Corning Inc
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +4.08%.
Did GLW Beat Earnings? Q2 2026 Results
Corning delivered a mixed but broadly encouraging second quarter for fiscal 2026, beating earnings expectations while falling short on the top line as AI-driven demand powered its best-performing segment. The company posted core EPS of $0.78, edging past the $0.75 consensus by 3.48% and extending its streak of beating EPS estimates to five consecutive quarters, while revenue of $4.50 billion, up 16.6% year over year, came in 2.69% below analyst expectations. The standout driver was Optical Communications, where sales surged 32% to $2.07 billion, fueled by a 65% jump in Enterprise Networks as generative AI infrastructure buildouts accelerated demand for fiber and connectivity solutions; major multiyear commitments from Amazon and NVIDIA underscored that momentum. Shares fell sharply in the session following results, with investors appearing focused on conservative near-term signals. Still, management guided Q3 core sales of $4.90 billion to $5.00 billion and core EPS of $0.85 to $0.89, reflecting continued confidence in its upgraded Springboard Plan targeting $40.00 billion in annualized sales by end of 2030.
- Optical Communications grew 32% driven by 65% increase in Enterprise Networks and rapidly growing Gen AI product sales
- Solar segment grew 90% year over year
- Core gross margin expanded 120 basis points to 39.6%
- Core operating margin expanded 190 basis points to 20.9%
- Core ROIC improved 180 basis points to 14.9%
- Ninth consecutive quarter of year-over-year growth
“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.”
Corning CEO, on the earnings call
Forward Guidance & Outlook
For Q3 2026, management expects core sales to grow approximately 16% year over year to a range of $4.9 billion to $5.0 billion and core EPS to grow approximately 28% year over year to a range of $0.85 to $0.89. Management expects an improving impact on earnings from Solar starting in Q3 as the ramp continues, building toward a revenue stream of more than $3 billion with strong profit and cash flow. The company's upgraded Springboard Plan targets annualized sales run rates of $20 billion by end of 2026, $30 billion by end of 2028, and $40 billion by end of 2030, with a 19% sales CAGR 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.
GLW YoY Financials
GLW Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.