CORNING, N.Y.: Corning Incorporated (NYSE: GLW) today announced its fourth-quarter and full-year 2025 results and provided its outlook for first-quarter 2026.

News Summary:

Company delivers record results for Q4 and full-year 2025 and expects continued growth in Q1:

• Q4 core sales and core EPS grew 14% to $4.41 billion and 26% to $0.72, YoY, respectively.
• Full-year 2025 core sales grew 13% to $16.41 billion, and core EPS grew 29% to $2.52.
• In Q1, management expects YoY growth to accelerate, with core sales up ~15% to a range of $4.2 billion to $4.3 billion, and core EPS growing to a range of $0.66 to $0.70.

Since Springboard launch, Corning transformed its financial profile. From Q4-2023 to Q4-2025:

• The company expanded core operating margin 390 bps to 20.2% and core ROIC 540 bps to 14.2%.
• Adjusted free cash flow nearly doubled to $1.72 billion for full-year 2025 versus full-year 2023.

Management upgrades Springboard Plan. From the Q4-2023 starting point:

• Internal plan now adds $11 billion in incremental annualized sales by the end of 2028, up from original $8-billion plan.
• Internal plan now adds $6.5 billion in incremental annualized sales by the end of 2026, up from previous $6-billion plan.
• High-confidence plan now adds $5.75 billion in incremental annualized sales by the end of 2026, up from previous $4-billion plan.

Wendell P. Weeks, chairman, chief executive officer, and president, said, “Since the launch of Springboard two years ago, we have transformed Corning’s financial profile: From Q4-2023 to Q4-2025, we expanded core operating margin by 390 basis points to 20.2%, and expanded core ROIC 540 basis points to 14.2%, while nearly doubling adjusted free cash flow to $1.72 billion for full-year 2025. We now have a highly profitable launch point for future growth.”

Weeks continued, “Excitingly, we have even stronger long-term growth ahead. Today, we are upgrading our original Springboard plan to now add $11 billion in incremental annualized sales by the end of 2028, up from our original $8-billion plan.”

Ed Schlesinger, executive vice president and chief financial officer, said, “In 2025, we delivered double-digit core sales growth, with core EPS growing twice as fast as sales and adjusted free cash flow growing three times as fast. We expanded core operating margin and core ROIC 180 and 120 basis points, respectively. We significantly enhanced our financial profile and positioned the company to generate even more profit and cash going forward on our upgraded Springboard growth plan.”

Schlesinger continued, “We enter 2026 with exciting momentum. In Q1, we expect year-over-year growth to accelerate, with core sales up approximately 15% to a range of $4.2 billion to $4.3 billion, and core EPS growing to a range of $0.66 to $0.70. We are also upgrading Springboard. Our internal and high-confidence plans now add $6.5 billion and $5.75 billion in incremental annualized sales by the end of 2026, respectively, up from our previous $6 billion and $4 billion.”

Fourth-Quarter 2025 Financial Highlights:

• GAAP sales were $4.22 billion. Core sales were $4.41 billion, up 14% year over year.
• GAAP EPS was $0.62. Core EPS was $0.72, up 26% year over year. 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 gross margin was 35.5%. Core gross margin was 38.1%.
• GAAP operating margin was 15.9%. Core operating margin was 20.2%.
• GAAP operating cash flow was $1.05 billion, and adjusted free cash flow was $732 million.

Full-Year 2025 Financial Highlights:

• GAAP sales were $15.63 billion. Core sales were $16.41 billion, up 13% year over year.
• GAAP EPS was $1.83. Core EPS was $2.52, up 29% year over year. 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 gross margin was 36.0%. Core gross margin was 38.4%.
• GAAP operating margin was 14.6%. Core operating margin was 19.3%.
• GAAP operating cash flow was $2.70 billion, and adjusted free cash flow was $1.72 billion.

Corning and Meta Announce Multiyear, Up to $6-Billion Agreement:

• This long-term partnership with Meta reflects Corning’s commitment to develop, innovate, and manufacture the critical technologies that power next-generation data centers in the United States.

Fourth-Quarter and Full-Year 2025 Results and Comparisons
(In millions, except per-share amounts)

Fourth-Quarter and Full-Year 2025 Segment Results
(In millions)
The fourth-quarter and full-year 2025 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.

Upcoming Investor Events
Corning will attend the Susquehanna Fifteenth Annual Technology Conference on Feb. 27 and the Morgan Stanley Technology, Media & Telecom Conference on March 3. Additionally, Corning will be scheduling management visits to investor offices in select cities. Visit the company’s Investor Relations website for up-to-date information.

Fourth-Quarter Conference Call Information
The company will host its fourth-quarter conference call on Wednesday, Jan. 28, at 8:30 a.m. EST. 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 un