Highlights

  • Third-quarter 2026 GAAP sales were $4.86 billion and GAAP EPS was $0.78; core sales were $5.08 billion and core EPS $0.91.
  • Optical Communications sales were $2.38 billion, up 44%, and Enterprise Networks sales grew 84% year over year.
  • Solar reported a net loss of $7 million as production ramped at a slower pace than anticipated.
  • For the fourth quarter, management expects core sales of $5.2 billion to $5.3 billion and core EPS of $0.96 to $1.00.

Corning Incorporated (NYSE: GLW) shares were trading at USD 126.53 on October 27, 2026, down 0.95%, with a relative volume at time of 2.47. The materials science company said in the third quarter that it secured four long-term customer agreements, including with Verizon and AT&T, and on October 27 it reported third-quarter 2026 results and gave a fourth-quarter 2026 outlook.

Corning is incorporated in New York and has its principal executive offices at One Riverfront Plaza in Corning, New York. The company applies glass science, ceramic science and optical physics to products for optical communications, mobile consumer electronics, display, automotive, solar, semiconductors and life sciences. Since the first quarter of 2026 it reports Optical Communications, Glass Innovations, Automotive and Solar segments, with remaining results grouped as Life Sciences and Emerging Growth Businesses.

Third-Quarter 2026 Results

On a GAAP basis, net sales were $4,855 million, compared with $4,100 million in the third quarter of 2025, an increase of 18%. Net income attributable to Corning was $680 million, compared with $430 million, and diluted EPS was $0.78, compared with $0.50. GAAP gross margin was 37.3% and GAAP operating margin was 18.8%.

On a non-GAAP core basis, sales were $5,081 million, up 19% year over year, and core net income was $795 million. Core EPS was $0.91, up 36%. Core gross margin was 40.5% and core operating margin was 22.7%. The company said the difference between GAAP and core EPS principally reflects adjustments for hedged exposures, along with discrete tax items.

Segment Results

Optical Communications net sales were $2,379 million, up 44% year over year, with net income of $532 million. The company said Enterprise Networks sales grew 84% and Gen AI product sales grew more than 100% year over year.

Glass Innovations net sales were $1,506 million, down 3% year over year, and net income was $328 million, down 10%. Management said television units were down 4% and notebooks and handhelds were down about 20% in the quarter.

Automotive net sales were $470 million, up 4%, with net income of $67 million. Solar net sales were $436 million, up 37%, with a net loss of $7 million, compared with net income of $30 million a year earlier. The company said Solar production continued to ramp at a slower pace than anticipated. Life Sciences and Emerging Growth Businesses reported a net loss of $28 million.

Cash Flow, Balance Sheet and Capital

Net cash provided by operating activities was $1,061 million for the quarter and $3,140 million for the nine months. Adjusted free cash flow for the quarter was $661 million. Adjusted free cash flow for the first nine months of 2026 was $2.27 billion. Capital expenditures were $545 million for the quarter.

At September 30, 2026, cash and cash equivalents were $2,537 million. Long-term debt was $7,267 million, compared with $7,630 million, and the current portion of long-term debt and short-term borrowings was $933 million. Dividends paid were $262 million for the quarter.

On the call, management said 2026 capital expenditures are planned at approximately $2 billion, primarily to add capacity for Optical Communications, and that customer deposits of $639 million were received in the first nine months of 2026. It said the primary vehicle for returning excess cash to shareholders will be share buybacks.

Outlook and Springboard Plan

For the fourth quarter of 2026, management expects to grow core sales approximately 19% year over year to a range of $5.2 billion to $5.3 billion and to grow core EPS approximately 36% year over year to a range of $0.96 to $1.00. The company said it is unable to provide outlook information on a GAAP basis.

The chief financial officer said the Springboard Plan, extended in May, is to double the annualized sales run rate from $20 billion to $40 billion by the end of 2030. On the call, management said the annualized run rate was $20.3 billion in the third quarter.