Sales

Q3 2025

$3.85 billion " "

$4.2 billion "

raised

EPS

Q3 2025

$0.55 to $0.59 " "

$0.63 to $0.67 "

raised

Operating Margin

Q3 2025

Target of 20% by end of 2026 "

20% "

no change

Impact of Tariffs

Q3 2025

$0.01 to $0.02 " "

$0.01 to $0.02 "

no change

Production Ramp Costs

Q3 2025

$0.03 " "

$0.02 to $0.03 "

lowered

Display Segment

Q3 2025

no prior guidance

Glass market and volume expected to remain similar to Q2 with consistent sequential pricing "

no prior guidance

Free Cash Flow/Capital Investment

Q3 2025

no prior guidance

Planned capital investment of approximately $1.3 billion "

no prior guidance

Operating Margins

Q4 2024: Expanded by 220 basis points to 18.5% with a target of 20% by 2026. " " " Q1 2025: Expanded by 250 basis points to 18% while managing cost pressures from tariffs and production ramps. " " " "

Expanded by 160 basis points to 19% with a focus on managing temporary ramp costs for new products and continued margin improvement. " " "

Consistent margin expansion with a shift from tariff pressures to managing temporary ramp‐up costs. " " "

Product Innovation & Pipeline Dynamics

Q4 2024: Emphasized new Gen AI products, optical communications innovations, mobile consumer electronics, automotive, and solar with robust commercialization. " " " Q1 2025: Detailed focus on Gen AI products (including new fiber and cable systems), solar product ramps, and enhanced pipeline dynamics across multiple segments. " " " "

Highlighted new Gen AI and U.S.-made solar products, semiconductor business doubling, and full commercialization of new product sets with significant growth potential. " " "

Robust ongoing innovation with an added emphasis on U.S.-based solar and semiconductor initiatives, strengthening long-term growth prospects. " " "

Gen AI Order Visibility

Q4 2024: Orders tracked as expected for new Gen AI products. " Q1 2025: Strong customer response with rapid adoption in data centers and positive sentiment from major hyperscalers. " " "

Reported record enterprise business with 81% YoY growth, expanding carrier opportunities through new fiber/cable systems and significant customer partnerships. " " "

Maintained strong order visibility with enhanced growth projections and expanded revenue opportunities through strategic partnerships. " " "

Domestic Manufacturing & Capacity Expansion

Q4 2024: Noted significant U.S. footprint with manufacturing close to customers; no major capacity additions planned as capital expenditures remained steady. " " Q1 2025: Emphasized high U.S.-sourced content (about 90% of revenue) and active capacity expansion in solar with workforce increases. " " " " "

Stressed leveraging the large U.S. advanced manufacturing footprint to expand capacity in both solar and optical communications, with increased utilization and ongoing high-level customer negotiations. " " " " "

Shifting from a stable manufacturing base to an active capacity expansion strategy that leverages U.S. assets to capture growing demand. " " " " "

Tariff Impacts & Pull-Ahead Buying

Q4 2024: Minimal direct tariff impact noted due to local manufacturing with modeled pull-ahead buying effects in display segments. " Q1 2025: Identified a tariff impact of $0.01–$0.02 EPS, with no explicit discussion of pull-ahead buying. " " "

Continued modest tariff impact consistent with previous periods; additionally, observed pull-ahead buying in Gorilla Glass and Display segments expected to normalize later in the year. " "

Consistent tariff impact with the new detection of pull-ahead buying activity, which is anticipated to revert to normal levels. " "

Macroeconomic Demand Uncertainty

Q1 2025: Incorporated into the Springboard plan through a $2 billion corporate-level risk adjustment and stress testing scenarios, emphasizing resilience. " " " Q4 2024: No discussion of macroeconomic uncertainty was provided [N/A].

Addressed as part of the risk adjustments in planning, reinforcing the ability to absorb potential downturns while sustaining growth expectations. " "

Ongoing strategic incorporation of macroeconomic risks, with increased emphasis in Q1 and Q2 compared to the absence of commentary in Q4 2024. " "

Cyclical Trends in Optical Communications

Q4 2024: Noted that carrier purchases were realigning with deployment rates after a period of overbuilt inventory, indicating a cyclical recovery. " " Q1 2025: Focus was primarily on secular trends driven by Gen AI with minimal discussion of cyclical effects. " "

Mentioned a delay in inventory drawdown by carriers, which is normalizing and setting the stage for additional growth in the segment. "

Increased acknowledgement of cyclical normalization after a period of strong secular trends, reflecting a more balanced view. "

Government Program Revenue Delays

Q4 2024: Discussed delays in BEAD program revenues with only early trickles expected and no significant impact before 2026. " " Q1 2025: Not mentioned [N/A].

Not mentioned in the current period [N/A].

A declining focus on government program delays, suggesting reduced emphasis or impact compared to Q4 2024. [N/A]