 30, 2026, advancing the company’s strategy to operate as a residential-focused building products leader in North America and Europe and enhancing its capital efficiency. The sale positions the company to deliver higher, more resilient margins and cash flows in support of its growth and capital allocation strategy.

•On July 29, Owens Corning announced the appointment of Jonathan Collins as Executive Vice President and Chief Financial Officer, effective August 10, 2026. Collins is a seasoned finance executive with strong operational expertise and a proven background in scaling rapidly evolving businesses. He succeeds Todd Fister who will assume the role of President and Chief Operating Officer and will lead the execution of key enterprise initiatives to drive growth and performance, leveraging the company’s unique OC Advantages™ to further integrate its go-to-market strategy and simplify and standardize work across the enterprise.

•By applying Owens Corning's proven commercial and operational playbook to unlock value for the Doors business, the company has achieved $135 million of enterprise run-rate cost synergies — exceeding its commitment to deliver $125 million by mid-2026. The company is also on track to deliver an additional $75 million of structural cost improvements through network optimization and operational efficiencies.

Cash Returned to Shareholders

•Owens Corning remains committed to returning $2 billion of cash to shareholders over 2025 and 2026 through dividends and share repurchases. In the second quarter, the company returned $264 million to shareholders. The company repurchased 1.7 million shares of common stock for $200 million and paid a quarterly cash dividend of $64 million. At the end of the quarter, 10.8 million shares were available for repurchase under the current authorizations.

“Our second-quarter performance was driven by the disciplined commercial work of our teams and the execution of company-specific initiatives to grow our revenue and improve productivity. We continue to demonstrate our ability to perform across cycles while positioning Owens Corning for even greater success as market conditions improve,” said Executive Vice President and Chief Financial and Operating Officer Todd Fister. “In the second half of the year, we are committed to maintaining our healthy balance sheet, investing in capital projects to grow our future earnings power, and returning significant cash to shareholders. We are also excited to welcome Jonathan Collins to Owens Corning to partner with our executive team to accelerate organic growth and performance."

Other Notable Highlights

•Owens Corning was named to the Fortune 500 for the 72nd consecutive year. This annual list ranks the largest U.S. companies based on revenue. Owens Corning has appeared on the list every year since its inception.

•In May, Owens Corning published its 2025 Sustainability Report, Built to Sustain, which outlined the company’s ongoing commitment to sustainability and innovation in support of its business objectives and meeting customer needs. This marks the 20th annual sustainability report from Owens Corning.

Second-Quarter Business Performance from Continuing Operations

•Owens Corning reported resilient earnings in the current demand environment, with an enterprise adjusted EBITDA margin of 24%. Second-quarter results were supported by demand for the company’s high-performing branded building products, reflecting the strength of its market-leading positions and differentiated commercial capabilities.

Segment Results ($ in millions) Net Sales EBITDA EBITDA Margin

Q2 2026

Q2 2025

Q2 2026

Q2 2025

Q2 2026

Q2 2025

Roofing $1,313 $1,303 $441 $457 34% 35%

Insulation 971 934 213 225 22% 24%

Doors 513 554 57 75 11% 14%

Third-Quarter Outlook

•The key economic factors that impact the company’s business are residential repair activity, residential remodeling activity, U.S. housing starts, and commercial construction activity.

•Owens Corning expects discretionary remodeling activity and residential new construction to remain under some pressure. In roofing, the company expects seasonal storm demand to be in line with historical averages, while heavier second-quarter inventory stocking is expected to impact third-quarter distributor purchases. Non-residential construction activity in North America is expected to remain stable, and conditions in the company's core European markets are anticipated to gradually improve.

•Owens Corning anticipates inflationary impact from the Iran conflict to result in incremental costs of approximately $40 million in the third quarter.

•For the third-quarter 2026, Owens Corning expects to continue delivering strong financial performance based on structural improvements made to the company and its market-leading positions. Revenue is expected to be approximately $2.6 billion to $2.7 billion, slightly below the prior year. The company expects to generate enterprise adjusted EBITDA margin of approximately 20% to 22%.

Current 2026 Financial Outlook

General Corporate EBITDA Expenses $245 million to $255 million

Interest Expense $255 million to $265 million

Effective Tax Rate on Adjusted Earnings 24% to 26%*

Capital Additions Approximately $800 million

Depreciation and Amortization Approximately $680 million

* Cash taxes are anticipated to be lower.

Second-Quarter 2026 Conference Call and Presentation

Wednesday, August 5, 2026

9 a.m. Eastern Time

All Callers

•Live dial-in telephone number: U.S. and Canada 1.833.461.5787; and other international locations +1.585.542.9983

•Meeting code: 845257538 (Please dial in 10-15 minutes before conference call start time)

•Live webcast: https://events.q4inc.com/attendee/845257538

•Webcast replay will be available for one year using the above link.

About Owens Corning

Owens Corning is a branded building products leader with three complementary market‑leading businesses providing roofing, insulation, and doors primarily for residential markets in North America and Europe. The company operates with an integrated go‑to‑market strategy and a unique set of OC Advantages™ – including its iconic brand, unparalleled commercial strength, leading technology, and winning cost position – to help customers win and grow in the market. Owens Corning is committed to helping build better and achieve more through winning partnerships, leading performance, and engaging people. Founded in 1938 and headquartered in Toledo, Ohio, Owens Corning is listed on the New York Stock Exchange (NYSE: OC). For more information, visit www.owenscorning.com.

Use of Non-GAAP Measures

Owens Corning uses non-GAAP measures in its earnings press release that are intended to supplement investors' understanding of the company's financial information. These non-GAAP measures include EBITDA from continuing operations, adjusted EBITDA from continuing operations, adjusted earnings from continuing operations, adjusted diluted earnings per share attributable to Owens Corning common stockholders ("adjusted EPS") from continuing operations and free cash flow. When used to report historical financial information, reconciliations of these non-GAAP measures to the corresponding GAAP measures are included in the financial tables of this press release. Specifically, see Table 2 for adjusted EBITDA from continuing operations, Table 3 for adjusted earnings from continuing operations and adjusted EPS from continuing operations, and Table 8 for free cash flow.

For purposes of internal review of Owens Corning's year-over-year operational performance, management excludes from net earnings attributable to Owens Corning certain items it believes are not representative of ongoing operations. The non-GAAP financial measures resulting from these adjustments (including adjusted EBITDA from continuing operations, adjusted earnings from continuing operations and adjusted EPS from continuing operations) are used internally by Owens Corning for various purposes, including reporting results of operations to the Board of Directors, analysis of performance, and related employee compensation measures. Management believes that these adjustments result in a measure that provides a useful representation of its operational performance; however, the adjusted measures should not be considered in isolation or as a substitute for net earnings attributable to Owens Corning as prepared in accordance with GAAP.

Free cash flow is a non-GAAP liquidity measure used by investors, financial analysts and management to help evaluate the company's ability to generate cash to pursue opportunities that enhance shareholder value. The company defines free cash flow as net cash flow provided by operating activities, less cash paid for property, plant and equipment. Free cash flow is not a measure of residual cash flow available for discretionary expenditures due to the company's mandatory debt service requirements. Free cash flow is used internally by the company for various purposes, including reporting results of operations to the Board of Directors of the company and analysis of performance.

Management believes that these measures provide a useful representation of our operational performance and liquidity; however, the measures should not be considered in isolation or as a substitute for net cash flow provided by operating activities or net earnings attributable to Owens Corning as prepared in accordance with GAAP.

When the company provides forward-looking expectations for non-GAAP measures, the most comparable GAAP measures and a reconciliation between the non-GAAP expectations and the corresponding GAAP measures are generally not available without unreasonable effort due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP measures in future periods. The variability in timing and amount of adjusting items could have significant and unpredictable effect on our future GAAP results.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are subject to risks, uncertainties and other factors and actual results may differ materially from those results projected in the statements. These risks, uncertainties and other factors include, without limitation: levels of residential and non-residential construction activity; demand for our products; industry and economic conditions including, but not limited to, supply chain disruptions, recessionary conditions, inflationary pressures, and interest rate and financial markets volatility; additional changes to tariff, trade or investment policies or laws by the United States, or similar actions, including reciprocal actions, by foreign governments; availability and cost of energy and raw materials; competitive and pricing factors; relationships with key customers and customer concentration in certain areas; our ability to achieve expected synergies, cost reductions and/or productivity improvements; issues related to acquisitions, divestitures

and joint ventures or expansions; climate change, weather conditions and storm activity; legislation and related regulations or interpretations in the United States or elsewhere; domestic and international economic and political conditions, policies or other governmental actions, as well as war and civil disturbance; uninsured losses or major manufacturing disruptions, including those from natural disasters, catastrophes, pandemics, theft or sabotage; environmental, product-related or other legal and regulatory liabilities, proceedings or actions; research and development activities and intellectual property protection; issues involving implementation and protection of information technology systems; foreign exchange and commodity price fluctuations; our level of indebtedness; our liquidity and the availability and cost of credit; the level of fixed costs required to run our business; levels of goodwill or other indefinite-lived intangible assets; loss of key employees and labor disputes or shortages; defined benefit plan funding obligations; and factors detailed from time to time in the company’s filings with the U.S. Securities and Exchange Commission. This information speaks as of August 5, 2026, and is subject to change. The company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by federal securities laws. Any distribution of this news release after that date is not intended and should not be construed as updating or confirming such information.

Media Inquiries: Investor Inquiries:

Megan James Darren Garvin

mediarelations@owenscorning.com investorrelations@owenscorning.com

419.348.0768 419.248.7747

Owens Corning Company News / Owens Corning Investor Relations News

Table 1

Owens Corning and Subsidiaries

Consolidated Statements of Earnings

(unaudited)

(in millions, except per share amounts)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

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

Marketing and administrative expenses 252 263 510 524

Science and technology expenses 35 37 72 72

Loss on sale of business — 24 — 26

Other expense, net 24 29 119 49

Total operating expenses 311 353 701 671

OPERATING INCOME 482 505 602 912

Non-operating income — — — —

EARNINGS FROM CONTINUING OPERATIONS BEFORE INTEREST AND TAXES 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 — 1 — 1

NET EARNINGS FROM CONTINUING OPERATIONS 311 333 350 588

Net (loss) earnings from discontinued operations attributable to Owens Corning, net of tax (84) 29 (227) (319)

NET EARNINGS $ 227 $ 362 $ 123 $ 269

NET EARNINGS FROM CONTINUING OPERATIONS $ 311 $ 333 $ 350 $ 588

Net earnings (loss) attributable to noncontrolling interests 1 (1) 2 (1)

NET EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO OWENS CORNING 310 334 348 589

Net (loss) earnings from discontinued operations attributable to Owens Corning, net of tax (84) 29 (227) (319)

NET EARNINGS ATTRIBUTABLE TO OWENS CORNING $ 226 $ 363 $ 121 $ 270

EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS

Basic - continuing operations $ 3.86 $ 3.93 $ 4.32 $ 6.90

Basic - discontinued operations $ (1.05) $ 0.34 $ (2.82) $ (3.74)

Basic $ 2.81 $ 4.27 $ 1.50 $ 3.16

Diluted - continuing operations $ 3.84 $ 3.91 $ 4.31 $ 6.86

Diluted - discontinued operations $ (1.04) $ 0.34 $ (2.81) $ (3.71)

Diluted $ 2.80 $ 4.25 $ 1.50 $ 3.15

Table 2

Owens Corning and Subsidiaries

EBITDA Reconciliation Schedules

(unaudited)

Adjusting (expense) income items to EBITDA are shown in the table below:

Three Months Ended Six Months Ended

June 30, June 30,

(In millions) 2026 2025 2026 2025

Restructuring excluding depreciation $ (16) $ (9) $ (59) $ (12)

Acquisition-related integration costs excluding depreciation — (4) (9) (6)

Gains on sale of certain precious metals 10 12 22 21

Impairment of venture investment — — (7) —

Paroc marine recall (1) (1) (33) (2)

Loss on sale of business — (24) — (26)

Gain on sale of site (a) 4 — 4 —

Gain on sale of business — — 4 —

Total adjusting items $ (3) $ (26) $ (78) $ (25)

(a)This gain relates to the sale of a site that was part of a previous restructuring action in the Roofing segment.

The reconciliation from Net earnings from continuing operations attributable to Owens Corning to Adjusted EBITDA from continuing operations is shown in the table below:

Three Months Ended June 30, Six Months Ended June 30,

(In millions) 2026 2025 2026 2025

NET EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO OWENS CORNING $ 310 $ 334 $ 348 $ 589

Net earnings (loss) attributable to noncontrolling interests 1 (1) 2 (1)

NET EARNINGS FROM CONTINUING OPERATIONS 311 333 350 588

Equity in net earnings of affiliates — 1 — 1

Income tax expense 102 110 117 198

EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES 413 442 467 785

Interest expense, net 69 63 135 127

EARNINGS FROM CONTINUING OPERATIONS BEFORE INTEREST AND TAXES 482 505 602 912

Less: Adjusting items from above (3) (26) (78) (25)

Depreciation & Amortization 175 172 349 331

ADJUSTED EBITDA FROM CONTINUING OPERATIONS $ 660 $ 703 $ 1,029 $ 1,268

Net sales $ 2,756 $ 2,747 $ 5,021 $ 5,277

ADJUSTED EBITDA as a % of Net sales 24 % 26 % 20 % 24 %

Table 3

Owens Corning and Subsidiaries

EPS Reconciliation Schedules

(unaudited)

(in millions, except per share data)

A reconciliation from Net earnings from continuing operations attributable to Owens Corning to adjusted earnings from continuing operations and a reconciliation from diluted earnings from continuing operations per share to adjusted diluted earnings from continuing operations per share are shown in the tables below:

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

RECONCILIATION TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS

NET EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO OWENS CORNING $ 310 $ 334 $ 348 $ 589

Adjustment to remove adjusting items and other adjustments (a)

3 26 78 25

Adjustment to remove adjusting items for depreciation and amortization (b)

7 9 12 9

Adjustment to remove tax (benefit)/expense on adjusting items and other adjustments (c)

(5) (8) (23) (8)

Adjustment to tax expense/(benefit) to reflect pro forma tax rate (d)

2 (1) 1 1

ADJUSTED EARNINGS FROM CONTINUING OPERATIONS

$ 317 $ 360 $ 416 $ 616

RECONCILIATION TO ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS FROM CONTINUING OPERATIONS

DILUTED EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS

$ 3.84 $ 3.91 $ 4.31 $ 6.86

Adjustment to remove adjusting items and other adjustments (a) 0.04 0.30 0.96 0.29

Adjustment to remove adjusting items for depreciation and amortization (b) 0.09 0.11 0.15 0.10

Adjustment to remove tax (benefit)/expense on adjusting items and other adjustments (c) (0.06) (0.09) (0.28) (0.09)

Adjustment to tax expense/(benefit) to reflect pro forma tax rate (d) 0.02 (0.02) 0.01 0.01

ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS FROM CONTINUING OPERATIONS

$ 3.93 $ 4.21 $ 5.15 $ 7.17

RECONCILIATION TO DILUTED SHARES OUTSTANDING

Weighted average shares outstanding used for basic earnings per share

80.3 85.0 80.5 85.4

Unvested restricted shares and performance shares

0.3 0.5 0.3 0.5

Diluted shares outstanding

80.6 85.5 80.8 85.9

(a) Please refer to Table 2 "EBITDA Reconciliation Schedules" for additional information on adjusting items.

(b) To remove the impact of accelerated depreciation and amortization charges for restructuring projects and impairments which are excluded from adjusted earnings from continuing operations.

(c) The tax impact of adjusting items is based on our expected tax accounting treatment and rate for the jurisdiction of each adjusting item.

(d)

To compute adjusted earnings from continuing operations, we apply a full year pro forma effective tax rate to each quarter presented. For 2026, we have used a full year pro forma effective tax rate of 25%, which is the mid-point of our 2026 effective tax rate guidance of 24% to 26%. For comparability, in 2025, we have used an effective tax rate of 25%, which was our 2025 effective tax rate excluding the adjusting items referenced in (a), (b) and (c).

Table 4

Owens Corning and Subsidiaries

Consolidated Balance Sheets

(unaudited)

(in millions, except per share data)

June 30, December 31,

ASSETS 2026 2025

CURRENT ASSETS

Cash and cash equivalents $ 271 $ 345

Receivables, less allowance of $4 at June 30, 2026 and $4 at December 31, 2025 1,508 937

Inventories 1,455 1,472

Other current assets 208 165

Current assets of discontinued operations — 426

Total current assets 3,442 3,345

Property, plant and equipment, net 4,153 4,170

Operating lease right-of-use assets 507 507

Goodwill 1,658 1,679

Intangible assets, net 2,460 2,535

Deferred income taxes 15 10

Other non-current assets 496 480

Non-current assets of discontinued operations — 254

TOTAL ASSETS $ 12,731 $ 12,980

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Accounts payable $ 1,350 $ 1,257

Current operating lease liabilities 85 83

Short-term debt 65 50

Long-term debt - current portion 937 435

Other current liabilities 531 613

Current liabilities of discontinued operations — 222

Total current liabilities 2,968 2,660

Long-term debt, net of current portion 4,188 4,687

Pension plan liability 36 38

Other employee benefits liability 93 96

Non-current operating lease liabilities 454 450

Deferred income taxes 857 737

Other liabilities 324 323

Non-current liabilities of discontinued operations — 96

Total liabilities 8,920 9,087

OWENS CORNING STOCKHOLDERS’ EQUITY

Preferred stock, par value $0.01 per share (a) — —

Common stock, par value $0.01 per share (b) 1 1

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 (c) (4,598) (4,430)

Total Owens Corning stockholders’ equity 3,772 3,853

Noncontrolling interests 39 40

Total equity 3,811 3,893

TOTAL LIABILITIES AND EQUITY $ 12,731 $ 12,980

(a)10 shares authorized; none issued or outstanding at June 30, 2026 and December 31, 2025

(b)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

Table 5

Owens Corning and Subsidiaries

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

Six Months Ended June 30,

2026 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

Loss on sale of business — 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)

Change in 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 —

Other — (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 — 329

Payments on senior revolving credit and receivables securitization facilities — (329)

Net proceeds from commercial paper 15 420

Payments on long-term debt — (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, beginning of period 407 369

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 279 $ 273

Table 6

Owens Corning and Subsidiaries

Segment Information

(unaudited)

Roofing

The table below provides a summary of net sales and EBITDA for the Roofing segment:

Three Months Ended June 30, Six Months Ended June 30,

(In millions) 2026 2025 2026 2025

Net sales $ 1,313 $ 1,303 $ 2,273 $ 2,423

% change from prior year 1 % 4 % -6 % 3 %

EBITDA $ 441 $ 457 $ 672 $ 789

EBITDA as a % of net sales 34 % 35 % 30 % 33 %

Insulation

The table below provides a summary of net sales and EBITDA for the Insulation segment:

Three Months Ended June 30, Six Months Ended June 30,

(In millions) 2026 2025 2026 2025

Net sales $ 971 $ 934 $ 1,838 $ 1,843

% change from prior year 4 % -4 % — % -5 %

EBITDA $ 213 $ 225 $ 380 $ 450

EBITDA as a % of net sales 22 % 24 % 21 % 24 %

Doors

The table below provides a summary of net sales and EBITDA for the Doors segment:

Three Months Ended June 30, Six Months Ended June 30,

(In millions) 2026 2025 2026 2025

Net sales $ 513 $ 554 $ 988 $ 1,094

% change from prior year -7 % N/A -10 % N/A

EBITDA $ 57 $ 75 $ 91 $ 143

EBITDA as a % of net sales 11 % 14 % 9 % 13 %

Table 7

Owens Corning and Subsidiaries

Corporate, Other and Eliminations

(unaudited)

Corporate, Other and Eliminations

The table below provides a summary of EBITDA for the Corporate, Other and Eliminations category:

Three Months Ended June 30, Six Months Ended June 30,

(In millions) 2026 2025 2026 2025

Restructuring excluding depreciation $ (16) $ (9) $ (59) $ (12)

Acquisition-related integration costs excluding depreciation — (4) (9) (6)

Gains on sale of certain precious metals 10 12 22 21

Impairment of venture investment — — (7) —

Paroc marine recall (1) (1) (33) (2)

Loss on sale of business — (24) — (26)

Gain on sale of site (a) 4 — 4 —

Gain on sale of business — — 4 —

General corporate expense and other (51) (54) (114) (114)

EBITDA $ (54) $ (80) $ (192) $ (139)

(a)This gain relates to the sale of a site that was part of a previous restructuring action in the Roofing segment.

Table 8

Owens Corning and Subsidiaries

Free Cash Flow Reconciliation Schedule

(unaudited)

The reconciliation from net cash flow provided by operating activities to free cash flow is shown in the table below:

Three Months Ended June 30, Six Months Ended June 30,

(In millions) 2026 2025 2026 2025

NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES $ 398 $ 327 $ 244 $ 278

Less: Cash paid for property, plant and equipment (199) (198) (432) (401)

FREE CASH FLOW $ 199 $ 129 $ (188) $ (123)

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