Owens Corning financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Owens Corning files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,677	6,384	7,057	7,160	7,055	8,498	9,761	8,372	9,851	10,103
Cost of revenue	4,300	4,815	5,425	5,551	5,445	6,281	7,145	5,942	6,810	7,265
Gross profit	1,377	1,569	1,632	1,609	1,610	2,217	2,616	2,430	3,041	2,838
Research and development	82	85	89	87	82	91	106	110	131	150
Selling, general and administrative								748	959	1,014
Selling and marketing	105	108	120	117	98	110	125	119	132	144
Operating expenses	680	772	825	822	1,748	779	902	791	1,559	2,478
Operating income	697	797	807	787	-138	1,438	1,714	1,639	1,482	360
Interest expense	108	107	117	131	132	126	109	74	208	256
Pre-tax income	590	559	704	590	-256	1,313	1,614	1,422	1,275	104
Income tax	188	269	156	186	129	319	373	364	334	293
Income from continuing operations								1,064	947	-188
Net income to minority interests	6	1	2	0	-2	0	0	-3	0	0
Net income	393	289	545	405	-383	995	1,241	1,196	647	-522
EBITDA	1,040	1,168	1,240	1,244	355	1,940	2,245	2,248	2,159	1,054
EPS, basic	3.44	2.59	4.94	3.71	-3.53	9.61	12.85	13.27	7.45	-6.22
EPS, diluted	3.41	2.55	4.89	3.68	-3.53	9.54	12.70	13.14	7.37	-6.22
Shares, basic (weighted)	114	112	110	109	109	104	96.6	90.1	86.9	84
Shares, diluted (weighted)	115	113	111	110	109	104	97.7	91	87.8	84
Dividend per share	0.74	0.81	0.85	0.90	0.98	1.13	1.57	2.16	2.49	2.86

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	112	246	78	172	717	959	1,099	1,615	321	345
Receivables	678	806	794	770	919	939	961	987	1,140	937
Inventory	710	841	1,072	1,033	855	1,078	1,334	1,198	1,327	1,472
Other current assets	74	80	76	86	115	121	117	117	163	165
Total current assets	1,586	1,985	2,020	2,061	2,606	3,097	3,556	3,917	3,378	3,345
Property, plant and equipment	3,112	3,425	3,811	3,855	3,809	3,873	3,729	3,841	3,818	4,170
Lease right-of-use assets			0	203	154	158	204	222	411	507
Goodwill	1,336	1,507	1,949	1,932	989	990	1,383	1,392	2,745	1,679
Intangible assets	1,138	1,360	1,779	1,721	1,667	1,617	1,602	1,528	2,680	2,535
Other non-current assets	194	211	169	188	228	249	262	313	456	480
Total assets	7,741	8,632	9,771	10,006	9,481	10,015	10,752	11,237	14,075	12,980
Accounts payable	615	834	851	815	875	1,095	1,345	1,216	1,301	1,257
Short-term debt	3	4	9	7	19	25	28	32	32	36
Total current liabilities	963	1,282	1,278	1,329	1,440	1,697	2,104	2,324	2,297	2,660
Long-term debt	2,099	2,405	3,362	2,986	3,126	2,960	2,992	2,615	5,067	4,687
Lease liabilities			0	138	99	109	152	165	348	450
Other non-current liabilities	164	223	208	200	213	304	299	315	286	323
Total liabilities	3,852	4,428	5,447	5,335	5,540	5,680	6,131	6,027	8,955	9,087
Total debt	2,102	2,409	3,371	2,993	3,145	2,985	3,020	3,046	5,099	5,122
Paid-in capital	3,984	4,011	4,028	4,051	4,059	4,092	4,139	4,166	4,228	4,256
Retained earnings	1,377	1,575	2,013	2,319	1,829	2,706	3,794	4,794	5,224	4,463
Treasury stock	-803	-911	-1,103	-1,130	-1,400	-1,922	-2,678	-3,292	-3,685	-4,430
Other comprehensive income	-710	-514	-656	-610	-588	-581	-681	-503	-691	-437
Shareholders' equity	3,849	4,162	4,283	4,631	3,901	4,296	4,575	5,166	5,077	3,853
Minority interests	40	42	41	40	40	39	21	19	43	40
Total equity	3,889	4,204	4,324	4,671	3,941	4,355	4,596	5,185	5,120	3,893
Total liabilities and equity	7,741	8,632	9,771	10,006	9,481	10,015	10,752	11,237	14,075	12,980
Shares outstanding	113	112	110	110	106	100	91.9	87.2	85.4	80.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	399	290	547	405	-385	995	1,241	1,193	647	-522
Depreciation and amortization	343	371	433	457	493	502	531	609	677	694
Stock-based compensation	41	44	47	39	41	50	51	51	93	71
Deferred income tax	136	183	141	119	79	63	30	-11	11	27
Change in receivables	55	-66	39	19	-109	-28	-14	-26	6	235
Change in inventory	5	-57	-216	35	189	-227	-287	148	-43	-65
Change in payables								-158	13	-130
Cash from operations	943	1,016	803	1,037	1,135	1,503	1,760	1,719	1,892	1,786
Capital expenditures	-373	-337	-537	-447	-307	-416	-446	-526	-647	-824
Acquisitions	-452	-570	-1,143	0	0	-42	-417	-6	-2,857	0
Cash from investing	-815	-901	-1,589	-394	-205	-377	-623	-356	-3,393	-765
Debt issued	395	588	389	445	297	0	0	0	1,968	0
Debt repaid	-163	-351	0	-484	0	-193	0	0	-873	-29
Share buybacks	-247	-159	-236	-61	-318	-570	-795	-657	-491	-815
Dividends paid	-81	-89	-92	-95	-104	-108	-136	-188	-208	-232
Cash from financing	-88	3	647	-573	-358	-881	-974	-877	334	-1,072
Exchange rate effect	-18	17	-29	24	-27	-3	-22	30	-87	89
Net change in cash	22	135	-168	94	545	242	141	516	-1,254	38
Free cash flow	570	679	266	590	828	1,087	1,314	1,193	1,245	962
Interest paid	118	106	158	131	135	133	123	135	226	271
Income taxes paid	69	67	91	58	78	244	319	428	423	264

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $123.91 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	26.0%	Gross profit / revenue.
Operating margin	0.5%	Operating income / revenue.
EBITDA margin	7.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-2.2%	Pre-tax income / revenue.
Net margin	-6.8%	Net income / revenue.
FCF margin	9.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.8%	Cash from operations / revenue.
Return on equity (ROE)	-17.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.3%	Net income / average total assets.
Return on invested capital (ROIC)	0.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.5%	Research and development expense / revenue.
SG&A / revenue	10.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	8.7%	Capital expenditures / revenue.
D&A / revenue	7.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-6.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-75.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-40.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-51.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-22.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	24.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-180.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-184.4%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-5.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-22.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-9.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	14.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	22.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	23.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-24.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-7.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-5.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.16x	Current assets / current liabilities.
Quick ratio	0.60x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.09x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.36x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	40.3%	Total debt / total assets.
Liabilities / assets	70.1%	Total liabilities / total assets.
Net debt	$4.85B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.37x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.10x	Operating income / interest expense.
Working capital	$474.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	32.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$346.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.77x	Revenue / average total assets.
Fixed asset turnover	2.37x	Revenue / average property, plant and equipment.
Inventory turnover	5.01x	Cost of revenue / average inventory.
Days inventory	73 days	365 x average inventory / cost of revenue.
Receivables turnover	6.53x	Revenue / average receivables.
Days sales outstanding	56 days	365 x average receivables / revenue.
Days payables	68 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	61 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	48.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$8.33	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$122.17	Revenue / diluted weighted shares.
FCF per share	$11.13	Free cash flow / diluted weighted shares.
Operating cash flow per share	$21.74	Cash from operations / diluted weighted shares.
Book value per share	$47.75	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$4.38	Tangible book value / shares outstanding.
Cash per share	$3.43	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	26.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	76.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.79B	Share price x shares outstanding.
Enterprise value	$14.65B	Market cap + total debt - cash - short-term investments.
P/S	0.99x	Market cap / revenue.
P/B	2.60x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	10.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.59x	Market cap / cash from operations, when positive.
EV/Sales	1.49x	Enterprise value / revenue.
EV/EBIT	293x	Enterprise value / operating income, when both are positive.
EV/EBITDA	19.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	16.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.2%	Free cash flow / market cap.
Earnings yield	-6.9%	Net income / market cap (the inverse of P/E).
Dividend yield	2.5%	Dividends paid over the period / market cap.
Shareholder yield	9.4%	(Dividends paid + share buybacks) / market cap.

What was Owens Corning's revenue in fiscal 2025?

Owens Corning reported revenue of $10.10B for fiscal 2025, 2.6% higher than the year before.

Was Owens Corning profitable in fiscal 2025?

No. It reported a net loss of $522.0M.

How much free cash flow did Owens Corning generate in fiscal 2025?

Cash from operations of $1.79B minus capital expenditures of $824.0M left free cash flow of $962.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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