Corning (GLW) Q1 2026 earnings summary

Executive summary

• Q1 2026 core sales reached $4.35B, up 18% year-over-year, with core EPS of $0.70, up 30%, driven by strong demand for Gen AI and solar products.

• Eighth consecutive quarter of year-over-year growth, reflecting strong execution of the Springboard plan.

• Two new hyperscale customer agreements, including a multiyear, up-to-$6B Meta deal, were finalized.

• Significant progress in Solar, Optical Communications, and Enterprise Networks, with major customer agreements and capacity expansions.

• Plans to extend the Springboard plan through 2030 and launch a new Photonics Market-Access Platform for Gen AI OEMs.

Financial highlights

• Q1 2026 core net income attributable to the company was $612M, up from $467M in Q1 2025.

• Core gross margin improved to 39.1% (up 120 bps year-over-year); core operating margin reached 20.2% (up 220 bps year-over-year).

• Adjusted free cash flow was $188M, up from $(1)M in Q1 2025; operating cash flow was $362M.

• GAAP sales reached $4.14B, up 20% year-over-year; GAAP EPS was $0.43, up 139%.

• ROIC rose to 13.5% (up 470 bps since Q4 2023).

Outlook and guidance

• Q2 2026 core sales expected to be ~$4.6B, with core EPS between $0.73 and $0.77, up 25% year-over-year.

• Full-year 2026 operating expenses projected at ~$3.4B, capital expenditures at ~$1.7B, and tax rate at ~19%.

• Guidance includes a $30M expense for an extended maintenance shutdown at the solar wafer facility.

• Plans to upgrade and extend the Springboard plan through 2030, with a major investor event scheduled for May 6.