A maker of asphalt shingles, fiberglass and foam insulation, and doors sold through distributors and home centers across North America, Europe, and Latin America. Founded in 1938 as a joint venture of glassmakers Owens-Illinois and Corning Glass Works, it takes its name from the two. Its pink insulation, tinted since the 1950s, made it the first US company to trademark a single color—PINK®—in 1987, and the Pink Panther has been its mascot since 1980.
Owens Corning Q2 2026 net income fell 37.7% to $226M as gross margin contracted 2.5 points and restructuring costs rose.
fell sharply even as held flat. Revenue was $2.756B, up 0.3% , but contracted 2.5 points to 28.8% and declined 4.6% to $482M as higher delivery costs, input inflation, and restructuring charges outweighed a volume recovery in Insulation. The company carries $4.2B in and faces $899M in maturing notes in the second half of the year.
Key takeaways
fell 37.7% to $226M from $363M a year earlier, while declined 4.6% to $482M as a $46M and costs tied to the Paroc marine insulation recall weighed on corporate results.
Consolidated was essentially flat at $2.756B, up 0.3% , as a 7% volume gain in Insulation and favorable foreign exchange were offset by lower Doors volumes and the impact of divestitures.
contracted 2.5 points to 28.8%, driven by higher delivery costs, input cost inflation net of tariff recovery, and production downtime.
Section summaries
Management's Discussion and Analysis
Q2 2026 net earnings fell to $310M on lower gross margin and higher restructuring costs, partially offset by Roofing mix gains.
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Consolidated were flat at $2.76B in Q2 as higher Insulation volumes and FX were offset by Doors declines and divestiture impacts.
Roofing fell 3.5% to $441M as $23M in higher delivery costs and $19M in input inflation more than offset favorable mix and lower manufacturing costs.
Insulation declined 5.3% to $213M, with $19M in input inflation and $15M in production downtime outweighing the benefit of a 7% increase in volumes.
Doors dropped 24% to $57M on lower volumes, $11M in higher delivery costs, and $7M in higher manufacturing costs, partially offset by tariff refunds.
What changed
The glass reinforcements sale flagged in prior quarters has not yet closed; the business remains in and the ~$436M in expected proceeds have not yet been received.
The Q1 2026 watch item on Roofing volumes showed partial stabilization: after a 14% volume decline in Q1, Roofing fell only 3.5% in Q2 as favorable mix and lower manufacturing costs provided an offset, though volumes were not explicitly cited as recovering.
Insulation volumes reversed their multi-quarter decline, rising 7% in Q2 2026 after a 6% drop in Q1 2025 and subsequent softness, though the volume gain was not enough to prevent a 5.3% decline due to cost headwinds.
improved from a $387M outflow in Q1 2026 to a $199M inflow in Q2 2026, but remains below the $336M generated in Q2 2024, as pressures persist.
fell 17.6% to $4,188M from $5,080M, reflecting debt paydown, though $899M in senior notes mature in the second half of 2026.
What to watch
Closing of the ~$436M glass reinforcements sale and its effect on cash, debt reduction, and the removal of from reported results.
Q3 2026 Roofing and Insulation to see if the Q2 cost headwinds from delivery and input inflation ease as the construction season progresses.
Doors trajectory and the remaining $380M balance, to gauge whether the unit stabilizes or faces further risk.
Refinancing or repayment of the $899M in senior notes maturing in the second half of 2026 and its effect on and .
contracted 200 to 29% on higher delivery costs, input cost inflation net of tariff recovery, and production downtime.
Roofing fell 3.5% to $441M as $23M in higher delivery costs and $19M in input inflation outweighed favorable mix and lower manufacturing costs.
Insulation declined 5.3% to $213M with $19M input inflation and $15M in production downtime more than offsetting a 7% volume gain.
Doors dropped 24% to $57M on lower volumes, $11M higher delivery costs, and $7M higher manufacturing costs, partly offset by tariff refunds.
Liquidity remains strong with $271M cash, a fully undrawn $1.5B , and $65M in outstanding; $899M in senior notes mature in H2 2026.
Quantitative and Qualitative Disclosures About Market Risk
There has been no material change in our exposure to market risk during the six months ended June 30, 2026. Please refer to “Quantitative and Qualitative Disclosures about Market Risk” contained in Part II, Item 7A of the 2025 Form 10-K for a discussion of our exposure to market…
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There has been no material change in our exposure to market risk during the six months ended June 30, 2026. Please refer to “Quantitative and Qualitative Disclosures about Market Risk” contained in Part II, Item 7A of the 2025 Form 10-K for a discussion of our exposure to market risk.
Information required by this item is incorporated by reference to Note 11 of the Consolidated Financial Statements, Contingent Liabilities and Other Matters.
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Information required by this item is incorporated by reference to Note 11 of the Consolidated Financial Statements, Contingent Liabilities and Other Matters.