Revenue growth has stalled at 0.3% in 2026Q2, while gross margin compressed to 28.8% from 32.9% in 2024Q2, indicating persistent pricing and cost pressures.
Owens Corning (OC) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 9.85B | 10.1B | 10.97B | 9.68B | 9.76B | 8.5B | 7.05B | 7.16B | 7.06B | 6.38B | 5.68B | 5.35B | 5.28B | 5.29B | 5.17B | 5.33B | 5B | 4.8B | 5.85B | 4.98B | 6.46B | 6.32B | 5.67B | 4.06B | 4.87B | 4.76B | 4.94B | 5.05B | 5.01B | 4.37B | 3.83B |
| Revenue Growth % | -11.79% | -7.95% | 13.41% | -0.86% | 14.86% | 20.45% | -1.47% | 1.46% | 10.54% | 12.45% | 6.11% | 1.4% | -0.36% | 2.38% | -3.06% | 6.76% | 4.04% | -17.86% | 17.46% | -22.95% | 2.18% | 11.42% | 39.74% | -16.65% | 2.31% | -3.6% | -2.14% | 0.78% | 14.54% | 14.12% | 6.09% |
| Cost of Goods Sold | 7.27B | 7.22B | 7.68B | 6.84B | 7.05B | 6.28B | 5.41B | 5.53B | 5.41B | 4.79B | 4.25B | 4.18B | 4.3B | 4.29B | 4.37B | 4.3B | 4.05B | 3.99B | 4.96B | 4.2B | 5.39B | 5.17B | 4.65B | 3.3B | 4.13B | 3.94B | 4.01B | 3.81B | 3.94B | 3.45B | 2.83B |
| COGS % of Revenue | - | 71.46% | 70% | 70.68% | 72.24% | 73.92% | 76.74% | 77.26% | 76.63% | 75.05% | 74.95% | 78.07% | 81.48% | 81.08% | 84.49% | 80.66% | 81.03% | 83.14% | 84.88% | 84.39% | 83.5% | 81.69% | 82.01% | 81.36% | 84.77% | 82.7% | 81.26% | 75.57% | 78.74% | 78.8% | 73.96% |
| Gross Profit | 2.58B | 2.88B | 3.29B | 2.84B | 2.71B | 2.22B | 1.64B | 1.63B | 1.65B | 1.59B | 1.42B | 1.17B | 977M | 1B | 802M | 1.03B | 948M | 810M | 884M | 777M | 1.07B | 1.16B | 1.02B | 757M | 742M | 824M | 926M | 1.23B | 1.06B | 927M | 998M |
| Gross Margin % | 26.19% | 28.54% | 30% | 29.32% | 27.76% | 26.08% | 23.26% | 22.74% | 23.37% | 24.95% | 25.05% | 21.93% | 18.52% | 18.92% | 15.51% | 19.34% | 18.97% | 16.86% | 15.12% | 15.61% | 16.5% | 18.31% | 17.99% | 18.64% | 15.23% | 17.3% | 18.74% | 24.43% | 21.26% | 21.2% | 26.04% |
| Gross Profit Growth % | - | -12.42% | 16.04% | 4.69% | 22.29% | 35.04% | 0.8% | -1.27% | 3.52% | 12.03% | 21.23% | 20.06% | -2.5% | 24.94% | -22.29% | 8.86% | 17.04% | -8.37% | 13.77% | -27.11% | -7.94% | 13.42% | 34.87% | 2.02% | -9.95% | -11.02% | -24.9% | 15.77% | 14.89% | -7.11% | 5.94% |
| Operating Expenses | 1.97B | 1.16B | 1.19B | 952M | 902M | 846M | 746M | 785M | 782M | 699M | 660M | 598M | 563M | 589M | 588M | 602M | 599M | 604M | 712M | 577M | 589M | 4.86B | 551M | 757M | 742M | 824M | 926M | 1.23B | 1.06B | 927M | 998M |
| OpEx % of Revenue | - | 11.51% | 10.81% | 9.84% | 9.24% | 9.96% | 10.57% | 10.96% | 11.08% | 10.95% | 11.63% | 11.18% | 10.67% | 11.12% | 11.37% | 11.28% | 11.99% | 12.58% | 12.18% | 11.59% | 9.12% | 76.8% | 9.71% | 18.64% | 15.23% | 17.3% | 18.74% | 24.43% | 21.26% | 21.2% | 26.04% |
| Selling, General & Admin | 1B | 1.01B | 1.04B | 829M | 796M | 755M | 664M | 698M | 693M | 614M | 578M | 525M | 487M | 512M | 509M | 525M | 516M | 522M | 617M | 498M | 537M | 565M | 530M | 459M | 522M | 524M | 542M | 599M | 587M | 580M | 506M |
| SG&A % of Revenue | - | 10.03% | 9.49% | 8.57% | 8.15% | 8.88% | 9.41% | 9.75% | 9.82% | 9.62% | 10.18% | 9.81% | 9.23% | 9.67% | 9.84% | 9.84% | 10.33% | 10.87% | 10.55% | 10% | 8.31% | 8.94% | 9.34% | 11.3% | 10.71% | 11% | 10.97% | 11.87% | 11.72% | 13.26% | 13.2% |
| Research & Development | 76M | 150M | 144M | 123M | 106M | 91M | 82M | 87M | 89M | 85M | 82M | 73M | 76M | 77M | 79M | 77M | 76M | 61M | 69M | 42M | 59M | 58M | 47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.48% | 1.31% | 1.27% | 1.09% | 1.07% | 1.16% | 1.22% | 1.26% | 1.33% | 1.44% | 1.36% | 1.44% | 1.45% | 1.53% | 1.44% | 1.52% | 1.27% | 1.18% | 0.84% | 0.91% | 0.92% | 0.83% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7M | 21M | 26M | 37M | -7M | 4.23B | -26M | 298M | 220M | 300M | 384M | 634M | 478M | 347M | 492M |
| Operating Income | 609M | 1.72B | 2.11B | 1.89B | 1.81B | 1.37B | 895M | 843M | 867M | 894M | 762M | 575M | 414M | 413M | 214M | 430M | 349M | 206M | 172M | 200M | 477M | -3.7B | 470M | 757M | -2.16B | 229M | -575M | 578M | -1.07B | 250M | -466M |
| Operating Margin % | 6.18% | 17.02% | 19.19% | 19.48% | 18.52% | 16.12% | 12.69% | 11.77% | 12.29% | 14% | 13.42% | 10.75% | 7.85% | 7.8% | 4.14% | 8.06% | 6.98% | 4.29% | 2.94% | 4.02% | 7.38% | -58.48% | 8.28% | 18.64% | -44.25% | 4.81% | -11.64% | 11.45% | -21.28% | 5.72% | -12.16% |
| Operating Income Growth % | - | -18.33% | 11.72% | 4.26% | 31.97% | 53.07% | 6.17% | -2.77% | -3.02% | 17.32% | 32.52% | 38.89% | 0.24% | 92.99% | -50.23% | 23.21% | 69.42% | 19.77% | -14% | -58.07% | 112.9% | -886.81% | -37.91% | 135.11% | -1041.48% | 139.83% | -199.48% | 154.22% | -526.4% | 153.65% | -213.11% |
| EBITDA | 1.24B | 2.33B | 2.73B | 2.38B | 2.28B | 1.83B | 1.35B | 1.29B | 1.3B | 1.26B | 1.1B | 875M | 718M | 745M | 563M | 748M | 669M | 531M | 503M | 543M | 755M | -3.47B | 698M | 963M | -1.95B | 466M | -372M | 788M | -869M | 423M | -334M |
| EBITDA Margin % | 12.6% | 23.1% | 24.86% | 24.64% | 23.4% | 21.59% | 19.16% | 18.03% | 18.42% | 19.82% | 19.46% | 16.36% | 13.61% | 14.07% | 10.89% | 14.02% | 13.39% | 11.06% | 8.6% | 10.91% | 11.69% | -54.83% | 12.3% | 23.71% | -40.05% | 9.79% | -7.53% | 15.61% | -17.35% | 9.67% | -8.72% |
| EBITDA Growth % | -54.21% | -14.44% | 14.43% | 4.38% | 24.47% | 35.72% | 4.72% | -0.69% | 2.77% | 14.48% | 26.29% | 21.87% | -3.62% | 32.33% | -24.73% | 11.81% | 25.99% | 5.57% | -7.37% | -28.08% | 121.78% | -596.7% | -27.52% | 149.36% | -518.67% | 225.27% | -147.21% | 190.68% | -305.44% | 226.65% | -181.07% |
| D&A (Non-Cash Add-back) | 632M | 614M | 622M | 499M | 476M | 465M | 457M | 448M | 433M | 371M | 343M | 300M | 304M | 332M | 349M | 318M | 320M | 325M | 331M | 343M | 278M | 231M | 228M | 206M | 205M | 237M | 203M | 210M | 197M | 173M | 132M |
| EBIT | 50M | 361M | 1.13B | 1.67B | 1.59B | 1.44B | -116M | 734M | 833M | 666M | 697M | 553M | 346M | 385M | 74M | 459M | 205M | 192M | 196M | 145M | 9.35B | -3.74B | 443M | 757M | -2.16B | 229M | -575M | 578M | -1.07B | 250M | -466M |
| Net Interest Income | -264M | -256M | -212M | -76M | -109M | -126M | -132M | -131M | -117M | -107M | -108M | -100M | -114M | -112M | -114M | -108M | -110M | -111M | -116M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 264M | 256M | 212M | 76M | 109M | 126M | 132M | 131M | 117M | 107M | 108M | 100M | 114M | 112M | 114M | 108M | 110M | 111M | 116M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -823M | -1.61B | -1.18B | -291M | -194M | -56M | -1.15B | -252M | -164M | -335M | -175M | -121M | -181M | -140M | -258M | -75M | -249M | -125M | -92M | -177M | 8.6B | -784M | -31M | 0 | -173M | 0 | -216M | -152M | 102M | 0 | -115M |
| Pretax Income | -214M | 105M | 922M | 1.59B | 1.61B | 1.31B | -256M | 591M | 703M | 559M | 587M | 454M | 233M | 273M | -44M | 355M | 100M | 81M | 80M | 23M | 9.08B | -4.48B | 439M | 221M | -2.33B | 102M | -791M | 426M | -964M | 71M | -581M |
| Pretax Margin % | -2.17% | 1.04% | 8.4% | 16.47% | 16.54% | 15.46% | -3.63% | 8.25% | 9.96% | 8.76% | 10.34% | 8.49% | 4.42% | 5.16% | -0.85% | 6.65% | 2% | 1.69% | 1.37% | 0.46% | 140.47% | -70.88% | 7.74% | 5.44% | -47.8% | 2.14% | -16.01% | 8.44% | -19.25% | 1.62% | -15.16% |
| Income Tax | 212M | 293M | 275M | 401M | 373M | 319M | 129M | 186M | 156M | 269M | 188M | 120M | 5M | 68M | -28M | 74M | -840M | 14M | 919M | -8M | 997M | -387M | 227M | -131M | -31M | -57M | -312M | 149M | -306M | 9M | -288M |
| Effective Tax Rate % | -99.07% | 279.05% | 29.83% | 25.16% | 23.11% | 24.28% | -50.39% | 31.47% | 22.19% | 48.12% | 32.03% | 26.43% | 2.15% | 24.91% | 63.64% | 20.85% | -840% | 17.28% | 1148.75% | -34.78% | 10.99% | 8.63% | 51.71% | -59.28% | 1.33% | -55.88% | 39.44% | 34.98% | 31.74% | 12.68% | 49.57% |
| Net Income | -670M | -522M | 647M | 1.2B | 1.24B | 995M | -383M | 405M | 545M | 289M | 393M | 330M | 226M | 204M | -19M | 276M | 933M | 64M | -813M | 96M | -65M | -4.1B | 204M | 115M | -2.81B | 39M | -478M | 270M | -705M | 47M | -284M |
| Net Margin % | -6.8% | -5.17% | 5.9% | 12.36% | 12.71% | 11.71% | -5.43% | 5.66% | 7.72% | 4.53% | 6.92% | 6.17% | 4.28% | 3.85% | -0.37% | 5.17% | 18.67% | 1.33% | -13.9% | 1.93% | -1.01% | -64.83% | 3.59% | 2.83% | -57.66% | 0.82% | -9.68% | 5.35% | -14.07% | 1.07% | -7.41% |
| Net Income Growth % | -301.2% | -180.68% | -45.9% | -3.63% | 24.72% | 359.79% | -194.57% | -25.69% | 88.58% | -26.46% | 19.09% | 46.02% | 10.78% | 1173.68% | -106.88% | -70.42% | 1357.81% | 107.87% | -946.88% | 247.69% | 98.41% | -2109.31% | 77.39% | 104.09% | -7302.56% | 108.16% | -277.04% | 138.3% | -1600% | 116.55% | -222.94% |
| Net Income (Continuing) | -426M | -188M | 647M | 1.19B | 1.24B | 995M | -385M | 405M | 547M | 290M | 399M | 334M | 228M | 205M | -16M | 281M | 940M | 67M | -811M | 31M | -65M | -4.09B | 212M | 91M | -2.81B | 39M | -476M | 270M | -666M | 62M | -284M |
| Discontinued Operations | -2M | -334M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 39M | 40M | 43M | 44M | 46M | 39M | 40M | 40M | 41M | 42M | 40M | 40M | 38M | 37M | 37M | 40M | 38M | 33M | 42M | 37M | 44M | 47M | 49M | 51M | 49M | 37M | 39M | 44M | 19M | 24M | 21M |
| EPS (Diluted) | -8.31 | -6.26 | 7.36 | 13.14 | 12.70 | 9.54 | -3.55 | 3.68 | 4.89 | 2.55 | 3.41 | 2.79 | 1.91 | 1.71 | -0.16 | 2.23 | 7.37 | 0.50 | -6.56 | 0.74 | -0.91 | -74.12 | 3.40 | 1.92 | -50.98 | 0.66 | -8.72 | 4.67 | -13.15 | 0.88 | -5.49 |
| EPS Growth % | -310.05% | -185.05% | -43.99% | 3.46% | 33.12% | 368.73% | -196.47% | -24.74% | 91.76% | -25.22% | 22.22% | 46.07% | 11.7% | 1168.75% | -107.17% | -69.74% | 1374% | 107.62% | -986.49% | 181.32% | 98.77% | -2280% | 77.08% | 103.77% | -7824.24% | 107.57% | -286.72% | 135.51% | -1594.32% | 116.03% | -224.77% |
| EPS (Basic) | - | -6.26 | 7.44 | 13.27 | 12.85 | 9.61 | -3.55 | 3.71 | 4.94 | 2.59 | 3.44 | 2.82 | 1.92 | 1.73 | -0.16 | 2.25 | 7.43 | 0.51 | -6.56 | 0.75 | -0.96 | -74.12 | 3.68 | 2.08 | -50.98 | 0.72 | -8.72 | 4.98 | -13.15 | 0.89 | -5.49 |
| Diluted Shares Outstanding | 80.6M | 83.45M | 87.9M | 91M | 97.7M | 104.3M | 108.6M | 110.1M | 111.4M | 113.2M | 115.4M | 118.2M | 118.3M | 119.1M | 119.4M | 123.5M | 126.6M | 127.1M | 127.8M | 129M | 71.3M | 55.3M | 59.9M | 59.9M | 55.1M | 59.95M | 54.8M | 59.5M | 53.6M | 53.5M | 51.7M |
| Basic Shares Outstanding | 80.3M | 83.45M | 87M | 90.1M | 96.6M | 103.5M | 108.6M | 109.2M | 110.4M | 111.5M | 114.4M | 117.2M | 117.5M | 118.2M | 118.75M | 122.5M | 125.6M | 124.8M | 127.8M | 128.4M | 67.4M | 55.3M | 55.3M | 55.2M | 55.1M | 55.06M | 54.8M | 54.1M | 53.6M | 52.9M | 51.7M |
| Dividend Payout Ratio | - | - | 32.15% | 15.72% | 10.96% | 10.85% | - | 23.46% | 16.88% | 30.8% | 20.61% | 23.64% | 24.78% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 5.93% | - | 29.79% | - |
Quick answers to the most common questions about buying OC stock.
For fiscal year 2025, Owens Corning (OC) reported total revenue of $10.10B. This represents a 163.6% increase compared to $3.83B in 1996.
Owens Corning (OC) reported a net loss of $522.0M for the fiscal year ending 2025.
Owens Corning (OC) reported an operating income of $1.72B, resulting in an operating profit margin of 17.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Owens Corning (OC) generated $2.88B in gross profit for the year, representing a gross profit margin of 28.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile earnings and impairments
Metrics are mathematically derived from official filings.
Revenue Growth Stalls Amid Volatility
Revenue growth swung from 25.4% in 2025Q1 to -24.6% in 2025Q4, per reported figures, indicating demand instability. The latest quarter shows only 0.3% growth, suggesting a plateau.
The revenue trajectory is highly erratic, with double-digit contractions in 2025Q4 and 2026Q1, followed by a flat 2026Q2. This pattern suggests end-market demand is cyclical and sensitive to construction activity. The lack of consistent organic growth raises questions about the durability of the current revenue base, especially as peers like AAON show 20.1% growth.
Gross Margin Compression Signals Pricing Pressure
Gross margin fell from 32.9% in 2024Q2 to 28.8% in 2026Q2, as reported in financial statements, a 410 basis point decline. This suggests input cost inflation or weaker pricing power in a competitive market.
The gross margin trend is clearly downward, with the most recent quarter at 28.8% versus a peak of 32.9% in 2024Q2. This compression may indicate that Owens Corning cannot fully pass through cost increases, or that product mix has shifted toward lower-margin offerings. Compared to peers like AWI at 40.6%, OC's margin is structurally lower, which could reflect a less differentiated product portfolio.
Operating Leverage Turns Negative
Operating income swung from $569M in 2025Q2 to -$327M in 2025Q3, per reported data, while SG&A remained relatively stable. This indicates high fixed costs and negative operating leverage during revenue downturns.
The operating margin collapsed from 20.7% in 2025Q2 to -12.2% in 2025Q3, despite only a modest revenue decline. This suggests that the cost structure is not flexible enough to absorb revenue shocks, leading to outsized profit swings. The presence of large impairment charges in 2025Q3 and 2025Q4 likely exacerbated the decline, but the underlying operating leverage appears high.
Earnings Distorted by Non-Recurring Charges
Net income swung from $363M in 2025Q2 to -$494M in 2025Q3, per reported figures, with EPS dropping to -$5.92. These swings appear driven by one-time items, not core operations.
The net income volatility is extreme, with losses in four of the last ten quarters, including a -$494M loss in 2025Q3. The presence of impairment charges and other non-operating items likely explains these swings, as operating income in 2025Q3 was -$327M but net income was -$494M, indicating additional below-the-line charges. Investors should focus on adjusted earnings to gauge underlying profitability, as reported figures are heavily distorted.
SG&A Discipline Contrasts with COGS Volatility
SG&A remained between $190M and $303M over the past ten quarters, per reported data, showing cost discipline. However, COGS as a percentage of revenue rose from 67.1% in 2024Q2 to 71.2% in 2026Q2, indicating margin pressure.
SG&A expenses have been relatively stable, suggesting management is controlling overhead costs. However, the gross margin decline is driven by COGS, which has increased as a share of revenue. This may reflect higher raw material costs or inefficiencies in production. The stability in SG&A is a positive sign, but it does not offset the COGS pressure.
What Could Invalidate the Base Case
The sharp revenue and profit swings, including a -24.6% revenue decline in 2025Q4, per reported figures, suggest the business is highly cyclical. If demand remains weak, margins may not recover to prior peaks.
The most significant risk is that the recent volatility is not just cyclical but structural, with the company losing market share or facing permanent demand destruction. The gross margin compression, if sustained, could indicate a loss of pricing power. Additionally, the large impairment charges in 2025Q3 and 2025Q4 may signal that previous acquisitions have not performed as expected, potentially leading to further write-downs. Investors should monitor whether revenue growth can stabilize and whether margins can recover to the 30%+ levels seen in 2024.