CORNING INC /NY (GLW) Company Report

Corning Incorporated (NYSE: GLW) and Ensurge (OSE: ENSU) signed a joint development agreement to integrate Corning’s Ribbon Ceramic materials with Ensurge’s solid-state microbattery architecture, targeting ultra-high energy density performance.
The partnership focuses on commercializing batteries for high-volume consumer, medical, industrial, and defense applications by combining Corning’s materials science leadership with Ensurge’s thin-film roll-to-roll production expertise.
The agreement lays the groundwork for a new product line extension, accelerating the go-to-market timeline for next-generation AI-enabled and smart devices.

Nov 3, 2025, 5:01 AM

Press Release

Corning reports Q3 2025 results

GLW

Earnings

Guidance Update

New Projects/Investments

Reported sales of $4.27 billion (+14% y/y) and EPS of $0.67 (+24% y/y); operating margin expanded to 19.6%, ROIC to 13.4%, and free cash flow was $535 million in Q3 2025.
Since launching the Springboard plan in Q4 2023, Corning has grown sales 31%, expanded operating margin by 330 bps, and increased EPS 72%, adding $4 billion of incremental annualized sales; Q4 2025 sales are guided to $4.35 billion and operating margin is expected to reach 20%, a year ahead of plan.
Optical Communications sales rose 33% to $1.65 billion, driven by enterprise networks growth of 58% to $831 million (annualized $3.3 billion) and net income up 69% to $295 million on strong GenAI–driven demand.
Specialty Materials delivered sales of $621 million (+13%) and net income of $113 million (+57%) on premium mobile cover glass; Apple committed $2.5 billion to U.S. production at Harrodsburg and will open a co-innovation center there.
Emerging growth (solar) segment sales increased 46%, with the new ingot and wafer facility in Hemlock, MI, coming online in Q3; over 80% of capacity is committed for the next five years, and wafer output is set to exceed 1 million units/day in Q4.

Oct 28, 2025, 12:30 PM

Transcript

Corning reports Q3 2025 results

GLW

Earnings

Guidance Update

New Projects/Investments

Q3 Core Sales of $4.27 B, up 14% YoY, with Core EPS of $0.67, up 24% YoY
Core operating margin of 19.6%, up 130 bps YoY
Optical Communications net sales of $1.65 B, up 33% YoY, and net income of $295 M, up 69% YoY
Q4 2025 outlook: Core Sales of ~$4.35 B and Core EPS of $0.68–$0.72
Hemlock & Emerging Growth sales rose 46% YoY to $364 M; new solar wafer facility came online in Q3 with >80% capacity committed

Oct 28, 2025, 12:30 PM

Presentation

Corning reports Q3 2025 results and Q4 outlook

GLW

Earnings

Guidance Update

Revenue Acceleration/Inflection

Corning posted Q3 sales of $4.27 billion (↑14% y/y) and EPS of $0.67 (↑24% y/y); operating margin expanded 130 bps to 19.6% and free cash flow reached $535 million.
For Q4, the company expects sales of $4.35 billion (↑12% y/y), EPS of $0.68–$0.72, and to achieve a 20% operating margin a year ahead of plan.
Optical Communications led growth with 33% y/y sales to $1.65 billion, including 58% y/y enterprise segment growth to $831 million and acceleration in carrier fiber and cable systems.
The solar and emerging growth segment saw a 46% y/y sales increase, with over 80% capacity committed for the next five years and a target of $2.5 billion in solar revenues by 2028.

Oct 28, 2025, 12:30 PM

Transcript

Corning announces Q3 2025 results and updates Q4 outlook

GLW

Earnings

Guidance Update

Core sales grew 14% YoY to $4.27 billion; core EPS increased 24% to $0.67; GAAP sales were $4.10 billion and GAAP EPS was $0.50.
Core operating margin expanded 130 bps to 19.6%; GAAP operating cash flow was $784 million; adjusted free cash flow was $535 million.
Q4 guidance: core sales of ~ $4.35 billion, core EPS of $0.68–0.72; expects to reach 20% core operating margin in Q4, a year ahead of plan.
Optical Communications enterprise sales jumped 58% YoY on strong Gen AI adoption; Apple committed $2.5 billion to produce all iPhone and Watch cover glass at Corning’s Kentucky facility.

Oct 28, 2025, 11:05 AM

8-K

T1 Energy makes strategic investment in Talon PV

GLW

New Projects/Investments

T1 Energy Inc (NYSE: TE) entered into a SAFE to acquire a minority equity stake in Talon PV LLC, a developer of a 4.8 GW TOPCon solar cell fab in Baytown, Texas.
T1 is advancing its own 5 GW G2_Austin solar cell facility in Rockdale, Texas, expected to come online in Q4 2026, while Talon's plant aims for commercial availability in Q1 2027.
Both projects will produce TOPCon solar cells using quantum tunneling technology, supported by U.S. incentives under the OBBBA and 45X tax credits.
The investment complements T1's existing 5 GW G1_Dallas solar module facility and long-term supply deal with Corning for polysilicon and wafers.

Oct 10, 2025, 10:00 AM

Press Release

T1 Energy Reports Q2 2025 Results

GLW

Earnings

New Projects/Investments

Guidance Update

T1 Energy reported a net loss of $32.8 million, or $0.21 per share, for Q2 2025 (versus a $27.0 million loss, or $0.19 per share, in Q2 2024) and held $46.7 million in cash and equivalents at June 30, 2025.
The Company signed a transformative agreement to purchase solar wafers from Corning and secured a 437 MW sales deal with a major U.S. utility, leaving it sold out for 2025 based on the low end of its 2.6 GW production plan.
Production at G1_Dallas surpassed 1 GW cumulatively in Q2 and reached 1.2 GW of module output during 2025, driving strong commercial momentum.
T1 Energy maintained full-year 2025 EBITDA guidance of $25–50 million, while acknowledging risks skewing toward the low end of the range.

Aug 20, 2025, 10:00 AM

Press Release

Corning launches domestic US solar supply chain partnership

GLW

New Projects/Investments

Corning and T1 Energy have formed a strategic partnership to establish a fully domestic U.S. solar supply chain—spanning polysilicon, wafers, cells, and panels—targeting production in H2 2026.
The initiative addresses the One Big Beautiful Bill Act, which limits federal clean energy tax credits to components free of foreign entities of concern, notably China (over 90% wafer market share).
Production will leverage Corning’s Michigan manufacturing facility and T1’s Texas cell and panel sites, supporting nearly 6,000 American jobs.
T1 Energy delayed its Q2 earnings release and 10-Q filing to review an $11.2 million non-cash amortization of customer contracts.

Aug 15, 2025, 10:06 AM

Morningstar

CORNING establishes $1.5 billion credit facility

GLW

Debt Issuance

Corning entered into a new $1.5 billion revolving Credit Agreement dated July 28, 2025, with JPMorgan Chase Bank, N.A. as administrative agent, replacing its existing June 6, 2022 facility.
Borrowings are available in USD, GBP, JPY, and EUR up to $1.5 billion, with an accordion feature to increase commitments by up to $500 million subject to lender consent.
Interest rates are Term SOFR (or other benchmark rates) plus a margin of 0.690%–1.125%, or a base rate plus 0%–0.125%, with margins adjusting based on Corning’s unsecured debt ratings.
The facility matures on July 28, 2030, and may be extended for up to two additional one-year periods on Corning’s request and lender approval.
Includes customary affirmative and negative covenants—such as quarterly reporting, a consolidated debt-to-capital ratio ≤0.60, limits on liens and subsidiary indebtedness—and is unconditionally guaranteed by Corning.

Jul 30, 2025, 12:00 AM

8-K

Corning reports Q2 2025 results and guidance

GLW

Earnings

Guidance Update

Corning delivered record Q2 sales of $4.0 billion (+12% YoY) and EPS of $0.60 (operating margin 19%, +160 bp; free cash flow $451 million, +28%).
At the midpoint of its SpringBoard plan, annualized sales run rate is up 24% (+$3.1 billion), operating margin has expanded 270 bp to 19%, EPS is +54%, and ROIC +430 bp since launch.
Q3 guidance calls for $4.2 billion sales and EPS of $0.63–$0.67, reflecting continued double-digit growth, tariff headwinds of ~$0.01–$0.02, and ramp costs of $0.02–$0.03 per share.
Key growth drivers include GenAI demand (enterprise sales +81% YoY; scale-up fiber opportunity 2–3× existing $2 billion business), a DCI fiber system with Lumen reserving 10% capacity, and reentry into solar targeting a tripling of run rate by 2027 (+$1.6 billion).

Jul 29, 2025, 4:40 PM

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