Apple’s $2.5 billion commitment to make 100% of global iPhone and Apple Watch cover glass in Corning’s Kentucky facility adds to Springboard growth opportunity through 2026 and[...]

Apple's $2.5 billion commitment to make 100% of global iPhone and Apple Watch cover glass in Corning's Kentucky facility adds to Springboard growth opportunity through 2026 and beyond

(1) Third-quarter GAAP results: Sales were $4.10 billion, EPS was $0.50, operating margin was 14.4%, and GAAP operating cash flow was $784 million. Third-quarter core results: Sales were $4.27 billion, EPS was $0.67, operating margin was 19.6%, and adjusted free cash flow was $535 million.

CORNING, N.Y. - Corning Incorporated (NYSE: GLW) today announced its third-quarter 2025 results and provided its outlook for fourth-quarter 2025.

Wendell P. Weeks, chairman and chief executive officer, said, "We delivered another excellent quarter. Year over year, core sales grew 14% to $4.27 billion, and core EPS grew 24% to $0.67. Overall, as we approach the second anniversary of Springboard, the plan has been a tremendous success. We have added $4 billion to our annualized sales run rate, and we have significantly improved our profitability - with an expected operating margin of 20% in the fourth quarter, a year ahead of plan."

Weeks continued, "Beyond our strong third-quarter performance, we see significant growth ahead, fueled by powerful secular trends. To share just a few examples, we are ramping to meet remarkable demand for both our new Gen AI and U.S.-made solar products, and Apple's recent $2.5 billion commitment to produce 100% of iPhone and Apple Watch cover glass at our Kentucky facility creates a larger, longer-term opportunity."

Ed Schlesinger, executive vice president and chief financial officer, said, "Our outstanding third-quarter results reflect sales growth and margin expansion across multiple businesses. Year over year, core sales grew 14% while core operating margin expanded 130 basis points to 19.6%, core EPS grew 24%, and core ROIC grew 160 basis points to 13.4%. Additionally, we delivered strong adjusted free cash flow of $535 million. Overall, we continue to significantly enhance our returns as we execute Springboard."

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Schlesinger continued, "We expect continued strong growth in the fourth quarter, driven by ongoing robust demand for our Gen AI products and sales of solar wafers. We're guiding to core sales of approximately $4.35 billion, with core EPS growing faster than sales to a range of $0.68 to $0.72. Additionally, we are on track to achieve our Springboard operating margin target of 20% in the fourth quarter, a year ahead of plan. This represents a 370-basis-point improvement from our Q4-2023 starting point - and establishes a strong return profile as we continue to grow sales."

Third-Quarter 2025 Financial Highlights:

•GAAP sales were $4.10 billion. Core sales were $4.27 billion.

•GAAP EPS was $0.50. Core EPS was $0.67. 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 operating margin was 14.4%. Core operating margin was 19.6%.

•GAAP operating cash flow was $784 million, and adjusted free cash flow was $535 million.

Fourth-Quarter 2025 Outlook:

•In the fourth quarter, the company expects continued growth, with core sales of approximately $4.35 billion and core EPS again growing faster than sales to a range of $0.68 to $0.72.

Third-Quarter 2025 Results and Comparisons

(In millions, except per-share amounts)

Results (GAAP)
			Q3 2025						Q2 2025						Q3 2024						Q/Q						Y/Y
Net Sales			$4,100						$3,862						$3,391						6		%				21		%
Net Income (Loss) (1)			$430						$469						($117)						(8		%)				*
Diluted EPS			$0.50						$0.54						($0.14)						(7		%)				*

(1)Represents GAAP net income (loss) attributable to Corning Incorporated.

*Not meaningful

Core Results (Non-GAAP)(1)
			Q3 2025						Q2 2025						Q3 2024						Q/Q						Y/Y
Core Sales			$4,272						$4,045						$3,733						6		%				14		%
Core Net Income			$585						$523						$465						12		%				26		%
Core EPS			$0.67						$0.60						$0.54						12		%				24		%

(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.

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Third-Quarter 2025 Segment Results

(In millions)

The third-quarter 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
			Q3 2025						Q2 2025						Q3 2024						Q/Q						Y/Y
Net Sales			$1,652						$1,566						$1,246						5		%				33		%
Net Income			$295						$247						$175						19		%				69		%

Display
			Q3 2025						Q2 2025						Q3 2024						Q/Q						Y/Y
Net Sales			$939						$898						$1,015						5		%				(7		%)
Net Income			$250						$243						$285						3		%				(12		%)

Specialty Materials
			Q3 2025						Q2 2025						Q3 2024						Q/Q						Y/Y
Net Sales			$621						$545						$548						14		%				13		%
Net Income			$113						$81						$72						40		%				57		%

Automotive
			Q3 2025						Q2 2025						Q3 2024						Q/Q						Y/Y
Net Sales			$454						$460						$430						(1		%)				6		%
Net Income			$68						$79						$51						(14		%)				33		%

Life Sciences
			Q3 2025						Q2 2025						Q3 2024						Q/Q						Y/Y
Net Sales			$242						$250						$244						(3		%)				(1		%)
Net Income			$16						$18						$15						(11		%)				7		%

Hemlock and Emerging Growth Businesses
						Q3 2025						Q2 2025						Q3 2024						Q/Q						Y/Y
Net Sales						$364						$326						$250						12		%				46		%
Net (Loss) Income						($1)						($10)						$12						90		%				*

*Not meaningful

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Upcoming Investor Events

Corning will attend the UBS Global Technology and AI Conference on Dec. 2 in Scottsdale, Arizona. In addition, the company will schedule management visits to investor offices in select cities. Visit the company's Investor Relations website for up-to-date information.

Third-Quarter Conference Call Information

The company will host its third-quarter conference call on Tuesday, Oct. 28, at 8:30 a.m. EDT. 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.