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Company research10 May 2024
The Suppliers Making the iPhone Possible
An article exploring the relationship of the suppliers working with Apple to make the iPhone and other products possible.
Corning
Corning (GLW) investor relations material
Corning Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary27 Oct, 2026
Executive summary
Q3 core sales rose 19% YoY to $5.081B and core EPS increased 36% to $0.91, both above guidance; core operating margin expanded 310 bps to 22.7%.
Q3 annualized core sales run rate reached $20.3B, exceeding the $20B year-end 2026 Springboard target early; the plan targets $40B by end-2030.
Four long-term, multibillion-dollar customer agreements support planned growth and capacity expansion.
Financial highlights
Q3 GAAP net sales were $4.855B, up 18%; GAAP net income attributable to shareholders was $680M and diluted EPS was $0.78.
Q3 core gross margin was 40.5%, up 150 bps YoY; core operating income was $1.152B versus $838M, and core net income was $795M versus $585M.
Nine-month core sales rose 18% to $14.164B; core net income was $2.087B versus $1.575B and core EPS was $2.40 versus $1.81.
Adjusted free cash flow was $661M in Q3 and $2.272B for nine months, versus $535M and $985M, respectively; nine-month capex was $1.299B.
Outlook and guidance
Q4 core sales guidance is $5.2B-$5.3B and core EPS guidance is $0.96-$1.00, implying ~19% and ~36% YoY growth, respectively.
At the Q4 sales midpoint, annualized sales run rate is forecast at $21.0B, above the $20B end-2026 Springboard target.
Springboard targets $40B sales by end-2030, EPS growth faster than sales, higher ROIC and free cash flow growth while investing for growth.
FY2026 capital expenditures are expected to be ~$2B; optical capacity expansion is planned to address demand.
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Latest events from Corning
- Q4 margin and cash-flow gains support recovery as markets normalize.GLW
Q4 2023 - Verizon deal and optical demand accelerate growth, supporting ambitious 2030 targets.GLWCiti’s 2026 Global TMT Conference
- Q2 2026 delivered 17% sales and 30% EPS growth, driven by Optical Communications and Solar.GLWQ2 2026
- Sales targeted to reach $40B by 2030, fueled by data center optics, solar, and photonics growth.GLWJ.P. Morgan 54th Annual Global Technology, Media and Communications Conference
- Upgraded plan targets $40B sales by 2030, fueled by AI, Photonics, and strong financials.GLWInvestor update
- Board elections and record financial growth highlighted, with strategic upgrades announced.GLWAGM 2026
- Springboard drives $3B+ sales growth and 20% margin by 2026, led by innovation and strong Q2 results.GLWStatus Update
- Q1 2025 core sales and EPS surged on Gen AI and solar demand, with strong Q2 outlook.GLWQ1 2025
- Q4 core sales up 18% YoY, led by Optical and Display, with strong margin expansion.GLWQ4 2024
Next Corning earnings date
Q4 202627 Jan, 2027
Corning
Next Corning earnings date
Q4 202627 Jan, 2027
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Frequently asked questions
Specialty Glass and Ceramics
Corning Inc. is an American company that specializes in the development and manufacturing of advanced materials, including specialty glass and ceramics. The company's products are utilized in various sectors, including telecommunications, to which it supplies fiber optic materials and its famous Gorilla Glass. Additionally, Corning supplies products to the automotive and life sciences sectors. The company is headquartered in Corning, New York, and its shares are traded on the NYSE.
Over 170 Years in Business
What would later go on to become Corning was founded in 1851 as the Bay State Glass Co. in Somerville, Massachusetts. The company moved to Corning, New York in 1868, shifting its focus to glass technology. Corning's most pivotal inventions include developing railway signal lenses and heat-resistant glassware, known as Pyrex, in 1915. In the 20th century, Corning advanced in telecommunications by inventing low-loss optical fiber, significantly impacting the industry. This invention, alongside others in specialty glass and ceramics, cemented Corning's role as a leader in technology-driven sectors. Today, the company is one of the undisputed leaders in its field and is a major supplier to companies like Apple.
Gorilla Glass
While Corning has a diverse portfolio of various products, the company is most known for its Gorilla Glass. The specialty glass is incredibly tough with the ability to withstand drops and scratches while maintaining clarity and touch sensitivity, which in turn makes it a preferred choice for smartphone manufacturers. Over the years, Corning has continuously improved Gorilla Glass, enhancing its durability and resistance to damage and today Gorilla Glass is supplied to large manufacturers such as Sony and Samsung.
Other Products
The company has a diversified product range well beyond Gorilla Glass. One of their notable innovations is optical fiber, crucial for telecommunications, offering high-speed data transmission capabilities. They also produce specialty glass for a variety of uses, including advanced optics and cover glass for displays. In the life sciences sector, Corning's contributions include laboratory products like glassware and plastic consumables, instrumental in scientific research. Moreover, they have developed advanced ceramics used in automotive and industrial emissions control, and in aerospace and defense applications.