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Building materials · Basic Materials · Fiscal year ends Dec 31
Owens Corning reported revenue of $10.1B in the fiscal year ended Dec 2025, up 2.6% from the year before. Operating income was $360M, an operating margin of 3.6%, and net income was −$522M. Operating cash flow of $1.8B less capital expenditure of $824M left free cash flow of $962M. Net debt was $4.4B.
Ranks among the 16 building materials companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 8,498 | 9,761 | 8,372 | 9,851 | 10,103 |
| Cost of revenue | 6,281 | 7,145 | 5,942 | 6,810 | 7,265 |
| Gross profit | 2,217 | 2,616 | 2,430 | 3,041 | 2,838 |
| Research & development | 91.0 | 106 | 110 | 131 | 150 |
| Selling, general & admin | – | – | 748 | 959 | 1,014 |
| Operating incomederived: pre-tax income + interest | 1,438 | 1,714 | 1,639 | 1,482 | 360 |
| Interest expense | 126 | 109 | 74.0 | 208 | 256 |
| Pre-tax income | 1,313 | 1,614 | 1,422 | 1,275 | 104 |
| Income tax | 319 | 373 | 364 | 334 | 293 |
| Net income | 995 | 1,241 | 1,196 | 647 | −522 |
| Diluted EPS | 9.54 | 12.70 | 13.14 | 7.37 | −6.22 |
| Diluted shares | 104 | 97.7 | 91.0 | 87.8 | 84.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 959 | 1,099 | 1,615 | 321 | 345 |
| Receivables | 939 | 961 | 987 | 1,140 | 937 |
| Inventory | 1,078 | 1,334 | 1,198 | 1,327 | 1,472 |
| Current assets | 3,097 | 3,556 | 3,917 | 3,378 | 3,345 |
| Net PP&E | 3,873 | 3,729 | 3,841 | 3,818 | 4,170 |
| Goodwill | 990 | 1,383 | 1,392 | 2,745 | 1,679 |
| Total assets | 10,015 | 10,752 | 11,237 | 14,075 | 12,980 |
| Payables | 1,095 | 1,345 | 1,216 | 1,301 | 1,257 |
| Deferred revenue | 76.0 | 89.0 | 101 | 118 | 133 |
| Current liabilities | 1,697 | 2,104 | 2,324 | 2,297 | 2,660 |
| Short-term debt | 25.0 | 28.0 | 32.0 | 32.0 | 36.0 |
| Long-term debt | 2,960 | 2,992 | 2,615 | 5,067 | 4,687 |
| Total liabilities | 5,680 | 6,131 | 6,027 | 8,955 | 9,087 |
| Shareholders' equity | 4,296 | 4,575 | 5,166 | 5,077 | 3,853 |
| Backlog (remaining obligations) | 5.0 | 6.0 | 7.0 | 9.0 | 10.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,503 | 1,760 | 1,719 | 1,892 | 1,786 |
| Capital expenditure | 416 | 446 | 526 | 647 | 824 |
| Free cash flow | 1,087 | 1,314 | 1,193 | 1,245 | 962 |
| Depreciation & amortisation | 502 | 531 | 609 | 677 | 694 |
| Stock-based compensation | 50.0 | 51.0 | 51.0 | 93.0 | 71.0 |
| Acquisitions | 42.0 | 417 | 6.0 | 2,857 | 0.0 |
| Share buybacks | 570 | 795 | 657 | 491 | 815 |
| Dividends paid | 108 | 136 | 188 | 208 | 232 |
| Dividend per share | 1.13 | 1.57 | 2.16 | 2.49 | 2.86 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.9% | −14.2% | 17.7% | 2.6% |
| Operating income growth (YoY) | – | 19.2% | −4.4% | −9.6% | −75.7% |
| EPS growth (YoY) | – | 33.1% | 3.5% | −43.9% | −184.4% |
| Gross margin | 26.1% | 26.8% | 29.0% | 30.9% | 28.1% |
| Operating margin | 16.9% | 17.6% | 19.6% | 15.0% | 3.6% |
| Net margin | 11.7% | 12.7% | 14.3% | 6.6% | −5.2% |
| Return on equityBlank when equity is negative | 23.2% | 27.1% | 23.2% | 12.7% | −13.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.3% | 19.8% | 18.4% | 12.6% | 3.5% |
| Free cash flow margin | 12.8% | 13.5% | 14.2% | 12.6% | 9.5% |
| Cash conversion (CFO ÷ net income) | 1.51x | 1.42x | 1.44x | 2.92x | −3.42x |
| Receivable days | 40 | 36 | 43 | 42 | 34 |
| Inventory days | 63 | 68 | 74 | 71 | 74 |
| Payable days | 64 | 69 | 75 | 70 | 63 |
| Interest cover | 11.4x | 15.7x | 22.1x | 7.13x | 1.41x |
| Debt ÷ equity | 0.69x | 0.66x | 0.51x | 1.00x | 1.23x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,026 | 1,921 | 1,032 | 4,778 | 4,378 |
| Current ratio | 1.82x | 1.69x | 1.69x | 1.47x | 1.26x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.