Corning (GLW) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and full-year 2025 results, with core sales up 14% and EPS up 26% YoY in Q4, and full-year sales up 13% and EPS up 29% YoY, driven by the Springboard plan and strong Optical Communications performance.

• Upgraded Springboard plan targets $11B incremental annualized sales by 2028, up from $8B, with $6.5B targeted by 2026.

• Secured a multiyear, up to $6B agreement with Meta for optical fiber and connectivity solutions, supporting AI data centers, with similar agreements in progress with other major customers.

• Achieved 20% operating margin target a year ahead of schedule, with significant improvements in profitability and cash flow since the Springboard plan launch.

• Entering 2026 with strong momentum and accelerating growth expectations for Q1.

Financial highlights

• Q4 2025 core sales: $4.41B (up 14% YoY); core EPS: $0.72 (up 26% YoY); core operating margin: 20.2% (up 170bps YoY); ROIC: 14.2% (up 540bps since Q4 2023); adjusted free cash flow: $732M.

• Full-year 2025 core sales: $16.41B (up 13% YoY); core EPS: $2.52 (up 29% YoY); core operating margin: 19.3% (up 180bps YoY); adjusted free cash flow: $1.72B, nearly double 2023.

• Q4 2025 core gross margin: 38.1%; FY 2025 core gross margin: 38.4%.

• Realized after-tax gains of $66M from currency-hedging contracts and $10M from translation of foreign denominated debt in Q4.

• Q4 GAAP sales: $4.22B; GAAP EPS: $0.62; full-year GAAP sales: $15.63B; GAAP EPS: $1.83.

Outlook and guidance

• Q1 2026 core sales expected to grow ~15% YoY to $4.2B–$4.3B; core EPS expected at $0.66–$0.70.

• Upgraded Springboard plan targets $11B incremental annualized sales by 2028 and $6.5B by 2026.

• FY 2026 capital expenditures projected at ~$1.7B, with continued strong free cash flow expected.

• Hemlock and Emerging Growth sales expected at $2.1B–$2.3B for FY 2026.