Corning Inc. 8-K

PositiveEarningsNew guidance

Amazon’s data-center supply deal supports growth; NVIDIA partnership includes a major expansion of U.S. optical-connectivity capacity.

Filed 2026-07-28 07:03 ET

Summary

Q2 2026 results with Q3 and long-range growth outlook. Corning reported 17% Y/Y growth in both GAAP and core sales, with core EPS up 30%; it also described progress on its upgraded Springboard Plan. Amazon and NVIDIA announced long-term customer partnerships supporting Corning’s expanding data-center and AI-related business.

Key Figures

Metric Q2 2026 Q2 2025 Y/Y
Net sales, GAAP $4.51B $3.86B 17%
Core sales, non-GAAP $4.74B $4.05B 17%
Operating income, GAAP $698M $573M 22%
Net income attributable to Corning Incorporated, GAAP $559M $469M 19%
Core net income, non-GAAP $680M $523M 30%
Diluted EPS, GAAP $0.64 $0.54 19%
Core EPS, non-GAAP $0.78 $0.60 30%
Operating cash flow $1.72B $708M 143%
Adjusted free cash flow, non-GAAP $1.42B $451M 216%
  • Core gross margin was 39.6%, up 120 bp Y/Y; core operating margin was 20.9%, up 190 bp. Optical Communications sales grew 32% to $2.07B, including 65% growth in Enterprise Networks; Solar sales rose 90% to $438M after an extended facility shutdown and equipment upgrade.
  • Amazon announced a multiyear, multibillion-dollar supply agreement for data-center fiber, cable and connectivity products. With NVIDIA, Corning announced a long-term partnership involving a 10x expansion in U.S. optical-connectivity manufacturing capacity and more than 50% growth in U.S. fiber-production capacity.
  • Cash and cash equivalents were $2.50B at 6/30/2026, versus $1.53B at 12/31/2025; total debt was $8.42B. Management expects Solar profitability to improve in Q3 as the ramp continues, building toward a revenue stream above $3B with strong profit and cash flow.

Guidance

Metric Period Guidance Prior Direction
Core sales, non-GAAP Q3 2026 $4.9B-$5B; ≈16% Y/Y growth — —
Core EPS, non-GAAP Q3 2026 $0.85-$0.89; ≈28% Y/Y growth — —
Sales annualized run rate, Springboard Plan End of 2026 $20B — —
Sales annualized run rate, Springboard Plan End of 2028 $30B — —
Sales annualized run rate, Springboard Plan End of 2030 $40B — —
Sales CAGR Q4 2026-Q4 2030 19% — —

Investor Takeaways

  • Q3 results will show whether core sales and core EPS reach their guided ranges.
  • Solar’s expected Q3 profitability improvement and continuing ramp will indicate progress toward its stated revenue opportunity.
  • Progress toward the Springboard Plan’s annualized sales milestones and 19% sales CAGR will test the company’s long-range growth outlook.

The summary is written by an AI model reading the filing.

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