Corning Announces Outstanding 2025 Financial Results (1) – Upgrades Springboard Plan for Faster Sales Growth on Significantly Enhanced Financial Profile

Key Terms

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CORNING, N.Y.--(BUSINESS WIRE)-- Corning Incorporated (NYSE: GLW) today announced its fourth-quarter and full-year 2025 results and provided its outlook for first-quarter 2026.

News Summary:

Company delivers record results for Q4 and full-year 2025 and expects continued growth in Q1:

• Q4 core sales and core EPS grew 14% to $4.41 billion and 26% to $0.72, YoY, respectively.
• Full-year 2025 core sales grew 13% to $16.41 billion, and core EPS grew 29% to $2.52.
• In Q1, management expects YoY growth to accelerate, with core sales up ~15% to a range of $4.2 billion to $4.3 billion, and core EPS growing to a range of $0.66 to $0.70.

Since Springboard launch, Corning transformed its financial profile. From Q4-2023 to Q4-2025:

• The company expanded core operating margin 390 bps to 20.2% and core ROIC 540 bps to 14.2%.
• Adjusted free cash flow nearly doubled to $1.72 billion for full-year 2025 versus full-year 2023.

Management upgrades Springboard Plan. From the Q4-2023 starting point:

• Internal plan now adds $11 billion in incremental annualized sales by the end of 2028, up from original $8-billion plan.
• Internal plan now adds $6.5 billion in incremental annualized sales by the end of 2026, up from previous $6-billion plan.
• High-confidence plan now adds $5.75 billion in incremental annualized sales by the end of 2026, up from previous $4-billion plan.

(1)

Fourth-quarter GAAP results: Sales were $4.22 billion, gross margin was 35.5%, operating margin was 15.9%, EPS was $0.62, and operating cash flow was $1.05 billion. Full-year GAAP results: Sales were $15.63 billion, gross margin was 36.0%, operating margin was 14.6%, EPS was $1.83, and operating cash flow was $2.70 billion.

Wendell P. Weeks, chairman, chief executive officer, and president, said, “Since the launch of Springboard two years ago, we have transformed Corning’s financial profile: From Q4-2023 to Q4-2025, we expanded core operating margin by 390 basis points to 20.2%, and expanded core ROIC 540 basis points to 14.2%, while nearly doubling adjusted free cash flow to $1.72 billion for full-year 2025. We now have a highly profitable launch point for future growth.”

Weeks continued, “Excitingly, we have even stronger long-term growth ahead. Today, we are upgrading our original Springboard plan to now add $11 billion in incremental annualized sales by the end of 2028, up from our original $8-billion plan.”

Ed Schlesinger, executive vice president and chief financial officer, said, “In 2025, we delivered double-digit core sales growth, with core EPS growing twice as fast as sales and adjusted free cash flow growing three times as fast. We expanded core operating margin and core ROIC 180 and 120 basis points, respectively. We significantly enhanced our financial profile and positioned the company to generate even more profit and cash going forward on our upgraded Springboard growth plan.”

Schlesinger continued, “We enter 2026 with exciting momentum. In Q1, we expect year-over-year growth to accelerate, with core sales up approximately 15% to a range of $4.2 billion to $4.3 billion, and core EPS growing to a range of $0.66 to $0.70. We are also upgrading Springboard. Our internal and high-confidence plans now add $6.5 billion and $5.75 billion in incremental annualized sales by the end of 2026, respectively, up from our previous $6 billion and $4 billion.”

Fourth-Quarter 2025 Financial Highlights:

• GAAP sales were $4.22 billion. Core sales were $4.41 billion, up 14% year over year.
• GAAP EPS was $0.62. Core EPS was $0.72, up 26% year over year. Differences between GAAP and core EPS include non-cash, mark-to-market adjustments associated with the company’s translated earnings contracts and foreign-denominated debt as well as constant currency adjustments.
• GAAP gross margin was 35.5%. Core gross margin was 38.1%.
• GAAP operating margin was 15.9%. Core operating margin was 20.2%.
• GAAP operating cash flow was $1.05 billion, and adjusted free cash flow was $732 million.

Full-Year 2025 Financial Highlights:

• GAAP sales were $15.63 billion. Core sales were $16.41 billion, up 13% year over year.
• GAAP EPS was $1.83. Core EPS was $2.52, up 29% year over year. Differences between GAAP and core EPS include non-cash, mark-to-market adjustments associated with the company’s translated earnings contracts and foreign-denominated debt as well as constant currency adjustments.
• GAAP gross margin was 36.0%. Core gross margin was 38.4%.
• GAAP operating margin was 14.6%. Core operating margin was 19.3%.
• GAAP operating cash flow was $2.70 billion, and adjusted free cash flow was $1.72 billion.

Corning and Meta Announce Multiyear, Up to $6-Billion Agreement:

• This long-term partnership with Meta reflects Corning’s commitment to develop, innovate, and manufacture the critical technologies that power next-generation data centers in the United States.

Fourth-Quarter and Full-Year 2025 Results and Comparisons
(In millions, except per-share amounts)

Results (GAAP)
		Q4 2025		Q3 2025		Q4 2024		Q/Q		Y/Y		FY 2025		FY 2024		Y/Y
Net Sales		$4,215		$4,100		$3,501		3%		20%		$15,629		$13,118		19%
Net Income(1)		$540		$430		$310		26%		74%		$1,596		$506		215%
Diluted EPS		$0.62		$0.50		$0.36		24%		72%		$1.83		$0.58		216%

(1)

Represents GAAP net income attributable to Corning Incorporated.

Core Results (Non-GAAP)(1)
		Q4 2025		Q3 2025		Q4 2024		Q/Q		Y/Y		FY 2025		FY 2024		Y/Y
Core Sales		$4,412		$4,272		$3,874		3%		14%		$16,408		$14,469		13%
Core Net Income		$624		$585		$497		7%		26%		$2,199		$1,699		29%
Core EPS		$0.72		$0.67		$0.57		7%		26%		$2.52		$1.96		29%

(1)

Core performance measures are non-GAAP financial measures. The reconciliation between GAAP and non-GAAP measures is provided in the tables following this news release as well as on the company’s website.

Fourth-Quarter and Full-Year 2025 Segment Results
(In millions)
The fourth-quarter and full-year 2025 results below are prepared on a basis consistent with Corning’s segment reporting as presented in the company’s consolidated financial statements.

As of Jan. 1, 2025, the company moved its Automotive Glass Solutions business along with its Environmental Technologies business into a new Automotive segment. The comparative segment information has been recast to conform to the changes in Corning's segment reporting.

Optical Communications
		Q4 2025		Q3 2025		Q4 2024		Q/Q		Y/Y		FY 2025		FY 2024		Y/Y
Net Sales		$1,701		$1,652		$1,368		3%		24%		$6,274		$4,657		35%
Net Income		$305		$295		$194		3%		57%		$1,048		$612		71%

Display
		Q4 2025		Q3 2025		Q4 2024		Q/Q		Y/Y		FY 2025		FY 2024		Y/Y
Net Sales		$955		$939		$971		2%		(2%)		$3,697		$3,872		(5%)
Net Income		$257		$250		$262		3%		(2%)		$993		$1,006		(1%)

Specialty Materials
		Q4 2025		Q3 2025		Q4 2024		Q/Q		Y/Y		FY 2025		FY 2024		Y/Y
Net Sales		$544		$621		$515		(12%)		6%		$2,211		$2,018		10%
Net Income		$99		$113		$81		(12%)		22%		$367		$260		41%

Automotive
		Q4 2025		Q3 2025		Q4 2024		Q/Q		Y/Y		FY 2025		FY 2024		Y/Y
Net Sales		$440		$454		$446		(3%)		(1%)		$1,794		$1,846		(3%)
Net Income		$63		$68		$61		(7%)		3%		$278		$261		7%

Life Sciences
		Q4 2025		Q3 2025		Q4 2024		Q/Q		Y/Y		FY 2025		FY 2024		Y/Y
Net Sales		$246		$242		$250		2%		(2%)		$972		$979		(1%)
Net Income		$14		$16		$18		(13%)		(22%)		$61		$63		(3%)

Hemlock and Emerging Growth Businesses
		Q4 2025		Q3 2025		Q4 2024		Q/Q		Y/Y		FY 2025		FY 2024		Y/Y
Net Sales		$526		$364		$324		45%		62%		$1,460		$1,097		33%
Net Income (Loss)		$1		($1)		$10		*		(90%)		($26)		$42		*

*

Not meaningful

Upcoming Investor Events
Corning will attend the Susquehanna Fifteenth Annual Technology Conference on Feb. 27 and the Morgan Stanley Technology, Media & Telecom Conference on March 3. Additionally, Corning will be scheduling management visits to investor offices in select cities. Visit the company’s Investor Relations website for up-to-date information.

Fourth-Quarter Conference Call Information
The company will host its fourth-quarter conference call on Wednesday, Jan. 28, at 8:30 a.m. EST. To participate, individuals may preregister here prior to the start of the call. Once the required fields are completed, click “Register.” A telephone number and PIN will be auto generated and will pop up on screen. Participants will have the choice to “Dial In” or have the system “Call Me.” A confirmation email will also be sent with specific dial-in information. To listen to a live audio webcast of the call, go to the company’s Investor Relations events page and follow the instructions.

Presentation of Information in this News Release
This news release includes non-GAAP financial measures. Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP. Corning’s non-GAAP financial measures exclude the impact of items that are driven by general economic conditions and events that do not reflect the underlying fundamentals and trends in the company’s operations. The company believes presenting non-GAAP financial measures assists in analyzing financial performance without the impact of items that may obscure trends in the company’s underlying performance. Definitions of these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found on the company’s website by going to the Investor Relations page and clicking “Quarterly Results” under the “Financials and Filings” tab. These reconciliations also accompany this news release.

With respect to the outlook for future periods, it is not possible to provide reconciliations for these non-GAAP measures because management does not forecast the movement of foreign currencies against the U.S. dollar, or other items that do not reflect ongoing operations, nor does it forecast items that have not yet occurred or are out of management’s control. As a result, management is unable to provide outlook information on a GAAP basis.

Caution Concerning Forward-Looking Statements
The statements contained in this release and related comments by management that are not historical facts or information and contain words such as “will,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “see,” “would,” “target,” “estimate,” “forecast” or similar expressions are forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. Such statements relate to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements relate to, among other things, the Company’s Springboard plan, the company’s future operating performance, the company’s share of new and existing markets, the company’s revenue and earnings growth rates, the company’s ability to innovate and commercialize new products, the company’s expected capital expenditure and the company’s implementation of cost-reduction initiatives and measures to improve pricing, including the optimization of the company’s manufacturing capacity.

Although the company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, current estimates and forecasts, general economic conditions, its knowledge of its business and key performance indicators that impact the company, there can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws.

Some of the risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements include, but are not limited to: global economic trends, competition and geopolitical risks, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and other countries, and related impacts on our businesses’ global supply chains and strategies; changes in macroeconomic and market conditions and market volatility, including developments and volatility arising from health crisis events, inflation, interest rates, the value of securities and other financial assets, precious metals, oil, natural gas, raw materials and other commodity prices and exchange rates (particularly between the U.S. dollar and the Japanese yen, South Korean won, Chinese yuan, New Taiwan dollar, Mexican peso and euro), decreases or sudden increases of consumer demand, and the impact of such changes and volatility on our financial position and businesses; the availability of or adverse changes relating to government grants, tax credits or other government incentives; the duration and severity of health crisis events, such as an epidemic or pandemic, and its impact across our businesses on demand, personnel, operations, our global supply chains and stock price; possible disruption in commercial activities or our supply chain due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, international trade disputes or major health concerns; loss of intellectual property due to theft, cyber-attack, or disruption to our information technology infrastructure; ability to enforce patents and protect intellectual property and trade secrets; disruption to Corning’s, our suppliers’ and manufacturers’ supply chain, equipment, facilities, IT systems or operations; product demand and industry capacity; competitive products and pricing; availability and costs of critical components, materials, equipment, natural resources and utilities; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; the amount and timing of any future dividends; the effects of acquisitions, dispositions and other similar transactions; the effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; our ability to increase margins through implementation of operational changes, pricing actions and cost reduction measures; rate of technology change; adverse litigation; product and component performance issues; retention of key personnel; customer ability to maintain profitable operations and obtain financing to fund ongoing operations and manufacturing expansions and pay receivables when due; loss of significant customers; changes in tax laws, regulations and international tax standards; the impacts of audits by taxing authorities; the potential impact of legislation, government regulations, and other government action and investigations; and other risks detailed in Corning’s SEC filings.

For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q.

Web Disclosure
In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated (“Corning”) wishes to notify investors, media, and other interested parties that it uses its website (https://www.corning.com/worldwide/en/about-us/news-events.html) to publish important information about the company, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that the company uses may be updated on Corning’s media and website from time to time. Corning encourages investors, media, and other interested parties to review the information Corning may publish through its website and social media channels as described above, in addition to the company’s SEC filings, press releases, conference calls, and webcasts.

About Corning Incorporated
Corning (www.corning.com) is one of the world’s leading innovators in materials science, with a 175-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics, along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people’s lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries. Corning’s capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping its customers capture new opportunities in dynamic industries. Today, Corning’s markets include optical communications, mobile consumer electronics, display, automotive, solar, semiconductors, and life sciences.

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Media Relations:

Gabrielle Bailey

(607) 684-4557

baileygr@corning.com

Investor Relations:

Ann H.S. Nicholson

(607) 974-6716

nicholsoas@corning.com

Source: Corning Incorporated