Owens Corning (OC) · Q2 2026 results and valuation

At 1.2% growth a year (3-year revenue growth), the model's fair value is $100.06 a share — the stock trades 22% above it. Today's price assumes 3.1% growth a year.

1. Key theme

   The company expects Roofing revenue to decrease by mid- to high single digits compared with the prior year despite volumes remaining broadly in line.

   Source quote

   “Even with a more normalized storm season, we expect ARMA shipments to be down high single digits in the third... Starting with our Roofing business, we anticipate revenue to be down mid- to high single digits compared with the prior year. We anticipate our volumes to be broadly in line...”

2. Guidance

   The company expects third quarter revenue to be between $2.6 billion and $2.7 billion, which is slightly below the same period last year.

   Source quote

   “From an enterprise perspective, we expect third quarter revenue in the range of $2.6 billion to $2.7 billion, slightly below the same period last year.”

3. Figure

   The company delivered total revenue of $2.8 billion and adjusted EBITDA of $660 million, resulting in an adjusted EBITDA margin of 24%.

   Source quote

   “We delivered total revenue of $2.8 billion and adjusted EBITDA of $660 million for an adjusted EBITDA margin of 24%.”

4. Fading

   The company expects the impact of the June increase to be minimal for the end of Q2 due to timing, but expects pricing realization to accelerate in the second half.

   Source quote

   “So we still expect, given current market conditions that we're going to see good realization off of that June increase... What we've got a little bit in, but not a lot is going to be sitting in the June increase just because it's late in the quarter. It's just going to have a little bit more minimal impact as we finish Q2, but we would expect that then to accelerate in terms of pricing realization as we move into the back half of the...”

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“During this time, we have demonstrated the strength of our teams and market positions by generating revenue growth, strong cash flow and durable profitability through periods of inflation, interest rate...”

“Our market-leading position is being further supported by applying the unique OC advantages to increase demand, optimize our production network and accelerate innovation.”

“Over the past several years, Owens Corning has built a strong track record as a best-in-class operator, consistently delivering high levels of performance across a wide range of market conditions.”