Owens Corning (OC) Q2 2026 earnings summary

Executive summary

• Q2 2026 net sales were $2.76 billion, flat year-over-year, with adjusted EBITDA of $660 million (24% margin) and net earnings from continuing operations of $310 million (11% margin).

• Returned $327 million to shareholders in H1 2026 and $264 million in Q2 via share repurchases and dividends, with a commitment to return $2 billion over 2025-2026.

• Completed sale of the global glass reinforcements business in April 2026, resulting in a $175 million pre-tax loss year-to-date and a strategic focus on building products.

• Achieved $135 million in cost synergies in the Doors business, exceeding the original $125 million target.

• Leadership transition announced: Jonathan Collins to become CFO, Todd Fister to become President and COO.

Financial highlights

• Q2 2026 net sales were $2,756 million, flat year-over-year; adjusted EBITDA was $660 million (24% margin), down from $703 million (26%) in Q2 2025.

• Adjusted EPS for Q2 was $3.93; diluted EPS from continuing operations was $3.84.

• Free cash flow for Q2 was $199 million, up from $129 million last year.

• Debt-to-EBITDA ratio at 2.4x; liquidity of $1.8 billion at quarter end.

• $25 million in tariff refunds in Q2, partially offsetting $30 million in net cost inflation from the Iran conflict.

Outlook and guidance

• Q3 2026 revenue expected at $2.6–$2.7 billion, slightly below prior year; adjusted EBITDA margin anticipated at 20–22%.

• Roofing revenue projected down mid-to-high single digits year-over-year, with EBITDA margin around 30%.

• Insulation revenue expected to grow mid-single digits, with EBITDA margin in line with Q2 (22%).

• Doors revenue expected down mid-single digits, EBITDA margin around 10%.

• Full-year 2026 guidance: general corporate EBITDA expenses $245–$255 million, interest expense $255–$265 million, effective tax rate 24–26%, capital additions ~$800 million.