康宁二季度业绩超预期但三季度收入指引低于市场预期，股价盘中大跌

CORNING, N.Y.--(BUSINESS WIRE)--
Corning Incorporated
(NYSE: GLW) today announced its second-quarter 2026 results and provided its outlook for third-quarter 2026.
News Summary:
Year over year, Q2 core sales grew 17% to $4.74 billion. Core EPS grew 30% to $0.78.
Optical Communications grew sales 32% to $2.07 billion, including a 65% increase in Enterprise Networks, with Gen AI product sales growing significantly faster.
Solar grew sales 90% and completed an extended maintenance shutdown and equipment upgrade at Corning’s solar wafer facility. Management expects profitability to improve in Q3.
Results demonstrate progress on upgraded Springboard Plan outlined at May 2026 investor day.
The company’s internal Springboard Plan is to grow sales to an annualized run rate of $20 billion by the end of 2026, $30 billion by the end of 2028, and $40 billion by the end of 2030.
Corning is entering a new phase of accelerating growth. The company expects to deliver a sales CAGR of 19% from Q4 2026 to Q4 2030 – while growing earnings faster than sales, with significantly higher returns on invested capital and substantially more free cash flow.
Deep customer partnerships support Springboard growth opportunity. In Q2:
Amazon
announced
a multiyear, multibillion-dollar agreement under which Corning will supply the optical fiber, cable, and connectivity solutions that power Amazon's expanding data center infrastructure across the United States.
NVIDIA and Corning
announced
a long-term partnership in which Corning will expand its U.S.-based optical connectivity manufacturing capacity by 10x and expand its U.S. fiber production capacity by more than 50% to meet the accelerating demand driven by AI factory buildouts.
In the third quarter, management expects core sales to grow approximately 16% year over year to a range of $4.9 billion to $5 billion and core EPS to grow approximately 28% year over year to a range of $0.85 to $0.89.
(1) Second-quarter GAAP results: Sales were $4.51 billion, gross margin was 36.1%, operating margin was 15.5%, EPS was $0.64, and operating cash flow was $1.72 billion.
Wendell P. Weeks, chairman, chief executive officer, and president, said,
“In the second quarter, we delivered outstanding results, and we upgraded our Springboard Plan to grow sales to an annualized run rate of $20 billion by the end of 2026, $30 billion by the end of 2028, and $40 billion by the end of 2030. We’re entering a new phase of accelerating growth, and we expect to deliver a sales CAGR of 19% from Q4 2026 to Q4 2030 – while growing earnings faster than sales, with significantly higher returns on invested capital and substantially more free cash flow.”
Weeks continued,
“We continue to deepen our long-term customer partnerships with industry leaders, most recently with Amazon and NVIDIA. These partnerships provide strong proof points supporting our exciting Springboard Plan.”
Ed Schlesinger, executive vice president and chief financial officer, said
, “In the second quarter, we delivered our ninth consecutive quarter of year-over-year growth and continued to enhance our financial profile. We grew core sales 17% to $4.74 billion and core EPS 30% to $0.78. We expanded core gross margin 120 basis points to 39.6% and core operating margin 190 basis points to 20.9%. We also grew core ROIC 180 basis points to 14.9% and delivered strong adjusted free cash flow of $1.42 billion.”
Schlesinger continued,
“In the third quarter, we expect core sales to grow approximately 16% year over year to a range of $4.9 billion to $5 billion and core EPS to grow about 28% year over year to a range of $0.85 to $0.89. We also expect an improving impact on earnings from Solar starting in Q3 as our ramp continues, building toward a revenue stream of more than $3 billion with strong profit and cash flow. Overall, we are off to a great start on our upgraded Springboard plan to capture a new phase of accelerating growth.”
Second-Quarter 2026 Financial Highlights:
GAAP sales were $4.51 billion, up 17% year over year. Core sales were $4.74 billion, up 17% year over year.
GAAP EPS was $0.64, up 19% year over year. Core EPS was $0.78, up 30% year over year. The difference between GAAP and core EPS principally reflects adjustments for hedged exposures, along with largely non-cash discrete tax items and restructuring and impairment charges. A complete quantitative reconciliation of these and other reconciling items appears in the tables accompanying this release.
GAAP gross margin was 36.1%. Core gross margin expanded 120 basis points to 39.6%.
GAAP operating margin was 15.5%. Core operating margin expanded 190 basis points to 20.9%.
GAAP operating cash flow was $1.72 billion, and adjusted free cash flow was $1.42 billion.
Third-Quarter 2026 Outlook:
In the third quarter, management expects core sales to grow approximately 16% year over year to a range of $4.9 billion to $5 billion and core EPS to grow approximately 28% year over year to a range of $0.85 to $0.89.
Second-Quarter 2026 Results and Comparisons
(In millions, except per-share amounts)
Results (GAAP)
Q2 2026
Q1 2026
Q2 2025
Q/Q
Y/Y
Net Sales
$4,505
$4,144
$3,862
9%
17%
Net Income
(1)
$559
$371
$469
51%
19%
Diluted EPS
$0.64
$0.43
$0.54
49%
19%
(1)
Represents GAAP net income attributable to Corning Incorporated.
Core Results (Non-GAAP)
(1)
Q2 2026
Q1 2026
Q2 2025
Q/Q
Y/Y
Core Sales
$4,738
$4,345
$4,045
9%
17%
Core Net Income
$680
$612
$523
11%
30%
Core EPS
$0.78
$0.70
$0.60
11%
30%
(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.
Second-Quarter 2026 Segment Results
(In millions)
The second-quarter results below are prepared on a basis consistent with Corning’s segment reporting as presented in the company’s consolidated financial statements.
Effective in the first quarter of 2026, Corning revised its segment reporting structure to align with its current operating and management structure. As a result, the company created a Glass Innovations segment, combining its former Display and Specialty Materials segments. Corning also created a Solar segment, which includes Hemlock Semiconductor Group and the company’s solar wafer and module manufacturing businesses. Optical Communications and Automotive remain unchanged. All other results will be grouped as Life Sciences and Emerging Growth Businesses. Prior-period results have been recast to conform to the current presentation.
Optical Communications
Q2 2026
Q1 2026
Q2 2025
Q/Q
Y/Y
Net Sales
$2,072
$1,846
$1,566
12%
32%
Net Income
$438
$387
$247
13%
77%
Glass Innovations
Q2 2026
Q1 2026
Q2 2025
Q/Q
Y/Y
Net Sales
$1,463
$1,420
$1,443
3%
1%
Net Income
$354
$324
$324
9%
9%
Automotive
Q2 2026
Q1 2026
Q2 2025
Q/Q
Y/Y
Net Sales
$471
$437
$460
8%
2%
Net Income
$82
$70
$79
17%
4%
Solar
Q2 2026
Q1 2026
Q2 2025
Q/Q
Y/Y
Net Sales
$438
$370
$231
18%
90%
Net (Loss) Income
($7)
$7
$2
*
*
Life Sciences and Emerging Growth Businesses
Q2 2026
Q1 2026
Q2 2025
Q/Q
Y/Y
Net Sales
$294
$272
$345
8%
(15%)
Net (Loss) Income
($21)
($24)
$6
13%
*
* Not meaningful
Upcoming Investor Events
On Sept. 9, Corning Incorporated will attend the Citi 2026 Global TMT Conference in New York. In addition, the company will schedule management visits to investor offices in select cities. Visit the company’s
I
nvestor Relations website
for up-to-date information.
Second-Quarter Conference Call Information
The company will host its second-quarter conference call on Tuesday, July 28, at 8:30 a.m. ET. 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 webcas