Optical Communications segment net sales rose 32% y/y to $2,072M in Q2 2026, with segment net income up 77% to $438M, driven by strong demand for Generative AI products in the Enterprise business (hyperscale data centers).
Solar segment net sales grew 90% y/y to $438M on polysilicon, wafer, and module growth, but segment net income fell to a $(7)M loss from a $2M profit due to temporarily higher costs to ramp up capacity. Corning recognized $224M in new finance leases for equipment at its Hemlock, Michigan solar manufacturing facility (with $74M in 48D Advanced Manufacturing Investment Credits reducing asset carrying values) and has an additional $348M in uncommenced leases for the same facility expected to begin in 2026.
In Q2 2026, Corning entered a long-term supply agreement extending through December 31, 2029, securing a $1.0B customer deposit, and issued a Traditional Warrant to purchase up to 15 million shares at $180/share (grant-date fair value $296M) to the customer as consideration; the company described the partnership as strengthening U.S. manufacturing for AI infrastructure. On May 6, 2026, it also issued a Pre-Funded Warrant for 3 million shares for $500M in cash proceeds.
Effective Q1 2026, Corning reorganized into four reportable segments: Optical Communications, Glass Innovations (combining prior Display and Specialty Materials), Automotive, and Solar (consolidating Hemlock Semiconductor, solar wafers, and solar modules). Life Sciences fell below the quantitative threshold for separate reporting. The company also replaced its prior constant-currency adjustment with a new 'adjustment for hedged exposures' methodology effective April 1, 2026, applying contractual hedge rates only to the portion of foreign currency exposure actually hedged.
Six-month capital expenditures totaled $754M (vs. $516M in the prior-year period), and Corning expects full-year 2026 capex to increase to approximately $2.0B. In May 2026, the company repaid €300M of its 3.875% Notes due 2026, and on July 15, 2026 (after quarter-end) issued a redemption notice for its $250M 7.25% Notes due 2036, expected to settle August 15, 2026.
(Filed on May 1, 2026)
+20.0%
36.9%
$1.8B
Corning achieved its Springboard plan targets ($3B incremental annualized core sales and 20% core operating margin) a full year ahead of schedule by Q4 2025, and in January 2026 upgraded the plan to $5.75B in incremental annualized core sales. Management guided Q2 2026 core net sales to approximately $4.6B and full-year 2026 capital expenditures to approximately $1.7B.
Effective Q1 2026, Corning reorganized into four reportable segments: Display and Specialty Materials were combined into Glass Innovations; Hemlock Semiconductor Group, solar wafer, and solar module businesses were combined into Solar; Life Sciences fell below the quantitative threshold and was folded into Life Sciences and Emerging Growth Businesses. Optical Communications and Automotive were unchanged.
Optical Communications was the primary growth driver: Q1 segment net sales of $1,846M (+36% YoY) were attributed to strong demand for Generative AI products in the Enterprise business and datacenter interconnect and fiber-to-the-home products in Carrier; segment net income rose 93% to $387M.
Solar segment sales grew 80% to $370M on polysilicon, wafer, and module volume growth, but segment net income declined 74% to $7M due to temporarily higher costs to ramp up capacity. At the Hemlock, Michigan solar manufacturing facility, $149M in equipment finance leases commenced in Q1 2026 (with $49M in Section 48D advanced manufacturing investment credits reducing carrying value), and an additional ~$413M in production-related equipment leases are expected to commence during 2026 (estimated ~$80M in 48D credits).
Customer deposits recognized in Q1 2026 were $186M (vs. $62M in Q1 2025), driven primarily by revenue from a long-term supply contract for which no further performance obligations remained. Q1 2026 capital expenditures totaled $332M (vs. $208M in Q1 2025), and the company reported $8M in proceeds from CHIPS Act incentives during the quarter.
(Filed on February 12, 2026)
+20.4%
35.5%
$1.5B
As of Q4 2025 (the second anniversary of the Springboard plan introduced in Q3 2023), Corning stated it had achieved both its growth target (upgraded in March 2025 to $4 billion in incremental annualized core sales vs. the Springboard starting point) and its 20% core operating margin target, each a full year ahead of the original end-of-2026 deadline. For 2026, the company expects Q1 core net sales of approximately $4.2–$4.3 billion and full-year capital expenditures of roughly $1.7 billion (annual context: 2025 capex was $1.3 billion).
The solar manufacturing facility lease in Hemlock, Michigan fully commenced in Q4 2025, generating $797 million in right-of-use assets and lease liabilities (a five-year finance lease with a ~$495 million residual value guarantee). In December 2025, Corning amended the payment terms and made a $315 million principal payment; remaining payments are interest-only. During 2025 the company also commenced $541 million of equipment finance leases at the same facility and has an additional ~$527 million (undiscounted) of production-equipment leases expected to commence in 2026. These assets generated $318 million in CHIPS Act 48D investment credits that reduced the carrying value of the right-of-use assets.
Annual (full-year 2025): Optical Communications segment net sales rose 35% to $6,274 million (from $4,657 million in 2024), with enterprise-network revenue reaching $3,195 million (vs. $1,979 million) and carrier-network revenue at $3,079 million. Management attributed the growth to 'strong demand for our Generative AI products' in the enterprise business and datacenter interconnect and fiber-to-the-home demand in the carrier business. New products highlighted include SMF-28e Contour fiber (40% smaller cross-section) and Contour Flow Cable (double fiber count in the same cable diameter), described as being 'adopted by hyperscale data centers' and carriers building datacenter interconnect networks. Segment net income more than doubled to $1,048 million from $612 million.
In April 2025 Corning acquired 100% of a U.S. solar-module manufacturing facility for total consideration of $278 million ($17 million cash at closing, $111 million in notes payable—$33 million paid in Q3 and $42 million in Q4 2025—with the remainder due in 2026, plus up to $150 million in contingent earn-out payments over six post-closing years). The acquisition added $98 million of goodwill and was assigned to the Hemlock and Emerging Growth Businesses segment for vertical integration of the solar value chain. The acquired business contributed $258 million in net sales and a $13 million pre-tax net loss for the full year 2025. Hemlock and Emerging Growth Businesses segment net sales for 2025 were $1,460 million (up 33%), driven by polysilicon and solar module volume, though segment net income swung to a $26 million loss from a $42 million profit, cited as temporarily higher ramp-up costs.
Effective January 1, 2025, Corning reorganized its reportable segments: the Automotive Glass Solutions business was combined with Environmental Technologies to form the new Automotive segment, and the Display Technologies segment was renamed 'Display.' The company also reset its Japanese-yen constant-currency rate from ¥107 to ¥120 (applied prospectively in 2025; prior-year comparatives were not recast), which affected Display segment comparability. Annual 2025 Display segment net sales declined 5% to $3,697 million, with management noting that pricing actions implemented in H2 2024 and slightly higher volumes substantially offset the core-rate reset and weaker yen. Corning also recorded $49 million in restructuring charges for the full year (severance and asset write-offs), down from $407 million in 2024, with a $25 million severance accrual expected to be substantially paid within the next twelve months.
In September 2025 Corning entered into a settlement agreement with The Dow Chemical Company to fully resolve all outstanding environmental indemnification claims arising from historical Dow Corning matters; the resolution did not have a material financial impact. Separately, Corning earned $172 million in IRA 45X production credits, $84 million in 48C investment credits, and a combined $410 million in CHIPS Act 48D advanced-manufacturing investment credits during 2025, reflecting scale-up of solar and advanced-optics manufacturing. Total government-incentive-related assets on the balance sheet increased to $493 million ($163 million current, $330 million non-current) from $116 million a year earlier.
(Filed on October 31, 2025)
+20.9%
37.1%
$1.6B
Optical Communications segment net sales rose 33% year-over-year in Q3 2025 to $1,652M, with segment net income up 69% to $295M. Management attributed the growth to strong demand for Generative AI products in the Enterprise business and demand for datacenter interconnect and fiber-to-the-home products in the Carrier business. For the nine months, the segment generated $4,573M in sales (+39% y/y) and $743M in net income (+78%).
The solar manufacturing facility lease in Hemlock, Michigan commenced during Q3 2025, triggering recognition of a $762M right-of-use asset and lease liability under a five-year finance lease (~$1.0B undiscounted payments, beginning no later than Q2 2026). Corning also recognized $181M in Section 48D tax credits under the CHIPS and Science Act. Separately, the equipment lease for the same facility was amended in May 2025, increasing the estimated purchase and installation commitment from $365M to $586M; that lease is expected to commence in Q4 2025.
In April 2025, Corning completed the acquisition of 100% of a U.S. solar module manufacturing facility for $278M in total fair value consideration (including $150M in contingent earn-out payments tied to cumulative free cash flow). During Q3 2025, Corning paid $33M of the $111M notes payable, with the remainder expected in Q4 2025. Goodwill of $98M was recorded, attributed to vertical integration synergies. The Hemlock and Emerging Growth Businesses segment reported a Q3 net loss of $1M (vs. $12M income in Q3 2024), which management attributed to temporarily higher costs to ramp up new solar products, even as segment sales grew 46% y/y to $364M.
Effective January 1, 2025, Corning reorganized its reportable segments by combining the Automotive Glass Solutions and Environmental Technologies businesses into a single Automotive segment and renaming Display Technologies to Display, leaving five reportable segments. The company also updated its constant-currency rates for 2025 (e.g., Japanese yen moved from ¥107 to ¥120), applied prospectively without recasting prior-year comparatives.
In September 2025, Corning entered into a settlement agreement with Dow Chemical Company that fully resolved all outstanding environmental indemnification matters first asserted in 2019. Management stated the resolution did not have a material impact on consolidated financial statements and that no further obligations remain. Separately, on July 28, 2025, Corning entered a new $1.5B committed unsecured multi-currency credit facility maturing July 2030, replacing the prior agreement; no amounts were outstanding at quarter-end.
Q3 2025 gross margin expanded to 37% (vs. 34% in Q3 2024), which management attributed to higher volume combined with pricing actions, cost management, and productivity restoration. Consolidated net sales were $4,100M (+21% y/y), with the increase led by optical communications (+$406M), polycrystalline silicon (+$91M), specialty materials (+$74M), and display (+$66M). Full-year 2025 capital expenditures are expected to be approximately $1.3B, with $850M spent in the first nine months.
